Precious Metals

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) ("Fortune Bay" or the "Company") is pleased to announce initial drill targets for its 100% owned Murmac Uranium Project ("Murmac" or the "Project") located in northern Saskatchewan (see Figures 1 and 2).

Highlights:

  • Nineteen (19) initial drill targets have been identified following completion of airborne electromagnetic ("EM") and ground gravity surveying (Figure 3).
  • The targets represent favorable geophysical and geological features typically associated with high-grade basement-hosted uranium deposits related to the Athabasca Basin. Targets include discrete gravity lows located along prominent EM conductors proximal to numerous radioactive and uranium surface showings and/or favorable structural features.
  • Drilling is expected to commence in the coming days with approximately 2,500 meters planned in eight to ten drill holes. The program is expected to be results-driven and may be modified based on results from drilling.

Dale Verran , CEO for Fortune Bay, commented, "We are pleased to announce an initial set of drill targets for Murmac which have the potential to yield a discovery of high-grade, basement-hosted uranium mineralization related to the Athabasca Basin. The maiden drilling program, scheduled to commence shortly, is planned to test an initial eight to ten targets along three prospective corridors. We look forward to reporting drill results for Murmac, in addition to results from the ongoing drilling at the Strike Uranium Project."

Murmac Drill Targeting

Background
The Project is located within the original uranium mining district of Canada , lying between the historical Gunnar and Lorado Uranium Mines. The Project was explored for Beaverlodge-style uranium mineralization predominantly during the period 1960 to 1980. Historical exploration work focused on ground prospecting and sampling, followed by trenching and/or drill testing. Numerous high-grade (> 1% U 3 O 8 ) uranium occurrences were discovered (see News Release dated September 28, 2021 ) demonstrating a significant endowment of uranium in the area. The numerous conductive units (graphite-bearing metasediments) were never systematically explored for high-grade, basement-hosted uranium mineralization typical of the Athabasca Basin and its margins. Due to their physical properties, the conductive units predominantly manifest as valleys and topographical lows, covered by overburden and small shallow lakes. These "blind" conductors have therefore not been amenable to historical surface prospecting and warrant drill testing where favorable targets have been identified. The Athabasca Basin margin is located approximately five kilometres to the south of the Project, indicating vertical proximity to the basal unconformity (now eroded) and good preservation potential for basement-hosted mineralization.

Drill Targeting

  • Targeting at Murmac has encompassed detailed review of historical data which have been integrated with newly acquired datasets, which include a VTEM™ (Versatile Time Domain Electromagnetic) survey completed in April 2022 and a ground gravity survey completed in June 2022 . Targeting is currently focused exclusively in areas where gravity survey data have been acquired. The Company plans to carry out additional gravity surveying to continue coverage over the conductive units to the northeast and northwest.
  • Multiple linear conductor traces spanning the entire length of the project area (approximately 12 kilometres) have been identified from the VTEM TM survey, and three of these conductor packages (named the Pitchvein, Armbruster and Howland Corridors) have been prioritized. Targets along these conductors were selected based on the nature and amplitude of the electromagnetic anomaly, gravity features, topography and surface exposure, magnetic features, structural setting and historical scintillometer survey and geochemical sampling results. Target locations are shown in Figure 3.
  • The southern portions of the Armbruster and Howland Corridors have been subjected to historical surface prospecting and geophysics, but very little exploratory drilling. Only seven holes have been drilled on the southernmost seven kilometres of each of these two corridors. This area is characterised by more extensive overburden cover where historical surface prospecting efforts would have had limited value.
  • The Pitchvein Corridor was first explored in the 1950's by Pitchvein Mines, who carried out surface prospecting and diamond core drilling. Exploration continued in the period 1978 to 1982 by SMDC who carried out further ground geophysics and drilling, with assessment reports documenting intersections including 1.01% U 3 O 8 over 2.0 metres (56.0 to 58.0 metres in drill hole CKI-9) and 2.19% U 3 O 8 over 0.5 metres (68.0 to 68.5 metres in drill hole CKI-10) in quartzite horizons within graphitic sediments. All the historical exploration and drill data have been captured by Fortune Bay and have been used to support prioritization of three drill targets on the southern portion of this corridor.

Drilling Program and Operational Details
Drilling of the initial target areas is expected to commence in the coming days following completion of drilling at the Strike Uranium Project. The Company has the required permits for the planned exploration activities.

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. The historical drill results obtained by SMDC in drill holes CKI-9 and CKI-10 can be found within the Saskatchewan Mineral Assessment Database (SMAD) references 74N07-0310 and 74N07-0311.

Fortune Bay Corp. (TSXV:FOR, FWB: 5QN) 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.

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. 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 .

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.

Figure 1: Location of the Goldfields, Strike and Murmac Projects relative to the Athabasca Basin. (CNW Group/Fortune Bay Corp.)

Figure 2: Location of the Goldfields, Strike and Murmac Projects. (CNW Group/Fortune Bay Corp.)

Figure 3. Initial drill target for the Murmac Uranium Project. (CNW Group/Fortune Bay Corp.)

(CNW Group/Fortune Bay Corp.)

SOURCE Fortune Bay Corp.

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FORTUNE BAY INTERSECTS ELEVATED RADIOACTIVITY IN MAIDEN DRILL PROGRAM AT THE STRIKE URANIUM PROJECT

FORTUNE BAY INTERSECTS ELEVATED RADIOACTIVITY IN MAIDEN DRILL PROGRAM AT THE STRIKE URANIUM PROJECT

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce initial drill results for its 100% owned Strike Uranium Project ("Strike" or the "Project"), located in northern Saskatchewan (see Figures 1 and 2). A total of nine drill holes were completed comprising 2,064 metres. Results included shallow intersections of elevated radioactivity, between 35 and 95 metres below surface, within favorable geological settings for high-grade, basement hosted deposits typical of the Athabasca Basin.

Highlights:

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FORTUNE BAY BEGINS TRADING ON OTCQX MARKET

FORTUNE BAY BEGINS TRADING ON OTCQX MARKET

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce that effective today it has qualified to trade on the OTCQX® Best Market under the symbol "FTBYF". Fortune Bay upgraded to OTCQX from the Pink® market. Fortune Bay's common shares will continue to trade on the TSX Venture Exchange under the symbol FOR and on the Frankfurt Stock Exchange under the symbol 5QN.

Fortune Bay Corp. logo (CNW Group/Fortune Bay Corp.)

It is anticipated that the trading of Fortune Bay's shares on the OTCQX will provide greater visibility and more efficient access to the U.S. financial markets. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com .

Dale Verran , CEO for Fortune Bay, commented, "We are pleased to have begun trading on OTCQX with the objective of enhancing our liquidity and strengthening our shareholder base. We look forward to engaging with new U.S. investors as we continue to advance the Company's mineral exploration and development projects for the benefit of all stakeholders."

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.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Their data-driven disclosure standards form the foundation of three public markets: OTCQX ® Best Market, OTCQB ® Venture Market and Pink ® Open Market.

OTC Link ® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading.  Their innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com .

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. 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 .

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.

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FORTUNE BAY COMMENCES MAIDEN EXPLORATION DRILLING AT THE STRIKE URANIUM PROJECT

FORTUNE BAY COMMENCES MAIDEN EXPLORATION DRILLING AT THE STRIKE URANIUM PROJECT

Fortune Bay Corp. (TSXV: FOR), (FWB: 5QN) ("Fortune Bay" or the "Company") is pleased to announce commencement of maiden exploration drilling on its 100% owned Strike Uranium Project ("Strike" or the "Project"), located in northern Saskatchewan (see Figure 1 and 2). The Project has potential for high-grade, basement-hosted uranium deposits typical of the Athabasca Basin.

Strike Uranium Project Highlights:
  • Initial drill target areas were announced previously (see News Release dated April 26, 2022 ).
    • Drilling has commenced at the Tena target area, which includes the historical Tena prospect where over 1,000 tonnes of uranium ore was mined in the 1950's with reported grades of 0.6% to 3.5% U 3 O 8 . Drill targets have been developed down-dip and along strike of the historical adit.
    • Drilling is expected to follow at the Tena South target area which is located immediately south of the historical Tena prospect and associated with a coincident gravity low and electromagnetic ("EM") conductor.
    • Other drill target areas include discrete gravity lows located along prominent EM conductors proximal to favourable geochemistry results and structural features.
  • Approximately 2,500 meters of drilling in 8 to 10 drill holes is planned at Strike. The program is expected to be results-driven, based upon drilling results and additional gravity surveying which is currently ongoing.

Dale Verran , CEO for Fortune Bay, commented, " We are pleased to have commenced the inaugural exploration drilling program at Strike for high-grade uranium. The drill targets identified exhibit the hallmarks for basement-hosted uranium deposits associated with the prolific Athabasca Basin, and we are looking forward to the results."

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FORTUNE BAY ANNOUNCES INITIAL DRILL TARGET AREAS AND 2022 DRILLING PLANS FOR THE STRIKE URANIUM PROJECT

FORTUNE BAY ANNOUNCES INITIAL DRILL TARGET AREAS AND 2022 DRILLING PLANS FOR THE STRIKE URANIUM PROJECT

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) ("Fortune Bay" or the "Company") is pleased to announce initial drill target areas and 2022 drilling plans for its 100% owned Strike Uranium Project ("Strike" or the "Project"), located in northern Saskatchewan (see Figure 1 and 2).

Fortune Bay Corp. Logo (CNW Group/Fortune Bay Corp.)

Highlights:

  • Nine (9) initial drill target areas have been identified following ground gravity surveying completed in March 2022 (Figure 3).
  • The initial target areas comprise favorable geological, geophysical and geochemical features typically associated with high-grade basement-hosted uranium deposits related to the Athabasca Basin.
  • The Tena target area (Figure 4) includes the historical Tena prospect where over 1,000 tonnes of uranium ore was mined in the 1950's with reported grades of 0.6% to 3.5% U 3 O 8 . Drill targets have been developed down-dip and along strike of the historical adit.
  • The Tena South target area (Figure 4) is located immediately south of the historical Tena prospect, associated with a coincident gravity low and electromagnetic ("EM") conductor.
  • The other seven (7) target areas include discrete gravity lows located along prominent EM conductors proximal to favourable geochemistry results and structural features.
  • Drilling is expected to commence in mid-May with approximately 2,500 meters planned in 8 to 10 drill holes. The program is expected to be results-driven, based upon drilling results and additional gravity survey results.

Dale Verran , CEO for Fortune Bay, commented, " We are pleased to have generated an initial set of drill target areas for Strike which meet the exploration criteria for high-grade basement-hosted uranium deposits related to the Athabasca Basin. The historical work completed between 2005 and 2008 identified favorable settings and positive signs for uranium mineralization, however target areas were not followed up with drill testing. A thorough review and analysis of the historical data, combined with results from winter 2022 ground gravity surveying, has revealed multiple target areas for drill testing. We are looking forward to our maiden exploration drilling campaign, expected to commence in May 2022 , which will aim to test a number of these target areas in addition to the historical Tena uranium prospect."

Strike Drill Targeting

Historical Background
The Project is endowed with a modern (mid-2000's), comprehensive historical exploration database from numerous uranium-focused surveys, including airborne and ground geophysical surveys, ground radiometric surveys and geochemical and reflectance spectrometry (clay) surveys. Despite positive results, and documented recommendations in historical assessment reports to advance the project, the targets generated were never drill tested. This previous exploration work identified prospective graphite- and sulphide-bearing EM conductors that due to their physical properties predominantly manifest as valleys and topographical lows, covered by overburden and small shallow lakes. These "blind" conductors have therefore not been explored by surface prospecting. Geochemical sampling from outcrop at valley edges along the conductor traces has confirmed elevated pathfinder elements, as well as favorable clay alteration including dravite, illite and kaolinite. Furthermore, the area is known to be endowed with historical uranium occurrences, including the Tena prospect. The known uranium occurrences were discovered along valley edges, immediately off the conductor traces, where outcrop is available and surface prospecting was possible, leaving the conductor targets at these localities untested.

Initial Drill Target Area Selection
Initial targeting at Strike has encompassed review and prioritization of target areas from integrated historical datasets. Three predominant conductor traces have been identified, and have been named the J, K and L conductors (Figure 3). Target areas along these conductor corridors were prioritized based on the nature and amplitude of the EM anomaly, topography and surface exposure, magnetic features, structural setting, historical geochemical data, historical reflectance spectrometry data, and historical scintillometer survey results. Target areas have been refined based on the results of winter ground gravity survey results. These data, collected to detect potential favorable clay alteration zones along the EM conductors, were integrated with existing datasets to refine drill target locations. Ground gravity survey over conductor traces will be ongoing in May.

The Tena target area (Figure 4) includes the historical Tena prospect where over 1,000 tonnes of uranium ore was mined in the 1950's with reported grades of 0.6% to 3.5% U 3 O 8 . In June 2021 , the Company verified the Tena prospect through geological investigation, gamma-ray spectrometer surveying, and confirmatory rock sampling. The results demonstrate high uranium grades on surface together with anomalous geochemical associations indicative of unconformity-related, basement-hosted uranium mineralization. Highlight uranium assay results of grab rock samples collected from the historical adit included 1.75% U 3 O 8, 0.94% U 3 O 8 and 0.55% U 3 O 8 (see News Release dated September 16, 2021 ). Three historical drill holes, on an approximate 65 metre spacing along strike, were completed by Amok Ltd. in 1968. Drill hole S4 intersected 1.6% eU over 4 feet (eU is equivalent uranium derived from a downhole gamma spectrometer) at a depth of approximately 160 metres below surface. Drill targets have been developed down-dip and along strike of the historical adit to provide additional tests of the mineralized structure.

Drilling Program and Operational Details
Drilling of the initial target areas is expected to commence in mid-May and will be helicopter-supported. Additional drill target area selection is expected to be carried out upon completion of additional ground gravity survey work scheduled ahead of drill testing. The Company has all the required permits for the planned exploration activities.

Murmac Uranium Project Update
  • Initial ground gravity surveying has been completed and surveying is expected to resume in Spring, following completion of the gravity surveying at Strike.
  • A VTEM™ (Versatile Time Domain Electromagnetic) survey was completed in mid-April 2022 to obtain modern high-quality EM and magnetic data.
  • Newly acquired VTEM™ and gravity data will be integrated with extensive historical exploration and regional datasets to identify initial drill targets.
  • Maiden drilling is expected to commence following completion of drilling at Strike and continue into late Summer, with provision for up to 8 drill holes ( 2,000 m ). The drilling program will be results-driven, and will be adjusted based on gravity survey results and any drill results that warrant immediate follow-up.
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.

Uranium assays reported herein were undertaken by the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories. Sample preparation included drying, jaw crushing to 60% passing -2 millimetres, and pulverizing to 90% passing -106 microns. Uranium assays are obtained using SRC's ISO/IEC 17025:2005 accredited method for the determination of U 3 O 8 wt%.

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). Historical work completed by Cameco Corp. between 2005 and 2008 is available within assessment reports filed on the Saskatchewan Mineral Assessment Database (SMAD File Number 74N-0102, 74N-0103 and 74N-0106).

Fortune Bay Corp. (TSXV:FOR, FWB: 5QN) 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 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. 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 .

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.

Figure 1: Location of the Goldfields, Strike and Murmac Projects relative to the Athabasca Basin.

Figure 1: Location of the Goldfields, Strike and Murmac Projects relative to the Athabasca Basin. (CNW Group/Fortune Bay Corp.)

Figure 2: Location of the Goldfields, Strike and Murmac Projects. (CNW Group/Fortune Bay Corp.)

Figure 3. Initial drill target areas for the Strike Uranium Project (Tena, Tena South, L1-4, J2&3, K3). (CNW Group/Fortune Bay Corp.)

Figure 4. Drill target areas at Tena and Tena South. (CNW Group/Fortune Bay Corp.)

SOURCE Fortune Bay Corp.

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Fortune Bay

FORTUNE BAY COMMENCES PRELIMINARY ECONOMIC ASSESSMENT FOR GOLDFIELDS PROJECT, SASKATCHEWAN

Fortune Bay Corp. (TSXV:FOR) (FWB:5QN) ("Fortune Bay" or the "Company") is pleased to announce commencement of a Preliminary Economic Assessment ("PEA" or the "Study") for its 100% owned Goldfields Gold Project ("Goldfields" or the "Project") located in northern Saskatchewan . The Company has appointed Ausenco Engineering Canada Inc. ("Ausenco") to lead the Study, with SRK Consulting ( Canada ) Inc. ("SRK") to complete an updated Mineral Resource Estimate ("MRE") and Moose Mountain Technical Services ("MMTS") to undertake mine design and mine planning. The PEA is expected to be completed in early Q4 2022.

Fortune Bay Corp. Logo (CNW Group/Fortune Bay Corp.)

Dale Verran , CEO for Fortune Bay, commented, "The Board approved decision to complete a PEA for Goldfields aligns with our strategy to unlock the true potential of the Project, and represents a significant milestone toward a potential mine construction decision, given continued positive results. The PEA will aim to optimize mining and processing design aspects, building an important foundation for the future development of the Project. We believe Ausenco to be an ideal partner to work alongside our management team to deliver the PEA in accordance with industry-leading standards due to their engagement and successful completion of gold PEA studies in Canada such as Skeena Resources' Eskay Creek , Anaconda Mining's Goldboro , Probe Metals' Val d'Or East and O3 Mining's Marban projects."

Preliminary Economic Assessment

The scope of work to be undertaken by Ausenco, together with MMTS, comprises two Phases:

  • Phase 1: Mine to Mill Optimization incorporating mine scheduling, process plant engineering and financial modelling. The objectives of this Phase are to optimize mining and processing parameters by evaluating various business cases for the Project before proceeding to the PEA.
  • Phase 2: Preliminary Economic Assessment which will cover all aspects of such studies, including mining and recovery methods, project infrastructure, capital and operating costs and financial analysis. The results of the Study are expected in early Q4 2022 and will be compiled into an NI 43-101 Technical Report.

A previous Pre-Feasibility Study was completed for Goldfields in October 2011 , which is considered historical in accordance with NI 43-101. The planned PEA is expected to incorporate mining and processing scenarios for which Pre-Feasibility Study ("PFS") level data do not yet exist and will be based upon an updated Mineral Resource Estimate, inclusive of Indicated and Inferred Mineral Resources. The PEA aims to define the optimal development path for the Project before initiating further resource delineation drilling and/or development work in support of a possible future PFS.

Updated Mineral Resource Estimate

The current MRE for Goldfields completed by SRK, effective date March 15, 2021 , includes Indicated Mineral Resources of 975,000 oz of gold (22.6 million tonnes at an average grade of 1.34 g/t) and Inferred Mineral Resources of 176,000 oz of gold (6.0 million tonnes at an average grade of 0.92 g/t). A Phase 1 drilling program was completed in 2021 to commence expansion of the mineral resources at the Box and Athona gold deposits, which included highlights of 13.22 g/t Au over 8.0 metres, 8.74 g/t Au over 5.0 metres, 8.00 g/t Au over 12.0 metres, and 8.00 g/t Au over 4.0 metres (see News Releases dated March 7, 2022 and September 14, 2021 ). As part of the PEA, SRK has been appointed to complete an updated MRE, in accordance with NI 43-101, based on the Phase 1 drilling results.

Goldfields Technical Disclosure

Details regarding the current 2021 Mineral Resource Estimate ("2021 MRE") are provided within the National Instrument 43-101 ("NI 43-101") Technical Report titled "Technical Report: Resource Estimate for the Goldfields Project" with an effective date of May 4, 2021 . The Technical Report was authored by Mr. Cliff Revering , P. Eng., and Dr. Ron Uken , PhD, P. Geo. of SRK Consulting ( Canada ) Inc., both of whom are Independent Qualified Persons in accordance with the requirements of NI 43-101. The Technical Report supports the 2021 MRE for Goldfields, which includes the Box and Athona gold deposits, and is available on SEDAR and the Company's website.

The technical information contained in this news release has been reviewed and approved by Mr. Dale Verran , MSc, P.Geo., Fortune Bay's Chief Executive Officer, who is also a Qualified Person in accordance with the requirements of NI 43-101.

About Goldfields

The 100% owned Goldfields Project ("Goldfields" or the "Project") is the Company's most advanced asset located in northern Saskatchewan , approximately 13 kilometres from Uranium City . The Project is host to the Box and Athona gold deposits which contain combined Indicated Mineral Resources of 975,000 oz of gold (22.6 million tonnes at an average grade of 1.34 g/t) and Inferred Mineral Resources of 176,000 oz of gold (6.0 million tonnes at an average grade of 0.92 g/t). Goldfields is endowed with established infrastructure including existing roads, a powerline to site, and nearby facilities and an airport at Uranium City . The Project has a history of gold production (64,000 oz Au produced between 1939 to 1942), numerous exploration drilling campaigns and various historical mining studies. The Box open-pit mine and mill development is permitted having received Ministerial approval under the Environmental Assessment Act in May 2008 . The ~5,000 hectare Goldfields property presents numerous exploration opportunities, including the potential to expand the Box and Athona deposits and discover additional resources at several other gold prospects and occurrences.

Fortune Bay Corp. (TSXV:FOR, FWB: 5QN) 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 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. 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 .

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.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2022/11/c0095.html

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Steppe Gold Announces Results of Annual General and Special Meeting of Shareholders

Steppe Gold Announces Results of Annual General and Special Meeting of Shareholders

Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) ("Steppe Gold" or the "Company") is pleased to report the results of its 2022 Annual General and Special Meeting of Shareholders held on June 30, 2022 in Ulaanbaatar, Mongolia. A total of 35,544,144 common shares were voted at the meeting representing 51.10% of the votes attached to all outstanding shares.

Election of Directors

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Steppe Gold Clarifies Disclosure

Steppe Gold Clarifies Disclosure

Steppe Gold Ltd. (TSX: STGO) ("Steppe Gold" or the "Company") announces that, as a result of a review by Staff of the Ontario Securities Commission, the Company is issuing the following news release to clarify the disclosure regarding the certificates and applicable consents of qualified persons related to each of David Morgan, Dan V. Michaelsen and Ochirkhuyag Baatar in connection with the NI 43-101 Technical Report - Feasibility Study for the Altan Tsagaan Ovoo (ATO) Phase 2 Expansion Project, Mongolia with an effective date of October 27, 2021, and issued on November 30, 2021 (the "Technical Report").

As a result, the Company has filed: (i) amended certificates for David Morgan and Dan V. Michaelsen to clarify their responsibility in connection with preparing certain portions of the Technical Report; and (ii) certificate and consent of qualified person for Ochirkhuyag Baatar.

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Firefox Gold Closes First Tranche of Non-Brokered Private Placement

Firefox Gold Closes First Tranche of Non-Brokered Private Placement

FireFox Gold Corp. ("FireFox" or the "Company") announces, effective June 29, 2022 that, subject to regulatory acceptance, it has completed the first tranche of the non-brokered private placement (the "Private Placement") announced on June 14th, 2022. The Company intends to complete a second tranche of the Private Placement before July 14, 2022

In this first tranche, the Company has raised total gross proceeds of $452,010 by issuing 3,228,643 units of the Company at a purchase price of $0.14 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.21 per share for a term of two years from the date of issuance. The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.

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Results of the Annual General Meeting

Results of the Annual General Meeting

Freegold Ventures Limited (TSX: FVL) (Frankfurt: FR4N) (OTCQX:FGOVF) (" Freegold " or the " Company ") is pleased to provide the results of the 2022 Annual General Meeting of Shareholders held on June 30, 2022 (the " Meeting ") and announces that all matters set out in the Management Information Circular dated May 16, 2022 (the " Circular ") were approved by the shareholders of the Company. A total of 96,220,856 shares were voted representing approximately 28.49% of the outstanding shares of the Company.

Freegold Ventures Limited Logo (CNW Group/Freegold Ventures Limited)

The following nine nominees were elected as directors of Freegold. The detailed results of the vote for the election of directors are set out below:

Nominee

# of Votes
For

% of Votes
For

# of Votes
Withheld

% of Votes
Withheld

Ron Ewing

95,557,011

99.31

663,845

0.69

Kristina Walcott

95,500,536

99.251

720,320

0.749

Alvin Jackson

95,263,691

99.005

957,165

0.995

David Knight

95,588,240

99,343

632,616

0.657

Gary Moore

82,186,891

85.415

14,033,965

14.585

Garnet Dawson

83,083,990

86.347

13,136,866

13.653

Gregory Hanks

95,588,962

99.343

631,894

0.657

Glen Dickson

81,101,224

84.287

15,119,632

15.713

Reagan Glazier

96,161,212

99.938

59,644

0.062

At the Meeting, the Company's shareholders also approved the appointment of Davidson & Company LLP, Chartered Professional Accountants as the auditors of the Company for the ensuing year.

Each of the matters voted upon at the Meeting is discussed in detail in the Circular, which is filed under the Company's profile at www.sedar.com .

About Freegold Ventures Limited

Freegold is a TSX listed company focused on exploration in Alaska and holds through leases the Golden Summit Gold Project, near Fairbanks , as well as the Shorty Creek Copper –Gold Project near Livengood. Drilling remains ongoing at Golden Summit.

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2021 filed under Freegold's profile at www.sedar.com for a detailed discussion of the risk factors associated with Freegold's operations.

SOURCE Freegold Ventures Limited

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2022/30/c3703.html

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Bravada Announces the Extension of the Expiry Date of Certain Common Share Purchase Warrants and Updates Wind Mountain Program

Bravada Announces the Extension of the Expiry Date of Certain Common Share Purchase Warrants and Updates Wind Mountain Program

Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (OTCQB: BGAVF) (the "Company" or "Bravada") reports that the Company will be extending the exercise period of a total of 6,434,000 share purchase warrants, all of which are exercisable at $0.12 per share (collectively, the "Warrants"). The Warrants were issued on July 23, 2018, pursuant to a private placement (see news release NR-07-18) and are scheduled to expire on July 23, 2022. The Company proposes to extend the expiry by one (1) year, and accordingly, the new expiry date for the warrants will be July 23, 2023.

All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to acceptance by the TSX Venture Exchange.

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Snowline Gold Encounters Widespread Mineralization in 340 Metre Step-Out at Its Valley Zone and Mobilizes Second Drill

Snowline Gold Encounters Widespread Mineralization in 340 Metre Step-Out at Its Valley Zone and Mobilizes Second Drill

  • Moderate to intense sheeted quartz veins throughout 415 m drill hole at Valley (V-22-007), with 26 instances of trace visible gold noted from 19 m to 388 m depth
  • Hole represents 340 m step-out along strike of system from 2021 discovery drilling
  • Second drill now active at Valley; its first hole (V-22-008) encountered sheeted quartz mineralization 460 m away from nearest drill hole
  • Drilling ongoing, with assay results and full drill core evaluations pending.

Snowline Gold Corp. (CSE:GD)(OTCQB:SNWGF) (the "Company" or "Snowline") is pleased to announce that it has encountered 415 m of nearly continuous mineralization downhole from bedrock surface in V-22-007 at its Rogue Project's Valley Zone in Canada's Yukon Territory. Hole V-22-007 was a 340 m step-out along-strike to the southeast of 2021 drill hole V-21-003 (which intersected 168.65 m averaging 1.25 gt Au from bedrock surface). A second drill rig mobilized to site and has completed drilling V-22-008, which intersected sheeted quartz veins 460 m from the nearest hole to date, further expanding the footprint of known mineralization at Valley

Snowline Gold Corp., Thursday, June 30, 2022, Press release picture

Snowline Chair and Director Craig Hart comments that "I've seen a lot of rocks and a lot of drill core from many intrusion-related gold systems, but these Valley intersections have the most intense vein densities I've ever seen. There are overprinting vein generations and varying vein orientations which is unusual and further indicates a very robust mineralizing system. To see these vein densities over significant widths is very encouraging. The numerous observations of visible gold and bismuthinite indicate that the system is mineralized, but of course the assay results are required before we get too excited." Dr. Hart is a globally recognized expert in intrusion-related gold systems.

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