08:35 AM EDT, 07/24/2024 (MT Newswires) -- Fortune Bay ( FTBYF ) said Wednesday that it has completed the 2024 summer drill program on the Murmac uranium project in Saskatchewan.

The drill program was funded by Aero Energy ( AAUGF ) under an option agreement executed in December 2023.

The program focused on testing regional targets across the project for "high-grade, unconformity-related basement-hosted deposits" typical of the Athabasca Basin.

Fortune Bay ( FTBYF ) said it intersected an average of 1,309 counts per second over 8.7 meters in hole M24-017 in structured graphitic pelite, with up to 33,600 counts per second associated with visible uranium mineralization.

"The summer 2024 drilling program at Murmac provides further confirmation of the potential to deliver a high-grade basement-hosted uranium discovery at Murmac," Fortune Bay ( FTBYF ) CEO Dale Verran said.

Following on from the Murmac drill program, Fortune Bay ( FTBYF ) said Aero and Standard Uranium (STND.V) plan to test additional targets on the adjacent Sun Dog project located to the south of Murmac.

Fortune Bay's ( FTBYF ) share price fell 2.1% yesterday to $0.23 on the TSXV.