HALIFAX, NS, Dec. 15, 2021 /CNW/ - Fortune Bay Corp.
(TSXV: FOR) (FWB: 5QN) ("Fortune Bay" or the "Company") is pleased
to announce 2022 exploration plans for its three 100% owned
Projects located in northern Saskatchewan (see Figures 1 and 2). These
include the Strike and Murmac (formerly Goldfields West) Uranium
projects, and the Goldfields Gold project (collectively the
"Projects"). The Projects are all located within 25 kilometres of
Uranium City, where the Company
has established an operational base.
Overview of 2022 Exploration Plans:
- The Strike and Murmac Uranium projects are located on
the northern rim of the prolific Athabasca Basin, with both having the
potential to host high-grade uranium deposits.
- Exploration plans for 2022 include geophysical surveying during
the winter months, followed by maiden exploration drilling programs
commencing in the spring and continuing into the summer
season.
- The Goldfields Gold project is host to the Box and
Athona gold deposits, established infrastructure including a
powerline to site, and a valid mine and mill development
permit.
- Exploration plans for 2022 include exploration drilling to test
gold targets within the Goldfields Syncline, and continued resource
expansion drilling contingent on final assay results from Phase 1
drilling completed during 2021.
Dale Verran, CEO for Fortune Bay,
commented, "With the close of our $6.9
million financing we are fully-funded for next year's
expansive exploration programs which are focused on making new
discoveries. At Strike Uranium, the comprehensive historical survey
dataset from the mid-2000's has allowed us to rapidly advance this
project and develop an initial set of targets which meet the
criteria for high-grade basement-hosted uranium deposits. A planned
winter ground gravity survey is aimed to further prioritize targets
before we embark on a maiden drilling campaign. Plans for Murmac
Uranium include drill target generation through continued data
interpretation and a winter VTEM and ground gravity survey,
followed by an inaugural summer drilling program to test
prioritized targets. At the Goldfields Gold project, our team has
developed drill targets between the Box and Athona gold deposits
which have the potential to deliver the next gold discovery within
the Goldfields Syncline. The coming year is poised to be an
exciting year for the Company with potential value catalysts on
multiple fronts."
Strike Uranium – Ground Geophysics and Exploration
Drilling
The recently acquired Strike Uranium Project ("Strike") is
endowed with a modern (mid-2000's), comprehensive historical
exploration database from numerous uranium-focused surveys,
including airborne and ground geophysical surveys, ground
radiometric surveys and geochemical and reflectance spectrometry
(clay) surveys. Despite positive results and documented
recommendations in historical assessment reports to advance the
project, the targets generated were never drill tested. This
previous exploration work identified prospective graphite- and
sulphide-bearing electromagnetic ("EM") conductors that due to
their physical properties predominantly manifest as valleys and
topographical lows, covered by overburden and small shallow lakes.
These "blind" conductors have therefore not been explored by
surface prospecting. Geochemical sampling from outcrop at valley
edges along the conductor traces has confirmed the presence of
encouraging pathfinder elements, as well as favorable clay
alteration including dravite, illite and kaolinite. Furthermore,
the area is known to be endowed with historical uranium
occurrences, including the Tena occurrence with over 1,000 tonnes
mined at 0.6 to 3.5 % U3O8 (Source:
Saskatchewan Mineral Deposit Index #1511, NTS74N11). The known
uranium occurrences were discovered along valley edges, immediately
off the conductor traces, where outcrop is available and surface
prospecting was possible, leaving the conductor targets at these
localities untested. The Company has carried out internal review of
historical datasets and has generated an initial set of ten
priority target areas. Exploration plans for 2022 include:
- A ground gravity survey over the 15 kilometre length extent of
the prioritized EM conductors (approximately 2,600 hectares), in
the northern portion of the Project area. Ground gravity results
will be utilized to detect favorable clay alteration zones to
further prioritize targets for drilling. The survey is expected to
begin in mid Q1 2022 and take approximately three to four weeks to
complete.
- Maiden exploration drilling is planned to commence in mid Q2
2022 and continue into the summer months. An initial eight to ten
holes comprising approximately 2,500 meters are planned with
contingency to expand the drilling program based on results.
Murmac Uranium – Airborne Geophysics, Ground Geophysics
and Exploration Drilling
The Murmac Uranium Project ("Murmac"), formerly the Goldfields
West Project, hosts a 12 kilometre-long package of prospective
graphite-bearing EM conductors, as defined by historical (pre-2000)
airborne and ground geophysical surveys. The area has been
subjected to surface prospecting up until the 1980's which
identified numerous high grade uranium surface showings, but
similar to the Strike Project, this historical work focused on
outcrop while the EM conductors located within the valleys were not
amenable to surface prospecting. Significant portions of the EM
conductors, which are hosted in favorable brittle surrounding
lithologies cross-cut by large-scale regional structures, remain
unexplored. Exploration plans for 2022 include:
- An airborne VTEM™ (Versatile Time Domain Electromagnetic)
survey (approximately 8,500 hectares) to cover the EM conductor
package is planned for late Q1 2022.
- A ground gravity survey (approximately 2,500 hectares) is
planned following completion of the Strike ground gravity survey,
which is expected to take approximately three to four weeks to
complete.
- Maiden exploration drilling is planned to commence in early Q3
2022 and continue through the summer months. An initial six to
eight holes comprising approximately 2,000 meters are planned
subject to final target delineation with contingency to expand the
drilling program based on results.
Goldfields – Phase 2 Exploration Drilling
Historical drilling in the Goldfields Syncline (the "Syncline")
has overwhelmingly focused on resource delineation at the Box and
Athona gold deposits, and on exploring smaller gold occurrences,
discovered during early surface prospecting prior to 1950. Large
prospective portions of the Syncline remain untested and Phase 1
drilling at Box and Athona during 2021 has demonstrated the
potential for a broader mineralized system. A geophysical and
geological targeting review has been underway during the second
half of 2021 and has generated exploration targets for drill
testing across the 2.5 kilometre extent of the Syncline. Targeting
criteria include prospective geological settings based on the known
mineralization controls for Box and Athona. Exploration plans for
2022 include:
- Approximately 2,000 metres in five to six drill holes are
planned as part of a Phase 2 drilling program.
- Drilling is expected to commence in early Q1 2022. A drill rig
is on site from the drilling completed during 2021.
- The Company is awaiting receipt of final gold assay results
from the remaining four drill holes completed at Box as part of the
Phase 1 resource expansion program. The Phase 2 drilling program
may be revised contingent on these results.
Contracting and Permitting
The Company is pleased to have secured the services of reputable
and experienced contractors to support the planned 2022 exploration
activities:
- Team Drilling LP ("Team") has been awarded the 2022 drilling
contract for the Company's Saskatchewan Projects, following the
strong working relationship developed with Team during 2021. Team
was created through a partnership between Team's senior management
and Athabasca Basin Development -
an Indigenous-owned investment company owned by the seven
communities in Northern
Saskatchewan's Athabasca
area. These communities are largely Denesuliné First Nations
communities and include Fond du
Lac, Stony Rapids,
Black Lake, Hatchet Lake, Wollaston Lake, Camsell Portage and
Uranium City.
- MWH Geo-Surveys Ltd. ("MWH") has been contracted for ground
gravity surveying.
- Similar to 2021, the Company plans to continue with, and
build-upon, its working relationships with local businesses and
community members that provide a range of valuable support services
including but not limited to accommodations, catering, fuel,
transport and general contracting.
A drilling permit is in place for Goldfields which is valid
until October 31, 2022, and an
amendment has been requested to include the planned drilling for
Murmac (Goldfields West). Ground geophysical survey and drilling
permit applications for Strike were submitted on September 2, 2021 and are expected to be granted
prior to December 31, 2021. A ground
geophysical survey permit application was submitted for Murmac
(Goldfields West) on October 21,
2021, which is expected to be granted early in the new
year.
Qualified Person and Data Quality
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.
Unless otherwise stated, the historical results (including drill
results) contained within this news release have not been verified
and there is a risk that any future confirmation work and
exploration may produce results that substantially differ from the
historical results. The Company considers these results relevant to
assess the mineralization and economic potential of the
properties.
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 (previously "Goldfields
West") 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", "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.
