Fortune Bay reports 13% U3O8 drilled at Murmac uranium project
Fortune Bay (TSXV: FOR) has reported high-grade assays in the first batch of analytical results from its 2024 exploration drilling program on the Murmac uranium project in northern Saskatchewan.
The drilling program was funded by Aero Energy (TSXV: AERO), which is earning a 70% interest in the Murmac and Strike Point projects.
Shallow, elevated concentrations of uranium in graphitic rocks were confirmed in all four of the recent holes.
Drill hole M24-017 returned 8.4 metres at 0.30% uranium oxide (U3O8) including 1.2 metres at 1.79%. Individual assays of up to 13.80% and 4.54% U3O8 over 0.1 metre in the same hole. Drilling encountered the mineralization only 64 metres below surface.
Fortune Bay said the mineralization was intersected within strongly graphitic and structured rocks, the favoured host rock for Athabasca Basin high-grade deposits. Planning is underway for the winter drill program.
The Murmac strike length is over 30 km. Assays from prospective electromagnetic conductors and uranium intercepts were released earlier this year. Fortune Bay first drilled the property in 2022.