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Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce that it has entered into a definitive option agreement (the "Agreement"), dated July 25, 2025, with Neu Horizon Uranium Limited ACN 653 749 145 (the "Optionee"), a private Australian arms-length party. Pursuant to the Agreement, the Optionee will be granted the option (the "Option") to acquire an eighty percent interest in The Woods Uranium Projects ("The Woods" or the "Projects") located on the northern margin of the Athabasca Basin, Saskatchewan (Figure 1).
Figure 1: The Woods Uranium Projects – District-Scale Opportunity (CNW Group/Fortune Bay Corp.)
The Woods Highlights:
- District-scale opportunity, including five projects covering approximately 40,000 hectares.
- A dominant land position along the Grease River Shear Zone ("GRSZ") within 30 kilometres of the northern Athabasca Basin margin.
- The GRSZ is significantly underexplored relative to other major Athabasca Basin structures (less than 20 historical drill holes northeast of Fond du Lac, and only 3 historical drill holes on the Projects).
- Geological settings and structural features are prospective for; 1) unconformity-related basement-hosted uranium deposits, 2) magmatic intrusive uranium deposits and, 3) rare earth element ("REE") deposits.
- Abundant historical uranium and REE showings, and the highest lake sediment uranium anomalies in Saskatchewan.
Dale Verran, CEO of Fortune Bay, commented: "We are pleased to have executed a Definitive Option Agreement with Neu Horizon for the advancement of The Woods Uranium Projects. This partnership combines strong technical capabilities and capital markets expertise to accelerate exploration efforts on these high-potential projects at a time of strengthening uranium market fundamentals. The transaction reflects our disciplined approach to capital allocation—prioritizing spend on our core gold assets at Goldfields and Poma Rosa—while unlocking blue-sky potential from earlier-stage projects through partnerships that preserve upside for our shareholders."
Martin Holland, Executive Chairman of Neu Horizon Uranium, added: "We're pleased to have successfully closed the earn-in agreement with Fortune Bay and to partner with an experienced in-country team, complementing Neu's strong technical expertise. With this foundation in place, we're eager to hit the ground running and carry out substantial work to position the project for drilling ahead of our planned ASX IPO in Q1 2026."
Key Terms
Consistent with the Letter of Intent (the "LOI") signed in May, 2025, the Option is exercisable by the Optionee completing staged cash payments and share issuances, and incurring the following exploration expenditures on the Project:
Cash | Consideration | Exploration | Interest Earned | |
Signing of Definitive Agreement | A$50,000 | A$50,000 | Nil | 80 % |
31 December 2025 | Nil | A$200,000 | A$700,000 | |
31 December 2026 | Nil | A$500,000 | A$2,300,000 | |
Total | A$50,000 | A$750,000 | A$3,000,000 |
The Company will act as the operator during the Option period and will be entitled to charge a management fee of 10% of expenditures incurred on the Projects. A participating Joint Venture ("JV") will be formed at the end of the Option period, consistent with customary JV Terms. The JV will allow for dilution and should the Company's interest fall below 10% the Company will be granted a 2% net smelter returns ("NSR") royalty. One-half (1%) of the NSR may be purchased at any time prior to commercial production for a cash payment of A$5 million, subject to Consumer Price Index increase.
Further Projects details are provided in the Company's News Release dated May 29, 2025.
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 referenced in the "Woods Highlights" section derive from the Saskatchewan Mineral Deposits Index. The lake sediment uranium anomalism referred to in the same section refers to historical results derived from the Saskatchewan Mineral Assessment Database file number 74O09-0004, in comparison with the open-source regional Saskatchewan lake sediment geochemistry database available on the Government of Saskatchewan Mining and Petroleum GeoAtlas. 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 an exploration and development company with 100% ownership in two advanced gold projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Poma Rosa 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.
About Neu Horizon
Neu Horizon is a public unlisted Australian company focused on discovering and developing Tier 1 uranium deposits in premier exploration jurisdictions. Through this exciting new partnership with Fortune Bay, the company has access to a dominant land package with over 100,000ha of prime exploration ground covering three projects in Sweden and five projects in Canada.
Sweden is Europe's leading mining nation and also hosts the world's largest low-grade uranium resource within the Alum-shale, where Neu Horizon has a significant landholding. The company aims to take advantage of the Swedish Government's plans to lift the 2018 moratorium on uranium exploration and mining to delineate a significant European uranium deposit.
Canada's Athabasca Basin is the world's leading source of high-grade uranium. Access to this land package along the northern rim of the basin provides Neu Horizon direct access to this underexplored uranium exploration frontier.
These strategic projects align Neu Horizon with the global demand for clean, sustainable and low-carbon energy, by taking advantage of both countries' rich uranium resources and supportive mining legislation.
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.
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Fortune Bay
Overview
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQX:FTBYF) is a mineral exploration and development company focused on creating value by advancing its fully owned gold asset in Saskatchewan – Canada’s top-ranked mining jurisdiction. The company also has two uranium assets in the prolific Athabasca Basin, and a gold-copper asset in Chiapas, Mexico, providing additional value to shareholders.
The company’s current exploration work is centered on its Goldfields Project, an advanced gold asset approximately 13 kilometers from Uranium City in Saskatchewan. Fortune Bay’s two uranium projects - Strike and Murmac - are also located in proximity to Uranium City. The Goldfields Project is home to the historical Box mine which previously produced 64,000 ounces of gold. It has significant open-pit constrained mineral resource, including indicated mineral resource of 980,000 ounces of gold (23.2 million tonnes at an average grade of 1.31 grams per ton), and inferred mineral resource of 211,000 ounces of gold (7.1 Mt at an average grade of 0.92 g/t). The project has existing infrastructure, including a powerline to the site, and a valid permit for a mine and mill development – key differentiators from other Canadian gold projects.
The most recent preliminary economic assessment (PEA), dated October 31, 2022, shows that Goldfields has potential to become a highly profitable open-pit gold mine. The study produced robust economics with an after-tax net present value (discount rate 5 percent) of C$285 million, internal rate of return of 35.2 percent and a payback of 1.7 years, estimated with gold price of US$1,650 per ounce. The PEA was produced by Ausenco Engineering Canada Inc., one of the most experienced and reputable engineering firms working on gold projects in Canada.
Site Layout (2022 PEA)
Fortune Bay’s Strike and Murmac uranium projects are both 100-percent-owned and provide the company with a dominant land position of high-grade, unconformity-related targets in the Uranium City area (Canada’s original uranium mining district) in northern Saskatchewan. The projects are located on the margin of the Athabasca Basin, in a geological setting similar to the recent discoveries of Arrow (Nexgen Energy) and Triple R (Fission Uranium). Both projects host numerous historical high-grade uranium occurrences and have the right geological ingredients for the high-grade unconformity-related deposits that make the Athabasca Basin world-famous. Uranium City is a historical mining hub and the area is endowed with infrastructure including an airport, maintained roads and a powerline from a hydro-station that runs in proximity to both projects.
Uranium mineralization was discovered in multiple drill holes during the first phase of exploration drilling in 2022. These results have validated the exploration model, confirmed the highly prospective nature of the target areas, and provide focus for subsequent drilling campaigns.
Fortune Bay offers investors a highly attractive opportunity to engage not only with an advanced gold asset with drill-defined mineral resources, but also an entry point into the prolific Athabasca Basin. This diversified asset base provides the company with resilience against changing market conditions, commodity prices and other factors.
Fortune Bay is poised for growth as it advances its three Saskatchewan projects, with the potential to deliver value catalysts from project advancement, resource expansion and grassroots discovery.
Fortune Bay’s management team has more than 20 years of combined Athabasca exploration experience including with Denison Mines (TSX:DML), Fission Uranium (TSX:FCU) and Cameco (TSX:CCO), and a proven track record of discovery, resource expansion and shareholder value creation. The company’s team led the C$351-million sale of Brigus Gold Corp. and was responsible for the discovery of more than 40 million ounces of gold in Colombia with AngloGold Ashanti (JSE:ANG).
Company Highlights
Strike and Murmac Uranium Projects- A diversified asset base in northern Saskatchewan includes an advanced gold project and two early-stage uranium projects.
- Recently completed NI 43-101 preliminary economic assessment for Goldfields supports an open-pit gold mining operation with low capital cost and a high rate of return over an 8.3-year mine life, with an average annual production of 101,000 ounces of gold.
- Initial exploration drilling on uranium projects has discovered uranium in multiple drill holes. The uranium occurs within the right settings for high-grade deposits related to the Athabasca Basin.
- A pipeline gold-copper asset in Mexico that includes a gold deposit and numerous exploration targets.
- Fortune Bay is led by a strong management and technical team with decades of experience and a proven track record of discovery, resource expansion, project development and shareholder value creation.
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Exploring for High-grade Uranium in the Athabasca Basin
FORTUNE BAY PROVIDES UPDATE ON PARTNER-FUNDED URANIUM EXPLORATION IN SASKATCHEWAN
Airborne survey underway at The Woods; drilling at Murmac set to commence mid-September
Fortune Bay Corp. (TSXV: FOR,OTC:FTBYF) (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 .
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,OTC:FTBYF, 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
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.
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FORTUNE BAY ANNOUNCES ADDITIONAL URANIUM STAKING AND PROVIDES UPDATE FOR MURMAC AND STRIKE URANIUM PROJECTS
Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of two additional uranium projects through staking on the north-central margin of the Athabasca Basin, in proximity to the Company's recently announced Spruce Pine and Aspen Uranium Projects (Figure 1).
Gareth Garlick , Technical Director for Fortune Bay, commented "The acquisition of the Birch and Fir projects adds to our growing uranium portfolio of newly acquired, 100% owned projects on the north-central margin of the Athabasca Basin. This extensive portfolio now totals five new uranium projects covering over 40,000 hectares and provides Fortune Bay with further opportunity to create value through exploration and/or transactional success. The Birch and Fir projects have known uranium endowment with historical occurrences of up to 55.1% U 3 O 8 , in addition to Rare Earth Element potential with historical outcrop grades of up to 2.4% Total Rare Earth Elements."
In addition, the Company reports on progress for its Murmac and Strike Uranium Projects ("Murmac" and "Strike"), located on the north-western margin of the Athabasca Basin of Saskatchewan , for which an Option Agreement was recently signed.
Dale Verran , CEO for Fortune Bay, commented, " We are delighted with the progress Aero Energy Limited has made for Murmac and Strike, with exploration drilling planned to commence in the coming months. Together with Aero's award-winning technical advisory team, operational planning and prioritization of drill targets is well underway. Murmac and Strike present significant opportunity for the discovery of high-grade, basement-hosted uranium and we look forward to working with Aero to advance exploration, while retaining upside in future discovery."
Newly Staked Uranium Projects
Birch Project
The Birch Uranium Project ("Birch") comprises four mineral claims totalling 5,751 hectares located approximately 35 kilometres north of the Athabasca Basin margin, and has potential for unconformity-related, basement-hosted deposits and bulk tonnage Rössing-style uranium deposits. Birch remains underexplored with no drilling to date.
As follow-up to Government regional airborne radiometric surveys, historical prospecting between 1968 and 1970 identified widespread and voluminous uranium-bearing pegmatites in the Box Lake Area (Figure 1 – Birch Project Block A). Individual pegmatites were traced over lengths exceeding 150 metres and widths exceeding 30 metres, with average sampled grades ranging from 200 to 300 ppm. Notably, higher grades were also recorded where structures could be sampled with grades between 0.22% and 0.36% U 3 O 8 . Uranium mineralization included uraninite and carnotite staining. Exploration is warranted to, 1) re-investigate the pegmatite uranium occurrences, 2) establish the nature and extent of the structurally-associated higher grade uranium mineralization (which would be expected to predominantly occur in low-lying areas with sediment/water cover), and 3) explore for extensions of these two types of mineralization to the south-southwest into a large favorable hinge zone target area of structural complexity which appears to be largely unexplored. To the south (Figure 1 – Birch Project Block B), ground radiometric anomalies were identified during historical prospecting at Miller Lake (equivalent uranium grades of up to 861 ppm eU), within a smaller hinge zone, also warranting modern follow-up.
Fir Project
The Fir Uranium Project ("Fir") comprises a single mineral claim of 794 hectares located approximately ten kilometres north of the Athabasca Basin margin, and has potential for unconformity-related, basement-hosted deposits and bulk tonnage Rössing-style uranium deposits. Fir remains underexplored with no drilling to date.
A historical pebble sample assayed 55.06% U 3 O 8 , one of several radioactive pebbles found in a low-lying area covered by muskeg. An additional historical uranium occurrence of 0.24% U 3 O 8 from an outcrop sample is present 400 metres to the southeast. The area is characterized by interpreted structural complexity at the intersection of east and northeast trending structures. Follow-up of the occurrence was limited to localized prospecting, and the occurrence warrants more detailed systematic follow-up, particularly in low-lying areas with surficial cover where structures are likely to exist.
In addition to the uranium potential, pegmatite outcrops enriched in Rare Earth Elements ("REE") were discovered during historical prospecting for uranium. This included an outcrop sample of 2.4% Total Rare Earth Elements ("TREE"), and a 400 x 200 m outcrop of "white granodiorite" displaying broadly elevated TREE content and highlight grades from four samples of 1.1% to 1.9% TREE. High-value Nd and Pr account for approximately 20% of the TREE content. These historical REE occurrences warrant follow-up to determine the extent and grades of the mineralization. Far northern Saskatchewan has a precedent for high-grade pegmatite REE deposits, including Alces Lake (grades up to 30% TREE), Bear Lake (16% TREE rock sample), and Hoidas Lake (historical NI 43-101 mineral resource estimate including 2.6 million tonnes at 2% TREE).
Similar to other recently announced uranium projects, Fortune Bay may seek to find a suitable partner/s to advance the Birch and Fir Projects through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.
Murmac and Strike Update:
- On December 18, 2023 Fortune Bay Corp. announced that it had entered into an "Option Agreement" whereby 1443904 B .C. Ltd., an arms-length private company, was granted the right to acquire up to a 70% interest in the wholly-owned Murmac and Strike Uranium Projects over a three-and-a-half-year period by funding C$6 million in exploration expenditures, making cash payments totalling C$1.35 million , and issuing C$2.15 million in common shares following completion of a going public transaction (see News Release for further details)
- On February 8, 2024 , Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: 13L0) ("Aero") completed the acquisition of 1443904 B .C. Ltd. pursuant to the terms of a share purchase agreement, thereby completing the going public transaction. Concurrent with completion of the acquisition, the Company has changed its name from "Angold Resources Ltd." to "Aero Energy Limited".
- On February 13, 2024 Aero announced a non-brokered private placement for aggregate gross proceeds of $5,000,000 . The gross proceeds received from the sale of the Flow-Through units and the Charity Units will be used for work programs on Aero's optioned properties including Murmac, Strike and Sun Dog (owned by Standard Uranium Ltd.), all located along the northwestern margin of the Athabasca Basin of Saskatchewan .
- In accordance with the Option Agreement Fortune Bay has received the initial $200,000 cash payment and the initial $200,000 in common shares (1,333,333 shares using a transaction price of $0.15 per share).
- Planning is ongoing for drilling programs to commence at Murmac and Strike during 2024 on numerous high-priority targets that have been identified with the potential for a high-grade basement-hosted uranium discovery.
Correction to Previously Announced Deferred Share Unit Grant
On January 10, 2024 , the Company announced the grant of Deferred Share Units ("DSUs") to certain directors and officers. It was noted that 150,000 DSUs were granted to the directors of the Company to settle director fees for the year ended December 31 , 2023. The number of DSUs granted should have been stated to be 200,000. The DSUs will vest in accordance with the Company's deferred share unit plan.
Technical Disclosure
The historical 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 also cautions that historical results on adjacent properties are not necessarily indicative of the results that may be achieved on the Project. The Company considers these historical results relevant to assess the mineralization and economic potential of the property. Further details regarding the historical occurrences mentioned in this news release can be found within the Saskatchewan Mineral Deposit Index ("SMDI") using the reference numbers provided in Figure 1. Additional information has been obtained from historical reports found within Saskatchewan Mineral Assessment Database ("SMAD") with the following Assessment File Numbers 74O10-0002, 74O10-0003, 74O10-0008 (Birch Project), and 74O09-0023, MAW02300 (Fir Project). Details regarding the other REE occurrences in far northern Saskatchewan can be found using the following references/links: Alces Lake: Appia Rare Earths and Uranium Corp. ( https://appiareu.com/alces-lake/ ); Bear Lake : SMDI#3571; Hoidas Lake: SMDI#1612.
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 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 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.
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FORTUNE BAY ACQUIRES THE ASPEN URANIUM PROJECT IN NORTHERN SASKATCHEWAN
Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Aspen Uranium Project ("Aspen" or the "Project"). The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company's recently announced Spruce Uranium Project and Pine Uranium Project .
Aspen Uranium Project Highlights:
- Large-scale land package covering 9,869 hectares located in proximity to the northern rim of the Athabasca Basin (Figure 1).
- Includes extensive anomalous uranium results from historical surface sampling, including;
- The highest regional lake sediment uranium anomaly in Saskatchewan of 989 ppm U, within the Geological Survey of Canada data compilation.
- Historical exploration samples collected during the late 1970's identified extensive lake sediment anomalies within the Property, with values averaging 302 ppm U from 439 samples collected, including seven samples with values exceeding 1,000 ppm U (maximum 1,870 ppm U).
- Historical muskeg samples within the Property averaged 2,007 ppm U from 24 samples collected, including a maximum value of 10,400 ppm U.
- Historical surface prospecting, limited to areas of outcrop, failed to identify a bedrock source of this uranium anomalism and no drilling has been completed on the Project to date despite compelling support for the possible presence of a uranium deposit/s within the Project area.
- The application of modern exploration methods, including high-resolution airborne electromagnetic ("EM") survey, presents an opportunity for discovery in an area where overburden and small lakes cover prospective graphitic lithologies (softer) and structural corridors.
" The surface endowment of uranium across the Aspen Project is extraordinary with values in surface sample media equivalent to, or greater than, uranium ore grades elsewhere in the world. We are excited to apply our team's extensive uranium skill set, together with a modern, systematic exploration approach to unravel the nature, extent and cause of this exceptionally high anomalism with the potential to deliver a near-surface uranium discovery." commented Dale Verran , CEO for Fortune Bay.
Mr. Verran further added, "The acquisition of the Aspen Project reflects our continued efforts since 2021 to seek-out, and acquire, highly prospective uranium projects in the world's premier district for high-grade uranium. Adding a fifth project to our growing uranium portfolio provides the Company with additional discovery opportunity and the potential to create value for our stakeholders."
The Aspen Uranium Project
The Project comprises seven mineral claims covering an area of 9,869 hectares, located approximately 30 kilometres north of the Athabasca Basin, and approximately 35 kilometres northwest of the town of Stony Rapids . The Company's Pine and Spruce Uranium Projects are located approximately 10 kilometres and 25 kilometres to the southwest, respectively. The three newly acquired projects cover approximately 35,000 hectares including 25 kilometres of strike length along the Grease River Shear Zone ("GRSZ"), a major underexplored structural corridor with potential for Athabasca-style basement-hosted deposits. The Aspen claims were acquired through staking, apart from a single claim of 595 hectares that was acquired from a third-party, arms-length vendor for a small cash payment and a 2% Net Smelter Returns ("NSR") royalty. One-half of the NSR royalty can be purchased from the vendor at any time for C$500,000 .
Historical Exploration and Uranium Endowment
This section provides a summary of relevant results from historical exploration. The reader is referred to the Technical Disclosure section at the end of this news release for appropriate cautionary language and details on the sources of this information.
During the late 1970's historical operators undertook surface sampling campaigns and airborne geophysical survey as follow-up to an initial, highly anomalous, regional lake sediment result of 989 ppm U in Perron Lake. Surface sampling and follow up of radiometric anomalism included lake sediment sampling, muskeg sampling, and rock chip sampling. A statistical summary of the surface sampling results (as compiled from historical assessment reporting) is provided in Table 1, and sample locations and results are shown in Figure 1. These surface sampling campaigns identified exceptionally high uranium anomalism within organic-rich sample media (lake sediments and muskeg).
Table 1: Statistical Summary of Historical Surface Sampling Results.
| | Lake Sediment Samples | Muskeg Samples | Rock Chip Samples |
| Number of Samples | 439 | 24 | 291 |
| Average (U ppm) | 302 | 2,007 | 7 |
| Max (U ppm) | 1,870 | 10,400 | 140 |
| Min (U ppm) | 1 | 345 | 0 |
| Standard Deviation (U ppm) | 238 | 2,225 | 10 |
More detailed investigation of the lake sediment anomalies was conducted at Perron Lake during the late 1970's, where the initial regional sample yielding 989 ppm U was collected. Perron Lake is located in the south-central area of the Project and has a surface area of approximately 122 hectares. Work included the collection of 53 lake sediment samples on a rough grid that yielded an average of 533 ppm U (maximum 1,870 U ppm, minimum 19 ppm U), as shown in Figure 1. In addition, three pipe core holes were completed within Perron Lake, with an additional hole completed within a smaller neighbouring lake to the west. The objectives of the pipe core holes were to investigate the nature of the lake sediment profile and to define the distribution of uranium, and other uranium pathfinder elements (copper and nickel). Overall, this coring revealed a lake sediment profile consisting of upper organic material transitioning to lower clay-rich sediments. In three of the four holes completed the uranium contents increased with depth (up to a maximum concentration of 900 ppm U). These anomalies remain open at depth, as shown in Figure 2, potentially indicating bedrock sources beneath the lakes.
Rock chip sampling, restricted to available outcrop, was completed along select traverses and near lakes with uranium sediment anomalies to identify potential bedrock sources. While one encouraging value of 140 ppm U was received, the remainder of the values were relatively low with an overall average of 7 ppm U (Table 1). These values are within the typical ranges of average abundances within granitic rocks of 3 to 5 ppm U (Levinson, 1974).
Unable to locate a bedrock source (i.e. a uranium deposit) from surface prospecting, historical operators postulated that the uranium anomalism in lake sediments could derive from leaching of uranium from a regional background of rocks with above average concentrations in uranium, however no such rocks were discovered within the catchment areas of the anomalous lakes.
More recent exploration work was completed by historical operators between 2007 and 2015. Work comprised airborne geophysical surveying, including radiometrics, magnetics and electromagnetics (XDS-VLF-EM). These surveys identified numerous radioactively elevated (uranium) zones, significant structural lineaments, and shallow conductive features possibly representing faults and/or graphitic units. Very limited follow-up field work was completed, including reconnaissance rock chip sampling (total of 15 samples) and localized scintillometer prospecting. Results were highlighted by a rock chip sample of sheared granitic outcrop containing 1,870 ppm U collected along a northwesterly trending fault/pegmatite zone, which extends beneath Perron Lake. The remainder of the rock chip samples uranium values were typically low and broadly consistent with samples collected during the late 1970's, again failing to locate a source for the exceptionally high uranium anomalism.
Geology
The Project is located approximately 30 kilometres north of the present-day margin of the Athabasca Basin sandstones. Basement geology comprises Precambrian pelitic schists and gneiss that have been intruded by post-tectonic granites, granodiorites and pegmatitic granites. Outcrop exposure is common, but significant areas are covered by thin glacial deposits, muskeg/swamps or small lakes.
Historical prospecting work during the late 1970's identified graphite-rich lithological units, which are typically soft and weather preferentially, occurring in valleys with surficial cover. These graphite-rich units would therefore not have been properly mapped/prospected and would form prime exploration targets for Athabasca Basin-style, high-grade, basement-hosted uranium in accordance with more recent exploration models.
At the southern extent of the Project, six kilometres of prospective strike length is present along the Grease River Shear Zone ("GRSZ"), a crustal-scale structural corridor, including major structural splays that trend northeastward through the Project area for up to 10 kilometres. Numerous other prospective structural zones have been identified throughout the Project area, trending northeast and northwest, all of which could provide suitable settings for Athabasca Basin-style basement-hosted mineralization or Rössing-style mineralization. Prospective structural zones typically manifest as low-lying areas (negatively weathered) and are covered by glacial deposits, muskeg/swamps or small lakes, thus masking potential mineralization from historical radiometric survey and surface prospecting.
Next Steps
The source of the exceptionally high uranium anomalism in lake sediments and muskeg remains unresolved and a modern, systematic exploration approach is warranted to develop targets for ground follow-up and drill testing. Next steps are planned to include:
- Desk-top Prioritization of Target Areas: Detailed integrated interpretation of existing historical datasets, regional government data, and satellite imagery to delineate potential target areas, including the identification of favorable lithological and structural settings for Athabasca Basin-style basement-hosted mineralization or Rössing-style mineralization.
- Field Data Verification and Investigation: Verification of historical datasets is planned, to include ground-truthing of uranium anomalies. Scope of work to include scintillometer surveying and geochemical sampling.
- Drill Target Definition: Drill targets are expected to be defined through high-resolution airborne EM surveying (e.g. VTEM TM ), followed by geological mapping and systematic ground geochemical and geophysical survey, as applicable.
Similar to other recently announced uranium projects, Fortune Bay may seek to find a suitable partner to advance the Project through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.
Technical Disclosure
The historical 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. These results have been captured from Saskatchewan Mineral Assessment Database ("SMAD") reporting as available and may be incomplete or subject to minor location inaccuracies. The Company considers these historical results relevant to assess the mineralization and economic potential of the property.
Details on the sources of information contained within this News Release:
- Work completed during the late 1970's was undertaken by the Saskatchewan Mining Development Corp. (SMAD reference 74O07-0032) and by Uranerz Exploration and Mining Limited (SMAD references 74O09-0003, 74O09-0004, 74O09-0019 and 74O09-0020).
- Work completed between 2007 and 2015 was undertaken by CanAlaska Uranium Ltd. (SMAD references 74O09-0023,74O09-0024, 74O08-0076) and by Fission 3.0 Corp. (SMAD reference MAW01857).
- Regional lake sediment data is derived from the Geological Survey of Canada ("GSC") digital compilation dataset, published 20 November, 2019 and most recently modified 9 November, 2023 , available at the following link: https://open.canada.ca/data/dataset/0199fc8a-75bc-16cc-189d-4d88af556030 , which contains information licensed under the Government of Saskatchewan Standard Unrestricted Use Data Licence (Version 2.0).
- Levinson A.A. (1974), Introduction to Exploration Geochemistry. ISBN 10: 0915834014 / ISBN 13: 9780915834013. Published by Applied Publishing Ltd., Wilmette.
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 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 the Strike, Murmac, Spruce and Pine uranium exploration projects, in northern Saskatchewan , 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
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.
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FORTUNE BAY ANNOUNCES ACQUISITION OF THE PINE URANIUM PROJECT IN NORTHERN SASKATCHEWAN
Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Pine Uranium Project ("Pine" or the "Project") through staking over the past several months. The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company's recently announced Spruce Uranium Project .
Pine Uranium Project Highlights:
- Large-scale land package covering 17,688 hectares located in proximity to the northern rim of the Athabasca Basin ("Basin") (Figure 1).
- Potential for high-grade, basement-hosted uranium deposits along approximately thirteen (13) kilometres of the Grease River Shear Zone ("GRSZ"), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
- Additional potential for bulk tonnage Rössing-style uranium deposits associated with abundant, historically recognized, uranium-bearing leucogranites and pegmatites. Limited historical prospecting yielded Rössing-style surface uranium showings of 0.17% U 3 O 8 (1,442 ppm U) and 0.10% U 3 O 8 (848 ppm U), and a trenching result of 509 ppm U over 24.7 metres.
- No modern airborne radiometric surveying completed over approximately 60% of the Project, and no modern airborne electromagnetic surveying.
- Regionally, the area is characterized by the highest lake sediment uranium anomalies in Saskatchewan , including values up to 435 ppm U within the Project area.
- No drilling conducted on the property to date.
Dale Verran , CEO for Fortune Bay, commented, " Combined, our Spruce and Pine Uranium Projects cover approximately 20 kilometres of the Grease River Shear Zone, providing Fortune Bay with a dominant land position of this major structural corridor within 25 kilometres of the Athabasca Basin margin. The corridor is significantly underexplored relative to other major, Basin-margin structural corridors that have yielded significant Athabasca Basin-style, basement-hosted uranium discoveries. Historical exploration has demonstrated the corridor to be prospective for basement-hosted mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences. The potential for Rössing-style uranium deposits adds an additional dimension to the Pine Uranium Project. Average uranium ore grades for the Rössing and Husab open-pit mines in Namibia are in the order of 350 ppm and 500 ppm, respectively. There is a precedent for these grades, and greater, associated with similar rock types historically identified within the Project area. The promising results from regional reconnaissance-style exploration by historical operators, and the extensive nature of the uranium mineralization in lake sediments, highlight the potential for future discovery."
The Pine Uranium Project
Potential for Athabasca Basin-Style, Basement-Hosted Uranium Deposits
The Project hosts 13 kilometres of prospective strike length along the Grease River Shear Zone ("GRSZ"), a crustal-scale structural corridor up to five kilometres wide. Unlike other major structural zones in the Athabasca Basin, that have yielded large high-grade uranium discoveries, the GRSZ has seen very limited exploration to date. Historical exploration has demonstrated the GRSZ to be prospective for Athabasca Basin-style, basement-hosted uranium mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences. Historical airborne radiometric survey conducted in 2007 over a portion of the Project shows compelling uranium anomalies along the GRSZ, which warrant further investigation. Modern airborne electromagnetic surveying is warranted to identify prospective conductors for targeting. In addition, of the 13 kilometres of strike length along the GRSZ within the Pine Project, five kilometres has not been subject to modern radiometric survey (historical Government surveys were flown on a five kilometre line spacing).
Potential for Rössing-style Uranium Deposits
Regionally, the Project area is characterized by abundant uranium-bearing pegmatites and leucogranites, similar rock-types to those that host the lower-grade, high-tonnage uranium deposits mined in Namibia . Limited historical prospecting identified grades within these rock-types ranging up to 0.17% U 3 O 8 (1,442 ppm U). Considering the limitations of the historical exploration in conjunction with the significant extents of cover till and small water bodies, there is potential to discover commercially viable deposits of this type through the identification of suitable structural settings and the application of a modern systematic exploration approach.
Table 1: Summary of Preliminary Uranium Target Areas.
| Target Area | Description |
| Target Area A
Unconformity- |
|
| Target Area B
Northern
Rössing-style potential |
|
| Target Area C
Southern
Rössing-style potential |
|
| Target Area D
Northern Area
Rössing-style |
|
| Notes: | |
| (1) | Hunt Falls Uranium Occurrence SDMI# 1598, Fosago Explorations Limited (1974) SMAD 74O09-0001 |
| (2) | Uranerz Lake Sediment Sampling (1977), SMAD (74O09-0019) |
| (3) | CanAlaska Uranium Ltd. (2011) SMAD 74O08-0076 |
| (4) | CanAlaska Uranium Ltd. (2008) SMAD 74O09-0024 |
| (5) | Acroll Oil Zone A Uranium Showing, Acroll Oil Zone B Uranium Showing, Zone C Uranium Showing or the Brenda Uranium Showing SDMI#1591 |
| (6) | Uranerz Lake Sediment Sampling (1977), SMAD (74O09-0019) |
| (7) | Fulcrum Metals PLC news release September, 7 2023 |
| (8) | Sample TP012 SDMI# 5376, CanAlaska Uranium Ltd. (2008) SMAD 74O09-0024 |
Next Steps
The Project warrants a modern, systematic approach to evaluate the two aforementioned target models across the whole project area.
Next steps are planned to include:
- Desk-top Prioritization of Target Areas: Existing historical data (geochemical and airborne geophysical surveys), regional government data, and satellite imagery provide valuable information to commence finalization of target areas, which would include the identification of favorable lithological and structural settings for the two target models.
- Field Data Verification and Investigation: Verification of historical datasets is planned within finalized target areas, to include ground-truthing of uranium occurrences. Scope of work to include geological mapping, scintillometer surveying and grab sampling.
- Drill Target Definition: Drill targets are expected to be defined through complimentary airborne geophysical surveying including electromagnetics and radiometrics, as applicable, followed by field mapping and prospecting. Geochemical surveys (e.g. soils) may be warranted based on assessments of suitable sample media.
Fortune Bay intends on finding a suitable partner to advance the Project through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.
Technical Disclosure
The historical 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 historical results relevant to assess the mineralization and economic potential of the property. The Company also cautions that historical results on adjacent properties are not necessarily indicative of the results that may be achieved on the Project. Further details regarding the historical occurrences noted in this news release can be found within the Saskatchewan Mineral Deposit Index ("SMDI") or Saskatchewan Mineral Assessment Database ("SMAD") using the reference numbers provided as footnotes to Table 1. Details regarding the Fond du Lac Uranium Deposit can be found in the publication by Homeniuk, L A, Clark, R. J., and Bonnar, R., Eldorado Nuclear Limited, CIM Bulletin May,1982. " Fond-du-Lac uranium deposit".
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, 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 Strike, Murmac and Spruce uranium exploration projects, in northern Saskatchewan , 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.
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.
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FORTUNE BAY ANNOUNCES ACQUISITION OF THE SPRUCE URANIUM PROJECT IN NORTHERN SASKATCHEWAN
Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Spruce Uranium Project ("Spruce" or the "Project") through staking over the past several months. The Project is located within the north-central margin of the Athabasca Basin, near the community of Fond du Lac and comprises four mineral claims covering 6,855 hectares (Figure 1).
Highlights:
- Located in proximity to the northern rim of the Athabasca Basin ("Basin") with potential for high-grade, basement-hosted uranium deposits.
- Covers over six (6) kilometres of prospective strike length along the Grease River Shear Zone ("GRSZ"), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
- The GRSZ is significantly underexplored relative to other major, Basin-margin structural corridors that have yielded significant basement-hosted uranium discoveries (e.g. Arrow, Triple R and Eagle Point).
- Historical surface uranium showings of 1.60% U 3 O 8 and 0.65% U 3 O 8 from limited prospecting.
- Additional Rare Earth Element ("REE") potential, including historical surface REE showings of 3.13% total rare earth element ("TREE"), 1.23% TREE, 0.88% TREE and 0.85% TREE.
- Adjacent to properties held by IsoEnergy Ltd., and Forum Energy Metals Corp. (under option to Traction Uranium Inc.) that recently highlighted prospective conductive trends on the Project through airborne electromagnetic ("EM") surveying.
Dale Verran , CEO for Fortune Bay, commented, " As the uranium market continues to strengthen, with spot prices recently topping US$90 /lb U 3 O 8 , investment in uranium exploration in Saskatchewan's prolific Athabasca Basin is on the rise as explorers search for resources to meet the growing future supply deficit. This timely acquisition provides Fortune Bay with another uranium project to create value for our stakeholders. The Spruce Uranium Project hosts the hallmarks for a high-grade basement-hosted discovery; located on a major structural zone in proximity to the Basin margin with a precedent for mineralization, and limited exploration to date."
The Spruce Uranium Project
The Project is located along the Grease River Shear Zone ("GRSZ"), a crustal-scale structural corridor up to seven kilometres wide. Unlike other major structural zones in the Athabasca Basin, that have yielded the large high-grade uranium discoveries, the GRSZ has seen very limited exploration to date. Historical exploration has demonstrated the GRSZ to be prospective for basement-hosted uranium mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences (Table 1). In addition, the Project includes anomalous lake sediment samples with up to 287 ppm uranium from historical regional datasets, and several airborne radiometric uranium anomalies. Only three historical drill holes have been completed on the Project to date. The 6,855 hectare Project covers over six (6) kilometres of prospective strike length along the GRSZ, within approximately 20 kilometres of the present-day Athabasca Basin margin.
In addition, the Project has potential for REE deposits. The northern region of Saskatchewan has a precedent for high REE grades, exemplified by the Alces Lake, Hoidas Lake and Bear Lake REE projects. Historical REE discoveries on the Project were made while prospecting for uranium and records indicate that these occurrences, including outcrop samples of 3.13% TREE, 1.17% TREE, 0.88% TREE and 0.85% TREE, have not been followed-up.
Table 1: Highlight Historical Uranium Occurrences.
| Project | SMDI# | Name | Grab Sample | Description |
| Spruce | 1577 | CBS 4422 Trench | 0.65% U 3 O 8 | Cross-cutting pitchblende vein hosted in |
| 1589 | Magma Mines Uranium | 1.60% U 3 O 8 | Fault-hosted uranium mineralization in a | |
| 5410 | Sample AM076 | 1,790 ppm U | Rock sample of a white pegmatite outcrop. | |
| 5389 | Sample AM086 | 340 ppm U | Rock sample of an outcrop (unspecified rock type). | |
| 5411 | Sample JR355 | 545 ppm U | Rock sample of a granite outcrop. | |
| 3324 | Samples TP150 & TP151 | 764 ppm U | Rock samples from a white granite outcrop. TREE. | |
| Adjacent Property | 1579 | CBS 4427 Uranium | 0.11% U 3 O 8 | Geochemical sample from lake sediment. |
| 1590 | BURNS Claims Trenches | 0.17% U 3 O 8 | Trench samples from pegmatite with yellow | |
| 3329 | Samples CH129, CH130, CH132, JF011, JF027, | >10,000 ppm U | Samples from white and pink pegmatite | |
| 5637 | Sample AM122 | 8,382 ppm U | Sample from a white granite boulder. | |
| Fond du Lac | 1572 |
The Fond Du Lac Uranium Deposit is located approximately 30 kilometres southwest of the
| ||
| * SMDI# refers to the Saskatchewan Mineral Deposit Index occurrence number. |
Next Steps
The Project warrants a modern, systematic approach to evaluate the GRSZ and other historical uranium and REE occurrences of interest.
Next steps are planned to include:
- Desk-top Prioritization of Target Areas: Existing historical data (geochemical and airborne geophysical surveys), regional government data, and satellite imagery provide valuable information to commence prioritization of target areas, which would include the identification of favorable lithological and structural settings.
- Field Data Verification and Investigation: Verification of historical datasets is planned within prioritized target areas, to include ground-truthing of uranium and REE occurrences. Scope of work to include geological mapping, scintillometer surveying and grab sampling.
- Drill Target Definition: Drill targets are expected to be defined through geophysical surveying including gravity and magnetics and/or additional EM surveys, as applicable. Geochemical surveys may be warranted based on assessments of suitable sample media.
The Company plans to commence the desk-top prioritization of target areas over the coming weeks. Fortune Bay intends on finding a suitable partner to advance the Project through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.
Grant of Deferred Share Units
Fortune Bay announces that effective November 28, 2023 and December 20, 2023 the board of directors of the Company has granted Deferred Share Units ("DSUs") to its directors, officers and employees to satisfy certain director fees and management bonuses in lieu of cash. 150,000 DSUs were granted to the Company's directors to settle director fees for the year ended December 31, 2023 . In addition, 290,000 DSUs were granted to officers and employees in lieu of annual cash bonuses. The DSUs will vest in accordance with the Company's deferred share unit plan.
Technical Disclosure
The historical 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 historical results relevant to assess the mineralization and economic potential of the property. The Company also cautions that historical results on adjacent properties are not necessarily indicative of the results that may be achieved on the Project. Further details regarding the historical occurrences noted in this news release can be found within the Saskatchewan Mineral Deposit Index ("SMDI") using the reference numbers provided in Table 1. Historical assay and scintillometer survey results were captured from assessment reports available in the Saskatchewan Mineral Assessment Database (SMAD) references 74O07-0002, 74O07-0031, 74O09-0023 and 74O09-0024. Historical anomalous lake sediment samples referenced derive from Geological Society of Canada datasets available from the Saskatchewan online GeoAtlas and from assessment report 74O09-0023. Details regarding the Fond du Lac Uranium Deposit can be found in the publication by Homeniuk, L A, Clark, R. J., and Bonnar, R., Eldorado Nuclear Limited, CIM Bulletin May,1982. " Fond-du-Lac uranium deposit".
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, 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 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.
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.
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Navigating Uncertainty: How Trump's Tariffs Are Affecting the Gold Market
Read on to learn how tariffs have affected the gold market and price so far.
How have tariffs affected the gold price?
The gold price has been on the rise since the beginning of the year. After briefly touching the US$3,500 per ounce level in May, it has pulled back and was trading just under US$3,400 as of Tuesday (August 26).
Gold price, January 1 to August 26, 2025.
Chart via TradingEconomics.
Although some of its increase is attributable to the points mentioned above, a significant portion is owed to a lack of information surrounding US President Donald Trump’s tariff policies.
Initially there was no clarity on what or who was being tariffed, or when the levies would ultimately be implemented, and investors started to move into gold for greater stability and portfolio diversification.
Uncertainty about whether gold would be tariffed also had an effect, prompting traders in the US to import physical gold; this created a price differential between New York futures and the London spot price.
Concerns dissipated as the Trump administration began to nail down tariffs, but were reignited once again when US Customs and Border Patrol posted a ruling on July 31 indicating that the 39 percent tariffs against imports from Switzerland would include 1 kilogram and 100 ounce gold bars.
The news caused spot gold to spike more than 3 percent, from US$3,290 to US$3,398, and sent December futures to an all-time high of US$3,549. Meanwhile, traders halted imports of Swiss bars.
After several days of turmoil, Trump said the ruling was incorrect, and the bars would not be included in the tariff measures being applied to other Swiss imports; the gold price then retreated.
How would gold tariffs have impacted the market?
Gold functions as both a commodity and an essential part of the world’s financial system.
One kilogram and 100 ounce gold bars are used to back futures trading, and regular shipments of the metal are needed to settle contracts once they come due. A 39 percent tariff on gold from Switzerland would have been particularly disruptive, as Swiss refineries account for approximately 70 percent of the world’s gold.
According to the UN Comtrade database, in 2024, Switzerland exported more than 1,400 metric tons of unwrought gold worth more than US$106 billion, representing nearly 30 percent of the country’s total exports. Tariffs would have forced US buyers to pay a significant premium for the precious metal versus buyers in London or Shanghai.
Because gold is often used as a store of value in times of uncertainty, any kind of disruption could have had broader implications for investors looking to add stability to their portfolios.
In an email to the Investing News Network (INN), Lauren Saidel-Baker, CFA, an economist with ITR Economics, explained that gold stands out as a unique investment mechanism:
“There are psychological nuances to gold, which is commonly viewed as a safe store of value during uncertain times and an inflation hedge. Overall, the tariff would have added another facet to the already elevated policy uncertainty."
If the tariffs had remained in place, the US gold price would have had to rise to around US$4,700 per ounce to cover levies, while international prices would have remained closer to the US$3,500 mark.
“Tariffs have already complicated supply chains across industries, and this gold tariff would have been another example of added cost and complexity — but in this case, one with the potential to more directly impact investment activities,” Saidel-Baker went on to explain, emphasizing that US investors would have felt the pinch.
Could gold tariffs happen in the future?
Given Trump's unpredictability, especially when it comes to tariffs, it's possible that gold levies could enter the conversation again. However, by and large experts agree that the matter is closed.
“I think it’s pretty clear at this point that there’s no intention to put tariffs on physical gold imports, and I think that would be very damaging and destructive if they did,” Stefan Gleason, CEO of Money Metals, told INN.
Keith Weiner, founder and CEO of Monetary Metals, offered another perspective, saying that although the gold tariff threat is over, the tumult could have long-term effects on the market.
"Once you've put the scare into everybody, you can't just say, 'Oh, sorry, just kidding.' You can't really do that. And so now we've done damage, and we'll see what happens to that spread over time. We'll see how users of the futures market adapt. There are other markets in the world that would be competing for," he explained.
"This hedging business, you know, maybe it moves to Singapore, maybe it moves to Dubai, maybe it moves to London, and the US loses not only a little more trust, but also a little bit of volume on what had been the biggest — or what is currently the biggest — futures market," Weiner added to INN.
Market participants will be watching closely for future impacts on the yellow metal.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
What Was the Highest Price for Gold?
Gold market gurus from Lynette Zang to Chris Blasi to Jordan Roy-Byrne have shared eye-popping predictions on the gold price that would intrigue any investor — gold bug or not.
Some have posited that the gold price may rise as high as US$4,000 or US$5,000 per ounce, and there are those who believe that US$10,000 gold or even US$40,000 gold could become a reality.
These impressive price predictions have investors wondering, what is gold's all-time high (ATH)?
In the past year, gold has reached a new all-time high dozens of times. Find out what has driven it to these levels, plus how the gold price has moved historically and what has driven its performance in recent years.
In this article
How is gold traded?
Before discovering what the highest gold price ever was, it’s worth looking at how the precious metal is traded. Knowing the mechanics behind gold's historical moves can help illuminate why and how its price changes.
Gold bullion is traded in dollars and cents per ounce, with activity taking place worldwide at all hours, resulting in a live price for the metal. Investors trade gold in major commodities markets such as New York, London, Tokyo and Hong Kong. London is seen as the center of physical precious metals trading, including for silver. The COMEX division of the New York Mercantile Exchange is home to most paper trading.
There are many popular ways to invest in gold. The first is through purchasing gold bullion products such as bullion bars, bullion coins and rounds. Physical gold is sold on the spot market, meaning that buyers pay a specific price per ounce for the metal and then have it delivered. In some parts of the world, such as India, buying gold in the form of jewelry is the largest and most traditional route to investing in gold.
Another path to gold investment is paper trading, which is done through the gold futures market. Participants enter into gold futures contracts for the delivery of gold in the future at an agreed-upon price.
In such contracts, two positions can be taken: a long position under which delivery of the metal is accepted or a short position to provide delivery of the metal. Paper trading as a means to invest in gold can provide investors with the flexibility to liquidate assets that aren’t available to those who possess physical gold bullion.
One significant long-term advantage of trading in the paper market is that investors can benefit from gold’s safe-haven status without needing to store it. Furthermore, gold futures trading can offer more financial leverage in that it requires less capital than trading in the physical market.
Interestingly, investors can also purchase physical gold via the futures market, but the process is complicated and lengthy and comes with a large investment and additional costs.
Aside from those options, market participants can invest in gold through exchange-traded funds (ETFs). Investing in a gold ETF is similar to trading a gold stock on an exchange, and there are numerous gold ETF options to choose from. For instance, some ETFs focus solely on physical gold bullion, while others focus on gold futures contracts. Other gold ETFs center on gold-mining stocks or follow the gold spot price.
It is important to understand that you will not own any physical gold when investing in an ETF — in general, even a gold ETF that tracks physical gold cannot be redeemed for tangible metal.
With regards to the performance of gold versus trading stocks, gold has an interesting relationship with the stock market. The two often move in sync during “risk-on periods” when investors are bullish. On the flip side, they tend to become inversely correlated in times of volatility. There are a variety of options for investing in stocks, including gold mining stocks on the TSX and ASX, gold juniors, precious metals royalty companies and gold stocks that pay dividends.
According to the World Gold Council, gold's ability to decouple from the stock market during periods of stress makes it “unique amongst most hedges in the marketplace.” It is often during these times that gold outperforms the stock market. For that reason, it is often used as a portfolio diversifier to hedge against uncertainty.
What was the highest gold price ever?
The gold price peaked at US$3,500.05, its all-time high, during trading on April 22, 2025.
Gold price chart, January 1, 2025, to August 11, 2025.
Chart via the Investing News Network.
What drove it to set this new ATH? Gold reached its highest price amid concern that Trump would remove Jerome Powell as chair of the US Federal Reserve. Falling markets and a declining US dollar continued to support gold, as did increased gold purchasing in China in response to US tariffs on the country. Gold pulled back below US$3,400 later in the day as Trump stated he didn't plan to fire Powell and that he may lower tariffs on China.
The gold price set a string of new highs in the month of April amid high market volatility as markets reacted to tariff decisions from Trump and the escalating trade war between the US and China. By April 11, Trump had raised US tariffs on Chinese imports to 145 percent and China has raised its tariffs on US products to 125 percent.
On April 9, Trump paused his higher "Liberation Day" tariffs on any countries that did not reciprocate in response. However, the blanket 10 percent tariffs still stand, as do the 25 percent tariffs on the automotive sector.
Why is the gold price setting new highs in 2025?
This string of record-breaking highs this year are caused by several factors.
Increased economic and geopolitical turmoil caused by the new Trump administration has been a tailwind for gold this year, as well as a weakening US dollar, sticky inflation in the country and increased safe haven gold demand.
Since coming into office in late January, Trump has threatened or enacted tariffs on many countries, including currently paused blanket tariffs on longtime US allies Canada and Mexico and tariffs on the European Union. Trump has also implemented 25 percent tariffs on all steel and aluminum imports.
As for the effect of these widespread tariffs raising prices for the American populace, Trump has reiterated his sentiment that the US may need to go through a period of economic pain to enter a new "golden age" of economic prosperity. Elon Musk's call to audit the gold holdings in Fort Knox has also brought attention to the yellow metal.
What factors have driven the gold price in the last five years?
Despite these recent runs, gold has seen its share of both peaks and troughs over the last decade. After remaining rangebound between US$1,100 and US$1,300 from 2014 to early 2019, gold pushed above US$1,500 in the second half of 2019 on a softer US dollar, rising geopolitical issues and a slowdown in economic growth.
Gold’s first breach of the significant US$2,000 price level in mid-2020 was due in large part to economic uncertainty caused by the COVID-19 pandemic. To break through that barrier and reach what was then a record high, the yellow metal added more than US$500, or 32 percent, to its value in the first eight months of 2020.
Gold price chart, August 10, 2020, to August 11, 2025.
Chart via the Investing News Network.
The gold price surpassed that level again in early 2022 as Russia's invasion of Ukraine collided with rising inflation around the world, increasing the allure of safe-haven assets and pulling the yellow metal up to a price of US$2,074.60 on March 8, 2022. However, it fell throughout the rest of 2022, dropping below US$1,650 in October.
Although it didn't quite reach the level of volatility as the previous year, the gold price experienced drastic price changes in 2023 on the back of banking instability, high interest rates and the breakout of war in the Middle East.
After central bank buying pushed the gold price up to the US$1,950.17 mark by the end of January, the US Federal Reserve’s 0.25 percent rate hike on February 1 sparked a retreat as the dollar and Treasury yields saw gains. The precious metal went on to fall to its lowest price level of the year at US$1,809.87 on February 23.
The banking crisis that hit the US in early March caused a domino effect through the global financial system and led to the mid-March collapse of Credit Suisse, Switzerland’s second-largest bank. The gold price jumped to US$1,989.13 by March 15. The continued fallout in the global banking system throughout the second quarter of the year allowed gold to break above US$2,000 on April 3, and go on to flirt with a near-record high of US$2,049.92 on May 3.
Those gains were tempered by the Fed’s ongoing rate hikes and improvements in the banking sector, resulting in a downward trend in the gold price throughout the remainder of the second quarter and throughout Q3. By October 4, gold had fallen to a low of US$1,820.01 and analysts expected the precious metal to drop below US$1,800.
That was before the October 7 attacks by Hamas on Israel ignited legitimate fears of a much larger conflict erupting in the Middle East. Reacting to those fears, and to rising expectations that the Fed would begin to reverse course on interest rates, gold broke through the important psychological level of US$2,000 and closed at US$2,007.08 on October 27. As the fighting intensified, gold reached a then-new high of US$2,152.30 in intraday trading on December 3.
That robust momentum in the spot gold price continued into 2024, chasing new highs on fears of a looming US recession, the promise of Fed rate cuts on the horizon, the worsening conflict in the Middle East and the tumultuous US presidential election year. By mid-March, gold was pushing up against the US$2,200 level.
That record-setting momentum continued into the second quarter of 2024 when gold broke through US$2,400 in mid-April on strong central bank buying, sovereign debt concerns in China and investors expecting the Fed to start cutting interest rates. The precious metal went on to hit US$2,450.05 on May 20.
Throughout the summer, the hits kept on coming.
The global macro environment was highly bullish for gold in the lead up to the US election. Following the failed assassination attempt on Trump and a statement about coming interest rate cuts by Fed Chair Powell, the gold spot price hit a then new all-time high on July 16 at US$2,469.30. One week later, news that then-President Joe Biden would not seek re-election and would instead pass the baton to Vice President Kamala Harris eased some of the tension in the stock markets and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 on July 22, 2024.
However, the bullish factors supporting gold remained in play, and the spot price for gold went on to breach US$2,500 on August 2 that year on a less than stellar US jobs report; it closed just above the US$2,440 level. A few weeks later, gold pushed past US$2,500 once again on August 16, closing above that level for the first time ever after the US Department of Commerce released data showing a fifth consecutive monthly decrease in a row for homebuilding.
The news that the Chinese government issued new gold import quotas to banks in the country following a two month pause also helped fuel the gold price rally. Central bank gold buying has been a significant tailwind for the gold price this year, and China's central bank has been one of the strongest buyers.
Market watchers expected the Fed to cut interest rates by a quarter point at their September 2024 meeting, but news on September 12 that the regulators were still deciding between the expected cut or a larger half-point cut led gold prices on a rally that carried through into the next day, bringing gold prices near US$2,600.
At the September 18 Fed meeting, the committee ultimately made the decision to cut rates by half a point, news that sent gold even higher. By September 20, it moved above US$2,600 and held above US$2,620.
In October 2024, gold first breached the US$2,700 level and continued to higher on a variety of factors, including further rate cuts and economic data anticipation, the escalating conflict in the Middle East between Israel and Hezbollah, and economic stimulus in China — not to mention the very close race between the US presidential candidates.
While the gold price fell following Trump's win in early November and largely held under US$2,700 through the end of the year, it began trending upwards in 2025 to the new all-time high discussed earlier in the article.
What's next for the gold price?
What's next for the gold price is never an easy call to make. There are many factors to consider, but some of the most prevalent long-term drivers include economic expansion, market risk, opportunity cost and momentum.
Economic expansion is one of the primary gold price contributors as it facilitates demand growth in several categories, including jewelry, technology and investment. As the World Gold Council explains, “This is particularly true in developing economies where gold is often used as a luxury item and a means to preserve wealth.”
Market risk is also a prime catalyst for gold values as investors view the precious metal as the “ultimate safe haven,” and a hedge against currency depreciation, inflation and other systemic risks.
Going forward, in addition to the Fed, inflation and geopolitical events, experts will be looking for cues from factors like supply and demand. In terms of supply, the world’s five top gold producers are China, Australia, Russia, Canada and the US. The consensus in the gold market is that major miners have not spent enough on gold exploration in recent years. Gold mine production has fallen from around 3,200 to 3,300 metric tons (MT) each year between 2018 and 2020 to around 3,000 to 3,100 MT each year between 2021 and 2023.
On the demand side, China and India are the biggest buyers of physical gold, and are in a perpetual fight for the title of world’s largest gold consumer. That said, it's worth noting that the last few years have brought a big rebound in central bank gold buying, which dropped to a record low in 2020, but reached a 55 year high of 1,136 MT in 2022.
World Gold Council data shows 2024 central bank gold purchases came to 1,044.6 MT, marking the third year in a row above 1,000 MT. In H1 2025, the organization says gold purchases from central banks reached 415.1 MT.
“I expect the Fed’s rate-cutting cycle to be good for gold, but central bank buying has been and remains a major factor," Lobo Tiggre, CEO of IndependentSpeculator.com, told the Investing News Network (INN) at the start of Q4 2024.
David Barrett, CEO of the UK division of global brokerage firm EBC Financial Group, is also keeping an eye on central bank purchases of gold. “I still see the global central bank buying as the main driver — as it has been over the last 15 years,” he said in an email to INN. "This demand removes supply from the market. They are the ultimate buy-and-hold participants and they have been buying massive amounts."
In addition to central bank moves, analysts are also watching for escalating tensions in the Middle East, a weakening US dollar, declining bond yields, and further interest rate cuts as factors that could push gold higher as investors look to secure their portfolios. “When it comes to outside factors that affect the market, it’s just tailwind after tailwind after tailwind. So I don’t really see the trend changing,” Coffin said.
Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) told INN in March 2025 that gold is seeing support from many factors, including central bank buying, nervousness around the US dollar and stronger institutional interest. Smallwood is seeing an influx of fund managers wanting to learn about precious metals.
Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, believes that market risk and uncertainty surrounding tariffs and continued demand from central banks are the main drivers of gold.
"Market risk in particular is a key strategic driver for the gold price and performance," Cavatoni told INN in a July 2025 interview. "Think strategically when you think about gold, and keep that allocation in mind."
Check out more of INN's interviews to find out what experts have said about the gold price during its 2025 bull run and where it could go next.
Should you beware of gold price manipulation?
It’s important for investors to be aware that gold price manipulation is a hot topic in the industry.
In 2011, when gold hit what was then a record high, it dropped swiftly in just a few short years. This decline after three years of impressive gains led many in the gold sector to cry foul and point to manipulation.
Early in 2015, 10 banks were hit in a US probe on precious metals manipulation.
Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the Bank of Nova Scotia (TSX:BNS,NYSE:BNS and other firms were involved in rigging gold and silver rates in the market from 2007 to 2013. Not long after, the long-running London gold fix was replaced by the LBMA gold price in a bid to increase gold price transparency. The twice-a-day process, operated by the ICE Benchmark Administration, still involves a variety of banks collaborating to set the gold price, but the system is now electronic.
Still, manipulation has by no means been eradicated, as a 2020 fine on JPMorgan Chase & Co. (NYSE:JPM) shows. The next year, chat logs were released in a spoofing trial for two former precious metals traders from the Bank of America's (NYSE:BAC) Merrill Lynch unit. They show a trader bragging about how easy it is to manipulate the gold price.
Gold market participants have consistently spoken out about manipulation. In mid-2020, Chris Marcus, founder of Arcadia Economics and author of the book “The Big Silver Short,” said that when gold fell back below the US$2,000 mark after hitting close to US$2,070, he saw similarities to what happened with the gold price in 2011.
Marcus has been following the gold and silver markets with a focus specifically on price manipulation for nearly a decade. His advice? “Trust your gut. I believe we’re witnessing the ultimate ’emperor’s really naked’ moment. This isn’t complex financial analysis. Sometimes I think of it as the greatest hypnotic thought experiment in history.”
Investor takeaway
While we have the answer to what the highest gold price ever is as of now, it remains to be seen how high gold can climb, and if the precious metal can reach as high as US$5,000, US$10,000 or even US$40,000.
Even so, many market participants believe gold is a must have in any investment profile, and there is little doubt investors will continue to see gold price action making headlines this year and beyond.
This is an updated version of an article first published by the Investing News Network in 2020.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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