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Fortune Bay

TSXV:FOR

Exploring for High-grade Uranium in the Athabasca Basin

​Company Highlights

  • A diversified asset base in northern Saskatchewan includes an advanced gold project and two early-stage uranium projects.
  • Recently completed NI 43-101 preliminary economic assessment for Goldfields supports an open-pit gold mining operation with low capital cost and a high rate of return over an 8.3-year mine life, with an average annual production of 101,000 ounces of gold.
  • Initial exploration drilling on uranium projects has discovered uranium in multiple drill holes. The uranium occurs within the right settings for high-grade deposits related to the Athabasca Basin.
  • A pipeline gold-copper asset in Mexico that includes a gold deposit and numerous exploration targets.
  • Fortune Bay is led by a strong management and technical team with decades of experience and a proven track record of discovery, resource expansion, project development and shareholder value creation.



Press Releases


Overview

Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQX:FTBYF) is a mineral exploration and development company focused on creating value by advancing its fully owned gold asset in Saskatchewan – Canada’s top-ranked mining jurisdiction. The company also has two uranium assets in the prolific Athabasca Basin, and a gold-copper asset in Chiapas, Mexico, providing additional value to shareholders.

Significant uranium deposits/developments

The company’s current exploration work is centered on its Goldfields Project, an advanced gold asset approximately 13 kilometers from Uranium City in Saskatchewan. Fortune Bay’s two uranium projects - Strike and Murmac - are also located in proximity to Uranium City. The Goldfields Project is home to the historical Box mine which previously produced 64,000 ounces of gold. It has significant open-pit constrained mineral resource, including indicated mineral resource of 980,000 ounces of gold (23.2 million tonnes at an average grade of 1.31 grams per ton), and inferred mineral resource of 211,000 ounces of gold (7.1 Mt at an average grade of 0.92 g/t). The project has existing infrastructure, including a powerline to the site, and a valid permit for a mine and mill development – key differentiators from other Canadian gold projects.

The most recent preliminary economic assessment( PEA), dated October 31, 2022, shows that Goldfields has potential to become a highly profitable open-pit gold mine. The study produced robust economics with an after-tax net present value (discount rate 5 percent) of C$285 million, internal rate of return of 35.2 percent and a payback of 1.7 years, estimated with gold price of US$1,650 per ounce. The PEA was produced by Ausenco Engineering Canada Inc., one of the most experienced and reputable engineering firms working on gold projects in Canada.

2022 Preliminary Economic Assessment
Site Layout (2022 PEA)

Site Layout (2022 PEA)

Fortune Bay’s Strike and Murmac uranium projects are both 100-percent-owned and provide the company with a dominant land position of high-grade, unconformity-related targets in the Uranium City area (Canada’s original uranium mining district) in northern Saskatchewan. The projects are located on the margin of the Athabasca Basin, in a geological setting similar to the recent discoveries of Arrow (Nexgen Energy) and Triple R (Fission Uranium). Both projects host numerous historical high-grade uranium occurrences and have the right geological ingredients for the high-grade unconformity-related deposits that make the Athabasca Basin world-famous. Uranium City is a historical mining hub and the area is endowed with infrastructure including an airport, maintained roads and a powerline from a hydro-station that runs in proximity to both projects.

Fortune Bay Projects

Uranium mineralization was discovered in multiple drill holes during the first phase of exploration drilling in 2022. These results have validated the exploration model, confirmed the highly prospective nature of the target areas, and provide focus for subsequent drilling campaigns.

Fortune Bay offers investors a highly attractive opportunity to engage not only with an advanced gold asset with drill-defined mineral resources, but also an entry point into the prolific Athabasca Basin. This diversified asset base provides the company with resilience against changing market conditions, commodity prices and other factors.

Fortune Bay is poised for growth as it advances its three Saskatchewan projects, with the potential to deliver value catalysts from project advancement, resource expansion and grassroots discovery.

Fortune Bay’s management team has more than 20 years of combined Athabasca exploration experience including with Denison Mines (TSX:DML), Fission Uranium (TSX:FCU) and Cameco( TSX:CCO), and a proven track record of discovery, resource expansion and shareholder value creation. The company’s team led the C$351-million sale of Brigus Gold Corp. and was responsible for the discovery of more than 40 million ounces of gold in Colombia with AngloGold Ashanti (JSE:ANG).

Company Highlights

Strike and Murmac Uranium Projects
  • A diversified asset base in northern Saskatchewan includes an advanced gold project and two early-stage uranium projects.
  • Recently completed NI 43-101 preliminary economic assessment for Goldfields supports an open-pit gold mining operation with low capital cost and a high rate of return over an 8.3-year mine life, with an average annual production of 101,000 ounces of gold.
  • Initial exploration drilling on uranium projects has discovered uranium in multiple drill holes. The uranium occurs within the right settings for high-grade deposits related to the Athabasca Basin.
  • A pipeline gold-copper asset in Mexico that includes a gold deposit and numerous exploration targets.
  • Fortune Bay is led by a strong management and technical team with decades of experience and a proven track record of discovery, resource expansion, project development and shareholder value creation.



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