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Drilling at the Box deposit continues to demonstrate wide-open mineralization beyond the PEA open-pit
Fortune Bay Corp. (TSXV: FOR,OTC:FTBYF) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce assay results for the initial three drill holes from the ongoing exploration drilling program at its 100% owned Goldfields Gold Project ("Goldfields" or the "Project") in Saskatchewan, one of Canada's top mining jurisdictions.
The three drill holes were designed to test substantial down-dip gaps in previous drill coverage at the Box deposit (up to 170 m) targeting resource expansion beyond the open-pit limits defined in the Updated Preliminary Economic Assessment ("Updated PEA").
The results confirm the continuation of structurally-controlled, higher-grade mineralization at depth.
Assay Highlights:
- Hole B25-346
- 2.54 g/t over 17.0 m, including
- 6.61 g/t over 5.0 m
- Hole B25-347
- 6.95 g/t over 2.0 m
- 3.72 g/t over 3.0 m
- 4.55 g/t over 3.0 m
- 2.76 g/t over 7.0 m, including
- 5.63 g/t over 3.0 m
- 8.72 g/t over 2.0 m
- Hole B25-348
- 2.29 g/t over 9.3 m, including
- 4.68 g/t over 3.0 m
Gareth Garlick, VP Technical Services, commented, "These results add to a growing inventory of strong assays down dip at Box, reinforcing potential for resource growth through additional delineation drilling. Gold mineralization remains wide open down dip at Box, and we are looking forward to additional assays from larger step-out holes that have recently been completed".
Dale Verran, CEO, added, "While PFS-level development is advancing for an open-pit mine at Goldfields, we believe the broader gold resource base has meaningful growth potential through continued expansion and exploration drilling at numerous targets. With nearly all the PEA open-pit resources already classified in the Indicated category, we are uniquely positioned to direct our drill budget toward expansion and discovery rather than resource delineation infill. This provides an opportunity to unlock additional near-mine ounces that could further enhance Goldfields' already robust economics and strengthen the long-term development profile of the Project."
Box Deposit – Down-Dip Expansion
As illustrated in Figure 1, the results from B25-346, B25-347 and B25-348 contribute to an expanding dataset of strong down-dip assay intercepts at Box, supporting the potential for delineation of additional mineral resources.
Drill Hole Details and Assay Results
The initial three drill holes at Box were designed to test significant gaps in down-dip drill coverage (up to 170 metres), extending down-dip up to 300 metres beyond the open-pit designed in the Updated PEA. All three holes successfully intersected the mineralized Box Mine Granite ("BMG") at or near the depths predicted by the geological model. Observed mineralization characteristics – including quartz vein orientation, thickness, and vein density – are consistent with those documented elsewhere within the deposit.
Higher gold grades at the Box deposit are typically associated with discrete north-south trending structural zones exhibiting increased quartz vein intensity. These higher-grade zones, extending below the Updated PEA open-pit base, present attractive targets for delineation drilling focused on expanding the mineral resources.
The current drilling at Box is oriented towards the east, with dips as shallow as practically achievable (approximately -55° to -60°) to intersect structural zones at the highest angle possible (closest to true thickness) and to maximise the internal coverage of the BMG for each drill hole.
Table 1: Assay results for drill holes B25-346, B25-347 and B25-348.
Hole ID | From (m) | To (m) | Length (m) | Au (g/t) | Collar | Azimuth / Dip | |
B25-346 | 228 | 245 | 17.0 | 2.54 | X 640436 Y 6593101 | 070 / -60 | |
incl. | 228 | 233 | 5.0 | 6.61 | |||
254 | 273 | 19.0 | 1.42 | ||||
B25-347 | 297 | 312 | 15.0 | 1.91 | X 640362 Y 6593025 | 083 / -56 | |
incl. | 297 | 299 | 2.0 | 6.95 | |||
and | 305 | 308 | 3.0 | 3.72 | |||
355 | 374 | 19.0 | 1.86 | ||||
incl. | 357 | 360 | 3.0 | 4.55 | |||
and | 367 | 374 | 7.0 | 2.76 | |||
incl. | 371 | 374 | 3.0 | 5.63 | |||
432 | 434 | 2.0 | 8.72 | ||||
B25-348 | 273.68 | 283 | 9.3 | 2.29 | X 640309 Y 6592953 | 085 / -62 | |
incl. | 275 | 278 | 3.0 | 4.68 | |||
294 | 298 | 4.0 | 1.60 | ||||
309 | 319 | 10.0 | 1.26 |
Notes: | |
1. | Additional assay results for B25-348 are pending (from 448 to 480 metres) |
2. | Results shown are assays from 1 metre samples composited into longer intervals with a minimum lower cut-off of 0.5 g/t Au, and maximum 5 metres of consecutive waste defined as < 0.3 g/t Au. |
3. | Lengths shown represent core length. True thickness of the mineralized intercepts is expected to be approximately 80% of the core length based on the dominant mineralized quartz vein orientations at Box, however this may vary on an individual sample basis. |
4. | Sample locations are provided in NAD83 UTM Zone 12N. Hole azimuths are true north. |
2025-2026 Exploration Drilling Program
The assay results from the three drill holes reported herein form part of a broader exploration drilling program initiated in late 2025, comprising approximately 3,250 metres of planned drilling. The program is designed to evaluate opportunities for mineral resource expansion at the Box and Athona deposits, as well as the potential to define new mineral resources at underexplored historical occurrences including Frontier, Golden Pond, and Triangle. All targets are located within two kilometres of past-producing and anticipated future mine infrastructure (Figure 2).
Technical Disclosure & Qualified Person
All drilling is being carried out with NQ diameter. Core trays are transported directly from the drill rig to the Company's logging facility in Uranium City. Sample intervals are selected for assay based on observations of lithology type, presence of quartz veins and sulphides. These intervals are marked up for continuous sampling with one metre sample increments (adjusted where necessary to not cross lithological boundaries). Core is sawn in half along the core axis for sampling, with the remaining half preserved and stored in the core box. Samples are bagged and placed in plastic pails sealed with security tags for export by air freight to Saskatoon (CA).
All sample processing is being carried out by SRC Geoanalytical Laboratories in Saskatoon using their screened metallics sample process method, which includes; (1) crushing and homogenization of the entire sample; (2) split off a representative 1 kg split for analysis; (3) pulverizing the split with 95 % passing 150 mesh; (3) screening the split at 150 mesh; (4) assay the entire +150 mesh fraction; (5) duplicate assay of two 30 g splits of the -150 mesh fraction; and (6) calculation of the weighted average gold content (in g/t) for the entire sample. All assay is carried out by fire assay with a gravimetric finish.
Certified reference blank and standard material is being used by the Company for independent QAQC of assay results. QAQC samples are inserted into assay sample sequences and results are reviewed to assess for any potential laboratory contamination and to verify assay accuracy and precision. A selected suite of samples will also be sent to another laboratory for additional "umpire" assay testing to further verify the results.
Details for the Updated PEA for Goldfields are provided in the technical report titled "Goldfields Project Updated NI 43-101 Technical Report & Preliminary Economic Assessment, Saskatchewan, Canada", dated October 20, 2025, prepared by Kevin Murray, P.Eng.; Scott C. Elfen, P.E.; James Millard, P.Geo.; Jonathan Cooper, P.Eng.; Marc Schulte, P.Eng.; Cliff Revering, P.Eng.; and Ron Uken, Pr.Sci.Nat. for Fortune Bay Corp. The technical report is available under the Company's issuer profile on SEDAR+ (www.sedarplus.ca) and on the Company's website at www.fortunebaycorp.com.
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick P.Geo., Vice-President Technical Services 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,OTC:FTBYF; FWB:5QN; OTCQB:FTBYF) is a Canadian mineral exploration and development company with assets in Canada and Mexico. The Company's primary focus is advancing the Goldfields Gold Project in Saskatchewan, Canada. Fortune Bay also holds the Poma Rosa Gold-Copper Project in Chiapas, Mexico, as well as an optioned uranium project portfolio in the Athabasca Basin of Saskatchewan. Fortune Bay continues to evaluate and advance its portfolio in a disciplined manner while maintaining a strong technical foundation and prudent capital management. For more information, please 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
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 Updated 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 Indigenous Nations, local Municipalities and 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 Indigenous Nations and local Municipalities, 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.
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SOURCE Fortune Bay Corp.
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