Fortune BAY Confirms Near-Surface Uranium Mineralization IN Multiple Drill Holes ON the Murmac Uranium Project
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NEWS RELEASE
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FORTUNE BAY CONFIRMS NEAR-SURFACE URANIUM MINERALIZATION
IN MULTIPLE DRILL HOLES ON THE MURMAC URANIUM PROJECT
HALIFAX, NS December 1 3, 202 2 – Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQX: FTBYF )
(“Fortune Bay” or the “Company”) is pleased to announce analytical results from its maiden exploration
drilling program on the 100% owned Murmac Uranium Project (“Murmac” or the “Project”) , located in
northern Saskatchewan (see Figure 1).
The drilling program was designed to test regional targets across the Project ’s extensive Armbruster,
Howland and Pitchvein Conductor Corridors , which have a combined strike length of approximately 30
kilometres.
Shallow, highly elevated concentrations of uranium were confirmed in six (6) of the fifteen (15) drill holes,
including 0.18% U3O8 and 0.17% U3O8 from individual assay samples.
The uranium is associated with anomalous levels of “pathfinder” elements that are typically associated with
high-grade, basement-hosted deposits in the Athabasca Basin.
Results include shallow intersections derived from between 20 and 150 m etres below su rface within
prospective graphitic units associated with favourable structure and alteration.
Dale Verran, CEO for Fortune Bay, commented “We are pleased to have intersected uranium in our first
drilling campaign at Murmac. The results indicate we are exploring fertile corridors for high-grade uranium
deposits and provide some immediate areas for priority follow-up. The shallow nature of the uranium
encountered, and proximity to infrastructure within a historical uranium mining area, makes for a compelling
exploration scenario. Planning is underway for a drilling program in 2023 to provide follow-up of these
results and continued testing of the corridors on the Project.”
Highlights:
• Drill hole M22-002 (target A6) intersected 0.18% U3O8 from 82.0 to 82.1 metres (approximately 63
metres below surface), with the interval from 82.0 to 82.3 metres averaging 899 ppm U.
• Drill hole M22-012 (target H11) intersected 0.17% U3O8 from 102.2 to 102.3 metres (approximately
72 metres below surface), with the interval from 102.1 to 102.3 metres averaging 646 ppm U.
• Drill hole M22-013 (target P1) intersected intermittent intervals of anomalous uranium, including 347
ppm U from 30.8 to 31.4 metres, 205 ppm U from 35.9 to 36.9 metres, and 448 ppm U from 44.2 to
44.5 metres. These intervals occur over a broad 13 metre zone from approximately 29 to 42 metres
below surface.
• Drill hole M22 -014 (target P1) intersected an average of 241 ppm U over 3.0 m etres from 36.9 to
39.9 metres (approximately 20 metres below surface).
• Drill hole M22-015 (target A10) intersected a maximum of 0.12% U3O8 from 158.2 to 158.3 metres
(approximately 87 metres below surface), with the interval from 158.1 to 158.3 metres averaging
503 ppm U. The interval 161.2 to 161.5 metres averaged 122 ppm U. The interval 163.3 to
163.8 metres averaged 219 ppm U.
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Figure 1: Location of Fortune Bay’s Murmac, Strike and Goldfields Projects.
Analytical Results
A total of 15 drill holes ( 3,168 metres) were completed along the P itchvein, Armbruster, and Howland
Corridors on the Murmac Uranium Project, as announced in the News Release dated August 23, 2022. Drill
hole locations are shown in Figure 2.
Anomalous uranium (>100 ppm) was encountered along all three of the corridors tested. The drill holes
listed in Table 1 intersected shallow , anomalous uranium with pathfinder element enrichment typically
associated with high-grade basement-hosted deposits of the Athabasca Basin. These anomalies are found
in host rocks including thick and strongly graphitic units often in contact with quartzites, providing favorable
competency/rheological contrast. Brittle faulting and brecciation were observed within or proximal to the
graphitic units and were typically associated with favorable hydrothermal alteration including abundant
hematite, chlorite, sulphides, clays and/or bleaching.
Clay species identification on drill core samples has confirmed the presence of favorable clay alteration
associated with uranium and pathfinder enrichment (Table 1). Chlorite and illite occur as the dominant clay
species with intermittent occurrences of kaolinite. Dravite (an encouraging clay indicator) is present in
M22-012, associated with anomalous uranium at 146.5 metres. Dravite, associated with elevated boron (up
to 1,170 ppm) is present in M22-009, which targeted the intersection of the Armbruster Conductor with a
major cross-cutting fault (Heatherington Fault).
A summary of anomalous uranium encountered is provided in Table 1, with descriptions of pathfinder
element associations and relevant lithological, structural and alteration features.
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Table 1: Summary of anomalous (>100 ppm) uranium intersections.
Target Hole ID From
(m)
To
(m)
U
(ppm)
U3O8
(wt %)
Associated
Pathfinders Description
A6 M22-002
81.2 82.7 206
B, Cu, Pb,
Zn, Ag Foliated and fractured graphitic pelite,
below the contact with overlying quartzite.
Associated with hematization, chlorite
alteration, graphitic shearing and faulting.
incl. 82.0 82.3 899
incl. 82.0 82.1 1,520 0.18
91.0 91.1 208 Pb, Co, As,
Zn, Ag
H1 M22-004 82.9 83.0 209 - Hosted in chlorite-altered graphitic pelite,
proximal to a graphitic fault.
H11 M22-012
102.1 102.3 646 Pb, As, Co,
Cu
Within graphitic pelite in a hematized
graphitic shear / breccia zone. incl. 102.2 102.3 1,150 0.17
146.3 146.5 115 V
Massive hematized gabbro at contact with
underlying hematized pelite with localized
faulting. Clay analysis confirms the
presence of dravite.
P1 M22-013
25.2 26.0 133 V, B, Cu
Anomalous U within graphitic pelite
characterized by patchy hematization,
chloritic shears, pyrite, local quartz
flooding and disseminated sericite.
Bleaching and clay alteration continues
below zone of anomalous U.
Drill hole located approximately 225 m SW
(along strike) of mineralized intersections
from historical core holes, including 1.01%
U3O8 over 2.0 m (56.0 to 58.0 m in drill
hole CKI-9) and 2.19% U3O8 over 0.5 m
(68.0 to 68.5 m in drill hole CKI-10).
30.8 31.4 347 B, V incl. 30.8 30.9 653
35.9 36.9 205 B, V
44.2 44.5 448 B, V
57.4 58.0 135 V
59.0 59.3 110 -
60.0 60.5 104 B, V
64.0 64.2 108 B
67.6 67.9 163 V, Zn
226.2 227.3 121 V, Cu
Apparent association with vuggy texture in
psammite with bleaching, hematization,
chloritization and elevated pyrite content.
P1 M22-014
36.9 39.9 241 V, Cu, Zn,
Co, Ni, Pb
Locally brecciated graphitic pelite with
increased sulphide content and chloritic
shearing. Designed as a follow-up hole
testing the inferred down-dip projection
approximately 25 m from shallow elevated
radioactivity intersected in M22-013.
incl. 39.4 39.7 682
47.8 48.0 360 V, Mo, Co,
Pb
A10 M22-015
158.1 158.3 503 V, Zn, Pb,
As, Cu Graphitic pelite, apparent association
between elevated U and shears and
fractures, with bleaching and
hematization.
incl. 158.2 158.3 886 0.12
161.2 161.5 122 -
163.3 163.8 219 V, B, Cu, As,
Co, Ag, Bi
Notes:
• Uranium and pathfinder element concentrations are shown 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.
• 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.
• True thicknesses of the drill core intersections are yet to be determined.
• Target prefixes A, H and P refer to the Armbruster, Howland and Pitchvein Conductors, respectively.
• Further drill hole details were provided in the News Release dated August 23, 2022.
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Figure 2: Location of the 2022 drill holes completed on the Murmac Uranium Project.
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Technical Disclosure
All drilling was carried out with NQ or NQ2 diameter core. The oriented drill cores have been subjected to
comprehensive logging and sampling to characterize mineralization, alteration and structure. Sample
intervals ranged from 10 to 50 cm. Half -split drill core 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 (HNO 3:HCl), using ICP-OES and ICP-MS analytical methods. For selected
samples U 3O8 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.
Clay species identification through short-wave infrared (SWIR) spectroscopy was carried out on drill chips
at regular spacing (between 6 and 9 m) down the full length of each drill hole. An Integrated Spectronics
Ltd. Portable Infrared Mineral Analyser (PIMA -II) was used to acqu ire spectral measurements in the
wavelength range from 1250 to 2500 nm. Mineral identification using SWIR spectroscopy is based on both
the position and shape of individual absorption peaks, and the shape of the overall spectrum. These
characteristics were compared to reference spectra (such as SPECMINTM library) provided for a variety of
minerals detectable in the SWIR region of the electromagnetic spectrum.
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 (scintillometer measurements, geochemical analysis 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. The histo rical drill results obtained by SMDC in drill holes CKI -9 and CKI -10 (Table 1) can be
found within the Saskatchewan Mineral Assessment Database (SMAD) references 74N07 -0310 and
74N07-0311. Assay and scintillometer survey results from SMDC (Figure 2) were captured from tables and
georeferenced figures in these assessment reports.
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.
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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 performanc e. 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 o f 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 oth er 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 inte rruptions,
the possibility of cost overruns or unanticipated expenses in wo rk 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 Fo rtune 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 fr om 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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