Precious Metals

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) ("Fortune Bay" or the "Company") is pleased to announce 2022 exploration plans for its three 100% owned Projects located in northern Saskatchewan (see Figures 1 and 2). These include the Strike and Murmac (formerly Goldfields West) Uranium projects, and the Goldfields Gold project (collectively the "Projects"). The Projects are all located within 25 kilometres of Uranium City where the Company has established an operational base.

Overview of 2022 Exploration Plans:

  • The Strike and Murmac Uranium projects are located on the northern rim of the prolific Athabasca Basin, with both having the potential to host high-grade uranium deposits.
  • Exploration plans for 2022 include geophysical surveying during the winter months, followed by maiden exploration drilling programs commencing in the spring and continuing into the summer season.
  • The Goldfields Gold project is host to the Box and Athona gold deposits, established infrastructure including a powerline to site, and a valid mine and mill development permit.
  • Exploration plans for 2022 include exploration drilling to test gold targets within the Goldfields Syncline, and continued resource expansion drilling contingent on final assay results from Phase 1 drilling completed during 2021.

Dale Verran , CEO for Fortune Bay, commented, " With the close of our $6.9 million financing we are fully-funded for next year's expansive exploration programs which are focused on making new discoveries. At Strike Uranium, the comprehensive historical survey dataset from the mid-2000's has allowed us to rapidly advance this project and develop an initial set of targets which meet the criteria for high-grade basement-hosted uranium deposits. A planned winter ground gravity survey is aimed to further prioritize targets before we embark on a maiden drilling campaign. Plans for Murmac Uranium include drill target generation through continued data interpretation and a winter VTEM and ground gravity survey, followed by an inaugural summer drilling program to test prioritized targets. At the Goldfields Gold project, our team has developed drill targets between the Box and Athona gold deposits which have the potential to deliver the next gold discovery within the Goldfields Syncline. The coming year is poised to be an exciting year for the Company with potential value catalysts on multiple fronts."

Strike Uranium – Ground Geophysics and Exploration Drilling

The recently acquired Strike Uranium Project ("Strike") 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 electromagnetic ("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 the presence of encouraging 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 occurrence with over 1,000 tonnes mined at 0.6 to 3.5 % U 3 O 8 (Source: Saskatchewan Mineral Deposit Index #1511, NTS74N11). 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. The Company has carried out internal review of historical datasets and has generated an initial set of ten priority target areas. Exploration plans for 2022 include:

  • A ground gravity survey over the 15 kilometre length extent of the prioritized EM conductors (approximately 2,600 hectares), in the northern portion of the Project area. Ground gravity results will be utilized to detect favorable clay alteration zones to further prioritize targets for drilling. The survey is expected to begin in mid Q1 2022 and take approximately three to four weeks to complete.
  • Maiden exploration drilling is planned to commence in mid Q2 2022 and continue into the summer months. An initial eight to ten holes comprising approximately 2,500 meters are planned with contingency to expand the drilling program based on results.

Murmac Uranium – Airborne Geophysics, Ground Geophysics and Exploration Drilling

The Murmac Uranium Project ("Murmac"), formerly the Goldfields West Project, hosts a 12 kilometre-long package of prospective graphite-bearing EM conductors, as defined by historical (pre-2000) airborne and ground geophysical surveys. The area has been subjected to surface prospecting up until the 1980's which identified numerous high grade uranium surface showings, but similar to the Strike Project, this historical work focused on outcrop while the EM conductors located within the valleys were not amenable to surface prospecting. Significant portions of the EM conductors, which are hosted in favorable brittle surrounding lithologies cross-cut by large-scale regional structures, remain unexplored. Exploration plans for 2022 include:

  • An airborne VTEM™ (Versatile Time Domain Electromagnetic) survey (approximately 8,500 hectares) to cover the EM conductor package is planned for late Q1 2022.
  • A ground gravity survey (approximately 2,500 hectares) is planned following completion of the Strike ground gravity survey, which is expected to take approximately three to four weeks to complete.
  • Maiden exploration drilling is planned to commence in early Q3 2022 and continue through the summer months. An initial six to eight holes comprising approximately 2,000 meters are planned subject to final target delineation with contingency to expand the drilling program based on results.

Goldfields – Phase 2 Exploration Drilling

Historical drilling in the Goldfields Syncline (the "Syncline") has overwhelmingly focused on resource delineation at the Box and Athona gold deposits, and on exploring smaller gold occurrences, discovered during early surface prospecting prior to 1950. Large prospective portions of the Syncline remain untested and Phase 1 drilling at Box and Athona during 2021 has demonstrated the potential for a broader mineralized system. A geophysical and geological targeting review has been underway during the second half of 2021 and has generated exploration targets for drill testing across the 2.5 kilometre extent of the Syncline. Targeting criteria include prospective geological settings based on the known mineralization controls for Box and Athona. Exploration plans for 2022 include:

  • Approximately 2,000 metres in five to six drill holes are planned as part of a Phase 2 drilling program.
  • Drilling is expected to commence in early Q1 2022. A drill rig is on site from the drilling completed during 2021.
  • The Company is awaiting receipt of final gold assay results from the remaining four drill holes completed at Box as part of the Phase 1 resource expansion program. The Phase 2 drilling program may be revised contingent on these results.

Contracting and Permitting

The Company is pleased to have secured the services of reputable and experienced contractors to support the planned 2022 exploration activities:

  • Team Drilling LP ("Team") has been awarded the 2022 drilling contract for the Company's Saskatchewan Projects, following the strong working relationship developed with Team during 2021. Team was created through a partnership between Team's senior management and Athabasca Basin Development - an Indigenous-owned investment company owned by the seven communities in Northern Saskatchewan's Athabasca area. These communities are largely Denesuliné First Nations communities and include Fond du Lac , Stony Rapids , Black Lake , Hatchet Lake , Wollaston Lake , Camsell Portage and Uranium City .
  • MWH Geo-Surveys Ltd. ("MWH") has been contracted for ground gravity surveying.
  • Similar to 2021, the Company plans to continue with, and build-upon, its working relationships with local businesses and community members that provide a range of valuable support services including but not limited to accommodations, catering, fuel, transport and general contracting.

A drilling permit is in place for Goldfields which is valid until October 31, 2022 , and an amendment has been requested to include the planned drilling for Murmac (Goldfields West). Ground geophysical survey and drilling permit applications for Strike were submitted on September 2, 2021 and are expected to be granted prior to December 31, 2021 . A ground geophysical survey permit application was submitted for Murmac (Goldfields West) on October 21, 2021 , which is expected to be granted early in the new year.

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.

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 properties.

About Fortune Bay

Fortune Bay Corp. (TSXV:FOR, Frankfurt : 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 (previously "Goldfields West") 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.

SOURCE Fortune Bay Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2021/15/c2624.html

News Provided by Canada Newswire via QuoteMedia

FOR:CA
Fortune Bay

Fortune Bay


Keep reading...Show less
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:

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
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."

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
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.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2022/26/c3829.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
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

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Fortune Bay

FORTUNE BAY INTERSECTS 13.22 G/T GOLD OVER 8 METRES IN ADDITIONAL STEP-OUT HOLES AT BOX, GOLDFIELDS PROJECT

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:

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Challenger Exploration

Ongoing Drilling at Hualilan Solidifies Outlook for a Significant Uplift to Recently Reported Maiden MRE

Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce results from recent drilling targeting extensions to the mineralisation at the Company's flagship Hualilan Gold Project, in San Juan Argentina. The results include the first drill holes that were not included in the Company’s recent maiden 2.1 million ounce AuEq1 Mineral Resource Estimate (MRE) which includes a high-grade core of 1.1 Moz at 5.6 g/t AuEq1 .

Keep reading...Show less
Top 10 Central Bank Gold Holdings (Updated 2022)

Top 10 Central Bank Gold Holdings (Updated 2022)

Global central bank gold reserves top 35,500 metric tons (MT), approximately one-fifth of all the gold ever mined. The vast majority of central bank gold holdings were acquired in the last decade, when national banks became net buyers of the yellow metal.

Central banks purchase gold for a number of reasons: to mitigate risk, to hedge against inflation and to promote economic stability. In its most recent annual survey released in June 2022, the World Gold Council (WGC) said that 61 percent of central bankers expect global gold reserves to increase over the next 12 months. Nearly three-quarters of respondents cited the precious metal’s “long-term store of value” as a guiding factor in gold purchases.

Central banks added 463 MT of gold to their vaults in 2021, signaling a significant turnaround in demand after the 255 MT decade low experienced in 2020.

Keep reading...Show less
gold bar with stock chart

VIDEO — Adrian Day: Recession, Stagflation, Crash? Where We're Going, What it Means for Gold

Adrian Day: Recession, Stagflation, Crash? Where We're Going, What it Means for Goldyoutu.be

The US Federal Reserve hiked interest rates by 75 basis points last week in its ongoing fight against inflation, amping up its efforts to tame prices and leaving market watchers wondering what's next.

Speaking just ahead of the central bank's meeting, Adrian Day, president of Adrian Day Asset Management, said usually the Fed starts out hawkish and then backs off. But this time around the opposite is happening.

This is due to various factors, but US President Joe Biden's recent meeting with Fed Chair Jerome Powell is among them — in their discussion, Biden expressed that inflation is the Fed's responsibility.

Keep reading...Show less
Blue Star Gold

Dr. Georg Josef Pollert Announces an Increase in His Ownership of the Common Shares of Blue Star Gold Corp.

Dr. Georg Josef Pollert (the "Acquiror"), a director of Blue Star Gold Corp. (the "Company") announces that, on June 23, 2022, he has acquired ownership of 3,077,000 common shares in the capital of the Company ("Shares") at a price of $0.65 per Share. The Shares were issued in connection with the closing of a non-brokered private placement carried out by the Company (the "Private Placement").

Prior to the acquisition of Shares under the Private Placement, the Acquiror held 24,284,961 Shares, 200,000 Stock Options and 1,250,000 Share Purchase Warrants and the Acquiror's non-diluted shareholdings represented approximately 45.7% of the Company's issued and outstanding Shares.

Keep reading...Show less

B2Gold Announces Voting Results from its 2022 Annual General and Special Meeting

B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ("B2Gold" or the "Company") is pleased to announce the voting results from its Annual General and Special Meeting of Shareholders (the "Meeting") held on Wednesday, June 22, 2022 . A total of 812,572,340 common shares were voted at the Meeting, representing 76.59% of the votes attached to all outstanding common shares.

B2Gold logo (CNW Group/B2Gold Corp.)

Shareholders voted overwhelmingly in favour of all items of business before the Meeting. The nine director nominees listed in B2Gold's Management Information Circular ("the "Circular") dated May 11, 2022, were elected as directors of B2Gold to hold office for the ensuing year or until their successors are elected or appointed. Detailed results of the vote for each director are set out below:

Name

Total Votes
in Favour

Total Votes
Withheld

Outcome of
Vote

Clive Johnson

736,151,813

96.09 %

29,915,129

3.91 %

Approved

Robert Cross

709,667,695

92.64 %

56,399,248

7.36 %

Approved

Robert Gayton

700,910,563

91.49 %

65,156,380

8.51 %

Approved

Jerry Korpan

719,751,227

93.95 %

46,315,715

6.05 %

Approved

Bongani Mtshisi

762,480,309

99.53 %

3,586,634

0.47 %

Approved

Kevin Bullock

763,103,938

99.61 %

2,963,005

0.39 %

Approved

George Johnson

763,543,292

99.67 %

2,523,650

0.33 %

Approved

Robin Weisman

692,770,896

90.43 %

73,296,046

9.57 %

Approved

Liane Kelly

723,856,744

94.49 %

42,210,199

5.51 %

Approved

The resolutions to set the number of directors of the Company at nine and to appoint PricewaterhouseCoopers LLP as auditor of the Company were approved with 99.65% and 99.47%, respectively, of votes cast in favour.

The resolution regarding the Advisory Vote on Company's approach to Executive Compensation was approved with 80.36% of votes cast in favour.

A report on all items of business voted on at the Meeting will be filed on SEDAR at www.sedar.com .

Webcast/Dial-in Playback Details

A playback of the Meeting will be available until Wednesday, July 6, 2022 , on B2Gold's events page or by dialing +1 416-764-8677 (local – Toronto) or +1 888-390-0541 (toll free – North America) (passcode 420261#).

About B2Gold Corp.

B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada . Founded in 2007, today, B2Gold has operating gold mines in Mali , Namibia and the Philippines and numerous exploration and development projects in various countries including Mali , Colombia , Finland and Uzbekistan .

On Behalf of B2GOLD CORP.
"Clive T. Johnson"
President & Chief Executive Officer

For more information on B2Gold, please visit the Company's website at www.b2gold.com or contact:

Randall Chatwin
SVP, Legal & Corporate Communications

+1 604-681-8371

rchatwin @ b2gold.com

Cherry DeGeer
Director, Corporate Communications
+1 604-681-8371
cdegeer@b2gold.com

The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/b2gold-announces-voting-results-from-its-2022-annual-general-and-special-meeting-301573625.html

SOURCE B2Gold Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2022/22/c4774.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×