Fortune Bay

FORTUNE BAY ANNOUNCES GRANT OF STOCK OPTIONS

 Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) ("Fortune Bay" or the "Company") announces that the board of directors of the Company has approved the granting of 1,040,000 incentive stock options (the "Options") pursuant to the Company's Stock Option Plan to its directors, officers, contractors and employees.  Directors and officers were awarded 700,000 of the Options which are exercisable at a price of $0.70 per share, expire on December 17, 2026 and vest over a three-year period.

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 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.

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. 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, 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: https://www.newswire.ca/en/releases/archive/December2021/17/c5208.html

News Provided by Canada Newswire via QuoteMedia

FOR:CA
Fortune Bay

Fortune Bay Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Fortune Bay (TSXV:FOR)

Fortune Bay


Keep reading...Show less
FORTUNE BAY ANNOUNCES ADDITIONAL URANIUM STAKING AND PROVIDES UPDATE FOR MURMAC AND STRIKE URANIUM PROJECTS

FORTUNE BAY ANNOUNCES ADDITIONAL URANIUM STAKING AND PROVIDES UPDATE FOR MURMAC AND STRIKE URANIUM PROJECTS

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of two additional uranium projects through staking on the north-central margin of the Athabasca Basin, in proximity to the Company's recently announced Spruce Pine and Aspen Uranium Projects (Figure 1).

Gareth Garlick , Technical Director for Fortune Bay, commented "The acquisition of the Birch and Fir projects adds to our growing uranium portfolio of newly acquired, 100% owned projects on the north-central margin of the Athabasca Basin. This extensive portfolio now totals five new uranium projects covering over 40,000 hectares and provides Fortune Bay with further opportunity to create value through exploration and/or transactional success. The Birch and Fir projects have known uranium endowment with historical occurrences of up to 55.1% U 3 O 8 , in addition to Rare Earth Element potential with historical outcrop grades of up to 2.4% Total Rare Earth Elements."

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
FORTUNE BAY ACQUIRES THE ASPEN URANIUM PROJECT IN NORTHERN SASKATCHEWAN

FORTUNE BAY ACQUIRES THE ASPEN URANIUM PROJECT IN NORTHERN SASKATCHEWAN

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Aspen Uranium Project ("Aspen" or the "Project"). The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company's recently announced Spruce Uranium Project and Pine Uranium Project .

Aspen Uranium Project Highlights:
  • Large-scale land package covering 9,869 hectares located in proximity to the northern rim of the Athabasca Basin (Figure 1).
  • Includes extensive anomalous uranium results from historical surface sampling, including;
    • The highest regional lake sediment uranium anomaly in Saskatchewan of 989 ppm U, within the Geological Survey of Canada data compilation.
    • Historical exploration samples collected during the late 1970's identified extensive lake sediment anomalies within the Property, with values averaging 302 ppm U from 439 samples collected, including seven samples with values exceeding 1,000 ppm U (maximum 1,870 ppm U).
    • Historical muskeg samples within the Property averaged 2,007 ppm U from 24 samples collected, including a maximum value of 10,400 ppm U.
  • Historical surface prospecting, limited to areas of outcrop, failed to identify a bedrock source of this uranium anomalism and no drilling has been completed on the Project to date despite compelling support for the possible presence of a uranium deposit/s within the Project area.
  • The application of modern exploration methods, including high-resolution airborne electromagnetic ("EM") survey, presents an opportunity for discovery in an area where overburden and small lakes cover prospective graphitic lithologies (softer) and structural corridors.

" The surface endowment of uranium across the Aspen Project is extraordinary with values in surface sample media equivalent to, or greater than, uranium ore grades elsewhere in the world. We are excited to apply our team's extensive uranium skill set, together with a modern, systematic exploration approach to unravel the nature, extent and cause of this exceptionally high anomalism with the potential to deliver a near-surface uranium discovery." commented Dale Verran , CEO for Fortune Bay.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
FORTUNE BAY ANNOUNCES ACQUISITION OF THE PINE URANIUM PROJECT IN NORTHERN SASKATCHEWAN

FORTUNE BAY ANNOUNCES ACQUISITION OF THE PINE URANIUM PROJECT IN NORTHERN SASKATCHEWAN

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Pine Uranium Project ("Pine" or the "Project") through staking over the past several months. The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company's recently announced Spruce Uranium Project .

Pine Uranium Project Highlights:
  • Large-scale land package covering 17,688 hectares located in proximity to the northern rim of the Athabasca Basin ("Basin") (Figure 1).
  • Potential for high-grade, basement-hosted uranium deposits along approximately thirteen (13) kilometres of the Grease River Shear Zone ("GRSZ"), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
  • Additional potential for bulk tonnage Rössing-style uranium deposits associated with abundant, historically recognized, uranium-bearing leucogranites and pegmatites. Limited historical prospecting yielded Rössing-style surface uranium showings of 0.17% U 3 O 8 (1,442 ppm U) and 0.10% U 3 O 8 (848 ppm U), and a trenching result of 509 ppm U over 24.7 metres.
  • No modern airborne radiometric surveying completed over approximately 60% of the Project, and no modern airborne electromagnetic surveying.
  • Regionally, the area is characterized by the highest lake sediment uranium anomalies in Saskatchewan , including values up to 435 ppm U within the Project area.
  • No drilling conducted on the property to date.

Dale Verran , CEO for Fortune Bay, commented, " Combined, our Spruce and Pine Uranium Projects cover approximately 20 kilometres of the Grease River Shear Zone, providing Fortune Bay with a dominant land position of this major structural corridor within 25 kilometres of the Athabasca Basin margin. The corridor is significantly underexplored relative to other major, Basin-margin structural corridors that have yielded significant Athabasca Basin-style, basement-hosted uranium discoveries. Historical exploration has demonstrated the corridor to be prospective for basement-hosted mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences. The potential for Rössing-style uranium deposits adds an additional dimension to the Pine Uranium Project. Average uranium ore grades for the Rössing and Husab open-pit mines in Namibia are in the order of 350 ppm and 500 ppm, respectively. There is a precedent for these grades, and greater, associated with similar rock types historically identified within the Project area. The promising results from regional reconnaissance-style exploration by historical operators, and the extensive nature of the uranium mineralization in lake sediments, highlight the potential for future discovery."

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
FORTUNE BAY ANNOUNCES ACQUISITION OF THE SPRUCE URANIUM PROJECT IN NORTHERN SASKATCHEWAN

FORTUNE BAY ANNOUNCES ACQUISITION OF THE SPRUCE URANIUM PROJECT IN NORTHERN SASKATCHEWAN

 Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Spruce Uranium Project ("Spruce" or the "Project") through staking over the past several months. The Project is located within the north-central margin of the Athabasca Basin, near the community of Fond du Lac and comprises four mineral claims covering 6,855 hectares (Figure 1).

Highlights:
  • Located in proximity to the northern rim of the Athabasca Basin ("Basin") with potential for high-grade, basement-hosted uranium deposits.
  • Covers over six (6) kilometres of prospective strike length along the Grease River Shear Zone ("GRSZ"), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
  • The GRSZ is significantly underexplored relative to other major, Basin-margin structural corridors that have yielded significant basement-hosted uranium discoveries (e.g. Arrow, Triple R and Eagle Point).
  • Historical surface uranium showings of 1.60% U 3 O 8 and 0.65% U 3 O 8 from limited prospecting.
  • Additional Rare Earth Element ("REE") potential, including historical surface REE showings of 3.13% total rare earth element ("TREE"), 1.23% TREE, 0.88% TREE and 0.85% TREE.
  • Adjacent to properties held by IsoEnergy Ltd., and Forum Energy Metals Corp. (under option to Traction Uranium Inc.) that recently highlighted prospective conductive trends on the Project through airborne electromagnetic ("EM") surveying.

Dale Verran , CEO for Fortune Bay, commented, " As the uranium market continues to strengthen, with spot prices recently topping US$90 /lb U 3 O 8 , investment in uranium exploration in Saskatchewan's prolific Athabasca Basin is on the rise as explorers search for resources to meet the growing future supply deficit. This timely acquisition provides Fortune Bay with another uranium project to create value for our stakeholders. The Spruce Uranium Project hosts the hallmarks for a high-grade basement-hosted discovery; located on a major structural zone in proximity to the Basin margin with a precedent for mineralization, and limited exploration to date."

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
FORTUNE BAY ANNOUNCES OPTION AGREEMENT FOR THE MURMAC AND STRIKE URANIUM PROJECTS

FORTUNE BAY ANNOUNCES OPTION AGREEMENT FOR THE MURMAC AND STRIKE URANIUM PROJECTS

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce that it has entered into a definitive option agreement (the "Agreement"), dated December 15, 2023, with 1443904 B.C. Ltd. (the "Optionee"), an arms-length private company. Pursuant to the Agreement, the Optionee will be granted the right to acquire up to a 70% interest in the Company's wholly owned Murmac and Strike Uranium Projects (the "Projects") over a three-and-a-half-year period by funding C$6 million in exploration expenditures, making cash payments totalling C$1.35 million, and issuing C$2.15 million in common shares following completion of a going public transaction.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
R3D Resources

$1.5 Million in Firm Commitments Received for Capital Raisings

$0.5 million partial underwrite of the Rights Issue & $1.0 million in further debt or equity to be raised by end April 2024

R3D Resources Limited (ASX: R3D) (the Company) (renamed Tartana Minerals Limited) is pleased to provide an update on the 1 for 5 pro rata entitlement offer of New Shares in the Company at an issue price of $0.05 per New Share, as well as 1 attaching Option exercisable at $0.10 expiring 31 December 2025 for each 2 New Shares subscribed for (the Rights Issue) which opened in November 2023.

Keep reading...Show less
Brightstar Resources

Successful Completion of A$12 Million Share Placement

Brightstar Resources Limited (Brightstar or the Company) (ASX: BTR) is pleased to report that it has received firm commitments for a placement of new fully paid ordinary shares in the Company (Shares) at A$0.014 per Share to raise A$12 million (before costs) (Placement).

Keep reading...Show less
Peter Schloo, president and CEO of Heritage Mining.

Heritage Mining Gears up for 2024 Exploration at Drayton-Black Lake Project

Heritage Mining (CSE:HML) is gearing up for more drilling in 2024 following a successful drill program in 2023, the results of which confirmed the presence of multiple high-grade instances of gold and silver mineralization.

“We're advancing, and we were probably the most active in 2023 from an exploration perspective,” said Peter Schloo, president and CEO of Heritage Mining. “So we have a lot of news to come and, you know, the stocks are looking really good.”

The company will be conducting ground induced polarization drilling to further define the deposit potential at the Alcona and New Millennium targets within its flagship Drayton-Black Lake project.

Keep reading...Show less
FREEGOLD ANNOUNCES CLOSING OF $10 MILLION BROKERED PRIVATE PLACEMENT FINANCING

FREEGOLD ANNOUNCES CLOSING OF $10 MILLION BROKERED PRIVATE PLACEMENT FINANCING

Freegold Ventures Limited (TSX: FVL) (" Freegold " or the " Company "), is pleased to announce that further to its news release of March 8, 2024 the Company has closed its upsized brokered private placement offering for aggregate gross proceeds of $10,000,000 ). Paradigm Capital acted as sole agent (the " Agent ") on the Offering.

In connection with the Offering, the Company entered into an agency agreement (the " Agency Agreement ") dated March 26, 2024 , between the Company and the Agent. In accordance with the Agency Agreement, 25,000,000 units of the Company (the " Units ") were issued at a price of $0.40 per Unit. Each Unit is comprised of one common share of the Company (a " Unit Share ") and one-half of one common share purchase warrant of the Company (each whole warrant, a " Warrant "). Each Warrant is exercisable to acquire one common share of the Company (a " Warrant Share ") for 24 months from today's date at an exercise price of $0.52 per Warrant Share.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Advancing Multiple Gold Discoveries in Proven Jurisdictions

Advancing Multiple Gold Discoveries in Proven Jurisdictions

Focused on adding value through cost effective minerals exploration and discovery

This Presentation has been prepared as a summary only and does not contain all information about Many Peaks Minerals Limited’s (“MPK” or the “Company”) assets and liabilities, financial position and performance, profits and losses, prospects and rights and liabilities. The information in this Presentation and made to you verbally is subject to updating, completion, revision, further verification and amendment without notice.
Keep reading...Show less
Siren Gold

Significant Mineralisation Intersected at Auld Creek

Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on its Auld Creek Prospect.
Keep reading...Show less
Fortune Bay

Fortune Bay Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×