Fortune BAY Confirms Uranium Mineralization from Maiden Drill Program ON the Strike Uranium Project
TSXV: FOR | FWB: 5QN | OTCQX: FTBYF
fortunebaycorp.com
NEWS RELEASE
FORTUNE BAY CONFIRMS URANIUM MINERALIZATION FROM
MAIDEN DRILL PROGRAM ON THE STRIKE URANIUM PROJECT
HALIFAX, NS December 7, 2022 – Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQX:FTBYF) (“Fortune
Bay” or the “Company”) is pleased to announce analytical results from the 2022 maiden drilling program on
the 100% owned Strike Uranium Project (“Strike” or the “Project”), located in northern Saskatchewan (see
Figure 1).
The drilling program, comprising nine shallow holes, provided first-pass testing of the Project’s J, K and L
Conductors on the northern portion of the Project which have a combined strike length of approximately 20
kilometres (see Figure 2).
Analytical results have confirmed anomalous uranium in three of the nine drill holes completed, up to a
maximum individual assay result of 0.43% U 3O8. The uranium is associated with enriched levels of
“pathfinder” elements that are typically associated with high-grade, unconformity-related deposits in the
Athabasca Basin. Results include shallow intersections derived from between 60 and 105 metres vertically
below surface within prospective graphitic units associated with favourable brittle structure and alteration.
Gareth Garlick, Technical Director for Fortune Bay, commented, “This was the very first time the extensive
electromagnetic conductors on the Project have been drill tested and the analytical results confirm Strike’s
potential for shallow, high-grade uranium mineralization. The uranium intersected within S22-013
represents a new discovery of mineralization which is open in all directions. This result, located on the K
Conductor, warrants priority follow-up in addition to the testing of numerous additional targets on the
Project.”
Highlights:
Drill hole S22-013 (K3 target) returned a maximum assay of 0.43% U3O8 from 145.7 to 145.8 metres
(approximately 105 metres below surface), with the interval from 145.6 to 145.8 metres averaging
1,170 ppm U. Nearby historical surface grab samples include HY080 1.51% U 3O8, Stancliff 0.19%
U3O8, and Hacker Atompower 0.13% U3O8 (see Figure 2).
Drill hole S22-005 (Tena target) returned a maximum assay of 0.42% U3O8 from 82.3 to 82.4 metres
(approximately 60 metres below surface), with the 1.8 meter interval from 82.3 to 84.1 metres
averaging 356 ppm U.
Drill hole S22-006 (Tena target) intersected an average of 141 ppm U over 0.8 metres from 106.9 to
107.7 metres (approximately 75 metres below surface).
Analytical Results
Anomalous uranium (>100 ppm U) was encountered at the Tena Fault (adjacent to the L Conductor) and
at the K Conductor. The drill holes listed in Table 1 intersected shallow anomalous uranium with pathfinder
element enrichment typically associated with high-grade unconformity-related deposits of the Athabasca
Basin. These anomalies are found in association with brittle faulting and brecciation, within or proximal to
graphitic units with favorable hydrothermal alteration. Clay species analysis confirms that chlorite and illite
are the dominant clay species present with intermittent occurrences of kaolinite correlating with uranium
anomalism.
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Table 1: Summary of anomalous uranium (>100 ppm U) intersected.
Target Hole ID From
(m)
To
(m)
U
(ppm)
U3O8
(wt %)
Associated
Pathfinders Description
Tena S22-005
82.3 84.1 356
Cu, Ni, Co,
As, Bi, Pb, B
Graphitic brittle fracture with
hematization, chlorite and
kaolinite – Tena Fault.
incl. 82.3 82.5 1,839
with 82.3 82.4 3,280 0.42
and 83.5 84.1 450
with 83.5 83.6 1,670 0.24
and 84.0 84.1 765 0.13
Tena S22-006
106.9 107.7 141
Bi, B, As
Graphitic brittle fracture zone
with hematization and chlorite
alteration – Tena Fault. incl. 107.0 107.1 346
K3 S22-013
145.6 145.8 2,310
Mo, Ag, Bi,
Cu, As, Co,
Ni, Pb
Reactivated graphitic fault with
associated hydrothermal
alteration.
incl. 145.6 145.7 1,170 0.15
incl. 145.7 145.8 3,450 0.43
Notes:
Uranium concentrations (U) 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 % U 3O8 was determined through digestion in a concentration of HCl:HNO3, 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>30 ppm, Ni>80
ppm, Co>35 ppm, As>15 ppm, Cu>250 ppm, V>75 ppm, Mo>5 ppm, Zn>40 ppm, Ag>0.2 ppm and Bi>1 ppm.
True thicknesses of the drill core intersections are yet to be determined. Target prefix K refers to the K Conductor.
Further drill hole details were provided in the News Release dated June 28, 2022.
Observations and Follow-Up
Drill hole S22-013 was sited to test the southern portion of a gravity low anomaly at the intersection of
a cross-cutting fault along the K Conductor. The intersection of anomalous uranium up to 0.43% U 3O8,
associated with reactivated structures in graphitic rocks and pathfinder element enrichment validates
the exploration model for this area and warrants follow-up. Additional drill testing will be planned along
strike, and the K Conductor will be reassessed for structural and geophysical targets based on a full
interpretation of the oriented point structure and geochemical datasets from S22-013.
Drill holes S22-005 and S22-006 intersected the targeted Tena Fault at depth, confirming mineralization
continuity from surface (where over 1,000 tonnes of uranium ore were mined in the 1950’s with reported
grades of 0.6% to 3.5% U3O8) to a depth of 75 m below surface. Oriented structural measurements from
the core will be integrated with historical results and mapping/prospecting observations at surface to
assess if additional testing is warranted at this location.
Elevated radioactivity in drill hole S22-010 (K4 target, 300 cps from 53.8 to 53.9 metres and 330 cps
from 55.0 to 55.1 metres) was reported in News Release dated June 28, 2022, This elevated
radioactivity was conformable with a new discovery of radioactive showings (up to 5,000 cps) nearby on
surface. Radioactivity at these locations was shown by sample analysis to be related to elevated thorium
content, and no anomalous uranium was found to be present.
Additional drill testing is warranted along the J and L Conductors to evaluate targets that were not tested
during the 2022 drilling program.
Drill permits for a summer 2023 drilling program have been submitted in accordance with the Company’s
permitting process.
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Figure 1: Location of Fortune Bay’s Strike, Murmac and Goldfields Projects.
Figure 2: Location of the nine drill holes completed on the Strike Uranium Project.
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Technical Disclosure
All drilling is being carried out with NQ3 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 acquire 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 SPECMIN TM 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 (including 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
Tena prospect can be found within the Saskatchewan Mineral Deposit Index (SMDA #1511). Further details
regarding the historical surface grab samples from HY080, Stancliff and Hacker Atompower are available
within Cameco Corp. assessment reports filed on the Saskatchewan Mineral Assessment Database (SMAD
File Number 74N-0102, 74N-0103 and 74N-0106).
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 performance. Words such as “expects”, “aims”, “anticipates”, “targets”, “goals”, “projects”, “intends”, “plans”,
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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 interruptions,
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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