Fortune Bay Commences Preliminary Economic Assessment for Goldfields Project, Saskatchewan
HALIFAX, NS March 7, 2022 – Fortune Bay Corp. (TSXV:FOR, FWB:5QN) (“Fortune Bay” or the “Company”) is pleased to announce gold assay results for the remaining four step-out drill holes completed at the Box gold deposit (“Box”), located on the Company’s Goldfields Project (“Goldfields” or the “Project”) in northern Saskatchewan (Figure 1). The drill holes are part of the Phase 1 resource expansion program completed in 2021.
The four drill holes, completed on an approximate 50 metre spacing, returned significant gold intercepts outside of the extents of the current 2021 Mineral Resource Estimate (“2021 MRE”) for Box, with highlights that included:
- Drill Hole B21-340:
13.22 g/t Au over 8.0 metres, including
103.30 g/t Au over 1.0 metre
6.13 g/t Au over 2.0 metres, including
10.80 g/t Au over 1.0 metre
- Drill Hole B21-339:
2.23 g/t Au over 23.0 metres, including
8.74 g/t Au over 5.0 metres, including
31.54 g/t Au over 1.0 metre
- Drill Hole B21-338:
2.17 g/t Au over 8.0 metres, including
13.12 g/t Au over 1.0 metre
- Drill Hole B21-337:
3.70 g/t Au over 4.0 metres, including
12.45 g/t Au over 1.0 metre
2.49 g/t Au over 9.0 metres
The drill holes were oriented at moderate dips (-55 to -60 degrees) to the east to intersect the dominant mineralized vein-sets at high angles, and true thicknesses are estimated to be approximately 80% of the intersected lengths.
- The assay results confirm expansion of Box mineralization of up to 280 metres outside of the extents of the 2021 MRE, and mineralization remains open.
- Higher grades show apparent continuity between drill holes occurring along structural trends consistent with those observed in the shallower portions of the deposit.
Assay results for the initial three step-out drill holes at Box were announced on September 14, 2021, with highlights that included 8.00 g/t Au over 12.0 metres (drill hole B21-336) and 8.00 g/t Au over 4.0 metres (drill hole B21-334).
Dale Verran, CEO for Fortune Bay, commented, “These assay results, from relatively widely-spaced drilling, continue to demonstrate the potential to expand the mineral resources at Box. Furthermore, the presence of high grades along structural trends is encouraging in terms of defining priority zones of interest for potential delineation drilling follow-up. Together with the previously reported Phase 1 results for Box, a picture is emerging of structurally-controlled gold grades which have the potential to create additional opportunities for the Project from a mining standpoint.”