Precious Metals

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce initial drill results for its 100% owned Strike Uranium Project ("Strike" or the "Project"), located in northern Saskatchewan (see Figures 1 and 2). A total of nine drill holes were completed comprising 2,064 metres. Results included shallow intersections of elevated radioactivity, between 35 and 95 metres below surface, within favorable geological settings for high-grade, basement hosted deposits typical of the Athabasca Basin.

Highlights:

  • Elevated radioactivity of over 300 counts per second ("cps") was intersected in four of the nine drill holes completed (Table 2). The elevated radioactivity was associated with prospective graphitic faults and favorable hydrothermal alteration:
    • Drill hole S22-013 (K3 target) intersected an average of 840 cps from 145.5 to 145.8 metres (approximately 90 metres below surface), including 1,800 cps from 145.7 to 145.8 metres.
    • Drill hole S22-005 (Tena target) intersected an average of 365 cps from 82.1 to 84.1 metres (approximately 70 metres below surface), including 1,300 cps from 82.3 to 82.4 metres.
    • Drill hole S22-006 (Tena target) intersected an average of 390 cps from 106.9 to 107.5 metres (approximately 95 metres below surface), including 500 cps from 107.0 to 107.1 metres.
    • Drill hole S22-010 (K4 target) intersected 300 cps from 53.8 to 53.9 metres and 330 cps from 55.0 to 55.1 metres (both approximately 35 metres below surface). These shallow intersections conform with a new discovery of radioactive showings on surface with radioactivity of up to 5,000 cps . An average of 340 cps was also intersected from 135.1 to 135.4 metres (approximately 80 metres below surface).
    • Drill hole S22-013 and S22-010 are located approximately 1.1 kilometres apart along the same graphitic unit (K-conductor), defining a trend for follow-up. Nearby historical surface grab samples include HY080 1.51% U 3 O 8 , Stancliff 0.19% U 3 O 8 , and Hacker Atompower 0.13% U 3 O 8 (see Figure 3).

Dale Verran , CEO for Fortune Bay, commented, " We are very pleased with the initial results from the maiden exploration drilling program at the Strike Uranium Project. This was the first drill program aimed at testing the extensive electromagnetic conductors on the project at shallow depths, and the results have identified the key ingredients for high-grade, basement-hosted discoveries related to the Athabasca Basin. The intersection of elevated radioactivity and favorable alteration, associated with prospective graphitic structures, indicates the presence of a uranium mineralizing system adjacent to the present-day edge of the Athabasca Basin. Our experienced technical team is particularly encouraged by the results from drill hole S22-013 which was highlighted by 1,800 cps within a graphitic fault with hydrothermal alteration, representing a priority area for follow-up along the K-conductor. Laboratory uranium assay and geochemical results, combined with structural analysis of drill core and detailed surface mapping, will be utilized to plan a follow-up program."

Mr. Verran further added, "Exploration drilling has now commenced at the Murmac Uranium Project where the Company plans to test a compelling set of eight to ten targets identified from electromagnetic and gravity surveying in proximity to numerous radioactive and uranium surface showings and/or favorable structural features. We are looking forward to the continued drilling results from our Strike and Murmac Uranium Projects."

Strike Drill Results

Drill Program Summary
A total of nine drill holes (2,064 metres) were completed during the period May 21 to June 15, 2022 . Holes were drilled to test the targets documented in the News Release dated April 26, 2022 , which were refined following completion of ground gravity surveying in May. Two holes were drilled at the Tena target, a historical prospect where over 1,000 tonnes of uranium ore were mined in the 1950's with reported grades of 0.6% to 3.5% U 3 O 8 . A third hole was drilled at the Tena South target, a coincident gravity low and electromagnetic ("EM") conductor immediately south of the Tena prospect. The remaining six holes targeted discrete gravity lows located along prominent EM conductor corridors (named "J", "K" and "L") proximal to favourable geochemistry results and structural features. Drill hole collar information is summarized in Table 1 and drill hole locations are shown in Figure 3.

Table 1: Strike Drill Hole Summary.

Hole ID

Target

Easting

Northing

Dip

Azimuth

Length (m)

S22-005

Tena

609135.1

6601530.4

-50°

342°

152.0

S22-006

Tena

609080.7

6601509.9

-50°

342°

131.0

S22-007

Tena South

608954.6

6601392.9

-45°

155°

251.0

S22-008

L1

610086.2

6601679.4

-45°

315°

173.0

S22-009

J3

608637.9

6605013.5

-45°

225°

350.0

S22-010

K4

610188.5

6603465.7

-45°

100°

284.0

S22-011

L4

611726.0

6605012.0

-45°

300°

233.0

S22-012

J2

607786.3

6604938.2

-45°

145°

230.0

S22-013

K3

609312.7

6602761.6

-45°

115°

260.0

Notes: Coordinates are reported in UTM NAD83 Zone 12N. Azimuth is true north.

Initial Drill Results
The initial drill results for each drill hole are summarized below, with final drill results to be announced following receipt of uranium assay, geochemical and reflectance data. Radioactivity results are presented as minimum and maximum counts per second ("cps") recorded within the interval reported, as measured by a Super-SPEC RS-125 handheld gamma-ray spectrometer. A summary of any elevated radioactivity (> 300 cps) encountered is provided in Table 2.

  • Drill hole S22-005 (Tena) intersected a mylonitized sequence of semipelitic to pelitic migmatite, diatexite and granite. The Tena fault, a graphitic, brittle fracture zone with hematization and chloritization, was intersected from 82.1 to 85.6 metres. Disseminated to fracture-hosted radioactivity averaging 365 cps (between 250 and 1,300 cps) is intersected from 82.1 to 84.1 metres (see Figure 4).
  • Drill hole S22-006 (Tena) intersected a mylonitized sequence of semipelitic to pelitic migmatite and diatexite. The Tena fault, as described above, was intersected from 106.7 to 107.7 metres. Disseminated to fracture-controlled radioactivity averaging 390 cps (between 320 and 500 cps) was intersected in the fault from 106.9 to 107.5 metres. Drill hole S22-006 was a 60 metre step-out west of S22-005.
  • Drill hole S22-007 (Tena South) intersected a mylonitized sequence of semipelitic to pelitic migmatite and diatexite with intermittent quartzite units with locally elevated sulphide content explaining the conductor target. No radioactivity above background was observed.
  • Drill hole S22-008 (L1) intersected a mylonitic sequence of semipelitic gneiss, granite, and pelitic migmatite. Weakly bleached and clay-altered rock was intersected (88.7 to 91.5 metres) associated with a brittle fault fracture zone (89.3 to 90.0 metres). Sheared graphite- and pyrite-bearing pelitic gneiss was intersected from 125.5 to 136.3 metres with brittle fault reactivation from 134.9 to 135.3 metres. Weak bleaching and clay-coated fractures are associated with the fault zone. No radioactivity above background was observed.
  • Drill hole S22-009 (J3) intersected a mylonitized sequence of semipelitic to pelitic migmatite and diatexite with intermittent graphite-bearing pelitic gneiss (104.8 to 197.5 metres). The graphitic units are variably sheared with abundant sulphide and brittle reactivation features. Weak bleaching occurs sporadically in the graphitic shear zones. No radioactivity above background was observed.
  • Drill hole S22-010 (K4) intersected a mylonitic sequence of semipelitic to pelitic migmatite and diatexite. Weak bleaching and clay alteration, as well as weakly elevated radioactivity (up to 330 cps from 55.0 to 55.1 metres), occurs locally in a sheared and faulted section from 53.0 to 56.2 metres (see Figure 4). Variably graphitic and pyritic pelitic gneiss occurs between 135.9 to 180.5 metres with abundant shearing and semi-brittle deformation. Local sub-metre scale brittle fault reactivations occur between 138.9 to 149.9 m , from 155.5 to 158.2 metres and 171.9 to 172.4 metres. Weakly elevated radioactivity averaging 340 cps (between 300 and 400 cps) occurs along foliation above the graphitic stratigraphy from 135.1 to 135.4 metres (see Figure 4).
    The shallower intersection (53.0 to 56.2 metres) conforms with new (not previously documented) radioactive showings discovered at surface while collaring the drill hole. These showings are associated with graphitic fault breccias in granitoid hosts with radioactivity of up to 5,000 cps (see Figure 4).
  • Drill hole S22-011 (L4) intersected a mylonitic sequence of psammitic, semipelitic, and pelitic gneiss stratigraphy with interleaved granite and graphite-bearing pelitic gneiss. The dominant graphitic unit was intersected from 127.9 to 149.6 metres. Weak to moderate bleaching occurs from 127.9 to 162.3 metres associated with intermittent metre-scale graphitic faults. Local high sulphide content is associated with sporadic quartz veining. No radioactivity above background was observed.
  • Drill hole S22-012 (J2) intersected a mylonitic sequence of semipelitic to pelitic migmatite and diatexite, with variably graphite-bearing pelitic gneiss from 79.6 to 153.1 metres with intermittent graphitic shearing and brittle reactivation. Weak bleaching and clay alteration occurs from 100.5 to 106.0 metres associated with graphitic fault development. No radioactivity above background was observed.
  • Drill hole S22-013 (K3) intersected a mylonitic sequence of semipelitic to pelitic migmatite to diatexite, with variably graphite-bearing pelitic gneiss from 110.4 to 147.0 metres. Graphitic shearing and semi-brittle deformation occur from 110.4 to 124.0 metres with a brittle overprint from 122.0 to 124.0 metres. A zone of graphitic shearing and a reactivated graphitic fault with hydrothermal alteration occurs from 143.3 to 147.0 metres and hosts elevated radioactivity averaging 840 cps (between 300 and 1,800 cps) from 145.5 to 145.8 metres (see Figure 4).

Table 2: Summary of elevated radioactivity intersected.

Target

Hole ID

Radioactivity

Association

Tena

S22-005

365 cps from 82.1 to 84.1 m, including 1,300 cps from 82.3 to 82.4 m

Graphitic brittle fracture zone with hematization and chloritization – Tena Fault.

Tena

S22-006

390 cps from 106.9 to 107.5 m, including 500 cps from 107.0 to 107.1 m

Graphitic brittle fracture zone with hematization and chloritization – Tena Fault.

K4

S22-010

300 cps from 53.8 to 53.9 m

330 cps from 55.0 to 55.1 m

340 cps from 135.1 to 135.4 m

Shallow radioactivity hosted in graphitic faults.

Deeper radioactivity associated with graphitic
pelite displaying shearing and brittle reactivation.

K3

S22-013

840 cps from 145.5 to 145.8 m, including 1,800 cps from 145.7 to 145.8 m

Reactivated graphitic fault with disseminated to
vein-hosted occurrence associated with weak to moderate hydrothermal alteration.

Notes: Radioactivity measurement ("cps") is taken using a Super-SPEC RS-125 handheld gamma-ray spectrometer. The cps values are averages for the reported drill interval. The Company considers values > 300 cps to be elevated for the Project.

Technical Disclosure
All drilling is being carried out with NQ3 or NQ2 diameter. Radioactivity in counts per second ("cps") has been measured using a Super-SPEC RS-125 Spectrometer. Individual measurements are taken over 0.1 metre core increments, which is the approximate width of the instrument sensor, and averaged over larger intervals where elevated. Core is removed from the core box and moved, if necessary, to a location where the instrument reads below background, and the measurement is collected by placing the sensor against the core at the required location. Background radioactivity is estimated at 200 cps, and values > 300 cps are considered to be elevated. The oriented drill cores are being subjected to comprehensive logging and sampling to characterize mineralization, alteration and structure. Samples will be submitted to the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element characterization.

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). Further details regarding the historical surface grab samples from HY080, Stancliff and Hacker Atompower are available within Cameco Corp. assessment reports filed on the Saskatchewan Mineral Assessment Database (SMAD File Number 74N-0102, 74N-0103 and 74N-0106).

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.

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. 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. (CNW Group/Fortune Bay Corp.)

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

Figure 3: Location of the nine drill holes completed on the Strike Uranium Project. (CNW Group/Fortune Bay Corp.)

Figure 4. Drill core and outcrop photographs from Strike Uranium Project. (CNW Group/Fortune Bay Corp.)

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.

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Purepoint Uranium Provides Update on Summer Exploration Programs

Purepoint Uranium Provides Update on Summer Exploration Programs

Purepoint Uranium Group Inc. (TSXV: PTU) ("Purepoint" or the "Company") today provided an update on the broad array of geophysical programs underway this summer. This week the company commenced a helicopter-borne versatile time domain electromagnetic (VTEM) survey across four of its projects, collectively referred to as the Tabbernor Block, all of which lie on the eastern edge of the Athabasca Basin, Saskatchewan Canada.

"Our summer programs have focused on the advancement of seven projects within our portfolio," said Chris Frostad, Purepoint's President and CEO. "In combination with existing exploration data, these surveys will advance our entire pipeline of highly prospective projects to a drill ready state."

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CAT Strategic Metals Corporation (CSE:CAT)(OTC PINK:CATTF)(FRA:8CH) ("CAT" or the "Company") reports that, further to its news release of July 5, 2022, announcing the completion of a detailed airborne geophysical survey on the South Preston Uranium Project in Canada's prolific Athabasca Basin, the Company has deployed an exploration team to the property in order to begin a highly anticipated exploration program

Two field crews will be conducting a variety of activities; including prospecting with gamma-ray spectrometers for radioactive bedrock and boulders in the areas over, and adjacent to, conductors identified by the recently completed airborne EM-magnetometer survey. The crews will map and sample any bedrock encountered in the target areas.

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Redflow Limited

Redflow to Supply Batteries for Australian Government’s Bureau of Meteorology Emissions Reduction and Reliability Project

18 ZBM batteries to supply power for critical infrastructure

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Virginia Energy Announces Appointment of Joseph Mullin as President

Virginia Energy Announces Appointment of Joseph Mullin as President

/NOT FOR DISSEMINATION IN THE U.S. NOR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN/

Virginia Energy Resources Inc. (TSX.V: VUI) (" Virginia Energy " or the " Company ") is pleased to announce the appointment of Joseph Mullin as President of the Company.

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Energy Fuels  - More signs that production is getting closer to ramping up

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Release - Energy Fuels Announces Q2-2022 Results, Including Continued Robust Balance Sheet And Market-Leading U.S. Uranium And Rare Earth Positions

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Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended June 30, 2022. The Company's quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.govedgar.shtml, on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars. Highlights: Read More >>

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