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HALIFAX, NS December 7, 2022 – Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQX:FTBYF) (“Fortune Bay” or the “Company”) is pleased to announce analytical results from the 2022 maiden drilling program on the 100% owned Strike Uranium Project (“Strike” or the “Project”), located in northern Saskatchewan (see Figure 1). 

The drilling program, comprising nine shallow holes, provided first-pass testing of the Project’s J, K and L Conductors on the northern portion of the Project which have a combined strike length of approximately 20 kilometres (see Figure 2).

Analytical results have confirmed anomalous uranium in three of the nine drill holes completed, up to a maximum individual assay result of 0.43% U3O8. The uranium is associated with enriched levels of “pathfinder” elements that are typically associated with high-grade, unconformity-related deposits in the Athabasca Basin. Results include shallow intersections derived from between 60 and 105 metres vertically below surface within prospective graphitic units associated with favourable brittle structure and alteration.

Gareth Garlick, Technical Director for Fortune Bay, commented, “This was the very first time the extensive electromagnetic conductors on the Project have been drill tested and the analytical results confirm Strike’s potential for shallow, high-grade uranium mineralization. The uranium intersected within S22-013 represents a new discovery of mineralization which is open in all directions. This result, located on the K Conductor, warrants priority follow-up in addition to the testing of numerous additional targets on the Project.”

Highlights:

• Drill hole S22-013 (K3 target) returned a maximum assay of 0.43% U3O8 from 145.7 to 145.8 metres (approximately 105 metres below surface), with the interval from 145.6 to 145.8 metres averaging 1,170 ppm U. Nearby historical surface grab samples include HY080 1.51% U3O8, Stancliff 0.19% U3O8, and Hacker Atompower 0.13% U3O8 (see Figure 2).
• Drill hole S22-005 (Tena target) returned a maximum assay of 0.42% U3O8 from 82.3 to 82.4 metres (approximately 60 metres below surface), with the 1.8 meter interval from 82.3 to 84.1 metres averaging 356 ppm U. 
• Drill hole S22-006 (Tena target) intersected an average of 141 ppm U over 0.8 metres from 106.9 to 107.7 metres (approximately 75 metres below surface).

Analytical Results

Anomalous uranium (>100 ppm U) was encountered at the Tena Fault (adjacent to the L Conductor) and at the K Conductor. The drill holes listed in Table 1 intersected shallow anomalous uranium with pathfinder element enrichment typically associated with high-grade unconformity-related deposits of the Athabasca Basin. These anomalies are found in association with brittle faulting and brecciation, within or proximal to graphitic units with favorable hydrothermal alteration. Clay species analysis confirms that chlorite and illite are the dominant clay species present with intermittent occurrences of kaolinite correlating with uranium anomalism.