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 (U₃O₈) and 0.65% U₃O₈ 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% TREE.

The adjacent properties held by IsoEnergy and Forum Energy Metals – under option to Traction Uranium – recently highlighted prospective conductive trends on the project through airborne electromagnetic (EM) surveying.

"As the uranium market continues to strengthen, with spot prices recently topping $90/lb U₃O₈, investment in uranium exploration in Saskatchewan's prolific Athabasca basin is on the rise as explorers search for resources to meet the growing future supply deficit. This timely acquisition provides Fortune Bay with another uranium project to create value for our stakeholders. The Spruce uranium project hosts the hallmarks for a high-grade basement-hosted discovery; located on a major structural zone in proximity to the Basin margin with a precedent for mineralisation, and limited exploration to date,” Fortune Bay CEO Dale Verran said on January 10.

The project includes anomalous lake sediment samples with up to 287 parts per million uranium from historical regional datasets, and several airborne radiometric uranium anomalies. Only three historical drill holes have been completed on the project to date.

Fortune Bay said that the project warrants a modern, systematic approach to evaluate the GRSZ and other historical uranium and REE occurrences of interest.

One of the next steps includes desk-top prioritisation of target areas. Existing historical data comprised of geochemical and airborne geophysical surveys, regional government data, and satellite imagery provide key information to begin prioritisation of target areas, which would include the identification of favourable lithological and structural settings.

Additionally, field data verification and investigation is planned. This will include verification of historical datasets planned within prioritised target areas, to include ground-truthing of uranium and REE occurrences. The scope of work will include geological mapping, scintillometer surveying and grab sampling.

Moreover, drill targets are expected to be defined through geophysical surveying including gravity and magnetics and/or additional EM surveys where needed.

Geochemical surveys may be warranted based on assessments of suitable sample media, the company said.

Fortune Bay plans to commence the desk-top prioritisation of target areas over the coming weeks. 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.