Fortune BAY Announces Acquisition of the Strike Uranium Project Near Uranium City, Northern Saskatchewan
TSXV: FOR
fortunebaycorp.com
NEWS RELEASE
1969 Upper Water Street, Suite 2001, Purdy’s Wharf Tower II, Halifax, NS B3J 3R7 T 902.422.1421 | F 902.491.4281
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FORTUNE BAY ANNOUNCES ACQUISITION OF THE STRIKE URANIUM PROJECT NEAR
URANIUM CITY, NORTHERN SASKATCHEWAN
HALIFAX, NS September 16, 2021 – Fortune Bay Corp. (TSXV:FOR, Frankfurt:5QN) (“Fortune Bay” or
the “Company”) is pleased to announce the acquisition of the Strike Uranium Project (“Strike ” or the
“Project”) through claim staking. The Project covers an area of approximately 10,000 hectares and is
located 25 kilometres west of Uranium City and the Company’s flagship Goldfields Project in northern
Saskatchewan.
The Project has been identified to have potential for high-grade unconformity-related, basement-hosted
uranium deposits in a setting similar to other discoveries on the margin of the Athabasca Basin (see
Figure 1). Rock samples collected recently from surface at Strike produced assays of 3.51% U 3O8 and
1.75% U3O8, confirming historical results.
Dale Verran, CEO for Fortune Bay, commented, “The acquisition of the Strike Uranium Project through
staking represents an exciting opportunity for Fortune Bay and its shareholders, particularly given the recent
boom in uranium equities and increase in the spot uranium price. The Athabasca Basin is undoubtably the
world’s premier distric t for high -grade uranium; and unconformity-related, basement-hosted deposits are
highly sought after targets given their high-grades and competent host rocks which allow for conventional
mining. At Strike we believe we have the required exploration criteria for these deposits, and positive results
from historical exploration with very limited drilling makes this a unique exploration opportunity.”
Mr. Verran further added, “While our primary focus will remain on our flagship Goldfields Project, the Strike
Project provides additional exploration optionality for the Company in a strengthening uranium market, and
allows us to leverage off our existing operational capabilities in the Uranium City area and our team’s
considerable experience in Athabasca Basin uranium exploration , which includes discovery and
delineation.”
Exploration Potential
Previous work (from the 1950’s to 2008) and historical datasets support the Project’s potential for high-
grade unconformity-related, basement-hosted uranium deposits in accordance with current exploration
models for these types of deposits. Key exploration criteria identified include:
• Known uranium endowment:
o Host to numerous high-grade (>1% U3O8) historical uranium occurrences.
o Anomalous radioactivity occurring in almost all basement lithological units on the property, according
to historical reports.
o Historical small-scale mining at the Tena Zone - over 1,000 tons mined in the 1950’s with reported
grades of 0.5% to 3% U (0.6% to 3.5% U3O8).
• Favourable geological setting (see Figure 2):
o Multiple graphitic and sulphide horizons with associated structures, occurring over a total strike length
of approximately 12 kilometres , represented by strong electromagnetic (“EM”) conductors in
geophysical datasets.
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o Folding of the Zemlak Domain metasedimentary package, including bends an d jogs, provide
prospective dilational settings.
o The present day Athabasca Basin edge is located immediately west of the Project indicating vertical
proximity to the Basin’s basal unconformity (now eroded) and good preservation potential for
basement-hosted mineralization.
• Indicative alteration and geochemical pathfinder signatures:
Historical rock sampling campaigns identified:
o Indicative alteration minerals (chlorite, illite, kaolinite, dravite and hematite).
o Anomalous uranium and geochemical pathfinder signatures (boron, vanadium, cobalt, nickel, copper,
lead, and arsenic).
High-Quality Existing Datasets; Very Limited Previous Drilling
The first recorded uranium exploration in the area was carried out during the 1950’s by numerous junior
mining companies. This initial work consisted primarily of prospecting and trenching , and n umerous
uranium occurrences were discovered. One of these occurrences, known as the Tena Zone, was mined on
a small-scale during the late 1950’s, with ore shipped to the Lorado mill for processing. During the late
1960’s and early 1980’s, SMDC (now Cameco Corp.), Mokta and Jodi Energy Resources Ltd. completed
more comprehensive work consisting of airborne magnetic and electromagnetic (“EM”) surveys with follow
up ground EM surveying. Although these EM surveys did detect a significant number of ground EM
conductors along the edge of th e Athabasca Basin, diamond drill testing was very limited . Assessment
records indicate that only seven historical drill holes have been completed on the property to date. Three
of the holes are located near the Tena Zone with one hole intersecting 1.6% eU over 4 metres (eU is
equivalent uranium derived from a downhole gamma spectrometer).
Work carried out by Cameco Corp. (“Cameco”) between 2005 and 2008 produced several high-quality
datasets including airborne magnetic and electromagnetic surveys (VTEM), ground electromagnetic
surveys (Max-Min and Step-Wise Moving Loop), and outcrop geochemical and reflectance spectrometry
(clay) sampling programs. Cameco did not conduct any drilling on the project, and d espite documented
recommendations in assessment reports to advance the project the ground lapsed in 2012 (soon after the
2011 Fukushima nuclear accident). These publicly available datasets acquired by Cameco represent a
valuable repository of data for the Project and provide an initial basis for drill targeting. A future ground
gravity and magnetic survey may provide additional supportive data which would allow for prioritization of
drill targets by delineating clay alteration zones (gravity lows) and structures (magnetic lineaments).
Operational and Infrastructure Advantages
The Project is located approximately 25 kilometres west of Uranium City, and 15 kilometres southeast from
Camsell Portage (see Figure 2). Clean-energy hydro power stations are available within 10 kilometres of
the Project to the north, and regional airports are available at Uranium City and Camsell Portage. Fortune
Bay expects to base operations out of Uranium City where the Company has existing operational
capabilities, including vehicles, field equipment, storage buildings and core logging and sampling facilities.
Recent Work and Next Steps
The Company has recently verified the Tena Zone and Point Claims occurrences (as listed in the open -
source Saskatchewan Mineral Deposit Index) through geological investigation, gamma-ray spectrometer
surveying, and confirmatory surface rock sampling. Uranium assay (U3O8 wt%) and selected geochemical
results are provided in Table 1 . The results demonstrate high ur anium grades on surface together with
anomalous geochemical associations indicative of unconformity-related, basement-hosted uranium
mineralization. The Company is currently advancing the Project through permit applications for ground
geophysics and drilling . Field work, commencing with a ground gravity and magnetic survey, is being
planned to commence in early 2022 to utilize winter ice conditions.
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Table 1: Strike Project Surface Rock Sample Results (September 2021).
Sample
ID Locality U3O8
(wt %)
Cu
(ppm)
Ni
(ppm)
Pb
(ppm)
B
(ppm) Comments
280709 Tena Zone 1.75 277 2160 2000 501 Mineralized vein exposed in
historical adit face.
280708 Tena Zone 0.94 203 1670 960 484 Mineralized vein exposed in
historical adit face.
280707 Tena Zone 0.55 2940 635 194 263 Mineralized vein exposed in
historical adit face.
280705 Tena Zone 0.06 1040 673 62 364 Waste rock pile.
280706 Tena Zone 0.02 163 296 24 67 Waste rock pile.
280704 Tena Zone 0.02 13 966 14 328 Waste rock pile.
280711 Point
Claims 3.51 187 43 11000 226 Mineralized vein and secondary
uranium oxides within granite host.
280712 Point
Claims 0.09 170 39 388 96 Mineralized vein within granite host.
Sampling, Analysis and Data Verification
Uranium assays and geochemical analyses, provided in Table 1, were undertaken by the Saskatchewan
Research Council (“SRC”) Geoanalytical Laboratories. Sample preparation included drying, jaw crushing
to 60% passing -2 millimetres , and pulverizing to 90% passing -106 microns. The resultant pulp was
digested using a two -acid partial digest (HNO 3:HCl) and the respective solution analyzed for multi ple
elements, including uranium, using ICP -OES. Boron values are obtained through NaO 2/NaCO3 fusion
followed by ICP-OES. Uranium assays are obtained using SRC’s ISO/IEC 17025:2005 accredited method
for the determination of U3O8 wt%. A split of the sample pulp is digested using aqua-regia (HCl:HNO3 in the
ratio 3:1), and the solution analyzed for U3O8 wt% using ICP-OES.
Unless otherwise stated , the historical results (including drill 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 results relevant to
assess the mineralization and economic potential of the property.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Dale
Verran, M.Sc., P.Geo., Chief Executive Officer of the Company, who is a Qualified Person as defined by
NI 43-101. Mr. Verran 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, Frankfurt: 5QN) is a gold-focused 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 has also acquired the Strike Uranium Project, located near the Goldfields Project. 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 n ew 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
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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. Fortune B ay Corp. (“Fortune Bay” or the “Company”) cautions that all forward -looking statements
are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyo nd
Fortune Bay's control. Such factors inclu de, among other things: risks and uncertainties relating to metal prices, changes in planned
work resulting from weather, COVID-19 restrictions, logistical, technical or other factors, the possibility that results of work will not
fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpret ation
of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents,
equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in
work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with
environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to F ortune
Bay, acceptable to it or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic
and business conditions. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs,
intentions, and expectations expressed or implied in the forward -looking information. Except as required under applicable securities
legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend,
and does not assume any obligation, to update these forwa rd-looking statements, except as required under applicable securities
legislation. 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 Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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Figure 1: Strike Uranium Project location map.
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Figure 2: Strike Uranium Project infrastructure and geological setting.