Precious Metals

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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FORTUNE BAY CONFIRMS NEAR-SURFACE URANIUM MINERALIZATION IN MULTIPLE DRILL HOLES ON THE MURMAC URANIUM PROJECT

FORTUNE BAY CONFIRMS NEAR-SURFACE URANIUM MINERALIZATION IN MULTIPLE DRILL HOLES ON THE MURMAC URANIUM PROJECT

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

The drilling program was designed to test regional targets across the Project's extensive Armbruster, Howland and Pitchvein Conductor Corridors, which have a combined strike length of approximately 30 kilometres.

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FORTUNE BAY CONFIRMS URANIUM MINERALIZATION FROM MAIDEN DRILL PROGRAM ON THE STRIKE URANIUM PROJECT

FORTUNE BAY CONFIRMS URANIUM MINERALIZATION FROM MAIDEN DRILL PROGRAM ON THE STRIKE URANIUM PROJECT

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

The drilling program, comprising nine shallow holes, provided first-pass testing of the Project's J, K and L Conductors on the northern portion of the Project which have a combined strike length of approximately 20 kilometres (see Figure 2).

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FORTUNE BAY ANNOUNCES AGREEMENT WITH YA' THI NÉNÉ LANDS AND RESOURCES, ATHABASCA FIRST NATIONS AND COMMUNITIES

FORTUNE BAY ANNOUNCES AGREEMENT WITH YA' THI NÉNÉ LANDS AND RESOURCES, ATHABASCA FIRST NATIONS AND COMMUNITIES

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce its conclusion of an Exploration Agreement (the "Agreement") that formalizes the Company's relationship with Ya' thi Néné Lands and Resources ("YNLR"), Hatchet Lake Denesułiné First Nation, Black Lake Denesułiné First Nation, Fond du Lac Denesułiné First Nation (the "Athabasca First Nations") and the Northern Hamlet of Stony Rapids the Northern Settlement of Uranium City the Northern Settlement of Wollaston Lake and the Northern Settlement of Camsell Portage (the "Athabasca Municipalities", and together with the Athabasca First Nations, the "Basin Communities").

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

The Agreement concerns Fortune Bay's exploration and evaluation activities (the "Activities") within the traditional territories of the Athabasca First Nations and in proximity to the Athabasca Municipalities (the "Nuhenéné") and establishes a progressive basis for Fortune Bay, YNLR and the Basin Communities to work together to ensure that the Activities are conducted in a sustainable manner and with respect for the Aboriginal and treaty rights, title and interests of the Athabasca First Nations and protection for their traditional lands. The Agreement provides a framework for information-sharing and environmental protection and monitoring, establishes permitting review processes, facilitates the Basin Communities' meaningful participation in the Activities by providing economic, employment and training opportunities and benefits to support community development initiatives, and confirms the Basin Communities' consent and support for the Activities, subject to Fortune Bay's performance of its obligations under the Agreement.

Dale Verran , CEO for Fortune Bay, commented " Fortune Bay is committed to responsible stewardship of the environment, and building meaningful, mutually beneficial relationships with project communities. We are pleased to have reached this Agreement with the Basin Communities, which formalizes those commitments and provides consent and support for our current and future activities. Through this Agreement, we look forward to building upon the relationships we have established with the communities and local businesses, as we advance our gold and uranium projects in the Uranium City area. "

Christopher Toutsaint , YNLR Board of Director for Fond du Lac Denesułiné First Nation, stated " We welcome the partnership with Fortune Bay that we are establishing through this Agreement and the mutual benefits that we will each realize. Our goal at YNLR, as protectors of the land and promoters of the people of Nuhenéné, is to ensure our communities meaningfully participate and benefit from projects happening on our lands. That is our intent and the commitment being made today with a partner that acknowledges and respects our rights. "

About Ya' thi Néné

Ya' thi Néné is a non-profit organization owned by the seven Athabasca Basin communities of Hatchet Lake Denesułiné First Nation, Black Lake Denesułiné First Nation, Fond du Lac Denesułiné First Nation and the municipalities of Stony Rapids , Uranium City , Wollaston Lake , and Camsell Portage. Ya' thi Néné works on behalf of the Athabasca Basin communities to protect the best interests of the people and the land.

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.

On behalf of Fortune Bay Corp.

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

Cautionary Statement Regarding Forward-Looking Information

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

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

SOURCE Fortune Bay Corp.

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FORTUNE BAY FILES NI 43-101 PEA TECHNICAL REPORT FOR THE GOLDFIELDS PROJECT, SASKATCHEWAN

FORTUNE BAY FILES NI 43-101 PEA TECHNICAL REPORT FOR THE GOLDFIELDS PROJECT, SASKATCHEWAN

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce filing of an independent Preliminary Economic Assessment ("PEA") technical report for its 100% owned Goldfields Project ("Goldfields" or the "Project") located near Uranium City, Saskatchewan .

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

Fortune Bay's News Release dated November 1, 2022 , titled " Fortune Bay Announces Positive PEA For Goldfields Project, Saskatchewan ", outlines the key results, assumptions and estimates contained in the Goldfields PEA, which provides a base case assessment for developing the Goldfields mineral resource by conventional open pit mining methods, and gold recovery with a standard free milling flowsheet. In summary, the economic model supports an operation with low capital cost and high rate of return over an 8.3 year mine life, with average annual production of 101,000 ounces of gold.

PEA Highlights:
  • Robust economics with after-tax net present value ("NPV") (discount rate 5%) of C$285M , internal rate of return ("IRR") of 35.2% and payback of 1.7 years estimated with gold price of US$1,650 per ounce
  • Average annual gold production of 101,000 ounces over life of mine ("LOM"), with an average of 122,000 ounces per year in the first 4 years
  • 8.3 year LOM producing 835,000 ounces of gold
  • Average cash cost of US$778 /oz and all-in sustaining cost ("AISC") of US$889 /oz gold
  • Initial capital expenditure of C$234M

The PEA technical report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") by Ausenco Engineering Canada Inc. ("Ausenco"), in collaboration with Moose Mountain Technical Services for the mine design, and SRK Consulting ( Canada ) Inc. for the updated mineral resource estimate and environmental, permitting and social aspects. The technical report is available on the Fortune Bay Corp. company profile at www.sedar.com , and is also available on the Company website www.fortunebaycorp.com .

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.

About Goldfields

The 100% owned Goldfields Project is located approximately 13 kilometres south of Uranium City in northern Saskatchewan . The Project comprises 12 mineral dispositions, covering approximately 5,000 hectares, and is host to the Box and Athona gold deposits and numerous other gold prospects and occurrences. The Project is located within a historical mining area and benefits from established infrastructure, including a road and hydro-powerline to the Box deposit. Nearby facilities and services in Uranium City include bulk fuel, civil contractors, and a commercial airport. The Project has a history of gold production (64,000 oz produced between 1939 to 1942), numerous exploration drilling campaigns (over 1,000 drill holes) and historical mining studies by previous owners of the Project. The current total gold resource for Box and Athona (effective date September 1, 2022 ) stands at 979,900 ounces of gold in the Indicated category (23.2 million tonnes at an average grade of 1.31 g/t gold) and 210,800 ounces of gold in the Inferred category (7.1 million tonnes at an average grade of 0.92 g/t gold).

About Ausenco

Ausenco is a global company based across 26 offices in 14 countries, with projects in over 80 locations worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value- add consulting studies, project delivery, asset operations and maintenance solutions to the mining and metals, oil & gas and industrial sectors.

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, and include, but are not limited to, statements with respect to: the results of the PEA, including future Project opportunities, future operating and capital costs, closure costs, AISC, the projected NPV, IRR, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Project, the technical viability of the Project, the market and future price of and demand for gold, the environmental impact of the Project, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government. 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 or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, 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 mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, 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, uncertainties relating to the availability and costs of financing 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 POSITIVE PEA FOR GOLDFIELDS PROJECT, SASKATCHEWAN

FORTUNE BAY ANNOUNCES POSITIVE PEA FOR GOLDFIELDS PROJECT, SASKATCHEWAN

Average Annual Gold Production of 101 koz, After-Tax NPV5% of C$285M, and IRR of 35.2%

Highlights:

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AUGUSTA GOLD COMMENTS ON TRADING ACTIVITY

 Augusta Gold Corp. (TSX: G) (OTCQB: AUGG) (FSE: 11B ) (" Augusta Gold " or the " Company ") is issuing this press release in response to recent trading activity of its stock.

Augusta Gold Logo (CNW Group/Augusta Gold Corp.)

Augusta Gold is not aware of any material, undisclosed information related to the Company that would account for the recent decrease in the market price and increase in level of trading volume of its shares of common stock.

The Company further confirms that it has no agreements, paid research relationships or any other marketing arrangements with any parties to provide marketing services to the Company.

About Augusta Gold

Augusta Gold is an exploration and development company focused on building a long-term business that delivers stakeholder value through developing the Reward and Bullfrog gold projects and pursuing accretive M&A opportunities. The Reward and Bullfrog gold projects are located in the prolific Bullfrog mining district approximately 120 miles north-west of Las Vegas, Nevada and just outside of Beatty, Nevada . The Company is led by a management team and board of directors with a proven track record of success in financing and developing mining assets and delivering shareholder value.

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SOURCE Augusta Gold Corp.

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Alianza Minerals Outlines Drilling Plans for 2023 at Haldane Silver Property, YT

Alianza Minerals Outlines Drilling Plans for 2023 at Haldane Silver Property, YT

(TheNewswire)

Alianza Minerals Ltd

Vancouver, BC TheNewswire - January 30, 2023 - Alianza Minerals Ltd. ("Alianza") (TSXV:ANZ ) ( OTC:TARSF) is pleased to provide an outline of drilling and other exploration activities planned for the Haldane silver project in the historic Keno District, Yukon Territory. Work will include airborne electromagnetic and magnetics surveys and drilling at the high grade West Fault silver discovery and the emerging Bighorn silver target.

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RETRANSMISSION: Prismo Metals Announces Definitive Agreement to Acquire Majority Interest in Hot Breccia Property in the Arizona Copper Belt

RETRANSMISSION: Prismo Metals Announces Definitive Agreement to Acquire Majority Interest in Hot Breccia Property in the Arizona Copper Belt

Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("Prismo") is pleased to announce that it has signed a definitive agreement (the "Agreement") with Infinitum Copper Corp. (TSXV: INFI) (OTCQB: INUMF) ("Infinitum") to acquire a 75% interest in the Hot Breccia porphyry copper-skarn project (the "Project" or "Hot Breccia") located in the Arizona Copper Belt which is home to some of the largest copper deposits in the world.

The Project consists of 227 mining concessions that lie about four kilometers from the historic Christmas mine which recorded production of about 481.6 Mlbs of copper from 20.2 M tons at a grade of 1.2% Cu plus significant gold and silver (Sources: Arizona Geological Society Spring Field Trip Guide in 2014). The Company has not been able to verify the production information and it is not necessarily indicative of the mineralization on the Hot Breccia property. It is believed that the Hot Breccia property may contain high grade skarn mineralization similar to that originally mined at the Christmas mine and the historical information is being used by the Company solely to plan and guide future exploration.

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Nevada Sunrise Engages McClelland Laboratories Inc. for the Gemini Lithium Project

Nevada Sunrise Engages McClelland Laboratories Inc. for the Gemini Lithium Project

Nevada Sunrise Metals Corp. ("Nevada Sunrise", or the "Company", formerly Nevada Sunrise Gold Corp.) (TSXV: NEV) (OTC: NVSGF) is pleased to announce that it has contracted McClelland Laboratories Inc. of Sparks, NV ("MLI") to perform metallurgical leach tests on samples of lithium mineralization intersected by the Company at the Gemini Lithium Project ("Gemini", or the "Project") in Esmeralda County Nevada. Gemini is located in the Lida Valley, approximately 25 miles (38 kilometres) southwest of the only producing lithium mine in the United States at Silver Peak, Nevada .

Nevada Sunrise Metals Corporation logo (CNW Group/Nevada Sunrise Gold Corporation)

"Nevada Sunrise looks forward to the ongoing collaboration between MLI and our Nevada -based metallurgical consultant, Mr. Willem Duyvesteyn ", said Warren Stanyer , President and CEO of Nevada Sunrise. "We anticipate that the work of MLI's technical team will provide critical information about the lithium mineralization and extractability from sample material generated during our 2022 drilling campaign, to help guide future exploration and development at Gemini."

MLI has offered metallurgical, environmental, analytical testing and consulting services to the mineral exploration industry since 1987 and operates an ISO 17025 accredited facility that provides quality laboratory services during all phases of project development and operation. Willem Duyvesteyn, M.Sc.,  is renowned as an innovator in his field of and is the primary inventor and author of over 100 patents for mineral and hydrocarbon extractive technologies, including numerous applications for the extraction and leaching of metals and minerals from ores, brines, and solutions (see Nevada Sunrise news release dated November 15, 2022 ).

About Gemini

Gemini consists of 582 unpatented placer and lode claims (covering about nine square miles) located in the western Lida Valley, Esmeralda County , approximately 6 miles (10 kilometres) east of the town of Lida, Nevada . The Lida Valley is a flat, arid basin with a similar geological setting to the better-known Clayton Valley basin where Albermarle Corporation operates the Silver Peak lithium brine mine, which has operated continuously since 1966.

Gemini is situated adjacent to the Gold Point Solar Energy Zone, a Bureau of Land Management land reserve set aside for solar and wind power generation projects until 2033. Exploration at Gemini is complemented by the Company's 80.09 acre/feet/year water right, a pre-requisite for the exploration and development of lithium brine projects in Nevada . Under the laws of Nevada , water cannot be pumped from a subterranean source without a valid water permit.

In March 2022 , Nevada Sunrise began drilling geophysical targets at Gemini and intersected significant zones of lithium mineralization in sediment and groundwater in the first two holes (see Nevada Sunrise news release dated June 6, 2022 ). Drilling continues in 2023 with a Phase 2 drilling program of up to six additional holes. Final geochemical analyses for lithium-in-sediments and groundwater are pending for hole GEM23-03, which was completed in mid-December 2022 .

The scientific and technical information contained in this news release has been reviewed and approved by Robert M. Allender, Jr. , CPG, RG, SME and a Qualified Person for Nevada Sunrise as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects .

About Nevada Sunrise

Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC , Canada , that holds interests in lithium, gold, copper and cobalt exploration projects located in the State of Nevada, USA .

Nevada Sunrise owns 100% interests in the Gemini and Jackson Wash lithium projects, both of which are located in Esmeralda County, NV. The Company owns Nevada water right Permit 86863, located in the Lida Valley basin, near Lida, NV.

The Company's key gold asset is a 20.01% interest at the Kinsley Mountain Gold Project ("Kinsley Mountain") near Wendover, NV. Kinsley Mountain is a joint venture with Copaur Minerals Inc. ("Copaur"), following the completion of a plan of arrangement between Copaur and the Company's former joint venture partner, New Placer Dome Gold Corp.  Kinsley Mountain is a Carlin-style gold project hosting a National Instrument 43-101 compliant gold resource consisting of 418,000 indicated ounces of gold grading 2.63 g/t Au (4.95 million tonnes), and 117,000 inferred ounces of gold averaging 1.51 g/t Au (2.44 million tonnes), at cut-off grades ranging from 0.2 to 2.0 g/t Au 1 .

1 Technical Report on the Kinsley Project, Elko County, Nevada , U.S.A., dated June 21, 2021 with an effective date of May 5, 2021 and prepared by Michael M. Gustin , Ph.D., and Gary L. Simmons , MMSA and filed under New Placer Dome Gold Corp.'s Issuer Profile on SEDAR ( www.sedar.com ).

Nevada Sunrise has the right to earn a 100% interest in the Coronado VMS Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV. The Company owns a 15% interest in the historic Lovelock Cobalt Mine and the Treasure Box copper properties, each located approximately 150 kilometers (100 miles) east of Reno, NV , with Global Energy Metals Corp. holding an 85% participating interest.

FORWARD LOOKING STATEMENTS

This news release may contain forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and include disclosure of anticipated exploration activities. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise.

Such factors include, among others, risks related to the exploration plans at our Nevada lithium projects; reliance on technical information provided by third parties on any of our exploration properties; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays encountered due to pandemic; delays in obtaining governmental approvals, financing, or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for the Year Ended September 30, 2022 , which is available under Company's SEDAR profile at www.sedar.com .

Although Nevada Sunrise has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Nevada Sunrise disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.

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

SOURCE Nevada Sunrise Gold Corporation

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Prismo Metals Announces Definitive Agreement to Acquire Majority Interest in Hot Breccia Property in the Arizona Copper Belt

Prismo Metals Announces Definitive Agreement to Acquire Majority Interest in Hot Breccia Property in the Arizona Copper Belt

Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("Prismo") is pleased to announce that it has signed a definitive agreement (the "Agreement") with Infinitum Copper Corp. (TSXV: INFI) (OTCQB: INUMF) ("Infinitum") to acquire a 75% interest in the Hot Breccia porphyry copper-skarn project (the "Project" or "Hot Breccia") located in the Arizona Copper Belt which is home to some of the largest copper deposits in the world.

The Project consists of 227 mining concessions that lie about four kilometers from the historic Christmas mine which recorded production of about 481.6 Mlbs of copper from 20.2 M tons at a grade of 1.2% Cu plus significant gold and silver (Sources: Arizona Geological Society Spring Field Trip Guide in 2014). The Company has not been able to verify the production information and it is not necessarily indicative of the mineralization on the Hot Breccia property. It is believed that the Hot Breccia property may contain high grade skarn mineralization similar to that originally mined at the Christmas mine and the historical information is being used by the Company solely to plan and guide future exploration.

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Aben Resources Announces Share Consolidation, Name and Symbol Change

Aben Resources Announces Share Consolidation, Name and Symbol Change

Aben Resources Ltd. (TSX-V: ABN ) (OTC QB : ABNAF ) (Frankfurt: E2L2 ) ("Aben" or "the Company") announces that the Board of Directors have approved a consolidation of the Company's common shares on the basis of one (1) post-consolidated share for every ten (10) pre-consolidated shares (the "Consolidation").

Currently, the Company has 136,697,345 common shares issued and outstanding. Following the Consolidation, the Company will have approximately 13,669,734 common shares issued and outstanding. No fractional shares will be issued but will instead be rounded as provided for in section 83(1) of the Business Corporations Act (British Columbia).

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