Pine Uranium Project Highlights:

• Large-scale land package covering 17,688 hectares located in proximity to the northern rim of the Athabasca Basin (“Basin”) (Figure 1).
• Potential for high-grade, basement-hosted uranium deposits along approximately thirteen (13) kilometres of the Grease River Shear Zone (“GRSZ”), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
• Additional potential for bulk tonnage Rössing-style uranium deposits associated with abundant, historically recognized, uranium-bearing leucogranites and pegmatites. Limited historical prospecting yielded Rössing-style surface uranium showings of 0.17% U3O8 (1,442 ppm U) and 0.10% U3O8 (848 ppm U), and a trenching result of 509 ppm U over 24.7 metres. 
• No modern airborne radiometric surveying completed over approximately 60% of the Project, and no modern airborne electromagnetic surveying.
• Regionally, the area is characterized by the highest lake sediment uranium anomalies in Saskatchewan, including values up to 435 ppm U within the Project area.
• No drilling conducted on the property to date.

The Pine Uranium Project

Potential for Athabasca Basin-Style, Basement-Hosted Uranium Deposits

The Project hosts 13 kilometres of prospective strike length along the Grease River Shear Zone (“GRSZ”), a crustal-scale structural corridor up to five kilometres wide. Unlike other major structural zones in the Athabasca Basin, that have yielded large high-grade uranium discoveries, the GRSZ has seen very limited exploration to date. Historical exploration has demonstrated the GRSZ to be prospective for Athabasca Basin-style, basement-hosted uranium mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences. Historical airborne radiometric survey conducted in 2007 over a portion of the Project shows compelling uranium anomalies along the GRSZ, which warrant further investigation. Modern airborne electromagnetic surveying is warranted to identify prospective conductors for targeting. In addition, of the 13 kilometres of strike length along the GRSZ within the Pine Project, five kilometres has not been subject to modern radiometric survey (historical Government surveys were flown on a five kilometre line spacing). 

Potential for Rössing-style Uranium Deposits

Regionally, the Project area is characterized by abundant uranium-bearing pegmatites and leucogranites, similar rock-types to those that host the lower-grade, high-tonnage uranium deposits mined in Namibia. Limited historical prospecting identified grades within these rock-types ranging up to 0.17% U3O8 (1,442 ppm U). Considering the limitations of the historical exploration in conjunction with the significant extents of cover till and small water bodies, there is potential to discover commercially viable deposits of this type through the identification of suitable structural settings and the application of a modern systematic exploration approach.

Table 1: Summary of Preliminary Uranium Target Areas.

Figure 1: Pine Uranium Project

Next Steps

The Project warrants a modern, systematic approach to evaluate the two aforementioned target models across the whole project area.

Next steps are planned to include:

• Desk-top Prioritization of Target Areas: Existing historical data (geochemical and airborne geophysical surveys), regional government data, and satellite imagery provide valuable information to commence finalization of target areas, which would include the identification of favorable lithological and structural settings for the two target models.
• Field Data Verification and Investigation: Verification of historical datasets is planned within finalized target areas, to include ground-truthing of uranium occurrences. Scope of work to include geological mapping, scintillometer surveying and grab sampling. 
• Drill Target Definition: Drill targets are expected to be defined through complimentary airborne geophysical surveying including electromagnetics and radiometrics, as applicable, followed by field mapping and prospecting. Geochemical surveys (e.g. soils) may be warranted based on assessments of suitable sample media.

Fortune Bay intends on finding a suitable partner to advance the Project through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.

Technical Disclosure

The historical results presented here have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these historical results relevant to assess the mineralization and economic potential of the property. The Company also cautions that historical results on adjacent properties are not necessarily indicative of the results that may be achieved on the Project. Further details regarding these historical occurrences can be found within the Saskatchewan Mineral Deposit Index (“SMDI”) or Saskatchewan Mineral Assessment Database (“SMAD”) using the reference numbers provided as footnotes to Table 1. Details regarding the Fond du Lac Uranium Deposit can be found in the publication by Homeniuk, L A, Clark, R. J., and Bonnar, R., Eldorado Nuclear Limited, CIM Bulletin May,1982. “Fond-du-Lac uranium deposit”.

Qualified Person

The technical and scientific information presented here has been reviewed and approved by Gareth Garlick, P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.

Cautionary Statements

Information set forth on this webpage may contain forward-looking statements that are based on assumptions as of the date of posting. The reader is referred to the cautionary language contained within the respective Project’s News Releases, in addition to this website’s Terms of Use specifically including Forward Looking Statements.