FOR Fortune Bay Corp

HALIFAX, NS, July 24, 2024 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce completion of the 2024 summer drill program on the Murmac Uranium Project ("Murmac" or the "Project"), located in northern Saskatchewan near Uranium City. The program was designed to test regional targets across the Project for high-grade, unconformity-related basement-hosted deposits typical of the Athabasca Basin. The drilling program was funded by Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3) ("Aero"), and was operated by Fortune Bay, under an Option Agreement that was executed on December 15, 2023.

Highlights:

• An average of 1,309 counts per second was intersected over 8.7 metres in hole M24-017 in structured graphitic pelite, with up to 33,600 counts per second ("cps") (using handheld RS-125 Spectrometer) associated with visible uranium mineralization. This interval is located approximately 70 to 78 metres below surface.
  
  
• Hole M24-017 was followed up with three additional holes (M24-018, -019 and -020), comprising approximate 50 metre step outs down-dip, along-strike northeast, and along-strike southwest, respectively. All three holes returned anomalous radioactivity (up to 850 cps) in graphitic rocks underlying a hematized quartzite hangingwall.
  
  
• These results (drill holes M24-17 to -020) confirm the presence of a larger hydrothermal uranium mineralizing system along this unexplored, 1.2 kilometre long electromagnetic ("EM") conductor on the Howland Corridor.
  
  
• Drill holes M24-021, M24-022A and M24-023, tested geophysical (EM and gravity) anomalies H6, A22, and H16 respectively, intersecting compelling hydrothermal alteration and structure associated with variably graphitic rocks, further confirming the prospectivity of the entire length of the Howland and Armbruster Corridors for unconformity-related, basement-hosted deposits.
  
  
• Following uranium assay and geochemical analysis of drill core samples, a second phase drilling program is being planned to follow-up along strike of mineralized drill holes and continue testing of priority drill targets across the Project.

Dale Verran, CEO for Fortune Bay, commented "The summer 2024 drilling program at Murmac provides further confirmation of the potential to deliver a high-grade basement-hosted uranium discovery at Murmac. The program has significantly enhanced our geological understanding of the unexplored target horizons and we eagerly await uranium assay and geochemical analyses to assist with vectoring toward a potentially meaningful discovery. The zone of strong radioactivity intersected in M24-017 was a particular highlight, indicative of a strong uranium mineralizing system on this conductor and validates the targeting and exploration approach. Together with our partners, Aero Energy, we look forward to planning a follow-up program where larger step-outs from M24-017 are expected to be prioritized, in addition to testing numerous other high priority targets."

Initial Drill Results

A total of eight drill holes were completed at Murmac during June and July, 2024 to test targets documented in the News Release dated June 4, 2024 along the Pitchvein, Armbruster and Howland Corridors (Figure 1; Table 2). Drill holes targeted compelling geophysical signatures (electromagnetics and gravity) and favorable geological/structural settings. Drill target selections also took into account proximity to historical uranium occurrences of interest and Fortune Bay's previous positive drilling results. The completed drill holes encountered highly favorable geological settings for high-grade basement-hosted deposits associated with the Athabasca Basin. This included:

• Thick and strongly graphitic target units (up to an estimated ~30 metres in true thickness) 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, and clays.
  
  
• Anomalous radioactivity (>300 cps) was intersected in five of the eight holes completed, associated with cataclastic or mylonitic structured and altered graphitic pelites, as summarized in Table 1.

Table 1: Murmac Drill Hole Radiometric Highlights (Summer 2024)

Drill Hole Summary

A summary of the drill holes are provided as follows:

M24-016A: The targeted conductor (moderate to strongly graphitic pelite) was intersected between 94.4 and 120.7 m. This step-out hole, approximately 100 metres northeast of positive results in 2022 drill holes M22-013 and M22-014, and 175 metres southwest of positive historical results from SMDC drilling (CKI-9 and CKI-10), intersected anomalous radioactivity in graphitic pelite (Figure 2), indicating possible continuity of mineralization between these two locations. 

M24-017: This hole tested geophysical (EM and gravity) target H15, which occurs at the intersection of the EM conductor and a property-scale, mineralized cross-fault, beneath Howland Lake. Intermittent anomalous radioactivity (up to a maximum of 1,800 cps over 0.1 metre) was intersected in hematized, faulted hangingwall quartzite. This overlies a structured graphitic pelite averaging 1,309 cps over 8.70 metres, with measurements up to 33,600 cps over 0.1 metre. This intersection (Figure 3), of radioactivity hosted in previously unexplored (under a shallow lake) graphitic pelite, at a cross-fault location, provides a compelling validation of the exploration target, justifying down-dip and along strike follow up (subsequent three drill holes).

M24-018: Steeper follow up of M22-017, shows down-dip continuity (approximate 50 metres vertical) in anomalous radioactivity hosted in graphitic pelite (Figure 4), up to a maximum of 660 cps over 0.1 metre.

M24-019: Approximate 50 metre step out to the northeast from M22-017. Anomalous radioactivity was hosted in strongly graphitic pelite, confirming presence of active mineralizing system along strike, up to a maximum of 780 cps over 0.1 metre (Figure 5).

M24-020: Approximate 50 metre step out to the southwest from M22-017. Anomalous radioactivity was hosted in graphitic pelite, confirming presence of active mineralizing system along strike, up to a maximum of 850 cps over 0.1 metre (Figure 6).

M24-021: This hole tested a compelling geophysical (EM and gravity) target (H6) on the Howland Corridor. While no anomalous radioactivity was intersected, the targeted conductor (strongly graphitic pelite) is associated with intense hydrothermal alteration and pervasive faulting (Figure 7).

M24-022A: This hole tested a compelling geophysical (EM and gravity) target (A22) on the southern Armbruster Corridor. While no anomalous radioactivity was intersected, the targeted conductor (heavily structured strongly graphitic pelite) also shows hydrothermal alteration with a strongly hematized hangingwall quartzite overlying the graphitic unit (Figure 8).

M24-023: This hole tested a compelling geophysical (EM and gravity) target (H16) on the Howland Conductor Corridor, also testing along strike (approximately 600 m SW) of positive results in 2022 drill hole M22-012. Only two minor intervals (<4 metres) of moderately graphitic pelite were intersected, with no other notable conductive horizons. This could indicate that M24-023 drilled through a faulted offset and missed the targeted conductor, drilling through heavily faulted and hematized underlying footwall quartzite.

M24-024 (P4): This hole was designed to test the southwest strike extension of the mineralized graphitic pelite in M22-013/014 along the Pitchvein Corridor, at the intersection with the same regional cross-cutting structure tested in M24-017 (target P4). The hole was abandoned at 47.5 metres due to intense brittle faulting within hematized quartzite and therefore did not reach the targeted graphitic unit. The intense faulting within the hangingwall is encouraging and the target warrants testing to the required depth. Alternative drill locations will be assessed for a future program.

Table 2: Murmac Drill Hole Summary (Summer 2024)

Next Steps

Drill core samples have been collected systematically throughout all zones of radioactivity higher than 300 cps and will be submitted to SRC Geoanalytical Laboratories in Saskatoon for U₃O₈ assay and multi-element characterization. These analytical results will be integrated with the detailed logging information to prioritize follow-up target areas for future drill testing, in addition to testing of numerous other priority regional targets. Following on from the Murmac drill program, Aero and Standard Uranium (TSXV: STND; OTCQBQB: STTDF; FWB: 9SU) plan to test additional targets on the adjacent Sun Dog Project located to the south of Murmac on the Crackingstone Peninsula.

Technical Disclosure

Preliminary radiometric results represent total gamma from NQ2 drill core measured with a Super-SPEC RS-125 handheld spectrometer reported in counts per second ("cps"). Measurements are typically collected over 0.10 to 0.15 metre intervals through areas of anomalous radioactivity (defined as >300 counts per second, or "cps"). Longer intervals with less variation are shown as length weighted averages for simplicity. Core is removed from the core box and moved, if necessary, to a location where the instrument reads below background, and the measurement is collected by placing the sensor against the core at the required location. The drill cores are subject to comprehensive logging and sampling to characterize mineralization, alteration and structure. Drill core samples will be submitted to the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element characterization. Reflectance spectrometry will be undertaken on additional core samples to determine the presence of indicator clay alteration.

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.

Qualified Person

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.

About Fortune Bay
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 info@fortunebaycorp.com 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 include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability 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 filed 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.

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.

SOURCE Fortune Bay Corp.