Future Fuels Advances District-Scale Exploration Strategy For the Hornby Basin Uranium Project; Provides Marketing Update

Associated Press

31-03-2025

VANCOUVER, BC / ACCESS Newswire / March 31, 2025 / Future Fuels Inc. (TSXV:FTUR)(FSE:S0J) ('Future Fuels' or the 'Company') is pleased to announce the commencement of a fully integrated exploration strategy for its 100%-owned Hornby Basin Uranium Project (the 'Project' or 'Hornby Project'), located in Nunavut Territory, Canada. This multi-phased program is designed to significantly advance the understanding and potential of the Hornby Basin through comprehensive data digitization, advanced geological modeling, remote sensing, and artificial intelligence.
This initiative marks a critical step toward unlocking the full potential of one of Canada's most underexplored yet geologically promising uranium basins.
Comprehensive Data Compilation is Underway: Including digitization of over 200 historical assessment reports, integration of geochemical data (rock, soil, lake samples), and modernizing the Mountain Lake drill hole database.
Geological Model and Exploration Target Development: Industry-leading consultants are engaged to deliver a 3D geological model of the Mountain Lake Deposit contained in the Project, evaluate the potential for an exploration target and commence drill hole planning.
Modern Geophysics and Remote Sensing: Reprocessing of historical geophysical datasets to produce a basin-wide harmonized geophysical database. Undertake satellite spectral analysis including helium emission mapping to identify areas of potential uranium occurrences under sediment cover.
AI-Driven Target Generation: Instigation of VRIFY's advanced machine learning platform to be used for property-wide data integration, deposit-scale target learning, and increased-probability uranium discovery mapping.
Field Season Preparation: Planning exploration activities including ground truthing, potential infill drilling, airborne/ground geophysical surveys, and permitting activities.
'This is a foundational program for Future Fuels,' stated Rob Leckie, President & CEO. 'We're digitizing decades of inherited exploration data, building advanced geological models, and leveraging AI to guide our next steps. With the Hornby Basin now under single ownership for the first time, we're positioned to apply the full suite of modern technologies to seek new uranium discoveries and build long-term value for shareholders.'
Hornby Geologic Overview
The Hornby Project is located approximately 100km NE of the historic Port Radium Uranium Mine, a significant site in Canada's uranium mining history. Port Radium was one of the world's first uranium mines, responsible for a major source of uranium during the mid-20th century. Uranium produced from Port Radium contributed to the development of the worldwide nuclear energy industry. The geological similarities and regional proximity to this historic mine emphasize the potential for exploration upside within the Hornby Basin.
The Hornby Project has the potential to host both primary and secondary uranium deposits. Primary deposits in the region are typically associated with basement-hosted hydrothermal systems, where uranium is concentrated along structural features such as faults and shear zones and deposited at certain horizons such as unconformities. Secondary uranium deposits, on the other hand, form through the redistribution of uranium by groundwater, leading to the precipitation of uranium minerals within porous sedimentary units. These secondary deposits are commonly found in roll-front settings and paleochannel environments, the relatively large extent and predictability of deposits of this style makes them an attractive exploration target. Additionally, modern extraction techniques developed for this type of sedimentary-hosted uranium further adds to the exploration rational. Both primary and secondary uranium deposit styles are common in Canada and located in areas such as Saskatchewan's Athabasca Basin, Nunavut's Thelon Basin and Newfoundland and Labradors Central Mineral Belt.
Despite the Hornby Basin's strong geological potential, no current state-of-the-art exploration technology has been utilized to fully delineate its uranium potential. One reason for this is the fact that no single entity/corporation has ever controlled the entire basin until now. Modern geophysical techniques, high-resolution geochemical analysis, and advanced 3D modeling have yet to be applied, leaving significant opportunities for new discoveries. Additionally, there is considerable potential to leverage artificial intelligence (AI) and machine learning algorithms (MLA) to enhance exploration targeting. AI can assist in analyzing complex geological datasets, identifying subtle patterns, and predicting high-probability uranium mineralization zones with greater accuracy and efficiency. Given the extensive historical data that has been collected across the district, and the presence of a historical deposit, Future Fuels believes the Project has excellent potential to be an effective use case for this modern tech.
The Hornby Project is geologically located within the Bear Structural Province of the Canadian Shield, an area historically known for hosting highly productive uranium deposits. The Project's geology is dominated by sedimentary units of the Helikian Hornby Bay Group and the overlying Dismal Lakes Group, both of which are known to host significant uranium mineralization. The Hornby Bay Group consists primarily of fluvial sandstones and minor marine carbonates, whereas the Dismal Lakes Group represents a sequence of continental clastics with fine-grained marine sediments, all conducive to uranium deposition.
Historical geological mapping and geophysical surveys have highlighted key structural features, such as fault intersections and basement highs, which are essential controls for uranium mineralization. The combination of structural complexity, favorable lithologies, and historical exploration success increases the Project's significant discovery potential.
Historical Significance and Uranium Occurrences
The Hornby Basin, Athabasca Basin, and Thelon Basin are believed to be remnants of a larger single Proterozoic basin (Smith, 2003). Historical exploration has identified over 140 anomalous uranium assay results in sandstone rock samples, multiple uranium showings, and many significant radioactive occurrences (Figure 1). Readers are encouraged to refer to the Company's technical report in respect of the Hornby Project, available under its profile at www.sedarplus.ca (the 'Future Fuels Report'), for greater detail in respect of the occurrences.
Uranium exploration in the Hornby Basin dates back to the early 1970s when regional airborne radiometric surveys first identified significant radioactive anomalies. Subsequent detailed exploration campaigns by various operators confirmed extensive uranium mineralization associated with both sedimentary and basement-hosted settings. 'The most notable discovery in the area is the Mountain Lake Uranium Deposit, which was first identified in 1976 through airborne geophysical surveys and follow-up drilling' (Future Fuels Report). There are over 200 annual assessment reports documenting the historical exploration completed on licences enclosed or intersected by the current Project mineral tenure. The vast amount of work completed by multiple different operators has an estimated replacement cost of over $30 million CAD in today's dollar terms. One company, Hornby Bay Exploration Ltd., alone conducted over $10 million CAD in exploration efforts, including several geophysical surveys that identified graphitic conductors and structural disturbances at the unconformity contact, further reinforcing the basin's uranium potential (Hornby Bay Exploration Ltd., 2004). Future Fuels has found no evidence that a complete, district wide compilation has been undertaken, and much of the reports have only been scanned with an abundance of data still left to digitize. The Company believes substantial insight can be gathered from compiling all the available data into a powerful database that can be used to narrow down on highly prospective areas in a cost-effective manner and drive further discoveries in the basin.
Marketing Update
The Company also wishes to announce that it has increased the maximum budget of its engagement with MCS Market Communication Service GmbH ('MCS') for the continued provision of a range of on-line marketing services, including campaign creation, production of marketing materials, as well as research and analytics, by up to an additional 250,000 EUR. The services are expected to run until July 7, 2025, or until budget exhaustion. No securities have been provided to MCS or its principals as compensation.
References
Future Fuels Inc. (2025). NI 43-101 Technical Report on the Hornby Basin Uranium Project. Future Fuels Inc. (the Future Fuels Report)
Hassard, F.R. (2005) - Triex Minerals Corporation, Mountain Lake Property, Nunavut (NTS 86N/7)', Technical Report for NI 43-101.
Hornby Bay Exploration Ltd. (2004). Technical Report on the Uranium Resources at Hornby Bay Basin, Nunavut. Hornby Bay Exploration Ltd.
Jefferson, C.W., & Delaney, G.D. (2006). Uranium Deposits of Canada. Geological Association of Canada, Mineral Deposits Division, Special Publication No. 5.
Smith, J.P. (2003). Geophysical Survey Data and Uranium Assay Analysis in the Hornby Basin. Canadian Geological Survey Bulletin No. 315.
Thomas, D.J. (2004). Comparative Geological Frameworks of the Hornby, Athabasca, and Thelon Basins. Canadian Journal of Earth Sciences, 41(4), 475-490.
National Instrument 43-101 Disclosure
Nicholas Rodway, P. Geo, (NAPEG Licence #L5576) is a consultant of the Company and is a qualified person as defined by National Instrument 43-101. Mr. Rodway has reviewed and approved the technical content in this press release.
About Future Fuels Inc.
Future Fuels' principal asset is the Hornby Uranium Project, covering the entire 3,407 km² Hornby Basin in north-western Nunavut, a geologically promising area with over 40 underexplored uranium showings, including the historic Mountain Lake Deposit. Additionally, Future Fuels holds the Covette Property in Quebec's James Bay region, comprising 65 mineral claims over 3,370 hectares.
On behalf of the Board of Directors
FUTURE FUELS INC.
Rob Leckie
CEO and Director
[email protected]
604-681-1568
X: @FutureFuelsIn
Forward Looking Statements
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as 'will', 'may', 'should', 'anticipate', 'expects' and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include but are not limited to market conditions and the risks detailed from time to time in the filings made by the Company with securities regulators, including the Future Fuels Report. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information, the prospects of the mineral claims forming the Project, which are not at an advanced stage of development, the Company's anticipated business and operational activities, and the Company's plans with respect to the exploration or advancement of the Project. Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of the Company's business include, among other things, the Company's ability to generate sufficient cash flow to meet its current and future obligations; that mineral exploration is inherently uncertain and may be unsuccessful in achieving the desired results; that mineral exploration plans may change and be re-defined based on a number of factors, many of which are outside of the Company's control; the Company's ability to access sources of debt and equity capital; competitive factors, pricing pressures and supply and demand in the Company's industry; and general economic and business conditions. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.