Fortune Bay Provides Update on Partner-Funded Uranium Exploration in Saskatchewan
Press Release
HALIFAX, NS August 20, 2025 – Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) (“Fortune Bay” or the “Company”) is pleased to provide an update on its uranium exploration activities on the northern margin of Saskatchewan’s Athabasca Basin (the “Basin”). Airborne geophysical survey is currently underway at The Woods Projects and a drill program at the Murmac Project is scheduled to commence in mid-September 2025. These partner-funded initiatives provide the Company with significant discovery exposure in one of the world’s premier uranium jurisdictions, complementing its core gold project portfolio.
“Our partner-funded uranium programs at The Woods and Murmac are advancing rapidly, providing shareholders with discovery exposure in one of the world’s premier uranium jurisdictions — at no cost to Fortune Bay. In addition to discovery upside, these programs generate revenue for the Company through operator fees, further strengthening our position while we advance our core gold projects.” commented Dale Verran, CEO of Fortune Bay.
The Woods Projects – Airborne Geophysical Survey Underway
Following the recently announced option agreement with Neu Horizon Uranium Limited an extensive airborne geophysical survey is currently underway. Geotech Ltd. is completing a VTEM™ Plus airborne electromagnetic (“EM”), magnetic, and radiometric survey totaling 2,198 line-kilometres across the majority of the projects.
This program targets high-grade uranium mineralization associated with the Grease River Shear Zone — a highly prospective structural corridor analogous to settings hosting major basement-hosted deposits elsewhere in the Basin (e.g. NexGen Energy’s Arrow Deposit). The integration of EM, magnetic, and radiometric datasets will provide a robust targeting platform for basement-hosted uranium deposits, as well as potential Rössing-style intrusive-hosted uranium and rare earth element (“REE”) deposits.
A field program is planned for early September to verify historical uranium occurrences, collect mapping and spectrometer data, and investigate geophysical anomalies. This work is expected to define and prioritize multiple drill targets in this highly underexplored region of the Basin. Three-year drill permits have been received from the Government of Saskatchewan.
Murmac Project – Priority Target Drilling Planned for Mid-September
At the Murmac Project, also situated on the northern margin of the Athabasca Basin and under option to Aero Energy Limited (“Aero”), planning is underway for a three-hole diamond drilling program to test selected high-priority uranium targets. These targets, located along graphitic conductors within the Armbruster Corridor, have been selected based on a combination of historical data, recent geophysics, and surface geochemistry. With permits in hand, drilling is scheduled to commence in mid-September 2025.
Figure 1: Fortune Bay’s Partner-Funded Uranium Projects
Figure 2. Planned VTEMTM flight lines for The Woods Projects
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.
Technical Disclosure on Historical Results
The historical uranium and REE occurrences shown in Figure 2 derive from the Saskatchewan Mineral Deposits Index. The lake sediment uranium results shown in Figure 2 derive from assessment reports available in the Saskatchewan Mineral Assessment Database (SMAD), references 74O07-0002, 74O07-0031, 74O07-0032, 74O08-0076, 74O09-0001, 74O09-003, 74O09-0004, 74O09-0019, 74O09-0020, 74O09-0023, 74O09-0024, 74O10-0002, 74O10-0003, 7410O-0008, MAW02300 and MAW01857). These historical results are not verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from these. The Company considers these unverified historical results relevant to assess the mineralization and economic potential of the property.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is a gold exploration and development company advancing high-potential assets in Canada and Mexico. With a strategy focused on discovery, resource growth and early-stage development, the Company targets value creation at the steepest part of the Lassonde Curve—prior to the capital-intensive build phase. Its portfolio includes the development-ready Goldfields Project in Saskatchewan, the resource-expansion Poma Rosa Project in Mexico, and an optioned uranium portfolio in the Athabasca Basin providing non-dilutive capital and upside exposure. Backed by a technically proven team and tight capital structure, Fortune Bay is positioned for multiple near-term catalysts. For more information, visit www.fortunebaycorp.com or contact info@fortunebaycorp.com.
On behalf of Fortune Bay Corp.
”Dale Verran”
Chief Executive Officer
902-334-1919
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