Fortune BAY Announces Initial Drill Targets FOR the Murmac 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
1
FORTUNE BAY ANNOUNCES INITIAL DRILL TARGETS
FOR THE MURMAC URANIUM PROJECT
HALIFAX, NS June 16, 202 2 – Fortune Bay Corp. (TSXV:FOR, FWB:5QN) (“Fortune Bay” or the
“Company”) is pleased to announce initial drill targets for its 100% owned Murmac Uranium Project
(“Murmac” or the “Project”) located in northern Saskatchewan (see Figures 1 and 2).
Highlights:
● Nineteen (19) initial drill targets have been identified following completion of airborne electromagnetic
(“EM”) and ground gravity surveying (Figure 3).
● The targets represent favorable geophysical and geological features typically associated with high -
grade basement -hosted uranium deposits related to the Athabasca Basin. Targets include discrete
gravity lows located along prominent EM conductors proximal to numerous radioactive and uranium
surface showings and/or favorable structural features.
● Drilling is expected to commence in the coming days with approximately 2,500 meters planned in eight
to ten drill holes. The program is expected to be results -driven and may be modified based on results
from drilling.
Dale Verran, CEO for Fortune Bay, commented, “We are pleased to announce an initial set of drill targets
for Murmac which have the potential to yield a discovery of high-grade, basement -hosted uranium
mineralization related to the Athabasca Basin . The maiden drilling program , scheduled to commenc e
shortly, is planned to test an initial eight to ten targets along three prospective corridors. We look forward
to reporting drill results for Murmac , in addition to results from the ongoing drilling at the Strike Uranium
Project.”
Murmac Drill Targeting
Background
The Project is located within the original uranium mining district of Canada , lying between the historical
Gunnar and Lorado Uranium Mines. The Project was explored for Beaverlodge-style uranium mineralization
predominantly during the period 1960 to 1980. Historical exploration work focused on ground prospecting
and sampling , followed by trenching and/or drill testing . N umerous high-grade (> 1% U 3O8) uran ium
occurrences were discovered (see News Release dated September 28, 2021 ) demonstrating a significant
endowment of uranium in the area. The numerous conductive units (graphite-bearing metasediments) were
never systematically explored for high-grade, basement-hosted uranium mineralization typical of the
Athabasca Basin and its margins. Due to their physical properties , the conductive units predominantly
manifest as valleys and topographical lows, covered by overburden and small shallow lakes. These “blind”
conductors have therefore not been amenable to historical surface prospecting and warrant dril l testing
where favorable targets have been identified. The Athabasca Basin margin is located approximately five
kilometres to the south of the Project, indicating vertical proximity to the basal unconformity (now eroded)
and good preservation potential for basement-hosted mineralization.
Drill Targeting
• Targeting at Murmac has encompassed detailed review of historical data which have been integrated
with newly acquired datasets, which include a VTEM™ (Versatile Time Domain Electromagnetic) survey
completed in April 2022 and a ground gravity survey completed i n June 2022. Targeting is currently
2
focused exclusively in areas where gravity survey data have been acquired. The Company plans to
carry out additional gravity survey ing to continue coverage over the conductive units to the north east
and northwest.
• Multiple linear conductor traces spanning the entire length of the project area (approximately 12
kilometres) have been identified from the VTEM TM survey, and three of these co nductor packages
(named the Pitchvein, Armbruster and Howland Corridors) have been prioritized . Targets along these
conductors were selected based on the nature and amplitude of the electromagnetic anomaly, gravity
features, topography and surface exposure, magnetic features, structural setting and historical
scintillometer survey and geochemical sampling results. Target locations are shown in Figure 3.
• The southern portions of the Armbruster and Howland Corridors have been subjected to historical
surface prospecting and geophysics, but very little exploratory drilling. Only seven holes have been
drilled on the southernmost seven kilometres of each of these two corridors. This area is characterised
by more extensive overburden cover where historical surface prospecting efforts would have had limited
value.
• The Pitchvein Corridor was first explored in the 1950’s by Pitchvein Mines, who carried out surface
prospecting and diamond core drilling. Exploration continued in the period 1978 to 1982 by SMDC who
carried out further ground geophysics and drilling, with assessment reports documenting intersections
including 1.01% U3O8 over 2.0 metres (56.0 to 58.0 metres in drill hole CKI-9) and 2.19% U3O8 over 0.5
metres (68.0 to 68.5 metres in drill hole CKI-10) in quartzite horizons within graphitic sediments. All the
historical exploration and drill data have been captured by Fortune Bay and have been used to support
prioritization of three drill targets on the southern portion of this corridor.
Drilling Program and Operational Details
Drilling of the initial target areas is expected to commence in the coming days following completion of drilling
at the Strike Uranium Project. The Company has the required permits for the planned exploration activities.
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.
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. The historical drill results obtained by
SMDC in drill holes CKI -9 and CKI -10 can be found within the S askatchewan Mineral Ass essment
Database (SMAD) references 74N07-0310 and 74N07-0311.
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. 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 di scovery,
project development and value creation. Further information on Fortune Bay and its assets can be found
3
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 perfo rmance. 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, and 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 po ssibility 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 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 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 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 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.
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.
4
Figure 1: Location of the Goldfields, Strike and Murmac Projects relative to the Athabasca Basin.
5
Figure 2: Location of the Goldfields, Strike and Murmac Projects.
6
Figure 3. Initial drill target for the Murmac Uranium Project.