Blog Single

HALIFAX, NS January 24, 2022 – 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.”