Fortune BAY Announces Acquisition of the Spruce Uranium Project IN Northern Saskatchewan
TSXV: FOR | FWB: 5QN | OTCQX: FTBYF
fortunebaycorp.com
NEWS RELEASE
FORTUNE BAY ANNOUNCES ACQUISITION OF THE SPRUCE URANIUM
PROJECT IN NORTHERN SASKATCHEWAN
HALIFAX, NS January 10, 2024 – Fortune Bay Corp. (TSXV:FOR) (FWB:5QN) (OTCQX:FTBYF) (“Fortune
Bay” or the “Company”) is pleased to announce the acquisition of the Spruce Uranium Project (“Spruce” or
the “Project”) through staking over the past several months. The Project is located within the north-central
margin of the Athabasca Basin , near the community of Fond du Lac , and comprises four mineral claims
covering 6,855 hectares (Figure 1).
Highlights:
• Located in proximity to the northern rim of the Athabasca Basin (“Basin”) with potential for high-grade,
basement-hosted uranium deposits.
• Covers over six (6) kilometres of prospective strike length along the Grease River Shear Zone
(“GRSZ”), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
• The GRSZ is significantly underexplored relative to other major, Basin-margin structural corridors that
have yielded significant basement-hosted uranium discoveries (e.g. Arrow, Triple R and Eagle Point).
• Historical surface uranium showings of 1.60% U3O8 and 0.65% U3O8 from limited prospecting.
• Additional Rare Earth Element (“REE”) potential, including historical surface REE showings of 3.13%
total rare earth element (“TREE”), 1.23% TREE, 0.88% TREE and 0.85% TREE.
• Adjacent to properties held by IsoEnergy Ltd., and Forum Energy Metals Corp. (under option to
Traction Uranium Inc.) that recently highlighted prospective conductive trends on the Project through
airborne electromagnetic (“EM”) surveying.
Dale Verran, CEO for Fortune Bay, commented, “As the uranium market continues to strengthen, with spot
prices recently topping US$ 90/lb U 3O8, i nvestment in uranium exploration in Saskatchewan’s prolific
Athabasca Basin is on the rise as explorers search for resources to meet the growing future supply deficit.
This timely acquisition provides Fortune Bay with another uranium project to create value for our
stakeholders. The Spruce Uranium Project hosts the hallmarks for a high -grade basement-hosted
discovery; located on a major structural zone in proximity to the Basin margin with a precedent for
mineralization, and limited exploration to date.”
The Spruce Uranium Project
The Project is located along the Grease River Shear Zone (“GRSZ”), a crustal-scale structural corridor up
to seven kilometres wide. Unlike other major structural zones in the Athabasca Basin, that have yielded the
large high -grade uranium discoveries, the GRSZ has seen very limited exploration to date. Historical
exploration has demonstrated the GRSZ to be prospective for basement-hosted uranium mineralization,
evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences (Table 1). In
addition, the Project includes anomalous lake sediment samples with up to 287 ppm uranium from historical
regional datasets, and several airborne radiometric uranium anomalies. Only three historical drill holes have
been completed on the Project to date. The 6,855 hectare Project covers over six (6) kilometres of
prospective strike length along the GRSZ, within approximately 20 kilometres of the present-day Athabasca
Basin margin.
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In addition, the Project has potential for REE deposits. The northern region of Saskatchewan has a
precedent for high REE grades, exemplified by the Alces Lake, Hoidas Lake and Bear Lake REE projects.
Historical REE discoveries on the Project were made while prospecting for uranium and records indicate
that these occurrences, including outcrop samples of 3.13% TREE, 1.17% TREE, 0.88% TREE and 0.85%
TREE, have not been followed-up.
Table 1: Highlight Historical Uranium Occurrences.
Project SMDI# Name Grab Sample
Uranium Description
Spruce
1577 CBS 4422 Trench 0.65% U3O8 Cross-cutting pitchblende vein hosted in
gneiss, proximal to major mylonitic fault.
1589 Magma Mines Uranium
Showing No. 1 1.60% U3O8
Fault-hosted uranium mineralization in a
quartzitic biotite gneiss. Three foot channel
samples.
5410 Sample AM076 1,790 ppm U Rock sample of a white pegmatite outcrop.
5389 Sample AM086 340 ppm U Rock sample of an outcrop (unspecified
rock type).
5411 Sample JR355 545 ppm U Rock sample of a granite outcrop.
3324 Samples TP150 & TP151 764 ppm U
Rock samples from a white granite outcrop.
Sample TP150 also contained 1,849 ppm
TREE.
Adjacent
Property
1579 CBS 4427 Uranium
Occurrence 0.11% U3O8 Geochemical sample from lake sediment.
1590 BURNS Claims Trenches 0.17% U3O8
Trench samples from pegmatite with yellow
staining, samples from all the trenches
averaged 0.12% U3O8.
3329
Samples CH129, CH130,
CH132, JF011, JF027,
RD305, RD306
>10,000 ppm U Samples from white and pink pegmatite
outcrops.
5637 Sample AM122 8,382 ppm U Sample from a white granite boulder.
Fond du Lac 1572
The Fond Du Lac Uranium Deposit is located approximately 30 kilometres southwest of the
Project, along the Grease River Shear Zone, and was discovered by Famok Ltd in the early
1970’s. The deposit comprises coffinite, pitchblende, and uraniferous goethite hosted within
steeply dipping fractures within Athabasca Group basal sandstone and extending into the
underlying basement rocks. A historical mineral resource of one million pounds uranium at an
average grade of 0.25% U3O8 was estimated but was not prepared in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
*SMDI# refers to the Saskatchewan Mineral Deposit Index occurrence number.
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Figure 1: Spruce Uranium Project.
Next Steps
The Project warrants a modern, systematic app roach to evaluate the GRSZ and other historical uranium
and REE occurrences of interest.
Next steps are planned to include:
• Desk-top P rioritization of Target Areas: Existing historical data ( geochemical and airborne
geophysical surveys), regional government data, and satellite imagery provide valuable information
to commence prioritization of target areas, which would include the identification of fav orable
lithological and structural settings.
• Field Data Verification and Investigation: Verification of historical datasets is planned within
prioritized target areas, to include ground-truthing of uranium and REE occurrences. Scope of work
to include geological mapping, scintillometer surveying and grab sampling.
• Drill Target Definition: Drill targets are expected to be defined through geophysical surveying
including gravity and magnetics and/or additional EM surveys, as applicable. Geochemical surveys
may be warranted based on assessments of suitable sample media.
The Company plans to commence the desk -top prioritization of target areas over the coming weeks .
Fortune Bay intends on finding a suitable partner to advance the Project through an earn -in, or similar
agreement, that provides Fortune Bay with upside in future discovery.
Grant of Deferred Share Units
Fortune Bay announces that effective November 28, 2023 and December 20, 2023 the board of directors
of the Company has granted Deferred Share Units (“DSUs”) to its directors, officers and employees to
satisfy certain director fees and management bonuses in lieu of cash. 150,000 DSUs were granted to the
Company’s directors to settle director fees for the year ended December 31, 2023. In addition, 290,000
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DSUs were granted to officers and employees in lieu of annual cash bonuses. The DSUs will vest in
accordance with the Company’s deferred share unit plan.
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”) using the reference numbers provided in Table 1. Historical assay and scintillometer survey
results were captured from assessment reports available in the Saskatchewan Mineral Assessment
Database (SMAD) references 74 O07-0002, 74O07 -0031, 74O09 -0023 and 74O09 -0024. Historical
anomalous lake sediment samples referenced derive from Geological Society of Canada datasets available
from the Saskatchewan online GeoAtlas and from assessment report 74O09-0023. 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 and Murmac uranium exploration projects, located near the
Goldfields Project, 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.
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
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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 releas e
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 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 commodi ty 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 f iled 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 infor mation, 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchang e)
accepts responsibility for the adequacy or accuracy of this release.