Press Release
HALIFAX, NS October 8, 2024 – Fortune Bay Corp. (TSXV:FOR, FSE:5QN, OTCQX: FTBYF) (“Fortune Bay” or the “Company”) is pleased to report high-grade uranium assays in the first batch of analytical results from its 2024 exploration drilling program on the Murmac Uranium Project (“Murmac” or the “Project”), located in northern Saskatchewan near Uranium City. The drilling program was funded by Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: 13L0) (“Aero”) under an Option Agreement.
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 kilometers.
Shallow, elevated concentrations of uranium occurring in structured graphitic rocks were confirmed in all four drill holes for which analytical results are available, including results of 13.80% U3O8 and 4.54% U3O8 from individual assay samples.
Highlights:
Gareth Garlick, Technical Director for Fortune Bay, commented “We are very pleased to see assay results confirm shallow, high-grades of uranium from this limited reconnaissance drill program. This undoubtably confirms our exploration thesis that the untested graphitic horizons across this area are highly prospective.”
Dale Verran, CEO for Fortune Bay, added “There is tremendous potential to realize a meaningful discovery at Murmac through the follow-up of these results and the testing of numerous other priority targets. We look forward to working with Aero Energy to plan a winter drilling program.”
Assay Results
A total of eight drill holes (1,685 m) were completed at Murmac during June and July 2024, testing compelling geophysical signatures and favorable geological/structural settings as documented in a News Release dated June 4, 2024. The completed drill holes encountered highly favorable geological settings for high-grade basement-hosted deposits associated with the Athabasca Basin, along with anomalous radioactivity (see News Release dated July 24, 2024) interpreted to be associated with uranium mineralization. A total of 149 samples were collected to confirm this and to characterize geochemical associations. All samples were submitted to the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon, SK, Canada for processing. Results for the first sample batch of 98 samples (from holes M24-016A to M24-019, inclusive) are available and are included in this news release. Results for the remaining 49 samples are pending.
Anomalous uranium (>100 ppm) was encountered in each of the four drill holes for which results are available. Drill hole assay results are provided in Table 1 and discussed below. Figure 1 shows drill hole locations, including assay highlights. A full geochemical interpretation will be carried out when all results are available.
Table 1: Summary of anomalous (>100 ppm) uranium intersections from first batch of analytical results.
Notes:
M24-016A:
M24-017:
M24-018:
M24-019:
Figure 1: Location of 2024 Murmac drill holes (prefix M24), including assay highlights.
August 2024 Private Placement
On August 2, 2024, the Company completed a non-brokered private placement financing of $600,000 by issuing 2,727,272 units at a price of $0.22 per unit. A director of the Company subscribed for 1,000,000 of the units issued for this financing. The participation by the director constituted a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and (b), and 5.7(1)(a), respectively, of MI 61-101 on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the financing exceeds 25% of the Company’s market capitalization calculated in accordance with MI 61-101, and on the basis that no securities of the Company are listed or quoted on a stock exchange as specified in MI 61-101.
Technical Disclosure
All drilling was carried out with 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 135 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. Samples are screened upon receipt by SRC, and samples with significantly elevated radioactivity are identified and separated out for the SRC “ICP1” multi-element uranium exploration package, with an additional assay for U3O8 in weight percentage where uranium content exceeds a 1000 ppm threshold. Analysis of the remaining samples was carried out through the SRC “ICP-MS2” basement exploration package.
Sample preparation for all samples includes drying, jaw crushing to 60% passing -2 mm, and pulverizing to 90% passing -106 microns. The ICP1 package includes ICP-OES on a total digestion and ICP-MS on a partial digestion, with U3O8 assay carried out by partial digestion and analysis by ICP-OES. The ICP-MS2 package consists of three separate analyses, including (1) ICP-MS on a partial digestion, (2) ICP-OES for major and minor elements on a total digestion and (3) and ICP-MS analysis for trace elements on the total digestion. Partial digestions are performed using HNO3:HCl. Total digestions are performed using a mixture of concentrated HF:HNO3:HClO4. Additional analysis for Boron content was obtained for all samples through NaO2/NaCO3 fusion followed by ICP-OES.
Fortune Bay included certified reference material (“CRM”) blanks and standards into the sample sequence, at a targeted rate of approximate 1 per every 20 samples, as part of an internal QAQC process. In addition to this, SRC includes various standards and carried out repeat analyses for selected samples as part of their laboratory QAQC procedure. All results were reviewed by Fortune Bay and no significant issues were noted.
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.
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
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