Fortune Bay acquires Spruce uranium project in Saskatchewan

TSX-V-listed exploration and development company Fortune Bay has acquired the Spruce uranium project in the north-central margin of the Athabasca basin, near the community of Fond du Lac, in Saskatchewan, through staking over the past several months.

The project comprises four mineral claims covering 6 855 ha and has potential for high-grade, basement-hosted uranium deposits. The project covers over 6 km of prospective strike length along the Grease River Shear Zone (GRSZ), a major structural corridor that hosts the historical Fond du Lac uranium deposit.

The GRSZ is significantly underexplored relative to other major, basin-margin structural corridors that have yielded significant basement-hosted uranium discoveries. Historical surface uranium shows 1.60% uranium oxide (U 3 O 8 ) and 0.65% U 3 O 8 from limited prospecting.

There is also additional rare earth element (REE) potential, including historical surface REE showings of 3.13% total rare earth element (TREE), 1.23% TREE, 0.88% TREE and 0.85% […]

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