Fortune BAY Commences Preliminary Economic Assessment FOR Goldfields Project, Saskatchewan
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 COMMENCES PRELIMINARY ECONOMIC ASSESSMENT
FOR GOLDFIELDS PROJECT, SASKATCHEWAN
HALIFAX, NS April 11, 202 2 – Fortune Bay Corp. (TSXV:FOR, FWB:5QN) (“Fortune Bay” or the
“Company”) is pleased to announce commencement of a Preliminary Economic Assessment (“PEA” or the
“Study”) for its 100% owned Goldfields Gold Project (“Goldfields” or the “Project”) located in northern
Saskatchewan. The Company has appointed Ausenco Engineering Canada Inc. (“Ausenco”) to lead the
Study, with SRK Consulting (Canada) Inc. (“SRK”) to complete an updated Mineral Resource Estimate
(“MRE”) and Moose Mountain Technical Services (“MMTS”) to undertake mine design and mine planning.
The PEA is expected to be completed in early Q4 2022.
Dale Verran, CEO for Fortune Bay, commented, “The Board approved decision to complete a PEA for
Goldfields aligns with our strategy to unlock the true potential of the Project , and represents a significant
milestone toward a potential mine construction decision, given continued positive results. The PEA will aim
to optimize mining and processing design aspects , building an important foundation for the future
development of the Project. We believe Ausenco to be an ideal partner to work alongside our management
team to deliver the PEA in accordance with industry -leading standards due to their engagement and
successful completion of gold PEA studies in Canada such as Skeena Resources’ Eskay Creek, Anaconda
Mining’s Goldboro, Probe Metals’ Val d’Or East and O3 Mining’s Marban projects.”
Preliminary Economic Assessment
The scope of work to be undertaken by Ausenco, together with MMTS, comprises two Phases:
• Phase 1: M ine to Mill Optimization incorporating mine scheduling, process plant engineering and
financial modelling. The objectives of this Phase are to optimize mining and processing parameters by
evaluating various business cases for the Project before proceeding to the PEA.
• Phase 2: Preliminary Economic Assessment which will cover all aspects of such studies, including
mining and recovery methods, project infrastructure, capital and operating costs and financial analysis.
The results of the Study are expected in early Q4 2022 and will be compiled into an NI 43-101 Technical
Report.
A p revious Pre-Feasibility Study was completed for Goldfields in October 2011 , which is considered
historical in accordance with NI 43-101. The planned PEA is expected to incorporate mining and processing
scenarios for which Pre-Feasibility Study (“PFS”) level data do not yet exist and will be based upon an
updated Mineral Resource Estimate, inclusive of Indicated and Inferred Mineral Resources. The PEA aims
to define the optimal development path for the Project before initiating further resource delineation drilling
and/or development work in support of a possible future PFS.
Updated Mineral Resource Estimate
The current MRE for Goldfields completed by SRK , effective date March 15, 2021 , includes Indicated
Mineral Resources of 975,000 oz of gold (22.6 million tonnes at an average grade of 1.34 g/t) and Inferred
Mineral Resources of 176,000 oz of gold (6.0 million tonnes at an average grade of 0.92 g/t). A Phase 1
drilling program was completed in 2021 to commence expansion of the mineral resources at the Box and
Athona gold deposits, which included highlights of 13.22 g/t Au over 8.0 metres, 8.74 g/t Au over 5.0 metres,
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8.00 g/t Au over 12.0 metres , and 8.00 g/t Au over 4.0 metres (see News Releases dated March 7, 2022
and September 14, 2021). As part of the PEA, SRK has been appointed to complete an updated MRE , in
accordance with NI 43-101, based on the Phase 1 drilling results.
Goldfields Technical Disclosure
Details regarding t he current 2021 M ineral Resource Estimate (“2021 MRE”) are provided within the
National Instrument 43-101 (“NI 43-101”) Technical Report titled "Technical Report: Resource Estimate for
the Goldfields Project" with an effective date of May 4, 2021. The Technical Report was authored by Mr.
Cliff Revering, P. Eng., and Dr. Ron Uken, PhD, P. Geo. of SRK Consulting (Canada) Inc., both of whom
are Independent Qualified Persons in accordance with the requirements of NI 43 -101. The Technical
Report supports the 2021 MRE for Goldfields, which includes the Box and Athona gold deposits , and is
available on SEDAR and the Company’s website.
The technical information contained in this news release has been reviewed and approved by Mr. Dale
Verran, MSc, P.Geo., Fortune Bay’s Chief Executive Officer, who is also a Qualified Person in accordance
with the requirements of NI 43-101.
About Goldfields
The 100% owned Goldfields Project (“Goldfields” or the “Project”) is the Company’s most advanced asset
located in northern Saskatchewan, approximately 13 kilometres from Uranium City . The Project is host to
the Box and Athona gold deposits which contain combined Indicated Mineral Resources of 975,000 oz of
gold (22.6 million tonnes at an average grade of 1.34 g/t) and Inferred Mineral Resources of 176,000 oz of
gold (6.0 million tonnes at an average grade of 0.92 g/t) . Goldfields is endowed with established
infrastructure including existing roads, a powerline to site, and nearby facilities and an airport at Uranium
City. The Project has a history of gold production ( 64,000 oz Au produced between 1939 to 1942 ),
numerous exploration drilling campaigns and various historical mining studies. The Box open-pit mine and
mill development is permitted having received Ministerial approval under the Environmental Assessment
Act in May 2008. The ~5,000 hectare Goldfields property presents numerous exploration opportunities,
including the potential to expand the Box and Athona deposits and discover additional resources at several
other gold prospects and occurrences.
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
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 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 intend ed 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 possibility tha t 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 envi ronmental 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 o r 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, in tentions, 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.