HALIFAX,
NS, Sept. 26, 2023 /CNW/ - Fortune Bay Corp.
(TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the
"Company") is pleased to announce a significant expansion of its
100% owned Murmac Uranium Project ("Murmac" or the "Project")
through recent successful staking efforts. The Project area now
totals 10,363 hectares, representing a 95% increase in area from
2022. The Project is located on the northern rim of the
Athabasca Basin in Saskatchewan, approximately 10 kilometres
south of Uranium City (Figure
1).
Dale Verran, CEO for Fortune Bay,
commented "We are very pleased to have almost doubled the size
of our Murmac Uranium Project amidst highly competitive staking in
Saskatchewan's Athabasca Basin. The recent expansions further
consolidate Fortune Bay's dominant land position of high-grade
uranium target areas in the Uranium
City area."
Mr. Verran further added, "The positive results from our 2022
drilling and prospecting programs have validated the endowment of
uranium at Murmac and support the potential for a high-grade
discovery. The expanded Project provides significant additional
discovery potential along corridors which have been identified as
being prospective for high-grade uranium."
2022 Exploration Results Support Potential for High-Grade
Discovery
Maiden exploration drilling completed in 2022 over regional
targets intersected uranium mineralization in six (6) of the
fifteen (15) drill holes, including assay highlights of 0.18%
U3O8, 0.17%
U3O8 and 0.12%
U3O8 from individual 0.1 meter length
drill core samples. The intersections of uranium are shallow, from
between 20 and 150 metres below surface, and indicate the presence
of Athabasca Basin mineralizing
systems at various locations on all three targeted corridors based
on the association with structured graphitic rocks and
characteristic pathfinder elements and alteration. Please see News
Release dated December 13, 2022 for
more details. These results warrant follow-up with additional
drilling, along strike and down-dip of mineralized intersections to
date.
Results from surface prospecting completed in 2022 further
support the potential for a high-grade discovery. Prospecting
results included 8.82% U3O8
from a boulder sample, and outcrop samples of 6.90%
U3O8 and 1.69%
U3O8, with an additional nine outcrop
samples assaying between 0.1% and 0.8%
U3O8 from the Armbruster, Howland and
Pitchvein Corridors. Please see News Release dated January 23, 2023 for more details.
Fortune Bay's exploration results to date (Figure 2), in
conjunction with historical results, confirm a substantial uranium
endowment at Murmac, and numerous priority target areas have been
identified for drill testing.
Newly Acquired Claims
The newly acquired claims cover strike extensions of prospective
electromagnetic ("EM") conductors, or corridors, that were defined
with VTEMTM surveying completed in spring of 2022. In
addition, the newly acquired claims cover prospective,
underexplored areas immediately south and west of the historical
Lorado mine, where more than 95,000 tons of shallow ore grading
0.19% U3O8 was milled between 1957 and
1960.
Technical Disclosure
Fortune Bay exploration results referred to in this news release
represent rock outcrop and drill core samples submitted to the
Saskatchewan Research Council ("SRC") Geoanalytical Laboratories
(ISO/IEC 17025:2005 accredited) for uranium assay and multi-element
characterization. Sample preparation for all samples included
drying, jaw crushing to 60% passing -2 mm, and pulverizing to 90%
passing -106 microns. Multi-element characterization was carried
out by partial digestion (HNO3:HCl), using ICP-OES and
ICP-MS analytical methods. For selected samples
U3O8 weight % was determined separately
through partial digest (HCl:HNO3) and ICP-OES (ISO/IEC
17025 accredited method). Additional analysis for boron content was
obtained for all samples through
Na2O2/NaCO3 fusion followed by
ICP-OES.
QAQC on analytical results has included insertion of sample
blanks by Fortune Bay at a rate of 1 blank per 20 samples.
Additional QAQC by SRC has included insertion of certified
reference standards and repeat analyses. All results have been
reviewed and no issues were noted.
The historical drill results shown in Figure 2 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. Historical assay results were captured from
assessment reports available in the Saskatchewan Mineral Assessment
Database ("SMAD") references 74N07-0310, 74N07-0311 and 74N07-0064.
The Company considers these results relevant to assess the
mineralization and economic potential of the property. Information
regarding the historical Lorado mine is derived from the
Saskatchewan Mineral Deposit Index ("SMDI") under reference numbers
1228 and 1229.
Qualified Person
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.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQX:FTBYF) 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 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",
"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. 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, 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.
