FORTUNE BAY ANNOUNCES PROSPECTING RESULTS FROM MURMAC URANIUM PROJECT

FORTUNE BAY ANNOUNCES PROSPECTING RESULTS FROM MURMAC URANIUM PROJECT

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce analytical results from a prospecting program completed in Fall 2022 on the 100% owned Murmac Uranium Project ("Murmac" or the "Project"), located in northern Saskatchewan (see Figure 1).

Analytical results from surface rock samples have been received from the laboratory which include highlights of:

  • 8.82% U 3 O 8 from a boulder sample on the Armbruster Corridor providing compelling support for the presence of high-grade, basement-hosted uranium mineralization on the Project.
  • 6.90% U 3 O 8 and 1.69% U 3 O 8 from outcrop samples along the Armbruster Corridor, which validated historical uranium occurrences.
  • An additional nine (9) outcrop samples which assayed between 0.1% and 0.8% U 3 O 8 from the Armbruster, Howland and Pitchvein Corridors, validating historical uranium occurrences.

A summary of the analytical results is provided in Table 1, and sample locations are provided in Figure 2.

Dale Verran , CEO for Fortune Bay, commented "The results from our Fall 2022 prospecting program further validate the significant endowment of uranium at Murmac and support the potential for a high-grade discovery. The results provide a complimentary dataset to the positive results from our 2022 drilling program and have assisted in the prioritization of targets for drill testing."

Prospecting Program Summary & Objectives:
  • Carried out in September and October 2022 to validate historical results and assist in the development and prioritization of future drill targets.
  • Provided follow-up to the 2022 maiden drilling program at Murmac, which intersected anomalous uranium in multiple drill holes (see News Releases dated August 23, 2022 and December 13, 2022 ).
  • Comprised surface prospecting, structural mapping and rock geochemical sampling, focused along prospective trends identified by the 2022 drilling program and areas with encouraging historical uranium results.
  • Results from the field program have been integrated with the 2022 drilling results to define priority targets for drill testing.
Summary of Prospecting Program Results:
  • Numerous historical uranium occurrences of interest were reliably located and validated (see Table 1 and Figure 2). These occurrences comprise narrow fault-hosted mineralization and are consistently associated with large faults that cross-cut the local stratigraphy. The intersections of these cross-cutting faults with conductors provide compelling structural target locations for drill testing. Graphite-rich rocks, or "conductors", are the favorable host rock for the targeted high-grade deposits but do not outcrop on surface due to their softer nature, lying within valleys and being covered by soils, glacial sediment and shallow lakes. Historical exploration did not focus on these conductors as targets.
  • Additional outcrop sampling (149 samples) along conductor valley edges highlighted encouraging enrichments of "pathfinder" elements that are typically associated with high-grade, basement-hosted deposits in the Athabasca Basin, often spatially associated with cross-cutting faults. These pathfinder enrichments are consistent with those noted in graphitic drill core with elevated uranium content from the Fortune Bay 2022 drill program.
  • Historical records include mineralized and radioactive boulders located in valley floors, with up to 1.25% U 3 O 8 reported. An example of one of these boulders was discovered by Fortune Bay located in thin till cover at the edge of a conductor valley on the Armbruster Corridor (see Figure 2, Table 1 sample 863924). The boulder was located approximately 100 metres from a radioactive spring (historical occurrence) with surface radioactivity of 15,000 counts per second ("cps"). The boulder, approximately 15 cm in diameter mineralized, produced "off-scale" radioactivity ( 65,535 cps ) on a Super-SPEC RS-125 handheld spectrometer and assayed at 8.82% U 3 O 8 . The boulder is interpreted to originate from within the Project area, given the southwest ice direction and Martin Group cover rocks in the north of the Project. The occurrence provides compelling support for the presence of high-grade, basement-hosted uranium mineralization and follow-up efforts are planned to be directed up-ice of the occurrence.
  • The validated historical results, together with pathfinder element results and the extensive structural mapping carried out during prospecting, will be used to support the prioritization of drill targets .

Figure 1: Location of Fortune Bay's Murmac, Strike and Goldfields Projects. (CNW Group/Fortune Bay Corp.)

Figure 1: Location of Fortune Bay's Murmac, Strike and Goldfields Projects.
Table 1: Prospecting rock sample results with >100 ppm U.

Sample

Conductor

Lithology

U

(ppm)

U 3 O 8

(wt%)

Associated

Pathfinders

Historical Occurrence and

Description

863927

Armbruster

Pelite

4,810

0.63

B, Pb, Co, As, V, Zn, Ag,

Bi

SMDI 2092. Trench location. Fault

hosted.

863928

Armbruster

Weakly

graphitic

pelite

3,270

0.40

Pb, Co, As, Cu, Zn, Ag

SMDI 2092. Trench location. Fault

hosted.

863944

Armbruster

Pelite

821

0.11

Pb, Co, As, Cu, V, Mo,

Zn, Bi

SMDC showing FW-22. Hematized

fault.

829267

Armbruster

Mafic

1,260

0.19

Pb, Co, Cu, V, Zn, Ag,

Bi

SMDC showing PB-1. Fault

hosted.

863814

Armbruster

Pelite

188


Cu, Ag, Bi

SMDC scint 4000 cps. Hematized

fault.

863859

Armbruster

Mafic

14,500

1.69

Pb, Co, As, Cu, V, Mo,

Zn, Ag

SMDC showing DJ-2. Trench.

Fault hosted.

863847

Armbruster

Foliated

Mafic

59,500

6.90

Pb, As, Cu, V, Ag, Bi

SMDI 2083, showing PJ-6. Fault

hosted.

863931

Armbruster

Pelite

279


B, Pb, Cu, V

SMDC scint 4000 cps

863943

Armbruster

Pelite

948

0.12

Pb, Co, As, Cu, V

SMDC showing DJ-6. Hematized

fault.

863924

Armbruster

Pitchblende

mineralization

69,700

8.82

B, Pb, As, V, Ag, Bi

Pitchblende boulder near

radioactive spring (SMDI 1237).

863815

Howland

Pelite

4,340

0.60

Pb, As, Cu, V, Mo, Zn,

Ag, Bi

SMDC showing KH-12. Hematized

fracture.

863868

Howland

Amphibolite

182


Pb, As, Cu, V, Ag,

SMDC scint 5,000 cps. Fault

hosted.

863949

Howland

Quartzite

2,280

0.29

Pb, As, Cu, Ag, Bi

SMDC showing KH-11. Hematized

fault.

863962

Pitchvein

Breccia

247


Pb, As, Cu, V, Mo

SMDI 1233. Trench location.

Gossanous and brecciated, high

sulphide.

863825

Pitchvein

Sulphidic

Pelite

203


Pb, Co, As, Cu, V, Mo

SMDI 1233. Trench location.

Gossanous and brecciated, high

sulphide.

863819

Pitchvein

Sulphidic

Pelite/Schist

313


Pb, Co, As, Cu, V, Mo

Ag, Bi

Pitchvein Zone 1 trench and drill

location, SW of SMDI 1233.

Gossanous, hematized faulting.

863822

Pitchvein

Sulphidic

Pelite/Schist

5,920

0.76

Pb, Ni, Co, As, Cu, V,

Mo, Zn

Pitchvein trench and drill location,

SW of SMDI 1233. Highly

hematized and brecciated.

863823

Pitchvein

Quartzite

4,530

0.60

Pb, Ni, Co, As, Cu, V,

Ag, Bi

Pitchvein trench, hematized

fractures. SMDI 1233.

863982

Pitchvein

Sulphidic

Schist

102


As, Mo

Pitchvein trench. Fracture-hosted,

hematized, high sulphide. SMAD

74N07-0064

863832

Pitchvein

Hematitic

Pelite

128


As

Pitchvein showing. Fault-hosted,

hematized. Lorado area. SMDI

1229.

Notes:

  • All samples were taken from outcrop apart from 863924 which was a boulder sample.
  • Uranium and pathfinder element concentrations are in parts per million (ppm) as determined through partial digest ICP–OES or ICP-MS analysis on all samples, as described in the technical disclosure below.
  • Uranium content as weight % U 3 O 8 was determined through HCl:HNO 3 digestion and ICP-OES analysis on selected samples.
  • Thresholds for pathfinder anomalism were assigned based on a combination of statistical analysis of the dataset and appropriate reference databases. Element abundances were considered elevated at the following thresholds: B>200 ppm, Pb>20 ppm, Ni>80 ppm, Co>25 ppm, As>15 ppm, Cu>40 ppm, V>75 ppm, Mo>5 ppm, Zn>75 ppm, Ag>0.2 ppm and Bi>0.75 ppm.
  • SMDI (#) refers to a historical uranium occurrence found within the Saskatchewan Mineral Deposit Index.
  • SMAD refers to the online Saskatchewan Mineral Assessment Database.
  • SMDC refers to Saskatchewan Mining Development Corporation, a historical operator of the Project.

Figure 2: Highlight prospecting assay results for the Murmac Uranium Project. (CNW Group/Fortune Bay Corp.)

Figure 2: Highlight prospecting assay results for the Murmac Uranium Project.
Technical Disclosure

Rock samples were submitted to the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element characterization. Sample preparation for all samples included drying, jaw crushing to 60% passing -2 mm, and pulverizing to 90% passing -106 microns. Multi-element characterization was carried out by partial digestion (HNO 3 :HCl), using ICP-OES and ICP-MS analytical methods. For selected samples U 3 O 8 weight % was determined separately through partial digest (HCl:HNO 3 ) and ICP-OES (ISO/IEC 17025 accredited method). Additional analysis for boron content was obtained for all samples through Na 2 O 2 /NaCO 3 fusion followed by ICP-OES.

QAQC on analytical results has included insertion of sample blanks by Fortune Bay at a rate of 1 blank per 20 samples. Additional QAQC by SRC has included insertion of certified reference standards and repeat analyses. All results have been reviewed and no issues were noted.

Unless otherwise stated, the historical results (scintillometer measurements, geochemical analyses and drill results) contained within this news release have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these results relevant to assess the mineralization and economic potential of the property. Further details regarding the historical uranium occurrences noted in this news release can be found within the Saskatchewan Mineral Deposit Index ("SMDI") using the reference number provided. Historical assay and scintillometer survey results from SMDC were captured from assessment reports available in the Saskatchewan Mineral Assessment Database (SMAD) references 74N07-0310, 74N07-0311 and 74N07-0064.

Qualified Person and Data Quality

The technical and scientific information in this news release has been reviewed and approved by Dale Verran , M.Sc., P.Geo., Chief Executive Officer of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Verran is an employee of Fortune Bay and is not independent of the Company under NI 43-101.

Fortune Bay Corp. (TSXV: FOR, FWB: 5QN, OTCQX: FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.

On behalf of Fortune Bay Corp.

"Dale Verran"
Chief Executive Officer
902-334-1919

Cautionary Statement Regarding Forward-Looking Information

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Fortune Bay Corp. ("Fortune Bay" or the "Company") cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal prices, changes in planned work resulting from weather, COVID-19 restrictions, availability of contractors, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpretation of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to Fortune Bay, acceptable to it or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com .

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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

SOURCE Fortune Bay Corp.

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- Binding TMA has been executed with FMR, which owns the Greenfields Mill located northeast of Coolgardie and 30km southwest of Kalgoorlie-Boulder in WA

- Horizon will arrange contract mining and hauling of ore from Cannon for ore processing at FMR's 1.0Mtpa Greenfields Mill, located ~67km by road from the Cannon Project

- An agreed 200kt of ore will be processed over a period of eight months, commencing in the December 2024 Quarter

- The TMA contains competitive ore treatment rates with the payment structure as follows:

o Horizon is responsible for delivery of each stockpile to the Greenfields Mill ROM near Coolgardie

o Payment of processing costs must be made before the value of the processed and refined gold at the Perth Mint is transferred from FMR's metal account to Horizon

o If the delivery schedule is missed Horizon will forfeit its allocated tonnes for that month and from the overall 200kt allocation

- An Ore Reserve for Cannon has already been established including forecast economics for the ore to be processed via a Toll Milling Agreement

- Cannon is fully environmentally permitted (with last mining in 2017) with pre-production activities are already underway, including dewatering of the open pit in preparation for underground mining

- The TMA has flexibility that Horizon can treat Horizon ore other than Cannon, including Horizon's own current resources or those acquired through the proposed merger with Greenstone Resources Limited, provided sufficient notice is provided to FMR

Commenting on the toll milling agreement, Chief Executive Officer Mr Grant Haywood said:

"We are very pleased to have converted our 200,000 tonne allocation with FMR into a formal Toll Milling Agreement, and look forward to working closely with them as ore deliveries will commence later this calendar year. This agreement is in addition to our 1.4Mt ore sale agreement with Paddington announced a week ago. Together this will see us generating cash flow from two fronts in this fantastic gold price environment before the end of 2024."

Next Steps

- AMC Consultants has been engaged and undertaken a review of the Cannon Ore Reserve and will progress the revised key financial outcomes for the June 2024 Quarter

- Finalise engagement with underground mining and haulage contractors to finalise tenders for Cannon

- Complete the proposed merger with Greenstone Resources to enhance the long-term production profile with development ready high-grade projects

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/WUABZYMW



About Horizon Minerals Limited:

Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.

Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

News Provided by ABN Newswire via QuoteMedia

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