HALIFAX,
NS, Jan. 24, 2022 /CNW/ - Fortune Bay Corp.
(TSXV: FOR) (FWB: 5QN) ("Fortune Bay" or the "Company") is pleased
to announce that Phase 2 exploration drilling has commenced on its
Goldfields Gold Project, and a ground gravity survey has begun on
its Strike Uranium Project. Both Projects are located in northern
Saskatchewan, within 25 kilometres
of Uranium City where the Company
has an established operational base (see Figure 1).
Goldfields Project - Phase 2 Exploration Drilling
- Drilling has commenced to test gold exploration targets within
the hinge zone of the Goldfields Syncline, between the Box and
Athona gold deposits, with the objective of making a new
discovery.
- An estimated 2,000 metres of diamond drilling is planned to
test up to six targets which have been identified from geological
and geophysical datasets (see Figure 2), with additional resource
expansion drilling at the Box deposit contingent on final assay
results from Phase 1 drilling completed during 2021.
Strike Uranium Project – Ground Gravity Survey
- A ground gravity survey has commenced over the northern portion
of the Project area (approximately 2,600 hectares) to cover the 15
kilometre length extent of the prioritized electromagnetic ("EM")
conductors.
- Ground gravity results will be utilized to detect favorable
clay alteration zones along the EM conductors to further prioritize
targets for drilling.
- Maiden exploration drilling is planned to commence in mid Q2
2022 and continue into the summer months.
Dale Verran, CEO for Fortune Bay,
commented, "The coming year is poised to be an exciting year for
the Company as we embark on implementing an expansive set of
exploration plans focused on making new discoveries. In this
regard, we are pleased to have started our 2022 field programs,
commencing with exploration drilling at Goldfields and a ground
gravity survey at Strike Uranium. Gold target generation during
2021, and a drill rig on site, has allowed us to commence the 2022
drilling at Goldfields on a compelling set of targets that lie
directly between the Box and Athona gold deposits. While this
program is ongoing during winter 2022, geophysical surveys at the
Strike and Murmac projects are designed to prioritize targets
before we commence exploration drilling for high-grade uranium in
mid Q2 2022."
Gareth Garlick, Technical
Director for Fortune Bay, added, "The lack of drilling along two
kilometres of strike between the Box and Athona deposits, that
jointly host approximately 1 million ounces in Indicated gold
resources, presents a unique exploration opportunity. We believe
our team has identified the key geological controls on gold
mineralization within the Goldfields Syncline, including
stratigraphic position and structural setting, and we are looking
forward to results from our Phase 2 drill targets."
For further details on Fortune Bay's exploration plans for 2022
please refer to the Company's News Release dated December 15, 2021.
Further Details: Goldfields Phase 2 Drill Targets
The Box and Athona gold deposits occur within "Mine Granites"
located in similar stratigraphic positions at the base of the
Murmac Group within the Goldfields Syncline, providing a preferred
"target corridor" to explore for additional gold mineralization at
relatively shallow depths. The target corridor has been defined on
the basis of surface outcrop mapping and over 350 surface
dip/azimuth measurements in the Goldfields area. In addition, both
deposits are adjacent to major north-south to northeast-southwest
oriented fault systems, which are visible in geophysical survey
data, and are evident in topographical data and satellite imagery.
These major fault systems are interpreted to have formed conduits
for mineralizing fluids, as supported by the spatial association of
all known gold occurrences on the Goldfields property with these
structures.
The Phase 2 drill program is focused on exploring the defined
two kilometre target corridor within the hinge zone of the
Goldfields Syncline between the Box and Athona deposits, where
there is no previous drilling (see Figure 2). Targets have been
prioritized based on proximity to the interpreted major fault
systems, while at the same time providing a broad (approximately
500 m spaced) exploratory step-out
drill spacing. A single drill hole has also been planned to test a
compelling untested resistivity / chargeability anomaly from the
Titan IP survey carried out in 2010 (data were reinterpreted during
2021). Phase 2 target areas are typically characterized by
significant soil, glacial till or shallow water cover and therefore
surface prospecting, current or historical, is of limited or no
value to evaluate targets. The Phase 2 drilling is designed to test
for gold mineralization that may be buried beneath shallow cover or
blind to surface.
The Company is awaiting receipt of final gold assay results from
the remaining four drill holes completed at the Box deposit as part
of the Phase 1 resource expansion program. The Phase 2 drilling
program may be revised contingent on these results.
Qualified Person and Technical Disclosure
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.
The Goldfields project is host to Indicated Mineral Resources of
975,000 ounces of gold (22.6 million tonnes at an average grade of
1.34 g/t), and Inferred Mineral Resources of 176,000 ounces of gold
(6.0 million tonnes at an average grade of 0.92 g/t). Mineral
resources are reported at a cut-off grade of 0.3 g/t gold and
constrained within a conceptual open-pit shell using a gold price
of USD$1,600/oz. Details regarding
the current 2021 Mineral Resource Estimate ("2021 MRE") are
provided within the National Instrument 43-101 ("NI 43-101")
Technical Report titled "Technical Report: Resource Estimate for
the Goldfields Project" with an effective date of May 4, 2021. The Technical Report was authored by
Mr. Cliff Revering, P. Eng., and Dr.
Ron Uken, PhD, P. Geo. of SRK
Consulting (Canada) Inc. ("SRK"),
both of whom are Independent Qualified Persons in accordance with
the requirements of NI 43-101. The Technical Report supports
the 2021 MRE for Goldfields, which includes the Box and Athona gold
deposits, and is available on SEDAR and the Company's website.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB: 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.
