AERO Energy and Fortune BAY Intersects Strong Radioactivity IN Second Drill Hole at the Murmac Uranium Project
TSXV: FOR | FWB: 5QN | OTCQB: FTBYF
fortunebaycorp.com
NEWS RELEASE
AERO ENERGY AND FORTUNE BAY INTERSECTS STRONG RADIOACTIVITY
IN SECOND DRILL HOLE AT THE MURMAC URANIUM PROJECT
HALIFAX, NS June 25, 2024 – Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB: FTBYF)
(“Fortune Bay” or the “Company”) is pleased to announce the intersection of highly elevated
radioactivity in the second drill hole (M24-017) of its 2024 exploration drilling program on the
Murmac Uranium Project (“Murmac” or the “Project”), located in northern Saskatchewan.
An average of 1,309 counts per second was intersected over 8.7 metres in graphitic pelite, with up to
33,600 counts per second (using handheld RS-125 Spectrometer) associated with visible uranium
mineralization. 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.
Highlights:
• Drilling is still underway on hole M24-017 (target H15); drill core has been received and logged to a
depth of 94.5 metres at the time of release.
• Strong radioactivity is dominantly hosted in structured graphitic pelite, immediately below the contact
with hematized quartzite (hangingwall), approximately 70 to 78 metres vertically below surface.
• Radioactivity highlights include a maximum of 33,600 counts per second over 0.1 metre (from 86.1
to 86.2 metres), with a length weighted average of 1,309 counts per second over 8.7 metres (from
85.8 to 94.5 metres).
• Drilling is ongoing and the zone of strong radioactivity remains open up - and down-dip, as
well as along strike in both directions.
• This is the first drill hole testing a previously unexplored electromagnetic (“EM”) conductor on the
Howland Corridor under the shallow Howland Lake.
• The Company is currently planning appropriate follow-up holes.
• There are an additional 11 high-priority targets at Murmac which have been approved for drilling, and
multiple other targets under consideration.
Dale Verran, CEO for Fortune Bay, commented “The broad zone of strong radioactivity intersected in M24-
017 is a highly encouraging start to the 2024 drilling program at Murmac and testament to the quality of the
targets on the Project. This new discovery of shallow radioactivity, within favorable structured graphitic
rocks, indicates the potential for a high-grade, basement-hosted deposit. Together with our partners, Aero
Energy, we look forward to following up this result.”
Target Information
Hole M24-017 was collared to test an EM conductor on the Howland Corridor at the intersection of a cross-
cutting fault with numerous historical uranium occurrences and radioactive showings (see Figure 1). The
geophysical characteristics of target (H15) manifests as a subtle EM high with a subtle coincident gravity
low. The interpreted EM conductor is approximately 1.2 kilometres in length, with approximately 1 kilometre
(not previously drill tested) sub-cropping beneath the narrow Howland Lake, and is not exposed at surface.
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Radioactivity Results
The preliminary results, representing total gamma from NQ2 drill core measured with a Super -SPEC RS-
125 handheld spectrometer reported in counts per second (“cps”) , are presented in Table 1 below.
Measurements are typically collected over 0.10 to 0.15 m etre 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.
Intermittent radioactivity is present in the hangingwall quartzite between 81.10 and 85.80 metres down hole.
The targeted graphitic unit which predominantly hosts the strong radioactivity is currently interpreted to be
dipping at approximately 70° towards the southeast. Drill hole M24-017 is oriented towards an azimuth of
310° (True North) with a dip of -55°. The nature and orientation of any possible mineralization has not yet
been constrained, and potential mineralization true thicknesses have not yet been determined. Radioactive
intercepts are shown in Figure 2. High resolution photos of selected intervals, with highly anomalous
radioactivity, are shown in Figure 3.
Table 1. Radioactivity intersections logged to date in hole M24-017.
Log From (m) To (m) Length (m) cps Measurement Type
Hangingwall
Quartzite -
Intermittent
Radioactivity
81.10 81.70 0.60 432 Length Weighted Average
82.55 82.65 0.10 350
Individual Measurements
82.65 82.75 0.10 770
82.75 82.85 0.10 1,010
82.85 82.95 0.10 480
82.95 83.05 0.10 340
84.00 84.10 0.10 300
Individual Measurements
84.10 84.20 0.10 400
84.20 84.30 0.10 1,300
84.30 84.40 0.10 1,800
84.40 84.50 0.10 850
84.50 84.60 0.10 380
85.50 85.80 0.30 317 Length Weighted Average
Graphitic Pelite -
Continuous
Radioactivity
85.80 86.00 0.20 335 Length Weighted Average
86.00 86.10 0.10 520
Individual Measurements
86.10 86.20 0.10 33,600
86.20 86.30 0.10 9,150
86.30 86.45 0.15 7,050
86.45 86.55 0.10 3,660
86.55 86.65 0.10 1,360
86.65 86.75 0.10 390
86.75 86.85 0.10 440
86.85 87.00 0.15 480
87.00 87.15 0.15 2,640
87.15 87.30 0.15 3,750
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87.30 87.40 0.10 1,520
87.40 88.20 0.80 463 Length Weighted Average
88.20 91.20 3.00 335 Length Weighted Average
91.20 91.35 0.15 700
Individual Measurements
91.35 91.45 0.10 480
91.45 91.55 0.10 530
91.55 91.65 0.10 380
91.65 91.75 0.10 370
91.75 91.90 0.15 850
91.90 92.00 0.10 810
92.00 92.10 0.10 4,110
92.10 92.20 0.10 10,680
92.20 92.30 0.10 740
92.30 92.45 0.15 360
92.45 92.60 0.15 600
92.60 94.50 1.90 318 Length Weighted Average
Total Graphitic
Pelite 85.80 94.50 8.70 1,309 Length Weighted Average
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 prese nce 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 quantify uranium concentrations in the drill core samples. True thickne sses
of the drill core intersections are yet to be determined.
Next Steps
Drill core samples are being collected systematically throughout any zones with radioactivity higher than
300 cps. All samples will be submitted to SRC Geoanalytical Laboratories in Saskatoon for U3O8 assay and
multi-element characterization.
The Company is currently assessing options to follow -up and begin constraining the extents of the strong
radioactivity. Follow-up is expected to include down-dip and along-strike testing (in both directions) of the
host graphitic unit. Initial follow-up will be carried out as a priority and will begin on completion of the current
hole.
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.
Historical Results
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.
Figure 1: Murmac 2024 Drill Targets.
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Figure 2: Radioactivity intersections (81.00 to 94.50 metres down hole) denoted as counts per second on
the core boxes. Hangingwall quartzite (top core box) hosts intermittent radioactivity from 81.00 to 85.80
m. Continuous elevated radioactivity is hosted in the underlying graphitic pelite (bottom two core boxes).
Core is NQ2 diameter, core box length is 1.50 m.
Depth interval 86.1 to 86.2 m, 33,600 cps. Depth interval 92.1 to 92.2 m, 10,680 cps.
Figure 3: High resolution photos of selected intervals from M24-017.
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 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 asset s 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.
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On behalf of Fortune Bay Corp.
”Dale Verran”
Chief Executive Officer
902-334-1919
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