Fortune BAY Announces Plans FOR GOLD Projects
TSXV: FOR | FWB: 5QN | OTCQB: FTBYF
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
FORTUNE BAY ANNOUNCES PLANS FOR GOLD PROJECTS
HALIFAX, NS April 30, 2025 – Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) (“Fortune
Bay” or the “Company”) is pleased to announce plans to advance its 100% owned gold projects in
Saskatchewan, Canada (the “Goldfields Project”) and Chiapas, Mexico (the “Ixhuatán Project”). The plans,
highlighted below, are designed to materially advance the projects, demonstrate their intrinsic value and
deliver key value drivers for the Company as it embarks on the process of unlocking value for these two
significant gold assets.
Summary and Highlights:
Goldfields Project:
1. An Updated Preliminary Economic Assessment (“Updated PEA”) has been commissioned and is
expected to be completed in Q3 2025. The Updated PEA will be led by Ausenco Engineering Canada
ULC (“Ausenco”) and will rescope the Project based on current gold pricing and incorporate key
recommendations from a recently completed study by Fuse Advisors Inc. (“Fuse”) that assessed the
Goldfields Project’s optimal path to production from both an economic and permitting standpoint. This
Updated PEA is expected to set the stage for further de-risking through Pre-Feasibility (“PFS”) or
Feasibility Study (“FS”).
2. The Company has initiated planning for permitting activities and intends to commence (1) project
development community consultation, in accordance with the Company’s social and environmental
commitments1, and (2) environmental baseline studies in Q3 2025.
Ixhuatán Project (to be renamed Poma Rosa Project):
3. Fortune Bay has been advancing consultation with key project area communities with the goal of
establishing exploration agreements in accordance with the Company’s social and environmental
commitments1. To date, meetings with the communities and other stakeholders have been positive
and supportive, and further meetings are planned over the coming weeks with the aim of restarting
exploration in late 2025. In consultation with communities, and to signify potential reactivation, the
project is to be renamed the “Poma Rosa Project” after a popular fruit that is cultivated throughout the
project area.
4. The Company has engaged with Understood Mineral Resources Ltd. (“Understood”) to assist with a
desk-top data review of the historical mineral resources and growth potential . The review also
aims to help define methods and the overall approach for an updated National Instrument (NI) 43-101
mineral resource estimate.
“We are pleased to have the support of both existing long-term and new strategic shareholders who
participated in our recent capital raise, which provides the funding necessary to accelerate advancement
of our two high-potential gold assets. Supported by the current gold market, we see tremendous opportunity
for value creation, underpinned by a robust development project in Saskatchewan and meaningful resource
growth potential in Mexico. Our energized team has identified and initiated key programs across our two
projects which are designed to commence the process of unlocking value and creating near-term catalysts
for the Company.” commented Dale Verran, CEO for Fortune Bay.
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Goldfields Gold Project, Saskatchewan, Canada
Updated PEA
A 2022 Preliminary Economic Assessment (“2022 PEA”) completed by Ausenco produced robust
economics using a base case gold price of US$1,650/oz. The dramatic increase in gold price since 2022 is
expected to substantially enhance the project’s economics, and could support an increased project scope
through inclusion of additional deeper-seated resources below the extents of the 2022 PEA mine pit,
providing opportunities for further optimizations related to mine scheduling and process plant throughput.
These potential scope changes and optimizations would translate into project-wide adjustments in site
infrastructure, capital and operational expenditure, and overall project economics. A refreshed PEA, by the
same team that carried out the 2022 PEA, provides a cost effective and efficient means to address these
points, and to incorporate key recommendations from a recently completed study by Fuse that assessed
the Goldfields Project’s optimal path to production. The Updated PEA will demonstrate the project’s intrinsic
value, and will ensure that the project is properly scoped, both in terms of optimized economics, and the
most efficient development and permitting timeline, prior to initiating further derisking through a PFS or FS.
Permitting Activities
The Goldfields Project is endowed with an approved Environmental Impact Statement (“EIS”) from 2008 for
an open pit mine at the Box deposit and a 5,000 tonne per day mill. The legacy of an approved EIS, and
the substantial repository of environmental baseline studies that supported it, is expected to facilitate and
expedite Goldfield’s path to production.
Fuse’s recent study included review of the EIS and its supporting datasets. The outcomes highlighted
subsequent changes to environmental legislation regarding Duty to Consult obligations, as well as the need
for additional environmental assessment to (1) address the change in project footprint (as recommended
in the 2022 PEA relative to that approved in the 2008 EIS), and (2) verify the acceptability of existing
environmental baseline data from previous studies. Fortune Bay intends to commission a gap analysis to
define optimal regulatory and community engagement strategies, that are based on the updated project
engineering and economics. To support these strategies, any additional environmental baseline studies
and other technical Environmental Assessment work programs will be planned, with the longer lead-time
studies to be initiated in summer 2025. Project development community consultation is also planned to
commence in summer 2025, in accordance with the Company’s social and environmental commitments
(please refer to the section provided below “About Fortune Bay’s Social and Environmental Commitments”).
The Company has an existing Exploration Agreement with the Goldfields Project communities that provides
consent for exploration and development activities up to and including a bankable feasibility stage.
Poma Rosa (previously Ixhuatán) Gold-Copper Project, Chiapas, Mexico
Located in a highly favourable geological setting that parallels most of the giant porphyry systems
worldwide, the 100% owned Poma Rosa Project offers multiple exploration and development opportunities,
including:
Resource expansion and development of the epithermal gold-silver Campamento deposit, which
includes a historical gold resource of 1,041,000 ounces in the Measured and Indicated categories (17.6
million tonnes at an average grade of 1.84 g/t gold) and 703,000 ounces of gold in the Inferred category
(21.8 million tonnes at an average grade of 1.01 g/t gold).
Numerous additional epithermal gold-silver zones, including historical drill intersections of
mineralization, that warrant further exploration.
Untested copper-gold potential associated with the large porphyry system that spans the entire
concession, both in outcrop and beneath thin cover rocks. Historical exploration focused on near-surface
epithermal gold in the cover rocks. The presence of a large copper-gold mineralizing system is evident
from historical soil sampling results, historical drilling results and historical mining immediately to the
north of Poma Rosa at Santa Fe.
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Community Consultation
Fortune Bay has been actively engaging in community consultations and meetings for its Poma Rosa
Project over the past few months. The aim of these consultations is to reach mutually beneficial agreements
for exploration on private or common-use lands in accordance with the Company’s social and environmental
commitments (please refer to the section provided below “About Fortune Bay’s Social and Environmental
Commitments”).
The ongoing visits to the project area have included positive and supportive meetings with community
leaders and important social and political stakeholders in the area. Further meetings are planned with the
key communities over the coming weeks with the aim of restarting exploration in late 2025.
Resource Review and Preparation for a Current Mineral Resource Estimate
The Company has engaged with Understood to carry out a desk-top data review of supporting datasets,
historical mineral resources and growth potential for the Campamento deposit and Cerro La Mina prospect.
The review will assess geological continuity, grade distribution, tonnage estimates, classification of the
resources, and potential risks and opportunities associated with the historical Mineral Resource Estimate
and will also define methods and the overall approach for an updated National Instrument (NI) 43-101
mineral resource estimate for Poma Rosa.
Technical Disclosure
The Goldfields 2022 PEA, effective date October 31, 2022, was prepared in accordance with NI 43-101 by
Ausenco Engineering Canada ULC (formerly Ausenco Engineering Canada Inc.), in collaboration with
Moose Mountain Technical Services for the mine design, and SRK Consulting (Canada) Inc. for the updated
Mineral Resource Estimate and Environmental, Permitting and Social aspects. The PEA NI-43-101
Technical Report is available on SEDAR+ (www.sedarplus.ca) and Fortune Bay’s website. A summary of
the 2022 PEA can be found in the Company’s news release dated November 1, 2022.
A mineral resource estimate for the Campamento Deposit on the Poma Rosa Project (the “2006 Resource
Estimate Report”) with an effective date of June 22, 2006, was prepared for by Gary H. Giroux, P.Eng for
Linear Gold Corp., a predecessor company of Fortune Bay. The mineral resources were classified
according to the CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines, August
2000 and incorporated, by reference, into NI 43-101. The reader is cautioned that a Qualified Person has
not done sufficient work to classify the mineral resources stated in the 2006 Resource Estimate Report as
current resources. Fortune Bay is not treating this historical estimate as a current mineral resource. While
this estimate was prepared in accordance with NI 43-101 and CIM 2000 in effect at the time, there is no
guarantee that it would be consistent with current standards and it should not be regarded as such. Fortune
Bay has not undertaken any independent verification of the data upon which the historical estimates are
based. The historical estimate is considered relevant to assess the mineralization and economic potential
of the property. The NI 43-101 2006 Resource Estimate Report is available on the Company’s website.
A description of the historical mining at Santa Fe is referenced in the publication by Consejo de Recursos
Minera (“CRM”) (2000) - Geological-Mining Monograph of the State of Chiapas: Compiled and Prepared by
Jesus Castro-Mora and Luis Enrique Ortiz-Hernández: ISBN 968-6710-89-2. The average grade for the
mineralized zone, as defined by CRM is 0.6 % Cu, 2.4 g/t Au, 120 g/t Ag and 1.30 % Pb.
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.
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About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company
with 100% ownership in two advanced gold projects in Canada, Saskatchewan (Goldfields Project) and
Mexico, Chiapas (Poma Rosa Project), both with exploration and development potential. The Company is
also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin,
Saskatchewan, which have high-grade potential. 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.
1About Fortune Bay’s Social and Environmental Commitments
Fortune Bay Corp. is committed to (1) respecting the rights and dignity of communities through continual,
transparent and meaningful engagement; (2) ensuring their free, prior, and informed consent; (3) honoring
their cultural values and heritage; (4) supporting their social and economic development; (5) conducting our
operations with safety, integrity and respect and; (6) minimizing our environmental impact through best-
practice stewardship and promoting sustainable practices to protect the land and natural resources for
future generations.
About Ausenco
Ausenco is a global company redefining what's possible. The team is based out of 21 offices working across
five continents to deliver services worldwide. Combining deep technical expertise with a 30-year track
record, Ausenco delivers innovative, value-add consulting, studies, project delivery, asset operations and
maintenance solutions to the minerals and metals and industrial sectors ( www.ausenco.com).
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 include, but are not limited to failure to identify targets or mineralization,
delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability 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
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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.
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.