AERO Energy and Fortune BAY Announce Drilling Underway at the Murmac Uranium Project, Athabasca Basin, Saskatchewan
TSXV: FOR | FWB: 5QN | OTCQB: FTBYF
fortunebaycorp.com
NEWS RELEASE
AERO ENERGY AND FORTUNE BAY ANNOUNCE DRILLING UNDERWAY AT THE
MURMAC URANIUM PROJECT, ATHABASCA BASIN, SASKATCHEWAN
HALIFAX, NS June 12, 2024 – Fortune Bay Corp. (TSXV:FOR) (FWB:5QN) (OTCQB:FTBYF) (“Fortune
Bay” or the “Company”) is pleased to announce the commencement of drilling at its Murmac Uranium
Project (“Murmac” or the “Project”) on the northern margin of the Athabasca Basin, Saskatchewan. The
drilling program is being funded by Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: 13L0)
(“Aero”), and is being operated by Fortune Bay, under an Option Agreement that was executed on
December 15, 2023.
Drilling Program
Drilling is now underway at Murmac with a program planned to test ten to thirteen targets (approximately
2,600 m), exploring for high-grade basement-hosted uranium deposits . Drill targets have been selected
from recently acquired high-resolution geophysical data (VTEM™️ survey completed in April 2024) and 3D
modelling of ground gravity data, and were further refined on the basis of geophysical signatures, geological
features, proximity to known uranium occurrences, and positive past drilling results by Fortune Bay.
Drilling has begun at target P7 with targets H15 and P4 scheduled next. Target descriptions and locations
are provided in Table 1 and Figure 1, respectively. Further target selection details are provided in Fortune
Bay’s News Release dated June 4, 2024.
Dale Verran, CEO of Fortune Bay, commented, “Our drill targets, derived from recently completed higher-
resolution geophysical survey and 3D gravity modelling, have been further refined on the basis of our 2022
drill results, structural interpretations and a compelling proximal endowment of known uranium occurrences.
Our collaborative approach to target selection has involved a technical team (Aero Energy and Convolutions
Geoscience Limited) with a demonstrated track -record of discovery in Saskatchewan . We are extremely
excited to have a drill rig turning and look forward to reporting results in the near future.”
Discovery of Radioactivity Proximal to Targets
Two occurrences of strong to intense radioactivity were discovered at surface while scouting the initial drill
site locations . The targeted locations are all “blind”, located in valley bottoms that are covered by infill
sediments and small lakes. These radioactive occurrences are consistent with, and support, our exploration
model, to target deeply -weathered and covered graphitic rocks that were not effectively explored by
historical (surface-oriented) prospecting methods.
• Target A15: 60,793 counts -per-second* in the hangingwall of the target within hematized foliation -
parallel fractures.
• Target P4: 13,533 counts-per-second* in the hangingwall of the target within hematized fault hosted
fractures perpendicular to foliation.
*Measured by handheld RS-125 Super-SPEC gamma ray spectrometer manufactured by Radiation Solutions Inc.
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Table 1: Murmac 2024 Drill Targets.
Conductor
Corridor Target Target Summary
Pitchvein
P7
Along strike follow-up of mineralized intercepts and strong alteration in M22-013 & 014
(Fortune Bay holes). Test for extensions of historical mineralization in CKI-9 (1.01% U3O8
over 2.0 m) and CKI-10 (2.19% U3O8 over 0.5 m).
P4 Along strike follow-up of mineralized intercepts in M22-013 & 014 (Fortune Bay holes).
Test intersection of Pitchvein Corridor with property-scale, mineralized cross-fault.
Howland
H6 Geophysical target (EM and gravity).
H15 Geophysical target (EM and gravity). Intersection of conductor and property-scale,
mineralized cross-fault, beneath lake.
H16 Geophysical target (EM and gravity). Along strike of M22-012 (0.17% U3O8 over 0.1 m)
(Fortune Bay hole).
H17 Geophysical target (EM and gravity) at a flexure in the Howland Conductor.
Armbruster
A15 Geophysical target (EM and gravity) at intersection of conductor and mineralized cross-
fault.
A17 Intersection of conductor and property-scale, mineralized cross-fault. Conductor
break/termination.
A18 Geophysical target (EM and gravity). Located along strike to south of Quartzite Ridge
uranium showings.
A19 Geophysical target (EM and gravity). Located along strike to south of Quartzite Ridge
uranium showings at a flexure in the Armbruster Conductor.
A20 Intersection of conductor and mineralized cross-fault.
A21 Geophysical target (gravity) at intersection of conductor and mineralized cross-fault. Up-
ice of 8.82% U3O8 boulder.
A22 Geophysical target (EM and gravity) located at a break in the Armbruster conductor.
Qualified Person and Technical Disclosure
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.
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-
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.
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Figure 1: Murmac 2024 Drill Targets.
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About Fortune Bay Corp.
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 projects 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
news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not
guarantees of future performance. Words such as “expects”, “aims”, “anticipates”, “targets”, “goals”, “projects”, “intends”, “plans”,
“believes”, “seeks”, “estimates”, “continues”, “may”, variations of such words, and similar expressions and references to future periods,
are intended to identify such forward-looking statements.
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 diffe r
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 inc lude, but are not limited to failure to identify targets or miner alization,
delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, i nability 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 intentio n or
obligation to update or revise any forward -looking information, whether as a result of new information, future events or otherwise,
other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at
www.fortunebaycorp.com.
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