Fortune Bay Corp. (TSX-V: FOR) (FWB: 5QN) (OTCQB: FTBYF) is pleased to announce the intersection of highly elevated radioactivity in the second drill hole (M24-017) of its 2024 exploration drilling program on the Murmac Uranium Project, located in northern Saskatchewan.

An average of 1,309 counts per second was intersected over 8.7 metres in graphitic pelite, with up to 33,600 counts per second (using handheld RS-125 Spectrometer) associated with visible uranium mineralization. The drilling program is being funded by Aero Energy Limited (TSX-V: AERO) (OTC Pink: AAUGF) (FSE: 13L0) and is being operated by Fortune Bay, under an Option Agreement that was executed on December 15, 2023.

Highlights:

• Drilling is still underway on hole M24-017 (target H15); drill core has been received and logged to a depth of 94.5 metres at the time of release.
• Strong radioactivity is dominantly hosted in structured graphitic pelite, immediately below the contact with hematized quartzite (hangingwall), approximately 70 to 78 metres vertically below surface.
• Radioactivity highlights include a maximum of 33,600 counts per second over 0.1 metre (from 86.1 to 86.2 metres), with a length weighted average of 1,309 counts per second over 8.7 metres (from 85.8 to 94.5 metres).
• Drilling is ongoing and the zone of strong radioactivity remains open up- and down-dip, as well as along strike in both directions.
• This is the first drill hole testing a previously unexplored electromagnetic (“EM”) conductor on the Howland Corridor under the shallow Howland Lake.
• The Company is currently planning appropriate follow-up holes.
• There are an additional 11 high-priority targets at Murmac which have been approved for drilling, and multiple other targets under consideration.

Dale Verran, CEO for Fortune Bay, commented “The broad zone of strong radioactivity intersected in M24-017 is a highly encouraging start to the 2024 drilling program at Murmac and testament to the quality of the targets on the Project. This new discovery of shallow radioactivity, within favorable structured graphitic rocks, indicates the potential for a high-grade, basement-hosted deposit. Together with our partners, Aero Energy, we look forward to following up this result.”

Target Information

Hole M24-017 was collared to test an EM conductor on the Howland Corridor at the intersection of a cross-cutting fault with numerous historical uranium occurrences and radioactive showings (see Figure 1). The geophysical characteristics of target (H15) manifests as a subtle EM high with a subtle coincident gravity low. The interpreted EM conductor is approximately 1.2 kilometres in length, with approximately 1 kilometre (not previously drill tested) sub-cropping beneath the narrow Howland Lake, and is not exposed at surface.

Radioactivity Results

The preliminary results, representing total gamma from NQ2 drill core measured with a Super-SPEC RS-125 handheld spectrometer reported in counts per second, are presented in Table 1 below. Measurements are typically collected over 0.10 to 0.15 metre intervals through areas of anomalous radioactivity (defined as >300 counts per second, or “cps”). Longer intervals with less variation are shown as length weighted averages for simplicity.

Intermittent radioactivity is present in the hangingwall quartzite between 81.10 and 85.80 metres down hole. The targeted graphitic unit which predominantly hosts the strong radioactivity is currently interpreted to be dipping at approximately 70° towards the southeast. Drill hole M24-017 is oriented towards an azimuth of 310° (True North) with a dip of -55°. The nature and orientation of any possible mineralization has not yet been constrained, and potential mineralization true thicknesses have not yet been determined. Radioactive intercepts are shown in Figure 2. High resolution photos of selected intervals, with highly anomalous radioactivity, are shown in Figure 3.

Table 1. Radioactivity intersections logged to date in hole M24-017.

Next Steps

Drill core samples are being collected systematically throughout any zones with radioactivity higher than 300 cps. All samples will be submitted to SRC Geoanalytical Laboratories in Saskatoon for U₃O₈ assay and multi-element characterization.

The Company is currently assessing options to follow-up and begin constraining the extents of the strong radioactivity. Follow-up is expected to include down-dip and along-strike testing (in both directions) of the host graphitic unit. Initial follow-up will be carried out as a priority and will begin on completion of the current hole.

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.

Historical Results

Further details regarding the historical uranium occurrences noted in this news release can be found within the Saskatchewan Mineral Assessment Database (SMAD) and the Saskatchewan Mineral Deposit Index (SMDI). Fortune Bay has verified the majority 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 these unverified historical results relevant to assess the mineralization and economic potential of the property. The historical drill results obtained by SMDC in drill holes CKI-9 and CKI-10 can be found within the SMAD references 74N07-0310 and 74N07-0311 and have not been verified. Additional historical exploration results (uranium occurrences related to geochemistry results and scintillometer prospecting) derive from SMAD references 74N07-0290, 74N07-0287 and 74N07-0304.

About Fortune Bay

Fortune Bay Corp. 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 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.

Figure 1: Murmac 2024 Drill Targets. (CNW Group/Fortune Bay Corp.)

Figure 2: Radioactivity intersections (81.00 to 94.50 metres down hole) denoted as counts per second on the core boxes. Hangingwall quartzite (top core box) hosts intermittent radioactivity from 81.00 to 85.80 m. Continuous elevated radioactivity is hosted in the underlying graphitic pelite (bottom two core boxes). Core is NQ2 diameter, core box length is 1.50 m. (CNW Group/Fortune Bay Corp.)

Figure 3: High resolution photos of selected intervals from M24-017: Depth interval 86.1 to 86.2 m, 33,600 cps. (CNW Group/Fortune Bay Corp.)

Figure 3: High resolution photos of selected intervals from M24-017: Depth interval 86.1 to 86.2 m, 33,600 cps. (CNW Group/Fortune Bay Corp.)