Fortune Bay Corp. has recently announced an option agreement for their Murmac and Strike Uranium projects. This agreement, which was first developed in July of this year, will allow Fortune Bay to acquire a 100% interest in the two uranium exploration projects.
Located in Northern Alberta, the Strike and Murmac projects cover 19,200 hectares of land and are among the largest undeveloped uranium deposits in the region. Through this agreement, Fortune Bay will have the opportunity to become one of the fastest-rising uranium exploration companies in Canada.
The agreement will require Fortune Bay to pay the senior operator $50,000 in cash and issue 200,000 common shares in the company along with a 2% Net Smelter Royalty (NSR) on all uranium deposits. Fortune Bay must also institute a three-year exploration program with a minimum of $500,000 USD in exploration funds and submit regular reports.
The Strike project is particularly interesting, as it is situated in a well-known uranium-bearing district, and the Strike Prospect is the largest available uranium property in the region. It is comprised of three distinct mineralized zones, offering Fortune Bay a variety of exploration options.
Murmac, on the other hand, is a similar uranium prospect, but with the added bonus of magnesium sulfates and calcium sulfates which could broaden its exploration potential.
The land covered by both projects has seen extensive mineral exploration in the past, with several exploration drills and geochemical analysis completed in the region. With access to this previously acquired data, Fortune Bay is already several steps ahead in its exploration plans for the two projects.
The team at Fortune Bay is already hard at work on the projects, with its experienced team of geologists and engineers planning preliminary exploration and a subsequent drill program to assess the mineral potential of the land.
This new agreement is a great opportunity for Fortune Bay to become a leading player in the uranium exploration game. The area holds a high potential for a large uranium deposit and Fortune Bay is set to capitalize on it. With the expertise of its team and a well-planned exploration program, we can expect big things from Fortune Bay in the near future.