Fortune Bay sees start of airborne survey at The Woods
Executive Summary
- Fortune Bay announced partner‑funded uranium exploration activities on the northern margin of Saskatchewan’s Athabasca Basin, including an ongoing airborne VTEM‑plus geophysical survey at The Woods projects.
- A three‑hole diamond drill program at the Murmac project is scheduled to start in mid‑September 2025 under an option agreement with Aero Energy Ltd.
- Both programs are financed by partners, generate operator fee revenue for Fortune Bay, and provide discovery exposure without diluting shareholders.
Key Details
- The Woods projects – Airborne geophysical survey
- VTEM‑plus electromagnetic, magnetic, and radiometric survey covering 2,198 line kilometres across the majority of the project area.
- Survey targets high‑grade uranium mineralization associated with the Grease River shear zone, a structural corridor analogous to major basement‑hosted deposits (e.g., NexGen Energy’s Arrow).
- Field program planned for early September 2025 to verify historic uranium occurrences, collect mapping and spectrometer data, and investigate anomalies.
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Three‑year drill permits have been received from the Government of Saskatchewan.
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Murmac project – Diamond drilling
- Option agreement with Aero Energy Ltd.; three‑hole diamond drill program to test high‑priority targets along graphitic conductors in the Armbruster corridor.
- Targets selected based on historical data, recent geophysics, and surface geochemistry.
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Drilling scheduled to commence mid‑September 2025; permits already secured.
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Financing & Revenue
- Both exploration programs are partner‑funded, providing discovery exposure at no cost to Fortune Bay.
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Operator fees from the partner‑financed work generate additional revenue for the company, strengthening its balance sheet while advancing core gold projects.
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Qualified Person
- Technical information reviewed and approved by Gareth Garlick, P.Geo., Technical Director (qualified person under NI 43‑101).
Notable Quotes
“Our partner‑funded uranium programs at The Woods and Murmac are advancing rapidly, providing shareholders with discovery exposure in one of the world’s premier uranium jurisdictions – at no cost to Fortune Bay. In addition to discovery upside, these programs generate revenue for the company through operator fees, further strengthening our position while we advance our core gold projects,” — Dale Verran, Chief Executive Officer.