Drill Results
Fortune Bay and Manhattan Uranium Commence Drilling at the Murmac Uranium Project, Athabasca Basin, Saskatchewan
Fortune Bay starts a $5,000 drill program at Murmac as Goldfields PFS progress continues alongside uranium upside potential.
Executive Summary
- Manhattan Uranium Discovery Corp. and Fortune Bay Corp. have commenced diamond drilling at the Murmac Uranium Project in northern Saskatchewan.
- The fully funded program will drill approximately 5,000 metres across up to 25 priority targets, with an initial focus on 15 targets selected via integrated geological, geophysical, and geochemical datasets.
- The drilling builds on previous high-grade intercepts, notably hole M24-017 which returned 8.40 m grading 0.30% U3O8, including 1.20 m at 1.79% U3O8, with individual assays up to 13.80% U3O8 over 0.10 m at ~64 m below surface.
- Under the option agreement, Manhattan may earn up to a 70% interest by funding C$6 million in exploration, paying C$1.35 million in cash, and issuing C$2.15 million in common shares. Fortune Bay operates the assets and charges a 10% management fee on exploration expenditures.
- The program is governed by an agreement originally dated Dec 15, 2023, and amended Nov 13, 2025.
Material Impact
- The commencement of drilling is a direct follow-through on the June 4, 2026 announcement. It is an expected, routine operational milestone rather than a market-moving surprise.
- The program is fully funded by Manhattan, meaning Fortune Bay incurs zero exploration cost while retaining operator fees and potential equity upside. This preserves capital for the core Goldfields development.
- The news is in line with previous expectations and management guidance. There are no new financial terms, unexpected delays, or negative surprises.
- The impact on the stock is incremental. While high-grade uranium results in the Athabasca Basin can be transformative, this is merely the start of a planned program. Material valuation impact will only occur upon assay results demonstrating expanded or higher-grade mineralization.
FOR · Price
Company Overview
- Fortune Bay is a Canadian resource company focused on advancing the 100% owned Goldfields Gold Project in Saskatchewan, alongside a portfolio of uranium assets and the Poma Rosa project in Mexico.
- Goldfields Project: Updated PEA (Oct 2025) outlines a 14-year, 4,950 tpd open-pit operation. Base case ($2,600/oz) shows C$610M NPV5%, 44% IRR, and US$1,330/oz AISC. At spot ($3,650/oz), NPV5% rises to C$1.25B and IRR to 74%. 97% of the PEA mine plan resources are classified as Indicated.
- Uranium Portfolio: Murmac, Strike, and The Woods projects. Advanced via partner-funded options (Manhattan, Neu Horizon, Aero Energy) to provide non-dilutive discovery exposure.
- Poma Rosa Project: Gold-copper asset in Chiapas, Mexico. Currently navigating a regulatory dispute over a state-level protected area decree overlapping ~11% of the Rio Negro concession.
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Jun 16, 2026 · 06:01