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HALIFAX, NS December 15, 2021 – Fortune Bay Corp. (TSXV:FOR, FWB:5QN) (“Fortune Bay” or the “Company”) is pleased to announce 2022 exploration plans for its three 100% owned Projects located in northern Saskatchewan (see Figures 1 and 2). These include the Strike and Murmac (formerly Goldfields West) Uranium projects, and the Goldfields Gold project (collectively the “Projects”). The Projects are all located within 25 kilometres of Uranium City, where the Company has established an operational base.

Overview of 2022 Exploration Plans:

• The Strike and Murmac Uranium projects are located on the northern rim of the prolific Athabasca Basin, with both having the potential to host high-grade uranium deposits.
  • Exploration plans for 2022 include geophysical surveying during the winter months, followed by maiden exploration drilling programs commencing in the spring and continuing into the summer season.
• The Goldfields Gold project is host to the Box and Athona gold deposits, established infrastructure including a powerline to site, and a valid mine and mill development permit.
  • Exploration plans for 2022 include exploration drilling to test gold targets within the Goldfields Syncline, and continued resource expansion drilling contingent on final assay results from Phase 1 drilling completed during 2021. 

Dale Verran, CEO for Fortune Bay, commented, “With the close of our $6.9 million financing we are fully-funded for next year’s expansive exploration programs which are focused on making new discoveries. At Strike Uranium, the comprehensive historical survey dataset from the mid-2000’s has allowed us to rapidly advance this project and develop an initial set of targets which meet the criteria for high-grade basement-hosted uranium deposits. A planned winter ground gravity survey is aimed to further prioritize targets before we embark on a maiden drilling campaign. Plans for Murmac Uranium include drill target generation through continued data interpretation and a winter VTEM and ground gravity survey, followed by an inaugural summer drilling program to test prioritized targets. At the Goldfields Gold project, our team has developed drill targets between the Box and Athona gold deposits which have the potential to deliver the next gold discovery within the Goldfields Syncline. The coming year is poised to be an exciting year for the Company with potential value catalysts on multiple fronts.”