HALIFAX,
NS, March 19, 2025 /CNW/ - Fortune Bay
Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the
"Company") is pleased to announce the commencement of drilling at
Howland Lake on the Murmac Uranium Project ("Murmac" or the
"Project"), located in northern Saskatchewan near Uranium City.
The program is expected to include up to six drill holes,
totalling approximately 900 metres, to further test the Howland
Lake electromagnetic ("EM") conductors which returned uranium
intercepts from first-pass drilling. As demonstrated from previous
exploration results, the Project has potential to host high-grade,
basement-hosted deposits typical of the Athabasca Basin.
Exploration work at Murmac is being funded by Aero Energy
Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3) ("Aero"), and is
being operated by Fortune Bay, under an Option Agreement that
was executed on December 15,
2023.
Highlights:
- High-Grade Follow-Up: Drilling to be focused at Howland
Lake North on targets along strike of drill hole M24-017 that
intersected 8.40 m at 0.30%
U3O8, with individual assays up to 13.80%
U3O8 over 0.10
m. Additional drilling is planned at Howland Lake South,
along strike of drill hole M22-012 that intersected 0.17%
U3O8 over 0.10
m.
- Compelling Drill Target Support: Selected drill
targets (Figure 1) are backed by favorable criteria for high-grade
basement-hosted deposits, including EM conductor breaks, structure,
and significant hydrothermal alteration noted in historical drill
holes. Known mineralized cross faults and strong radon-in-water
anomalies from recent surveys further support target selection (see
News Release dated February 20,
2025).
- Focused Drilling Program: The winter 2025 drilling
program will be focused on priority targets developed at Howland
Lake which will be more efficiently tested from ice-based drill
hole locations. Numerous other priority targets have also been
identified along Murmac's extensive graphitic corridors (>35
kilometres of strike) that warrant future drill testing.
Dale Verran, CEO for Fortune Bay,
commented "Alongside Aero Energy, we are excited to have started
this next phase of exploration at Murmac, directed at drill testing
a set of priority targets at Howland Lake. These targets possess
the necessary criteria for a meaningful basement-hosted discovery,
and we are looking forward to the results."
Technical Disclosure
Details regarding previous
Fortune Bay drill results from 2022 and 2024 can be found in news
releases dated October 8, 2024, and
December 13, 2022, respectively.
Further details regarding historical exploration/drilling and
exploration results noted in this news release can be found within
the Saskatchewan Mineral Assessment Database (SMAD) references
74N07-0011, 74N07-0173 and 74N07-0277. Fortune Bay has verified
several of these occurrences through field prospecting and
sampling, however there is a risk that any future confirmation work
and exploration may produce results that substantially differ from
the unverified historical results. The Company considers the
unverified historical results relevant to assess the mineralization
and economic potential of the property.
Qualified Person
The technical and scientific
information in this news release has been reviewed and approved by
Gareth Garlick, P.Geo., Technical
Director of the Company, who is a Qualified Person as defined by NI
43-101. Mr. Garlick is an employee of Fortune Bay and is not
independent of the Company under NI 43-101.
About Fortune Bay
Fortune Bay Corp.
(TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development
company with 100% ownership in two advanced gold projects in
Canada, Saskatchewan (Goldfields Project) and
Mexico, Chiapas (Ixhuatán Project), both with
exploration and development potential. The Company is also
advancing seven uranium exploration projects on the northern rim of
the Athabasca Basin, Saskatchewan, which have high-grade potential.
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.
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,
intentions or future plans, statements, exploration results,
potential mineralization, 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 targets or
mineralization, 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, inability to reach access agreements
with other Project communities, amendments to applicable mining
laws, uncertainties relating to the availability and costs of
financing or partnerships 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.
