Resource News

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced the commencement of a deep sensing Z-Axis Tipper Electromagnetic (ZTEM) airborne survey over the northern portion of the Carter Corridor at the Hook Lake Joint Venture; a joint venture between Cameco Corporation (39.5%), Orano Canada Inc. (39.5%), and Purepoint (21%). The Hook Lake Project lies on the southwestern edge of Saskatchewan's Athabasca Basin in the Patterson Uranium District, Saskatchewan, Canada and is adjacent to and on trend with high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit.

ZTEM technology, exclusive to Geotech Ltd., is used to measure the variations in naturally occurring electromagnetic (EM) fields produced by thunderstorms around the globe. The variations in the EM fields help detect the resistivity contrast in deeply buried rock structures that may have controlled uranium deposition.

The Carter corridor is a long lived, reactivated fault zone that lies between the Clearwater Domain granitic intrusives to the west and runs parallel to the Patterson structural corridor to the immediate east. The 25-kilometre strike length of the Carter structural/conductive corridor is almost entirely located within the Hook Lake JV project.

Highlights

  • Purepoint will be conducting an airborne ZTEM Survey covering the northern portion of the Carter and Patterson corridors.
  • The survey will cover 653 kilometres of flight at 300 metre spacings.
  • Results and interpretations should be complete later this summer.

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Figure 1: Hook Lake Map

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Hook Lake - The Carter Corridor

The Hook Lake JV Project is owned jointly by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) as operator and consists of nine claims totaling 28,598 hectares situated in the southwestern Athabasca Basin. The Hook Lake JV Project is considered one of the highest quality uranium exploration projects in the Athabasca Basin due to its location along the prospective Patterson Lake trend and the relatively shallow depth to the unconformity.

The Patterson Lake area was recently flown by an airborne gravity survey (Boulanger, Kiss and Tschirhart, 2019) that was funded by the Targeted Geoscience Initiative (TGI), a collaborative federal geoscience program. The gravity results show the southern portion of the Carter corridor as being associated with the same gravity high response as the Triple R and Arrow uranium deposits. The gravity low response west of the Carter corridor reflects the geologically younger, Clearwater Domain intrusions. The TGI (Potter et al., 2020) consider the Clearwater Domain intrusions as being high-heat-producers that warmed and circulated hydrothermal fluids over the structural corridors. Prolonged interaction of oxidized uranium-bearing fluids with basement rocks via reactivated faults is thought to have formed the high-grade uranium deposits.

Purepoint completed three drill holes in the southern portion of the Carter corridor (HK08-01 to 03) during 2008. HK08-01 intersected very strong sericite and silica hydrothermal alteration and returned a maximum of 17 ppm U within basement rock but missed the conductor source. HK08-02 returned locally elevated radioactivity from 20 to 30 metres below the unconformity while HK08-03 intersected 60 metres of intense hydrothermal hematite alteration below the unconformity.

About Purepoint

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium exploration targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.

Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

For more information, please contact:

Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca

For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

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

Disclosure regarding forward-looking statements

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.

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DATE : November 8 th , 2022
TIME: 11 am ET
LINK: https://bit.ly/3C7y59u

Available for 1x1 meetings: November 11, 2022

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About Purepoint

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(TheNewswire)

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Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce its conclusion of an Exploration Agreement (the "Agreement") that formalizes the Company's relationship with Ya' thi Néné Lands and Resources ("YNLR"), Hatchet Lake Denesułiné First Nation, Black Lake Denesułiné First Nation, Fond du Lac Denesułiné First Nation (the "Athabasca First Nations") and the Northern Hamlet of Stony Rapids the Northern Settlement of Uranium City the Northern Settlement of Wollaston Lake and the Northern Settlement of Camsell Portage (the "Athabasca Municipalities", and together with the Athabasca First Nations, the "Basin Communities").

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

The Agreement concerns Fortune Bay's exploration and evaluation activities (the "Activities") within the traditional territories of the Athabasca First Nations and in proximity to the Athabasca Municipalities (the "Nuhenéné") and establishes a progressive basis for Fortune Bay, YNLR and the Basin Communities to work together to ensure that the Activities are conducted in a sustainable manner and with respect for the Aboriginal and treaty rights, title and interests of the Athabasca First Nations and protection for their traditional lands. The Agreement provides a framework for information-sharing and environmental protection and monitoring, establishes permitting review processes, facilitates the Basin Communities' meaningful participation in the Activities by providing economic, employment and training opportunities and benefits to support community development initiatives, and confirms the Basin Communities' consent and support for the Activities, subject to Fortune Bay's performance of its obligations under the Agreement.

Dale Verran , CEO for Fortune Bay, commented " Fortune Bay is committed to responsible stewardship of the environment, and building meaningful, mutually beneficial relationships with project communities. We are pleased to have reached this Agreement with the Basin Communities, which formalizes those commitments and provides consent and support for our current and future activities. Through this Agreement, we look forward to building upon the relationships we have established with the communities and local businesses, as we advance our gold and uranium projects in the Uranium City area. "

Christopher Toutsaint , YNLR Board of Director for Fond du Lac Denesułiné First Nation, stated " We welcome the partnership with Fortune Bay that we are establishing through this Agreement and the mutual benefits that we will each realize. Our goal at YNLR, as protectors of the land and promoters of the people of Nuhenéné, is to ensure our communities meaningfully participate and benefit from projects happening on our lands. That is our intent and the commitment being made today with a partner that acknowledges and respects our rights. "

About Ya' thi Néné

Ya' thi Néné is a non-profit organization owned by the seven Athabasca Basin communities of Hatchet Lake Denesułiné First Nation, Black Lake Denesułiné First Nation, Fond du Lac Denesułiné First Nation and the municipalities of Stony Rapids , Uranium City , Wollaston Lake , and Camsell Portage. Ya' thi Néné works on behalf of the Athabasca Basin communities to protect the best interests of the people and the land.

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.

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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Mann Lake Uranium Project :
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CanAlaska Extends Warrant Terms and Grants Options

CanAlaska Extends Warrant Terms and Grants Options

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") announces that it intends to extend the exercise period of a total of 6,501,839 outstanding share purchase warrants by 6 months. Each of the warrants is exercisable for one common share of the Company at prices ranging from $0.40 - $0.55 per share (collectively, the "Warrants"). The exercise prices will remain unchanged with these proposed extensions. The Warrants were originally issued pursuant to private placements completed between December 30, 2019 and December 23, 2020. The new expiration dates for the Warrants will be:

  • June 23, 2023 (with respect to 3,277,712 Warrants originally issued on December 23, 2020);

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FORTUNE BAY FILES NI 43-101 PEA TECHNICAL REPORT FOR THE GOLDFIELDS PROJECT, SASKATCHEWAN

FORTUNE BAY FILES NI 43-101 PEA TECHNICAL REPORT FOR THE GOLDFIELDS PROJECT, SASKATCHEWAN

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce filing of an independent Preliminary Economic Assessment ("PEA") technical report for its 100% owned Goldfields Project ("Goldfields" or the "Project") located near Uranium City, Saskatchewan .

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

Fortune Bay's News Release dated November 1, 2022 , titled " Fortune Bay Announces Positive PEA For Goldfields Project, Saskatchewan ", outlines the key results, assumptions and estimates contained in the Goldfields PEA, which provides a base case assessment for developing the Goldfields mineral resource by conventional open pit mining methods, and gold recovery with a standard free milling flowsheet. In summary, the economic model supports an operation with low capital cost and high rate of return over an 8.3 year mine life, with average annual production of 101,000 ounces of gold.

PEA Highlights:
  • Robust economics with after-tax net present value ("NPV") (discount rate 5%) of C$285M , internal rate of return ("IRR") of 35.2% and payback of 1.7 years estimated with gold price of US$1,650 per ounce
  • Average annual gold production of 101,000 ounces over life of mine ("LOM"), with an average of 122,000 ounces per year in the first 4 years
  • 8.3 year LOM producing 835,000 ounces of gold
  • Average cash cost of US$778 /oz and all-in sustaining cost ("AISC") of US$889 /oz gold
  • Initial capital expenditure of C$234M

The PEA technical report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") by Ausenco Engineering Canada Inc. ("Ausenco"), in collaboration with Moose Mountain Technical Services for the mine design, and SRK Consulting ( Canada ) Inc. for the updated mineral resource estimate and environmental, permitting and social aspects. The technical report is available on the Fortune Bay Corp. company profile at www.sedar.com , and is also available on the Company website www.fortunebaycorp.com .

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 Goldfields

The 100% owned Goldfields Project is located approximately 13 kilometres south of Uranium City in northern Saskatchewan . The Project comprises 12 mineral dispositions, covering approximately 5,000 hectares, and is host to the Box and Athona gold deposits and numerous other gold prospects and occurrences. The Project is located within a historical mining area and benefits from established infrastructure, including a road and hydro-powerline to the Box deposit. Nearby facilities and services in Uranium City include bulk fuel, civil contractors, and a commercial airport. The Project has a history of gold production (64,000 oz produced between 1939 to 1942), numerous exploration drilling campaigns (over 1,000 drill holes) and historical mining studies by previous owners of the Project. The current total gold resource for Box and Athona (effective date September 1, 2022 ) stands at 979,900 ounces of gold in the Indicated category (23.2 million tonnes at an average grade of 1.31 g/t gold) and 210,800 ounces of gold in the Inferred category (7.1 million tonnes at an average grade of 0.92 g/t gold).

About Ausenco

Ausenco is a global company based across 26 offices in 14 countries, with projects in over 80 locations worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value- add consulting studies, project delivery, asset operations and maintenance solutions to the mining and metals, oil & gas and industrial sectors.

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, and include, but are not limited to, statements with respect to: the results of the PEA, including future Project opportunities, future operating and capital costs, closure costs, AISC, the projected NPV, IRR, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Project, the technical viability of the Project, the market and future price of and demand for gold, the environmental impact of the Project, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward- looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com .

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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