VANCOUVER, BC / ACCESS Newswire / February 27, 2025 / Future Fuels Inc. (TSXV:FTUR)(FSE:S0J) ("Future Fuels" or the "Company") is pleased to present an introduction to the Hornby Basin, home of Future Fuels' Flagship Hornby Uranium Project (the "Project" or "Hornby Basin Uranium Project"), a district scale, highly prospective uranium exploration Project located in Nunavut, Canada. This acquisition enhances the Company's position in the uranium sector as it targets high-grade uranium mineralization within an area of well-established geological framework.
Highlights
Significant Land Package: The Hornby Basin Uranium Project covers approximately 3407 km2 (841,888 Acres), consisting of 232 mineral claims and six mineral leases (Figure 1). This is the first time that a single entity has obtained control of the entire basin, giving Future Fuels the ability to move freely and capitalize by looking at the whole basin as one large productive uranium system.
Extensive Historical Uranium Exploration:
Mountain Lake (~55 km2): Over 26,000m of near surface historical drilling across 209 drill holes at an average depth of 125m.
Remainder of Project (3,351 km2): Over 13,500m of shallow historical drilling across 56 drill holes at an average depth of 127m.
The land package has been extensively evaluated by previous operators through numerous airborne and ground geophysical surveys, detailed geological mapping, and comprehensive geochemical sampling.
Strategic Location: Positioned within the Bear Structural Province of the Canadian Shield (96km SW of Kugluktuk, Nunavut Territory), known for its extensive mineral wealth, hosting Helikian-age (~1.4- to 1.6-billion-year-old rocks) Hornby Bay and Dismal Lakes sedimentary groups with strong uranium potential covering over 500 linear kilometers of prospective sedimentary geological unconformities (Figure 2).
Mountain Lake Uranium Deposit: Boasts a historical inferred resource estimateof 3,700 tonnes* of U₃O₈ (equivalent to approximately 8.16 million pounds of uranium) at an average grade of 0.23% U₃O₈, with significant potential for expansion based upon historical and modern exploration data, including drill hole 77Y-35 which returned 5.19% U3O8 over 0.90m, part of a 3.90m intercept of 2.27% U3O8 which is not included in the historic resource and has yet to be followed up on.
*This resource estimate constitutes a "historical estimate", as that term is defined in National Instrument 43-101 Disclosure Standards for Mineral Projects ("NI 43-101"). This information is derived from a technical report entitled "Mountain Lake Property Nunavut", dated February 15, 2005, filed by Triex Mineral Corporation. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company is not treating the resource as current. For more information please refer to the Company's January 4, 2025 technical report (the "Future Fuels Report"), available under the Company's profile at www.sedarplus.ca.
Upcoming Exploration Plans:
Conduct a district wide data compilation including the digitization of historical geochemical surveys.
Develop a comprehensive 3D geological model of the Mountain Lake deposit with the aim of generating an Exploration Target to quantify the potential range of a future resource update.
Utilise modern and recently available Artificial Intelligence and Machine Learning to complete the first ever data-driven prospectivity analysis of the Hornby Basin.
Re-process historical geophysical data to plan for the acquisition of new high-resolution geophysical surveys.
Complete advanced remote sensing techniques for detailed structural mapping of the Project.
Plan extensive targeted drilling programs at Mountain Lake and discovery-driven drilling programs across the underexplored areas of the Project beyond Mountain Lake.
Future Fuels plans to release further information on the re evaluation of more than 40 high-priority uranium targets identified on the Project in the coming months.
"The Hornby Basin Uranium Project represents a transformative opportunity for Future Fuels." Commented Rob Leckie, President & CEO of Future Fuels, "Its vast, underexplored potential, combined with geological similarities to productive uranium districts, positions us at the forefront of the next wave of uranium discoveries in Canada. We are excited to apply modern exploration technologies, including AI-driven targeting, to unlock the full value of this remarkable Project for our shareholders and be positioned to contribute to the global energy transition."
Geological Overview
The Hornby Basin Uranium 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 nuclear energy industry. The geological similarities and regional proximity to this historic mine further emphasize the exploration potential within the Hornby Basin.
The Hornby Basin Uranium 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 and Nunavut's Thelon basins 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 known deposit (see historical estimate disclosure above), Future Fuels believes the Project has excellent potential to be an effective use case for this modern tech.
The Hornby Basin Uranium 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.
Comparative Geology: Hornby Basin vs. Thelon and Athabasca Basins
According to (Hornby Bay Exploration Ltd., 2004), "The Hornby Basin shares several geological similarities with the prolific uranium-bearing Thelon and Athabasca Basins, two of Canada's most well-known uranium-producing regions." Figure 1 below illustrates the relative locations of the three basins. While each basin has distinct geological characteristics, they all share key features that are favorable for uranium deposition.
Athabasca Basin (Saskatchewan): Known for its high-grade unconformity-related uranium deposits, the Athabasca Basin features uranium mineralization typically occurring at the contact between Archean basement rocks and overlying Proterozoic sandstones of Helikan-age. Major deposits such as Cigar Lake and McArthur River have benefited from extensive hydrothermal fluid flow along fault structures, which contributed to uranium enrichment. "While the Hornby Basin is smaller in scale, its structural complexity, presence of fault-controlled fluid pathways, and evidence of sandstone-hosted uranium mineralization draw strong parallels to Athabasca-style deposits" (Hornby Bay Exploration Ltd., 2004).
Thelon Basin (Nunavut): Often referred to as the "Athabasca Basin of the North," the Thelon Basin features similar geological conditions to Athabasca, with widespread sandstone-hosted uranium mineralization at unconformity contacts. "The Hornby Basin, like the Thelon, exhibits potential for both basement-hosted and sandstone-hosted uranium mineralization" (Jefferson & Delaney, 2006).
Hornby Basin (Nunavut): While historically underexplored compared to Athabasca and Thelon, the Hornby Basin possesses significant discovery potential. Uranium occurrences in the basin are associated with fault-controlled hydrothermal systems and sandstone-hosted deposits, similar to the mineralization models observed in the other basins. Given its favorable geology and the presence of multiple uranium showings, "the Hornby Basin represents an emerging exploration frontier with the potential to host significant uranium resources" (Thomas, 2004).
Figure 1: The three main uraniferous basins of Canada
Mountain Lake Uranium Deposit
The Mountain Lake Uranium Deposit is the most prominent uranium occurrence within the Hornby Basin Uranium Project. Initially discovered in 1976, this deposit has undergone extensive historical exploration, including over 26,000 meters of drilling across 209 drill holes. The deposit contains historical inferred resource estimate of 3,700 tonnes of U₃O₈ (see historical estimate disclosure above), equivalent to approximately 8.16 million pounds of uranium, with an average grade of 0.23% U₃O₈ with significant potential for expansion based on historical and modern exploration data including drill hole 77Y-35 which returned 5.19% U₃O₈ over 0.90m, part of a 3.90m intercept of 2.27% U₃O₈ which was not included in the historic resource and has yet to be followed up on (Triex Minerals Corp., 2005).
Mineralization at Mountain Lake is predominantly hosted within sandstone units, with uranium concentrated along structural traps such as faults and fracture zones. This stratabound and fracture-controlled mineralization suggests a hydrothermal system influenced by structural complexities within the basin. Historical data indicates strong potential for resource expansion both laterally and at depth, supported by untested geophysical anomalies and favorable geological settings.
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 2). Readers are encouraged to refer to the Future Fuels Report for greater detail in respect of the occurrences.
Figure 2: Future Fuels Hornby Project with known uranium occurrences shown
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, 2025).
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 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.
References
Canadian Nuclear Safety Commission. (2023). Uranium Mining and Exploration Guidelines in Canada. Government of Canada. 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. IsoEnergy Ltd. (2025). Asset Purchase Agreement for the Mountain Lake Uranium Deposit. IsoEnergy Ltd. 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.
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, including, but not limited to, statements regarding the historical estimates contained herein, 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.
