Fortune BAY Announces Targets FOR Upcoming Drill Program at the Murmac Uranium Project
TSXV: FOR | FWB: 5QN | OTCQB: FTBYF
fortunebaycorp.com
NEWS RELEASE
FORTUNE BAY ANNOUNCES TARGETS FOR UPCOMING DRILL PROGRAM AT THE
MURMAC URANIUM PROJECT
HALIFAX, NS June 4, 202 4 – Fortune Bay Corp. (TSXV:FOR ) (FWB:5QN) (OTCQB:FTBYF) (“Fortune
Bay” or the “Company”) is pleased to announce drill targets for its Murmac Uranium Project (“Murmac or
the “Project”) located in northern Saskatchewan. A drilling program is scheduled to commenc e in the
coming days to test up to thirteen (13) of these targets with the potential to discover high-grade, basement-
hosted uranium mineralization related to the Athabasca Basin. The drilling program is being funded by Aero
Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: 13L0) (“Aero”), and is being operated by Fortune
Bay, under an Option Agreement that was executed on December 15, 2023.
Highlights:
• A total of thirteen (13) priority drill targets have been selected following the recent completion of a high-
resolution VTEMTM survey (April 2024) and 3D modelling of the existing ground gravity data.
• The targets represent favorable settings for high-grade basement-hosted uranium deposits related to
the Athabasca Basin.
• Target selection has been based on criteria including geophysical signature, geological/structural
setting, proximity to historical uranium occurrences of interest, and Fortune Bay’s previous positive
drilling results.
• Drilling is expected to commence in the coming days with approximately 2, 600 meters planned in ten
(10) to thirteen (13) drill holes. The program is expected to be results-driven and may be modified based
on results from drilling.
Gareth Garlick , Technical Director for Fortune Bay, commented “ We believe we have developed a
compelling set of drill targets in coll aboration with a highly experienced technical team from Aero and
Convolutions Geoscience . These targets derive from the integration of new geophysical data and
interpretations, key findings from our prospecting work and historical research, a nd learnings from initial
successes in our 2022 drill program. Murmac represents a unique opportunity for high- grade, basement-
hosted uranium discovery considering the significant number of surface showings and the limited drill
testing of the prospective graphitic conductors. We are excited to get the drill turning on these targets.”
Drill Target Selection
Background & Previous Work
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. Numerous high- grade (> 1% U 3O8)
uranium occurrences were discovered (see News Release dated September 28, 2021 ) demonstrating a
substantial endowment of uranium within the project area. The numerous conductive units (graphite-
bearing metasediments) were however never systematically explored for high- grade, basement -hosted
uranium mineralization typical of the Athabasca Basin and its margins. Due to their physical properties,
these conductive units predominantly manifest as valleys and topographical lows, covered by overburden
and small shallow lakes. These blind conductors have therefore not been properly explored by historical
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surface prospecting and warrant drill 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.
During summer 2022, Fortune Bay completed a maiden drilling program of fifteen ( 15) drill holes to
commence regional testing of the conductive units along three principal c orridors, namely Pitchvein,
Armbruster and Howland , that collectively cover over 30 kilometres in strike extent . The drilling program
identified shallow, highly elevated concentrations of uranium in six (6) of the drill holes, including 0.18%
U3O8 and 0.17% U 3O8 from individual assay samples. Importantly, these discoveries demonstrated
geological and geochemical characteristics consistent with unconformity-related, basement-hosted
deposits, thereby validating the exploration model and demonstrating the potential for high-grade discovery
through additional exploration. Further details regarding Fortune Bay’s drill results can be found within the
News Releases dated August 23, 2022 and December 13, 2022.
Recent Geophysical Data Acquisition & Interpretation
A helicopter-borne geophysical survey, including electromagnetics and magnetics, was completed during
late April 2024. The survey was undertaken by Geotech Ltd. using the VTEM TM Plus geophysical system.
The survey covered the entire Project on a 100-metre line spacing, obtaining new coverage and infilling the
area previously surveyed in 2022 using VTEMTM at a 200-metre line spacing. Ground gravity data acquired
during 2022 was subject to 3D inversion and modelling. The geophysical data processing, interpretation
and integration to assist in the prioritization of drill targets was completed by Convolutions Geoscience
Corporation (“Convolutions”).
Target Selection for 2024 Drill Program
Targets were selected and prioritized through an iterative approach working in collaboration with Aero and
Convolutions. Target criteria include d geophysical signature, geological/structural setting, proximity to
historical uranium occurrences of interest, and Fortune Bay’s previous positive drilling results. A total of
thirteen (13) priority targets were identified (Table 1, Figure 1) to encompass a variety of target types and
provide a second phase of regional testing across the Project’s three principal conductor corridors.
Table 1: Murmac 2024 Drill Targets.
Conductor
Corridor Target Target Summary
Pitchvein
P7
Along strike follow-up of mineralized intercepts and strong alteration in M22-013 & 014
(Fortune Bay holes). Test for extensions of historical mineralization in CKI-9 (1.01% U3O8
over 2.0 m) and CKI-10 (2.19% U3O8 over 0.5 m).
P4 Along strike follow-up of mineralized intercepts in M22-013 & 014 (Fortune Bay holes).
Test intersection of Pitchvein Corridor with property-scale, mineralized cross-fault.
Howland
H6 Geophysical target (EM and gravity).
H15 Geophysical target (EM and gravity). Intersection of conductor and property-scale,
mineralized cross-fault, beneath lake.
H16 Geophysical target (EM and gravity). Along strike of M22-012 (0.17% U3O8 over 0.1 m)
(Fortune Bay hole).
H17 Geophysical target (EM and gravity) at a flexure in the Howland Conductor.
Armbruster
A15 Geophysical target (EM and gravity) at intersection of conductor and mineralized cross-
fault.
A17 Intersection of conductor and property-scale, mineralized cross-fault. Conductor
break/termination.
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Conductor
Corridor Target Target Summary
A18 Geophysical target (EM and gravity). Located along strike to south of Quartzite Ridge
uranium showings.
A19 Geophysical target (EM and gravity). Located along strike to south of Quartzite Ridge
uranium showings at a flexure in the Armbruster Conductor.
A20 Intersection of conductor and mineralized cross-fault.
A21 Geophysical target (gravity) at intersection of conductor and mineralized cross-fault. Up-
ice of 8.82% U3O8 boulder.
A22 Geophysical target (EM and gravity) located at a break in the Armbruster conductor.
Drilling Program Details
Drilling of the targets is expected to commence in the coming days. Aero has approved a budget that is
expected to allow for the completion of approximately 2,600 meters of coring in ten (10) to thirteen (13) drill
holes. The program is expected to be results -driven and may be modified based on results from drilling.
The Company has all the required permits for the planned drilling activities.
Qualified Person and Technical Disclosure
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.
Further details regarding the historical uranium occurrences noted in this news release can be found within
the Saskatchewan Mineral Assessment Database ( SMAD) and the Saskatchewan Mineral Deposit Index
(SMDI). Fortune Bay has verified the majority of these occurrences through field prospecting and sampling,
however there is a risk that any future confirmation work and exploration may produce results that
substantially differ from the unverified historical results. The Company considers these unverified historical
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 SMAD references 74N07-
0310 and 74N07- 0311 and have not been verified. Additional historical exploration results (uranium
occurrences related to geochemistry results and scintillometer prospecting) derive from SMAD references
74N07-0290, 74N07-0287 and 74N07-0304.
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Figure 1: Murmac 2024 Drill Targets.
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About Fortune Bay Corp.
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB: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 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.
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 inc lude, but are not limited to failure to identify targets or miner alization,
delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, i nability 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 f iled on SEDAR+. Although the
Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are
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.
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