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Aero Energy and Fortune Bay Announce Drilling Underway at the Murmac Uranium Project, Athabasca Basin, Saskatchewan

Press Release

HALIFAX, NS June 12, 2024 – Fortune Bay Corp. (TSXV:FOR) (FWB:5QN) (OTCQB:FTBYF) (“Fortune Bay” or the “Company”) is pleased to announce the commencement of drilling at its Murmac Uranium Project (“Murmac” or the “Project”) on the northern margin of the Athabasca Basin, Saskatchewan. 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.

Drilling Program

Drilling is now underway at Murmac with a program planned to test ten to thirteen targets (approximately 2,600 m), exploring for high-grade basement-hosted uranium deposits. Drill targets have been selected from recently acquired high-resolution geophysical data (VTEM™️ survey completed in April 2024) and 3D modelling of ground gravity data, and were further refined on the basis of geophysical signatures, geological features, proximity to known uranium occurrences, and positive past drilling results by Fortune Bay.

Drilling has begun at target P7 with targets H15 and P4 scheduled next. Target descriptions and locations are provided in Table 1 and Figure 1, respectively. Further target selection details are provided in Fortune Bay’s News Release dated June 4, 2024.

Dale Verran, CEO of Fortune Bay, commented, “Our drill targets, derived from recently completed higher-resolution geophysical survey and 3D gravity modelling, have been further refined on the basis of our 2022 drill results, structural interpretations and a compelling proximal endowment of known uranium occurrences. Our collaborative approach to target selection has involved a technical team (Aero Energy and Convolutions Geoscience Limited) with a demonstrated track-record of discovery in Saskatchewan. We are extremely excited to have a drill rig turning and look forward to reporting results in the near future.”

Discovery of Radioactivity Proximal to Targets

Two occurrences of strong to intense radioactivity were discovered at surface while scouting the initial drill site locations. The targeted locations are all “blind”, located in valley bottoms that are covered by infill sediments and small lakes. These radioactive occurrences are consistent with, and support, our exploration model, to target deeply-weathered and covered graphitic rocks that were not effectively explored by historical (surface-oriented) prospecting methods.

  • Target A15: 60,793 counts-per-second* in the hangingwall of the target within hematized foliation-parallel fractures.
  • Target P4: 13,533 counts-per-second* in the hangingwall of the target within hematized fault hosted fractures perpendicular to foliation.

*Measured by handheld RS-125 Super-SPEC gamma ray spectrometer manufactured by Radiation Solutions Inc.

Table 1: Murmac 2024 Drill Targets

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.

Figure 1: Murmac 2024 Drill Targets.

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 or by contacting us as or by telephone at 902-334-1919.

On behalf of Fortune Bay Corp.

“Dale Verran”
Chief Executive Officer



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