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HALIFAX, NS December 13, 2022 – Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQX: FTBYF) (“Fortune Bay” or the “Company”) is pleased to announce analytical results from its maiden exploration drilling program on the 100% owned Murmac Uranium Project (“Murmac” or the “Project”), located in northern Saskatchewan (see Figure 1). 

The drilling program was designed to test regional targets across the Project’s extensive Armbruster, Howland and Pitchvein Conductor Corridors, which have a combined strike length of approximately 30 kilometres.

Shallow, highly elevated concentrations of uranium were confirmed in six (6) of the fifteen (15) drill holes, including 0.18% U3O8 and 0.17% U3O8 from individual assay samples. 

The uranium is associated with anomalous levels of “pathfinder” elements that are typically associated with high-grade, basement-hosted deposits in the Athabasca Basin. 

Results include shallow intersections derived from between 20 and 150 metres below surface within prospective graphitic units associated with favourable structure and alteration. 

Dale Verran, CEO for Fortune Bay, commented “We are pleased to have intersected uranium in our first drilling campaign at Murmac. The results indicate we are exploring fertile corridors for high-grade uranium deposits and provide some immediate areas for priority follow-up. The shallow nature of the uranium encountered, and proximity to infrastructure within a historical uranium mining area, makes for a compelling exploration scenario. Planning is underway for a drilling program in 2023 to provide follow-up of these results and continued testing of the corridors on the Project.”

Highlights:

• Drill hole M22-002 (target A6) intersected 0.18% U3O8 from 82.0 to 82.1 metres (approximately 63 metres below surface), with the interval from 82.0 to 82.3 metres averaging 899 ppm U.
• Drill hole M22-012 (target H11) intersected 0.17% U3O8 from 102.2 to 102.3 metres (approximately 72 metres below surface), with the interval from 102.1 to 102.3 metres averaging 646 ppm U.
• Drill hole M22-013 (target P1) intersected intermittent intervals of anomalous uranium, including 347 ppm U from 30.8 to 31.4 metres, 205 ppm U from 35.9 to 36.9 metres, and 448 ppm U from 44.2 to 44.5 metres. These intervals occur over a broad 13 metre zone from approximately 29 to 42 metres below surface.
• Drill hole M22-014 (target P1) intersected an average of 241 ppm U over 3.0 metres from 36.9 to 39.9 metres (approximately 20 metres below surface). 
• Drill hole M22-015 (target A10) intersected a maximum of 0.12% U3O8 from 158.2 to 158.3 metres (approximately 87 metres below surface), with the interval from 158.1 to 158.3 metres averaging 503 ppm U. The interval 161.2 to 161.5 metres averaged 122 ppm U. The interval 163.3 to 163.8 metres averaged 219 ppm U.