It has been identified to have potential for high-grade unconformity-related, basement-hosted uranium deposits typical of the Athabasca Basin margin.
Combined with the recently announced Strike Uranium Project, the project gives Fortune Bay a dominant land position of the electromagnetic (EM) conductors in Canada's original uranium mining district.
The company plans to commence target area selection over the coming weeks in preparation for planned field activities in 2022, with the aim of generating targets for drill testing.
Dale Verran, CEO for Fortune Bay, comments: “The project provides Fortune Bay and its shareholders with additional discovery potential amidst a strengthening uranium market.”
Goldfields West includes an extensive package of favourable host rocks which have not seen any significant uranium exploration since the 1980s due to a focus on gold exploration.
Historical work, which includes some noteworthy drill intersections, indicates the project has the hallmarks of a prospective uranium corridor . “This warrants the application of modern exploration models and methods to target high-grade unconformity-related, basement-hosted uranium deposits," Verran adds.
