HALIFAX, NS, March 17, 2021 /CNW/ - Fortune Bay Corp. (TSXV:
FOR) (Frankfurt: 5QN) ("Fortune
Bay" or the "Company") is pleased to announce that the Phase 1
drilling program has commenced at its 100% owned Goldfields Project
("Goldfields" or the "Project") located in northern Saskatchewan. The Company plans to complete
approximately 5,000 metres in 15 holes.
A diamond drill rig has been mobilized to site and drilling is
currently underway at the Athona South target. Planned drilling at
Athona South is expected to include confirmatory drilling to verify
the 1930's historical results, infill drilling to establish
continuity with mineralization to the north, and step-out drilling
to the south.
The Phase 1 drilling program also includes planned step-out
drilling at the Box deposit's Zone A and B where high priority
targets have been identified. An approximate 50 metre drill spacing
has been planned for the Phase 1 program at Box and Athona designed
to commence expanding the historical mineral resources beyond the
current drilling coverage.
Dale Verran, CEO for Fortune Bay,
commented, "We are pleased to have started drilling a little
over two weeks after being awarded a drilling permit. The
mobilization to site was completed as planned and made efficient
and cost-effective by access along the seasonal Lake Athabasca ice
road. We now look forward to the results from our planned drill
holes at Athona and Box, which will importantly include the receipt
of gold assays in the coming weeks."
The location of the drill targets at the Athona and Box gold
deposits, and further drill target details, are provided in the
Company's news release dated February 26,
2021.
Dale Verran, P.Geo., Chief
Executive Officer of the Company and Qualified Person as defined by
NI 43-101 has reviewed and approved the contents of this news
release.
About Fortune Bay
Fortune Bay Corp.
(TSXV:FOR, Frankfurt: 5QN) is a
gold-focused 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 has a goal of
building a mid-tier gold 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.
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, 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.
SOURCE Fortune Bay Corp.
