Fortune Bay has expanded its uranium portfolio by acquiring the Aspen Uranium Project in Northern Saskatchewan, Canada.

The project, which is situated nearly 30km north of the Athabasca Basin and around 35km north-west of Stony Rapids, includes seven mineral claims spanning 9,869ha.

Historical exploration at the Aspen site has revealed promising data. During the late 1970s, samples collected from lake sediments indicated extensive anomalies, with an average uranium content of 302 parts per million (ppm) from 439 samples.

Notably, seven samples exhibited exceptionally high values exceeding 1,000ppm uranium, with the maximum recorded at 1,870ppm.

Additionally, the Aspen Uranium Project is strategically positioned near Fortune Bay’s existing Spruce and Pine Uranium Projects, at distances of roughly 10km and 25km to the south-west, respectively.

This acquisition consolidates the company’s presence in the region, covering a combined area of around 35,000ha and extending 25km along the Grease River Shear Zone (GRSZ).

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By GlobalData

The GRSZ is an underexplored structural corridor, with the potential for Athabasca-style basement-hosted uranium deposits.

The acquisition of the Aspen claims was primarily through staking.

However, one claim, covering 595ha, was obtained from a third-party vendor. The terms of this transaction included a small cash payment and a 2% net smelter return (NSR) royalty.

The company retains the option to buy one-half of the NSR royalty for C$500,000 ($369,972) at any time.

Fortune Bay CEO Dale Verran said: “The surface endowment of uranium across the Aspen Project is extraordinary with values in surface sample media equivalent to, or greater than, uranium ore grades elsewhere in the world.

“We are excited to apply our team’s extensive uranium skill set, together with a modern, systematic exploration approach to unravel the nature, extent and cause of this exceptionally high anomalism with the potential to deliver a near-surface uranium discovery.

“The acquisition of the Aspen Project reflects our continued efforts since 2021 to seek-out, and acquire, highly prospective uranium projects in the world’s premier district for high-grade uranium. Adding a fifth project to our growing uranium portfolio provides the company with additional discovery opportunity and the potential to create value for our stakeholders.”