Precious Metals

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) ("Fortune Bay" or the "Company") is pleased to announce gold assay results for the remaining four step-out drill holes completed at the Box gold deposit ("Box"), located on the Company's Goldfields Project ("Goldfields" or the "Project") in northern Saskatchewan (Figure 1). The drill holes are part of the Phase 1 resource expansion program completed in 2021.

The four drill holes, completed on an approximate 50 metre spacing, returned significant gold intercepts outside of the extents of the current 2021 Mineral Resource Estimate ("2021 MRE") for Box, with highlights that included:

  • Drill Hole B21-340:


13.22 g/t Au over 8.0 metres, including
103.30 g/t Au over 1.0 metre
6.13 g/t Au over 2.0 metres, including
10.80 g/t Au over 1.0 metre

  • Drill Hole B21-339:

2.23 g/t Au over 23.0 metres, including
8.74 g/t Au over 5.0 metres, including
31.54 g/t Au over 1.0 metre

  • Drill Hole B21-338:

2.17 g/t Au over 8.0 metres, including
13.12 g/t Au over 1.0 metre

  • Drill Hole B21-337:

3.70 g/t Au over 4.0 metres, including
12.45 g/t Au over 1.0 metre
2.49 g/t Au over 9.0 metres

The drill holes were oriented at moderate dips (-55 to -60 degrees) to the east to intersect the dominant mineralized vein-sets at high angles, and true thicknesses are estimated to be approximately 80% of the intersected lengths.

Key observations:

  • The assay results confirm expansion of Box mineralization of up to 280 metres outside of the extents of the 2021 MRE, and mineralization remains open.
  • Higher grades show apparent continuity between drill holes occurring along structural trends consistent with those observed in the shallower portions of the deposit.

Assay results for the initial three step-out drill holes at Box were announced on September 14, 2021 , with highlights that included 8.00 g/t Au over 12.0 metres (drill hole B21-336) and 8.00 g/t Au over 4.0 metres (drill hole B21-334).

Dale Verran , CEO for Fortune Bay, commented, " These assay results, from relatively widely-spaced drilling, continue to demonstrate the potential to expand the mineral resources at Box. Furthermore, the presence of high grades along structural trends is encouraging in terms of defining priority zones of interest for potential delineation drilling follow-up. Together with the previously reported Phase 1 results for Box, a picture is emerging of structurally-controlled gold grades which have the potential to create additional opportunities for the Project from a mining standpoint."

Box Phase 1 Drilling Results
A summary of the assay results received from the final batch of four drill holes completed at Box is provided in Table 1. Drill hole locations and down hole assay results are shown in Figures 2 and 3, respectively.

Table 1: Box Resource Expansion Drilling Results for B21-340, B21-339, B21-338 and B21-337.

Hole ID


From (m)

To (m)

Length
(m)

Au (g/t)

Collar
Location

Azimuth
/ Dip

B21-340


317.0

325.0

8.0

1.85

N6592745

E640042

096° /

-55°

incl.

322.0

323.0

1.0

8.34


385.0

391.0

6.0

0.91


406.0

408.0

2.0

6.13

incl.

406.0

407.0

1.0

10.80


414.0

418.0

4.0

1.61


426.0

434.0

8.0

13.22

incl.

430.0

431.0

1.0

103.30

B21-339


342.0

353.0

11.0

0.78

N6592746
E640043

086° /

-55°

incl.

342.0

346.0

4.0

1.78


408.0

414.0

6.0

0.50


494.0

498.0

4.0

1.01


557.0

580.0

23.0

2.23

incl.

575.0

580.0

5.0

8.74

incl.

575.0

576.0

1.0

9.20

and

577.0

578.0

1.0

31.54

B21-338


342.0

345.0

3.0

0.62

N6592809
E640073

083° /

-55°


362.0

376.0

14.0

0.51


386.0

391.0

5.0

1.57


406.0

462.0

56.0

0.67

incl.

413.0

432.0

19.0

1.42

incl.

424.0

432.0

8.0

2.17

incl.

427.0

428.0

1.0

13.12


468.0

480.0

12.0

0.61

incl.

468.0

471.0

3.0

1.65



509.0

514.0

5.0

1.01



547.0

556.0

9.0

0.58



599.0

605.0

6.0

0.52

B21-337


284.0

307.0

23.0

1.34

N6592874
E640184

082° /

-60°

incl.

303.0

307.0

4.0

3.70

Incl.

303.0

304.0

1.0

12.45


316.0

338.0

22.0

1.55

incl.

316.0

325.0

9.0

2.49

incl.

316.0

317.0

1.0

9.79

and

324.0

325.0

1.0

7.55

Notes:

  • 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
  • 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.
  • Sample locations are provided in NAD83 UTM Zone 12N. Hole azimuths are true north.

Drill Hole Descriptions:

  • Drill hole B21–337 provides an approximate 50 m step along strike from hole B21-335 (see News Release dated September 14, 2021 ). The purpose of this hole was to test for along-strike mineralization continuity within Target Zone A and to extend coverage stepping south towards Target Zone B (see News Release dated February 26, 2021 ), intersecting the Box Mine Granite ("BMG", the mineralized unit) entirely outside of the extent of the 2021 MRE. This hole exited the BMG at 467.3 m and was terminated in footwall schist at 521 m .
  • Drill hole B21–338 provided an approximate 50 metre step-out south along strike from B21-337. All the mineralized intercepts from B21-338 are outside of the extents of the 2021 MRE. The hole was terminated at 638 metres in mineralized BMG, confirming mineralization continuity along strike and down dip from Target Zone A.
  • Drill hole B21–339 provided an additional 50 metre step-out south along strike from B21-338 towards Target Zone B. This hole exited the BMG at 581 m and was terminated at 605 m . Results further confirm mineralization continuity along strike and down dip from Target Zone A.
  • Drill hole B21-340 provided an additional 50 metre step-out south along strike from B21-339 into Target Zone B. This hole intercepted BMG between 315.5 m and its end of hole at 602 m . Results confirm mineralization continuity within and down dip from Target Zone B. The overall BMG unit in this hole contained several minor schist horizons which were not sampled but have subsequently been recognized to have grade potential following receipt of the assay results. Additional sampling and assaying over approximately 60 metres is planned for these horizons, which have associated quartz veining, particularly from 418.0 to 425.0 metres immediately above the intersection of 103.30 g/t Au over 1 metre (from 430.0 to 431.0 metres).

Significant Expansion:

  • Results for the four drill holes reported herein represent a significant expansion of mineralization of up to 280 metres outside of the extents of the 2021 MRE, measured along the plunge direction of mineralized vein-sets. Mineralization remains open with depth.
  • The results confirm the presence of high grades at depth and confirm continuity of mineralization between Target Zones A and B. The final drill hole has confirmed the presence of high grades within and down dip from Target Zone B.
  • Phase 1 drilling has confirmed a significant thickening of the BMG down dip, from an average of approximately 30 m at surface to over 100 m at 300 m below surface.

Structural-Controls on Gold Mineralization:

  • Phase 1 drilling at Box is oriented towards the east, with dips as shallow as practically achievable (approximately -55°) to intersect mineralized vein sets at the highest angle possible and maximise the internal coverage of the BMG for each drill hole.
  • Drilling is being carried out with oriented core for the first time at Box.
  • Structural measurements from drill core confirm apparent continuity of higher grades between drill holes (Figure 4), occurring along trends consistent with those observed in the shallower portions of the deposit (typically striking north-south and dipping steeply to the west).
  • The Phase 1 resource expansion drilling has confirmed the presence of structurally controlled high gold grades with significant step-outs outside of the extents of the 2021 MRE. The grade and apparent continuity of these potential mineralization-shoots provides a basis for scoping level economic assessments to establish a case for follow-up drilling and additional resource delineation.

Goldfields Technical Disclosure
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 TSL Laboratories Inc. (TSL) in Saskatoon using their screened metallics sample process method, which includes; (1) crushing of the entire sample; (2) pulverizing of the entire sample with 95 % passing 150 mesh; (3) screening the entire sample 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. Rock grab samples collected during field reconnaissance were assayed using the same sample preparation and analytical procedures as used for core samples.

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

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

About Goldfields
The 100% owned Goldfields Project ("Goldfields" or the "Project") is the Company's most advanced asset located in northern Saskatchewan , approximately 13 kilometres from Uranium City . The Project is host to the Box and Athona gold deposits which contain combined Indicated Mineral Resources of 975,000 oz of gold (22.6 million tonnes at an average grade of 1.34 g/t) and Inferred Mineral Resources of 176,000 oz of gold (6.0 million tonnes at an average grade of 0.92 g/t). Goldfields is endowed with established infrastructure including existing roads, a powerline to site, and nearby facilities and an airport at Uranium City . The Project has a history of gold production (64,000 oz Au produced between 1939 to 1942), numerous exploration drilling campaigns and various historical mining studies (including a 2007 Feasibility Study for the Box deposit and a 2011 Pre-Feasibility for the Box and Athona deposits that were prepared in accordance with NI 43-101). The Box open-pit mine and mill development is permitted having received Ministerial approval under the Environmental Assessment Act in May 2008 . The ~5,000 hectare Goldfields property presents numerous exploration opportunities, including the potential to expand the Box and Athona deposits and discover additional resources at several other gold prospects and occurrences.

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

On behalf of Fortune Bay Corp.

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

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

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

Figure 1: Goldfields Project infrastructure and location map. (CNW Group/Fortune Bay Corp.)

Figure 1: Goldfields Project infrastructure and location map.

Figure 2: Box Phase 1 drill hole locations and assay results from 1 metre core samples (B21-334 to B21-340). (CNW Group/Fortune Bay Corp.)

Figure 2: Box Phase 1 drill hole locations and assay results from 1 metre core samples (B21-334 to B21-340).

Figure 3: Box Phase 1 down hole assay highlights (B21-337 to B21-340). Refer to the plan map in Figure 2 for hole locations. (CNW Group/Fortune Bay Corp.)

Figure 3: Box Phase 1 down hole assay highlights (B21-337 to B21-340). Refer to the plan map in Figure 2 for hole locations.

Figure 4: Higher grade assay results (>1.5 g/t Au) and gold-bearing quartz vein orientations (top right) demonstrating apparent continuity between drill holes. (CNW Group/Fortune Bay Corp.)

Figure 4: Higher grade assay results (>1.5 g/t Au) and gold-bearing quartz vein orientations (top right) demonstrating

apparent continuity between drill holes.

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

SOURCE Fortune Bay Corp.

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FORTUNE BAY BEGINS TRADING ON OTCQX MARKET

FORTUNE BAY BEGINS TRADING ON OTCQX MARKET

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

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

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

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

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

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

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

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

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

On behalf of Fortune Bay Corp.

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

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

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

SOURCE Fortune Bay Corp.

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FORTUNE BAY ANNOUNCES INITIAL DRILL TARGETS FOR THE MURMAC URANIUM PROJECT

FORTUNE BAY ANNOUNCES INITIAL DRILL TARGETS FOR THE MURMAC URANIUM PROJECT

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

Highlights:

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FORTUNE BAY COMMENCES MAIDEN EXPLORATION DRILLING AT THE STRIKE URANIUM PROJECT

FORTUNE BAY COMMENCES MAIDEN EXPLORATION DRILLING AT THE STRIKE URANIUM PROJECT

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

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

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

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

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

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

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

Highlights:

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

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

Strike Drill Targeting

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

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

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

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

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

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

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

Unless otherwise stated, the historical results (including drill results) contained within this news release have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these results relevant to assess the mineralization and economic potential of the property. Further details regarding the historical Tena prospect can be found within the Saskatchewan Mineral Deposit Index (SMDA #1511). Historical work completed by Cameco Corp. between 2005 and 2008 is available within assessment reports filed on the Saskatchewan Mineral Assessment Database (SMAD File Number 74N-0102, 74N-0103 and 74N-0106).

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

On behalf of Fortune Bay Corp.

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

Cautionary Statement Regarding Forward-Looking Information

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

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

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

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

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

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

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

SOURCE Fortune Bay Corp.

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Fortune Bay

FORTUNE BAY COMMENCES PRELIMINARY ECONOMIC ASSESSMENT FOR GOLDFIELDS PROJECT, SASKATCHEWAN

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

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

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

Preliminary Economic Assessment

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

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

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

Updated Mineral Resource Estimate

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

Goldfields Technical Disclosure

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

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

About Goldfields

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

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

On behalf of Fortune Bay Corp.

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

Cautionary Statement Regarding Forward-Looking Information

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

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

SOURCE Fortune Bay Corp.

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

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