Fortune BAY Announces Acquisition of the Pine Uranium Project IN Northern Saskatchewan
TSXV: FOR | FWB: 5QN | OTCQB: FTBYF
fortunebaycorp.com
NEWS RELEASE
FORTUNE BAY ANNOUNCES ACQUISITION OF THE PINE URANIUM
PROJECT IN NORTHERN SASKATCHEWAN
HALIFAX, NS January 22, 2024 – Fortune Bay Corp. (TSXV:FOR) (FWB:5QN) (OTCQB:FTBYF) (“Fortune
Bay” or the “Company”) is pleased to announce the acquisition of the Pine Uranium Project (“Pine” or the
“Project”) through staking over the past several months . The Project is l ocated within the north-central
margin of the Athabasca Basin, proximal to the Company’s recently announced Spruce Uranium Project.
Pine Uranium Project Highlights:
• Large-scale land package covering 17,688 hectares located in proximity to the northern rim of the
Athabasca Basin (“Basin”) (Figure 1).
• P otential for high-grade, basement -hosted uranium deposits along approximately thirteen (13 )
kilometres of the Grease River Shear Zone (“GRSZ”), a major structural corridor that hosts the
historical Fond du Lac uranium deposit.
• Additional potential for bulk tonnage Rö ssing-style uranium deposits associated with abundant ,
historically recognized, uranium-bearing leucogranites and pegmatites. Limited historical prospecting
yielded Rössing-style surface uranium showings of 0.17% U3O8 (1,442 ppm U) and 0.10% U3O8 (848
ppm U), and a trenching result of 509 ppm U over 24.7 metres.
• No modern airborne radiometric surveying completed over approximately 60% of the Project, and no
modern airborne electromagnetic surveying.
• Regionally, the area is characterized by the highest lake sediment uranium anomalies in
Saskatchewan, including values up to 435 ppm U within the Project area.
• No drilling conducted on the property to date.
Dale Verran, CEO for Fortune Bay, commented, “Combined, our Spruce and Pine Uranium Projects cover
approximately 20 kilometres of the Grease River Shear Zone, providing Fortune Bay with a dominant land
position of this major structural corridor within 25 kilometres of the Athabasca Basin margin. The corridor is
significantly underexplored relative to other major, Basin -margin structural corridors that have yielded
significant Athabasca Basin-style, basement-hosted uranium discoveries. Historical exploration has
demonstrated the corridor to be prospective for basement -hosted mineralization, evidenced by the Fond
du Lac uranium deposit and numerous historical uranium occurrences . The potential for R össing-style
uranium deposits adds an additional dimension to the Pine Uranium Project. Average uranium ore grades
for the R össing and Husab open- pit mines in Namibia are in the order of 350 ppm and 500 ppm,
respectively. There is a precedent for these grades, and greater, associated with similar rock types
historically identified within the P roject area. The promising results from regional reconnaissance- style
exploration by historical operators , and the extensive nature of the uranium mineralization in lake
sediments, highlight the potential for future discovery.”
The Pine Uranium Project
Potential for Athabasca Basin-Style, Basement-Hosted Uranium Deposits
The Project hosts 13 kilometres of prospective strike length along the Grease River Shear Zone (“GRSZ”),
a crustal-scale structural corridor up to five kilometres wide. Unlike other major structural zones in the
Athabasca Basin, that have yielded large high-grade uranium discoveries, the GRSZ has seen very limited
exploration to date. Historical exploration has demonstrated the GRSZ to be prospective for Athabasca
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Basin-style, basement-hosted uranium mineralization, evidenced by the Fond du Lac uranium deposit and
numerous historical uranium occurrences. Historical airborne radiometric survey conducted in 2007 over a
portion of the P roject shows compelling uranium anomalies along the GRSZ , which warrant further
investigation. Modern airborne electromagnetic surveying is warranted to identify prospective conductors
for targeting. In addition, of the 13 kilometres of strike length along the GRSZ within the Pine Project, five
kilometres has not been subject to modern radiometric survey (historical Government surveys were flown
on a five kilometre line spacing).
Potential for Rössing-style Uranium Deposits
Regionally, the Project area is characterized by abundant uranium-bearing pegmatites and leucogranites,
similar rock-types to those that host the lower-grade, high-tonnage uranium deposits mined in Namibia.
Limited historical prospecting identified grades within these rock -types ranging up to 0.17% U3O8 (1,442
ppm U). Considering the limitations of the historical exploration in conjunction with the significant extents
of cover till and small water bodies, there is potential to discover commercially viable deposits of this type
through the identification of suitable structural settings and the application of a modern systematic
exploration approach.
Table 1: Summary of Preliminary Uranium Target Areas.
Target Area Description
Target Area A
Unconformity-
related,
basement-
hosted potential
• Located along the GRSZ, a crustal -scale structural corridor up to five kilometres wide ,
prospective for high-grade basement hosted deposits.
• Approximately 13 kilometres of prospective strike length along the GRSZ.
• Modern EM surveying warranted to identify conductive horizons for targeting.
• High-resolution radiometric survey completed historically over 7 kilometres of the GRSZ ,
identifying numerous radiometric (uranium) anomalies that warrant further investigation.
• No modern radiometric survey over approximately 40% of the GRSZ, representing an
opportunity to identify new surface uranium anomalies for follow-up.
Target Area B
Northern
Contact Zone
Rössing-style
potential
• Located along the Northern C ontact Zone, where uranium -bearing pegmatites have
intruded along the northern contact of a large granite body.
• The target area includes the Hunt Falls historical uranium occurrence (1) where ground
radiometric survey was completed and outcrop samples of pegmatite included 0.17% U3O8
(1,442 ppm U) and 0.10% U3O8 (848 ppm U).
• Historical lake sediment samples in the area returned up to 435 ppm U.(2)
• To the southwest along the Northern Contact Zone, on an adjacent property, the Sherika
Ridge uranium prospect was explored by historical operators. Highlights included pegmatite
outcrop samples up to 0.9% U 3O8 and drill intersections of pegmatite up to 0.21% eU 3O8
over 24.4 metres. (3)
• To the northeast along the Northern Contact Zone, on an adjacent property, the NE Sherika
area includes historical records with up to 8,500 cps in granites with recommendations for
follow-up to the west (onto the Project). (4)
• High-resolution airborne radiometric surveys have only been completed over only 3.5
kilometres of the 13 kilometre Northern Contact Zone, representing a key opportunity to
efficiently identify potential high-tonnage uranium-bearing leucogranites.
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Target Area C
Southern
Contact Zone
Rössing-style
potential
• Located along the Southern Contact Zone of the large granite body, where uranium-bearing
pegmatite occurrences were identified in the vicinity of McConville Lake. Historical
trenching of one of these occurrences returned a weighted average of 509 ppm U over 24.7
metres. (5)
• Historical lake sediments in the area returned up to 290 ppm U. (6)
• High-resolution airborne radiometric surveys have only been completed over only 1.4
kilometres of the 6 kilometre Southern Contact Zone , representing a key opportunity to
efficiently identify potential high-tonnage uranium-bearing leucogranites.
Target Area D
Northern Area
Rössing-style
potential
• Recent field work on an adj acent property to the north has identified significant ground
radiometric anomalies along a prominent structure that continues southward onto Pine for
approximately 4 kilometres. (7)
• Limited historical surface rock samples taken in proximity to this structure returned assays
of 992 ppm U, 510 ppm U and 159 ppm U. (8)
Notes:
(1) Hunt Falls Uranium Occurrence SDMI# 1598, Fosago Explorations Limited (1974) SMAD 74O09-0001
(2) Uranerz Lake Sediment Sampling (1977), SMAD (74O09-0019)
(3) CanAlaska Uranium Ltd. (2011) SMAD 74O08-0076
(4) CanAlaska Uranium Ltd. (2008) SMAD 74O09-0024
(5) Acroll Oil Zone A Uranium Showing, Acroll Oil Zone B Uranium Showing, Zone C Uranium Showing or the Brenda Uranium
Showing SDMI#1591
(6) Uranerz Lake Sediment Sampling (1977), SMAD (74O09-0019)
(7) Fulcrum Metals PLC news release September, 7 2023
(8) Sample TP012 SDMI# 5376, CanAlaska Uranium Ltd. (2008) SMAD 74O09-0024
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Figure 1: Pine Uranium Project.
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Next Steps
The Project warrants a modern, systematic approach to evaluat e the two aforementioned target models
across the whole project area.
Next steps are planned to include:
• Desk-top Prioritization of T arget Areas: Existing historical data (geochemical and airborne
geophysical surveys), regional government data, and satellite imagery provide valuable information
to commence finalization of target areas, which would include the identification of fav orable
lithological and structural settings for the two target models.
• Field Data Verification and Investigation: Verification of historical datasets is planned within
finalized target areas, to include ground-truthing of uranium occurrences. Scope of work to include
geological mapping, scintillometer surveying and grab sampling.
• Drill Target Definition: Drill targets are expected to be defined through complimentary airborne
geophysical surveying including electromagnetics and radiometrics, as applicable, followed by field
mapping and prospecting. Geochemical surveys (e.g. soils) may be warranted based on
assessments of suitable sample media.
Fortune Bay intends on finding a suitable partner to advance the P roject through an earn- in, or similar
agreement, that provides Fortune Bay with upside in future discovery.
Technical Disclosure
The historical results contained within this news release have not been verified and there is a risk that any
future confirmation work and exploration may produce results that substantially differ from the historical
results. The Company considers these historical results relevant to assess the mineralization and economic
potential of the property. The Company also cautions that historical results on adjacent properties are not
necessarily indicative of the results that may be achieved on the Project . Further details regarding the
historical occurrences noted in this news release can be found within the Saskatchewan Mineral Deposit
Index (“SMDI”) or Saskatchewan Mineral Assessment Database (“SMAD”) using the reference number s
provided as footnotes to Table 1. Details regarding the Fond du Lac Uranium Deposit can be found in the
publication by Homeniuk, L A, Clark, R. J., and Bonnar, R., Eldorado Nuclear Limited, CIM Bulletin
May,1982. “Fond-du-Lac uranium deposit”.
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, OTCQX: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 a lso advancing the Strike , Murmac and Spruce uranium exploration projects, in northern
Saskatchewan, which have high-grade potential typical of the Athabasca Basin. 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.
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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 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 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 intention 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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accepts responsibility for the adequacy or accuracy of this release.