Fortune BAY Announces Prospecting Results from Murmac Uranium Project
TSXV: FOR | FWB: 5QN | OTCQX: 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
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FORTUNE BAY ANNOUNCES PROSPECTING RESULTS
FROM MURMAC URANIUM PROJECT
HALIFAX, NS January 23, 2023 – Fortune Bay Corp. (TSXV: FOR, FWB: 5QN, OTCQX: FTBYF) (“Fortune
Bay” or the “Company”) is pleased to announce analytical results from a prospecting program completed
in Fall 2022 on the 100% owned Murmac Uranium Project (“Murmac” or the “Project”), located in northern
Saskatchewan (see Figure 1).
Analytical results from surface rock samples have been received from the laboratory which include
highlights of:
• 8.82% U3O8 from a boulder sample on the Armbruster Corridor providing compelling support for the
presence of high-grade, basement-hosted uranium mineralization on the Project.
• 6.90% U3O8 and 1.69% U3O8 from outcrop samples along the Armbruster Corridor , which v alidated
historical uranium occurrences.
• An additional nine (9 ) outcrop samples which assayed between 0.1% and 0.8% U 3O8 from the
Armbruster, Howland and Pitchvein Corridors, validating historical uranium occurrences.
A summary of the analytical results is provided in Table 1, and sample locations are provided in Figure 2.
Dale Verran, CEO for Fortune Bay, commented “The results from our Fall 2022 prospecting program further
validate the significant endowment of uranium at Murmac and support the potential for a high- grade
discovery. The results provide a complimentary dataset to the positive results from our 2022 drilling program
and have assisted in the prioritization of targets for drill testing.”
Prospecting Program Summary & Objectives:
• C arried out in September and October 2022 to validate historical results and assist in the development
and prioritization of future drill targets.
• P rovided follow -up to the 2022 maiden drilling program at Murmac, which intersected anomalous
uranium in multiple drill holes (see News Releases dated August 23, 2022 and December 13, 2022).
• C omprised surface prospecting, structural mapping and rock geochemical sam pling, focused along
prospective trends identified by the 2022 drilling program and areas with encouraging historical
uranium results.
• Results from the field program have been integrated with the 2022 drilling results to define priority
targets for drill testing.
Summary of Prospecting Program Results:
• Numerous historical uranium occurrences of interest were reliably located and validated ( see
Table 1 and Figure 2) . These occurrences comprise narrow fault-hosted mineralization and are
consistently associated with large faults that cross-cut the local stratigraphy. The intersections of these
cross-cutting faults with conductor s provide compelling structural target locations for drill testing.
Graphite-rich rocks, or “conductors”, are the favorable host rock for the targeted high-grade deposits
but do not outcrop on surface due to their softer nature, lying within valleys and being covered by soils,
glacial sediment and shallow lakes. Historical exploration did not focus on these conductors as targets.
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• Additional outcrop sampling (149 samples) along conductor valley edges highlighted encouraging
enrichments of “pathfinder” elem ents that are typically associated with high- grade, basement-hosted
deposits in the Athabasca Basin, often spatially associated with cross-cutting faults. These pathfinder
enrichments are consistent with those noted in graphitic drill core with elevated uranium content from
the Fortune Bay 2022 drill program.
• Historical records include mineralized and radioactive boulders located in valley floors, with up to
1.25% U3O8 reported. An example of one of these boulders was discovered by Fortune Bay located in
thin till cover at the edge of a conductor valley on the Armbruster Corridor (see Figure 2, Table 1
sample 863924) . The boulder was located approximately 100 metres from a radioactive spring
(historical occurrence) with surface radioactivity of 15 ,000 counts per second (“cps”). The boulder,
approximately 15 cm in diameter mineralized, produced “off -scale” radioactivity ( 65,535 cps) on a
Super-SPEC RS-125 handheld spectrometer and assayed at 8.82% U3O8. The boulder is interpreted
to originate from within the Project area, given the southwest ice direction and Martin Group cover
rocks in the north of the Project. The occurrence provides compelling support for the presence of high-
grade, basement-hosted uranium mineralization and follow-up efforts are planned to be directed up-
ice of the occurrence.
• The validated historical results, together with pathfinder element results and the extensive structural
mapping carried out during prospecting, will be used to support the prioritization of drill targets.
Figure 1: Location of Fortune Bay’s Murmac, Strike and Goldfields Projects.
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Table 1: Prospecting rock sample results with >100 ppm U.
Sample Conductor Lithology U
(ppm)
U3O8
(wt%)
Associated
Pathfinders
Historical Occurrence and
Description
863927 Armbruster Pelite 4,810 0.63 B, Pb, Co, As, V, Zn, Ag,
Bi
SMDI 2092. Trench location. Fault
hosted.
863928 Armbruster
Weakly
graphitic
pelite
3,270 0.40 Pb, Co, As, Cu, Zn, Ag SMDI 2092. Trench location. Fault
hosted.
863944 Armbruster Pelite 821 0.11 Pb, Co, As, Cu, V, Mo,
Zn, Bi
SMDC showing FW-22. Hematized
fault.
829267 Armbruster Mafic 1,260 0.19 Pb, Co, Cu, V, Zn, Ag,
Bi
SMDC showing PB-1. Fault
hosted.
863814 Armbruster Pelite 188 Cu, Ag, Bi SMDC scint 4000 cps. Hematized
fault.
863859 Armbruster Mafic 14,500 1.69 Pb, Co, As, Cu, V, Mo,
Zn, Ag
SMDC showing DJ-2. Trench.
Fault hosted.
863847 Armbruster Foliated
Mafic 59,500 6.90 Pb, As, Cu, V, Ag, Bi SMDI 2083, showing PJ-6. Fault
hosted.
863931 Armbruster Pelite 279 B, Pb, Cu, V SMDC scint 4000 cps
863943 Armbruster Pelite 948 0.12 Pb, Co, As, Cu, V SMDC showing DJ-6. Hematized
fault.
863924 Armbruster Pitchblende
mineralization 69,700 8.82 B, Pb, As, V, Ag, Bi Pitchblende boulder near
radioactive spring (SMDI 1237).
863815 Howland Pelite 4,340 0.60 Pb, As, Cu, V, Mo, Zn,
Ag, Bi
SMDC showing KH-12. Hematized
fracture.
863868 Howland Amphibolite 182 Pb, As, Cu, V, Ag, SMDC scint 5,000 cps. Fault
hosted.
863949 Howland Quartzite 2,280 0.29 Pb, As, Cu, Ag, Bi SMDC showing KH-11. Hematized
fault.
863962 Pitchvein Breccia 247 Pb, As, Cu, V, Mo
SMDI 1233. Trench location.
Gossanous and brecciated, high
sulphide.
863825 Pitchvein Sulphidic
Pelite 203 Pb, Co, As, Cu, V, Mo
SMDI 1233. Trench location.
Gossanous and brecciated, high
sulphide.
863819 Pitchvein Sulphidic
Pelite/Schist 313 Pb, Co, As, Cu, V, Mo
Ag, Bi
Pitchvein Zone 1 trench and drill
location, SW of SMDI 1233.
Gossanous, hematized faulting.
863822 Pitchvein Sulphidic
Pelite/Schist 5,920 0.76 Pb, Ni, Co, As, Cu, V,
Mo, Zn
Pitchvein trench and drill location,
SW of SMDI 1233. Highly
hematized and brecciated.
863823 Pitchvein Quartzite 4,530 0.60 Pb, Ni, Co, As, Cu, V,
Ag, Bi
Pitchvein trench, hematized
fractures. SMDI 1233.
863982 Pitchvein Sulphidic
Schist 102 As, Mo
Pitchvein trench. Fracture-hosted,
hematized, high sulphide. SMAD
74N07-0064
863832 Pitchvein Hematitic
Pelite 128 As
Pitchvein showing. Fault-hosted,
hematized. Lorado area. SMDI
1229.
Notes:
• All samples were taken from outcrop apart from 863924 which was a boulder sample.
• Uranium and pathfinder element concentrations are in parts per million (ppm) as determined through partial digest ICP -OES or
ICP-MS analysis on all samples, as described in the technical disclosure below.
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• Uranium content as weight % U3O8 was determined through HCl:HNO3 digestion and ICP-OES analysis on selected samples.
• Thresholds for pathfinder anomalism were assigned based on a combination of statistical analysis of the dataset and appropriate
reference databases. Element abundances were considered elevated at the following thresholds: B>200 ppm, Pb>20 ppm, Ni>80
ppm, Co>25 ppm, As>15 ppm, Cu>40 ppm, V>75 ppm, Mo>5 ppm, Zn>75 ppm, Ag>0.2 ppm and Bi>0.75 ppm.
• SMDI (#) refers to a historical uranium occurrence found within the Saskatchewan Mineral Deposit Index.
• SMAD refers to the online Saskatchewan Mineral Assessment Database.
• SMDC refers to Saskatchewan Mining Development Corporation, a historical operator of the Project.
Figure 2: Highlight prospecting assay results for the Murmac Uranium Project.
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Technical Disclosure
Rock samples were submitted to the Saskatchewan Research Council (“SRC”) Geoanalytical Laboratories
(ISO/IEC 17025:2005 accredited) for uranium assay and multi -element characterization. Sample
preparation for all samples included drying, jaw crushing to 60% passing -2 mm, and pulverizing to 90%
passing -106 microns. Multi-element characterization was carried out by partial digestion (HNO3:HCl), using
ICP-OES and ICP-MS analytical methods. For selected samples U3O8 weight % was determined separately
through partial digest (HCl:HNO 3) and ICP-OES (ISO/IEC 17025 accredited method). Additional analysis
for boron content was obtained for all samples through Na2O2/NaCO3 fusion followed by ICP-OES.
QAQC on analytical results has included insertion of sample blanks by Fortune Bay at a rate of 1 blank per
20 samples. Additional QAQC by SRC has included insertion of certified reference standards and repeat
analyses. All results have been reviewed and no issues were noted.
Unless otherwise stated, the historical results (scintillometer measurements, geochemical analys es and
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 uranium occurrences noted in this news release can be
found within the Saskatchewan Mineral Deposit Index ( “SMDI”) using the reference number provided.
Historical a ssay and scintillometer survey results from SMDC were captured from assessment reports
available in the Saskatchewan Mineral Assessment Database (SMAD) references 74N07- 0310, 74N07-
0311 and 74N07-0064.
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.
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 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
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
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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. 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 Bay'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 interruptio ns,
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.
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accepts responsibility for the adequacy or accuracy of this release.