Fortune BAY Announces Initial Drill Target Areas and 2022 Drilling Plans FOR the Strike Uranium Project
TSXV: FOR | FWB: 5QN
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 INITIAL DRILL TARGET AREAS
AND 2022 DRILLING PLANS FOR THE STRIKE URANIUM PROJECT
HALIFAX, NS April 26, 202 2 – Fortune Bay Corp. (TSXV:FOR, FWB:5QN) (“Fortune Bay” or the
“Company”) is pleased to announce initial drill target areas and 2022 drilling plans for its 100% owned Strike
Uranium Project (“Strike” or the “Project”), located in northern Saskatchewan (see Figure 1 and 2).
Highlights:
• Nine (9) initial d rill target areas have been identified following ground gravity survey ing completed in
March 2022 (Figure 3).
• The initial target areas comprise favorable geological, geophysical and geochemical features typically
associated with high-grade basement-hosted uranium deposits related to the Athabasca Basin.
• The Tena target area (Figure 4) includes the historical Tena prospect where over 1,000 tonnes of
uranium ore was mined in the 1950’s with reported grades of 0.6% to 3.5% U 3O8. Drill targets have
been developed down-dip and along strike of the historical adit.
• The Tena South target area (Figure 4) is located immediately south of the historical Tena prospect,
associated with a coincident gravity low and electromagnetic (“EM”) conductor.
• The other seven (7) target areas include discrete gravity lows located along prominent EM
conductors proximal to favourable geochemistry results and structural features.
• Drilling is expected to commence in mid-May with approximately 2,500 meters planned in 8 to 10 drill
holes. The program is expected to be results -driven, based upon drilling results and additional gravity
survey results.
Dale Verran, CEO for Fortune Bay, commented, “ We are pleased to have generated an initial set of drill
target areas for Strike which meet the exploration criteria for high-grade basement-hosted uranium deposits
related to the Athabasca Basin. The historical work completed between 2005 and 2008 identified favorable
settings and positive signs for uranium mineralization, however target areas were not followed up with drill
testing. A thorough review and analysis of the historical data , combined with results from winter 2022
ground gravity surveying, has revealed multiple target areas for drill testing. We are looking forward to our
maiden exploration drilling campaign, expected to commence in May 2022, which will aim to test a number
of these target areas in addition to the historical Tena uranium prospect.”
Strike Drill Targeting
Historical Background
The Project is endowed with a modern (mid-2000’s), comprehensive historical exploration database from
numerous uranium-focused surveys, including airborne and ground geophysical surveys , ground
radiometric surveys and geochemical and reflectance spectrometry (clay) surveys. Despite positive results,
and documented recommendations in historical assessment reports to advance the project , the targets
generated were never drill tested. This previous exploration work identified prospective graphite - and
sulphide-bearing EM conductors that due to their physical properties predominantly manifest as valleys and
topographical lows, covered by overburden and small shallow lakes. These “blind” conductors have
therefore not been explored by surface prospecting. Geochemical sampling from outcrop at valley edges
along the conductor traces has confirmed elevated pathfinder elements, as well as favorable clay alteration
including dravite, illite and kaolinite. Furthermore, the area is known to be endowed with historical uranium
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occurrences, including the Tena prospect. The known uranium occurrences were discovered along valley
edges, immediately off the conductor trace s, where outcrop is available and surface prospecting was
possible, leaving the conductor targets at these localities untested.
Initial Drill Target Area Selection
Initial targeting at Strike has encompassed review and prioritization of target areas from integrated historical
datasets. Three predominant conductor traces have been identified, and have been named the J, K and L
conductors (Figure 3). Target areas along these conductor corridors were prioritized based on the nature
and amplitude of the EM anomaly, topography and surface exposure, magnetic features, structural setting,
historical geochemical data, historical reflectance spectrometry data, and historical scintillometer survey
results. Target areas have been refined based on the results of winter ground gravity survey results. These
data, collected to detect potential favorable clay alteration zones along the EM conductors, were integrated
with existing datasets to refine drill target locations. Ground gravity survey over conductor traces will be
ongoing in May.
The Tena target area (Figure 4) includes the historical Tena prospect where over 1,000 tonnes of uranium
ore was mined in the 1950’s w ith reported grades of 0.6% to 3.5% U 3O8. In June 2021, the Company
verified the Tena prospect through geological investigation, gamma -ray spectrometer surveying, and
confirmatory rock sampling. The results demonstrate high uranium grades on surface together with
anomalous geochemical associations indicative of unconformity -related, basement -hosted uranium
mineralization. Highlight uranium assay results of grab rock samples collected from the historical adit
included 1.75% U3O8, 0.94% U3O8 and 0.55% U3O8 (see News Release dated September 16, 2021). Three
historical drill holes, on an approximate 65 metre spacing along strike, were completed by Amok Ltd. in
1968. Drill hole S4 intersected 1.6% eU over 4 feet (eU is equivalent uranium derived from a downhole
gamma spectrometer) at a depth of approximately 160 metres below surface. Drill targets have been
developed down-dip and along strike of the historical adit to provide additional tests of the mineralized
structure.
Drilling Program and Operational Details
Drilling of the initial target areas is expected to commence in mid -May and will be helicopter -supported.
Additional drill target area selection is expected to be carried out upon completion of additional ground
gravity survey work scheduled ahead of drill testing. The Company has all the required permits for the
planned exploration activities.
Murmac Uranium Project Update
• Initial ground gravity survey ing has been completed and surveying is expected to resume in Spring,
following completion of the gravity surveying at Strike.
• A VTEM™ (Versatile Time Domain Electromagnetic) survey was completed in mid-April 2022 to obtain
modern high-quality EM and magnetic data.
• Newly acquired VTEM™ and gravity data will be integrated with extensive historical exploration and
regional datasets to identify initial drill targets.
• Maiden drilling is expected to commence following completion of drilling at Strike and continue into late
Summer, with provision for up to 8 drill holes (2,000 m). The drilling program will be results-driven, and
will be adjusted based on gravity survey results and any drill results that warrant immediate follow-up.
Qualified Person and Data Quality
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.
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Uranium assays reported herein 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. Uranium assays are obtained using SRC’s
ISO/IEC 17025:2005 accredited method for the determination of U3O8 wt%.
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. Further details regarding the historical
Tena prospect can be found within the Saskatchewan Mineral Deposit Index (SMDA #1511). Historical work
completed by Cameco Corp. between 2005 and 2008 is available within assessment reports filed on the
Saskatchewan Mineral Assessment Database (SMAD File Number 74N-0102, 74N-0103 and 74N-0106).
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB: 5QN) 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 the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields
Project, which have high -grade potential typical of the Athabasca Basin. Th e 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 estim ates, 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. Fortune Bay Corp. (“Fortune Bay” or the “Company”) cautions that all
forward-looking statements are inherently uncertain, an d that actual performance may be affected by a number of material factors,
many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal
prices, changes in planned work resulting from weather, COVID-19 restrictions, availability of contractors, logistical, technical or other
factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Ba y's mineral
properties, uncertainties involved in the interpretation 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 inte rruptions,
the possi bility 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 Fortune 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 i mplied in
the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no ob ligation to
publicly update or revise forward -looking information. Fortune Bay does not intend, and does not assume any obligation, to update
these forward-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.
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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: Location of the Goldfields, Strike and Murmac Projects relative to the Athabasca Basin.
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Figure 2: Location of the Goldfields, Strike and Murmac Projects.
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Figure 3. Initial drill target areas for the Strike Uranium Project (Tena, Tena South, L1-4, J2&3, K3).
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Figure 4. Drill target areas at Tena and Tena South.