Fortune Bay, Manhattan Uranium Launch Drill Program at Murmac Uranium Project in Saskatchewan
Fortune Bay (FOR.V) has commenced drilling at the Murmac uranium project in Saskatchewan under a program funded by Manhattan Uranium Discovery (MANU.V), Fortune said Tuesday.The 5,000-meter drill campaign is focused on targeting high-grade, basement-hosted uranium mineralization related to the Athabasca Basin.Drilling is now underway on 15 priority targets. The program includes both follow-up targets near previous uranium results and new targets that have not been tested, Fortune Bay said."Previous drilling has confirmed that the project's graphitic conductor corridors are prospective for shallow uranium mineralization, and this fully funded program gives us the opportunity to follow up along strike from known mineralization while also testing compelling new targets generated from our broader exploration work," said Gareth Garlick, vice president for technical services at Fortune Bay.Fortune Bay's Murmac and Strike projects are subject to a December 2023 option agreement, under which Manhattan can acquire up to a 70% interest in the projects by funding C$6 million in exploration expenditures, making cash payments totaling $1.4 million, and issuing $2.15 million in common shares.Fortune Bay is the operator during the option period and is entitled to charge a 10% management fee on exploration expenditures.
