AERO Energy and Fortune BAY Announce Completion of Drilling Program ON the Murmac Uranium Project
TSXV: FOR | FWB: 5QN | OTCQB: FTBYF
fortunebaycorp.com
NEWS RELEASE
AERO ENERGY AND FORTUNE BAY ANNOUNCE COMPLETION OF DRILLING PROGRAM
ON THE MURMAC URANIUM PROJECT
HALIFAX, NS July 24, 2024 – Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB: FTBYF) (“Fortune
Bay” or the “Company”) is pleased to announce completion of the 2024 summer drill program on the
Murmac Uranium Project (“Murmac” or the “Project”), located in northern Saskatchewan near Uranium City.
The program was designed to test regional targets across the Project for high-grade, unconformity-related
basement-hosted deposits typical of the Athabasca Basin. The drilling program was funded by Aero Energy
Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3) (“Aero”), and was operated by Fortune Bay, under
an Option Agreement that was executed on December 15, 2023.
Highlights:
• An average of 1,309 counts per second was intersected over 8.7 metres in hole M24-017 in
structured graphitic pelite, with up to 33,600 counts per second (“cps”) (using handheld RS-125
Spectrometer) associated with visible uranium mineralization. This interval is located approximately
70 to 78 metres below surface.
• Hole M24-017 was followed up with three additional holes (M24 -018, -019 and -020), comprising
approximate 50 metre step outs down -dip, along -strike northeast, and along -strike southwest,
respectively. All three holes returned anomalous radioactivity (up to 850 cps) in graphitic rocks
underlying a hematized quartzite hangingwall.
• These results (drill holes M24 -17 to -020) confirm the presence of a larger hydrothermal uranium
mineralizing system along this unexplored, 1.2 kilometre long electromagnetic (“EM”) conductor on
the Howland Corridor.
• Drill holes M24-021, M24-022A and M24-023, tested geophysical (EM and gravity) anomalies H6 ,
A22, and H16 respectively, intersecting compelling hydrothermal alteration and structure associated
with variably graphitic rocks, further confirming the prospectivity of the entire length of the Howland
and Armbruster Corridors for unconformity-related, basement-hosted deposits.
• Following uranium assay and geochemical analysis of d rill core samples , a second phase drilling
program is being planned to follow-up along strike of mineralized drill holes and continue testing of
priority drill targets across the Project.
Dale Verran, CEO for Fortune Bay, commented “ The summer 2024 drilling program at Murmac provides
further confirmation of the potential to deliver a high-grade basement-hosted uranium discovery at Murmac.
The program has significantly enhanced our geological understanding of the unexplored target horizons
and we eagerly await uranium assay and geochemical analyses to assist with vectoring toward a potentially
meaningful discovery. The zone of strong radioactivity intersected in M24-017 was a particular highlight ,
indicative of a strong uranium mineralizing system on this conductor and validates the targeting and
exploration approach. Together with our partners, Aero Energy, we look forward to planning a follow -up
program where larger step-outs from M24-017 are expected to be prioritized, in addition to testing numerous
other high priority targets.”
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Initial Drill Results
A total of eight drill holes were completed at Murmac during June and July, 2024 to test targets documented
in the News Release dated June 4, 2024 along the Pitchvein, Armbruster and Howland Corridors (Figure
1; Table 2) . Drill holes targeted compelling geophysical signature s (electromagnetics and gravity) and
favorable geological/structural settings. Drill target selections also took into account p roximity to historical
uranium occurrences of interest and Fortune Bay’s previous positive drilling results. The completed drill
holes encountered highly favorable geological settings for high -grade basement -hosted deposits
associated with the Athabasca Basin. This included:
• Thick and strongly graphitic target units (up to an estimated ~30 metres in true thickness) often in
contact with quartzites, providing favorable competency/rheological contrast.
• Brittle faulting and brecciation were observed within, or proximal to, the graphitic units and were
typically associated with favorable hydrothermal alteration including abundant hematite, chlorite,
sulphides, and clays.
• Anomalous radioactivity (>300 cps) was intersected in five of the eight holes completed, associated
with cataclastic or mylonitic structured and altered graphitic pelites, as summarized in Table 1.
Table 1: Murmac Drill Hole Radiometric Highlights (Summer 2024)
Hole ID Radioactivity Highlights
From (m) To (m) Length (m) cps Lithology
M24-016A
93.50 93.65 0.15 350 Amphibolite
94.75 95.05 0.30 340 Graphitic pelite
95.70 95.95 0.25 340 Graphitic pelite
235.65 235.80 0.15 340 Psammite
M24-017
81.10 81.70 0.60 432 Hematized quartzite
82.55 83.05 0.50 590 Hematized quartzite
84.00 84.60 0.60 838 Hematized quartzite
85.50 85.80 0.30 317 Hematized quartzite
85.80 94.50 8.70 1,309 Graphitic pelite
incl. 86.10 86.65 0.55 10,608 Graphitic pelite
incl. 86.45 86.55 0.10 33,600 Graphitic pelite
and incl. 87.00 87.40 0.40 2,776 Graphitic pelite
and incl. 92.00 92.20 0.20 7,395 Graphitic pelite
126.80 127.20 0.40 355 Graphitic pelite
M24-018 138.15 142.05 3.90 337 Graphitic pelite
M24-019 100.90 101.10 0.20 650 Graphitic pelite
M24-020 154.85 155.25 0.40 553 Graphitic pelite
Note: Radioactivity values reported are total gamma from NQ2 drill core measured with a Super-SPEC RS-125 handheld spectrometer
reported in counts per second (“cps”). The cps values are averages for the reported drill interval unless otherwise specified .
Measurements of total gamma cps are an indication of the presence of uranium, thorium and/or potassium, but may not directly
correlate with chemical uranium assays. Total gamma cps results are preliminary in nature and may not be used directly to qua ntify
uranium concentrations in the drill core samples. True thicknesses of the drill core intersections are yet to be determined. Results for
M24-017 have been reported previously.
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Figure 1: Murmac 2024 Drill Collar Locations.
Drill Hole Summary
A summary of the drill holes are provided as follows:
M24-016A: The targeted conductor (moderate to strongly graphitic pelite) was intersected between 94.4
and 120.7 m. This step-out hole, approximately 100 metres northeast of positive results in 2022 drill holes
M22-013 and M22-014, and 175 metres southwest of positive historical results from SMDC drilling (CKI-9
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and CKI-10), intersected anomalous radioactivity in graphitic pelite (Figure 2), indicating possible continuity
of mineralization between these two locations.
Figure 2: Hole M24-016A (target P7), 92.8 to 99.3 m. Anomalous radioactivity hosted in structured graphitic
pelite.
M24-017: This hole tested geophysical (EM and gravity) target H15, which occurs at the intersection of the
EM conductor and a property-scale, mineralized cross -fault, beneath Howland Lake. Intermittent
anomalous radioactivity (up to a maximum of 1,800 cps over 0.1 m etre) was intersected in hematized,
faulted hangingwall quartzite. This overlies a structured graphitic pelite averaging 1,309 cps over 8.70
metres, with measurements up to 33,600 cps over 0.1 metre. This intersection (Figure 3), of radioactivity
hosted in previously unexplored (under a shallow lake) graphitic pelite, at a cross-fault location, provides a
compelling validation of the exploration target, justifying down -dip and along strike follow up (sub sequent
three drill holes).
Figure 3: M24-017 (target H15) radioactive intersections (81.00 to 94.50 metres down hole). Hangingwall
quartzite hosts intermittent radioactivity from 81.00 to 85.80 m. Continuous elevated radioactivity is hosted
in the underlying graphitic pelite.
M24-018: Steeper follow up of M22 -017, shows down -dip continuity (approximate 50 metres vertical) in
anomalous radioactivity hosted in graphitic pelite (Figure 4), up to a maximum of 660 cps over 0.1 metre.
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Figure 4: M24-018 (down dip test of target H15) radioactive intersections in graphitic pelite down-dip (~50
m vertically below) of the intersection in M24-017.
M24-019: Approximate 50 metre step out to the northeast from M22-017. Anomalous radioactivity was
hosted in strongly graphitic pelite, confirming presence of active mineralizing system along strike, up to a
maximum of 780 cps over 0.1 metre (Figure 5).
Figure 5: M24-019 radioactive intersections in graphitic pelite along strike 50 m to the NE of M24 -017
(target H15).
M24-020: Approximate 50 metre step out to the southwest from M22-017. Anomalous radioactivity was
hosted in graphitic pelite, confirming presence of active mineralizing system along strike, up to a maximum
of 850 cps over 0.1 metre (Figure 6).
Figure 6: M24-020 radioactive intersections in graphitic pelite along strike 50 m to the SW of M24 -017
(target H15).
M24-021: This hole tested a compelling geophysical (EM and gravity) target (H6) on the Howland Corridor.
While no anomalous radioactivity was intersected, the targeted conductor (strongly graphitic pelite) is
associated with intense hydrothermal alteration and pervasive faulting (Figure 7).
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Figure 7: M24-021 (target H6) strongly graphitic pelite in contact with structured hydrothermally altered
bleached and hematized quartzite.
M24-022A: This hole tested a compelling geophysical (EM and gravity) target (A22) on the southern
Armbruster Corridor. While no anomalous radioactivity was intersected, the targeted conductor (heavily
structured strongly graphitic pelite) also shows hydrothermal alteration with a strongly hematized
hangingwall quartzite overlying the graphitic unit (Figure 8).
Figure 8: M24-022A (target A22) hydrothermal alteration reduction/oxidation front, transitioning from
hematized quartzite to underlying heavily structured strongly graphitic pelite.
M24-023: This hole tested a compelling geophysical (EM and gravity) target (H16) on the Howland
Conductor Corridor, also testing along strike (approximately 600 m SW) of positive results in 2022 drill hole
M22-012. Only two minor intervals (<4 metres) of moderately graphitic pelite were intersected, with no other
notable conductive horizons. This could indicate that M24-023 drilled through a faulted offset and missed
the targeted conductor, drilling through heavily faulted and hematized underlying footwall quartzite.
M24-024 (P4): This hole was designed to test the southwest strike extension of the mineralized graphitic
pelite in M22-013/014 along the Pitchvein Corridor, at the intersection with the same regional cross-cutting
structure tested in M24-017 (target P4). The hole was abandoned at 47.5 metres due to intense brittle
faulting within hematized quartzite and therefore did not reach the targ eted graphitic unit . The intense
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faulting within the hangingwall is encouraging and the target warrants testing to the required depth .
Alternative drill locations will be assessed for a future program.
Table 2: Murmac Drill Hole Summary (Summer 2024)
Hole ID Target ID Easting Northing Azimuth Dip Length (m)
M24-016A P7 630799 6593053 302 -54 258
M24-017 H15 633345 6593642 310 -55 201
M24-018 H15DD 633345 6593642 310 -67 177
M24-019 H15NE 633385 6593691 298 -55 171
M24-020 H15SW 633337 6593593 305 -45 180
M24-021 H6 631386 6589720 315 -50 164.5
M24-022A A22 627965 6585975 305 -55 167.7
M24-023 H16 632955 6592531 320 -55 177
M24-024 P4 630332 6592498 315 -45 47.5*
Notes: Coordinates are reported in UTM NAD83 Zone 12N. Azimuth is true north.
Target prefix A= Armbruster Corridor; H = Howland Corridor; P = Pitchvein Corridor.
*Drill hole M24-024 was abandoned due to intense brittle faulting.
Next Steps
Drill core samples have been collected systematically throughout all zones of radioactivity higher than 300
cps and will be submitted to SRC Geoanalytical Laboratories in Saskatoon for U 3O8 assay and multi -
element characterization. These analytical results will be integrated with the detailed logging information to
prioritize follow-up target areas for future drill testing, in addition to testing of numerous other priority
regional targets. Following on from the Murmac drill program, Aero and Standard Uranium (TSXV: STND;
OTCQBQB: STTDF; FWB: 9SU) plan to test additional targets on the adjacent Sun Dog Project located to
the south of Murmac on the Crackingstone Peninsula.
Technical Disclosure
Preliminary radiometric results represent total gamma from NQ2 drill core measured with a Super -SPEC
RS-125 handheld spectrometer reported in counts per second (“cps”). Measurements are typically collected
over 0.10 to 0.15 metre intervals through areas of anomalous radioactivity (defined as >300 counts per
second, or “cps”). Longer intervals with less variation are shown as length weighted averages for simplicity.
Core is removed from the core box and moved, if necessary, to a location where the instrument reads below
background, and the measurement is collected by placing the sensor against the core at the required
location. The drill cores are subject to comprehensive logging and sampling to characterize mineralization,
alteration and structure. Drill core samples will be submitted to the Saskatchewan Research Council
(“SRC”) Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element
characterization. Reflectance spectrometry will be undertaken on additional core samples to determine the
presence of indicator clay alteration.
Further details regarding the historical uranium occurrences noted in this news release can be found within
the Saskatchewan Mineral Assessment Database (SMAD) and the Saskatchewan Mineral Deposit Index
(SMDI). Fortune Bay has verified the majority of these occurrences through field prospecting and sampling,
however there is a risk that any future confirmation work and exploration may produce results that
substantially differ from the unverified historical results. The Company considers these unverified historical
results relevant to assess the mineralization and economic potential of the property. The historical drill
results obtained by SMDC in drill holes CKI-9 and CKI-10 can be found within the SMAD references 74N07-
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0310 and 74N07 -0311 and have not been verified. Additional historical exploration results (uranium
occurrences related to geochemistry results and scintillometer prospecting) derive from SMAD references
74N07-0290, 74N07-0287 and 74N07-0304.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth
Garlick, P.Geo., Technical Director of the Company , who is a Qualified Person as defined by NI 43 -101.
Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company
with 100% ownership in two advanced gold exploration projects in Canada, Saskatchewan (Goldfields
Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The
Company is also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin,
Saskatchewan, which have high-grade potential. The Company has a goal of building a mid-tier exploration
and development Company through the advancement of its existing pr ojects and the strategic acquisition
of new projects to create a pipeline of growth opportunities. The Company’s corporate strategy is driven by
a Board and Management team with a proven track record of discovery, project development and value
creation. Further information on Fortune Bay and its assets can be found on the Company’s website at
www.fortunebaycorp.com or by contacting us as [email protected] or by telephone at 902 -334-
1919.
On behalf of Fortune Bay Corp.
”Dale Verran”
Chief Executive Officer
902-334-1919
Cautionary Statement Regarding Forward-Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this
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guarantees of future performance. Words such as “expects”, “aims”, “anticipates”, “targets”, “goals”, “projects”, “intends”, “plans”,
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Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company,
the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking information. Forward looking information in this news release
includes, but is not limited to, the Company’s objectives, goals, intentions or future plans, statements, exploration results, potential
mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual
results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or
mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, po litical
risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements
with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of
financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the
other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents
filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new
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