Fortune Bay Pronounces Grant of Inventory Choices

The Spruce Uranium Undertaking

The Undertaking is positioned alongside the Grease River Shear Zone (“GRSZ”), a crustal-scale structural hall as much as seven kilometres extensive. In contrast to different main structural zones within the Athabasca Basin, which have yielded the massive high-grade uranium discoveries, the GRSZ has seen very restricted exploration so far. Historic exploration has demonstrated the GRSZ to be potential for basement-hosted uranium mineralization, evidenced by the Fond du Lac uranium deposit and quite a few historic uranium occurrences (Desk 1). As well as, the Undertaking contains anomalous lake sediment samples with as much as 287 ppm uranium from historic regional datasets, and several other airborne radiometric uranium anomalies. Solely three historic drill holes have been accomplished on the Undertaking so far. The 6,855 hectare Undertaking covers over six (6) kilometres of potential strike size alongside the GRSZ, inside roughly 20 kilometres of the present-day Athabasca Basin margin.

As well as, the Undertaking has potential for REE deposits. The northern area of Saskatchewan has a precedent for top REE grades, exemplified by the Alces Lake, Hoidas Lake and Bear Lake REE initiatives. Historic REE discoveries on the Undertaking have been made whereas prospecting for uranium and data point out that these occurrences, together with outcrop samples of three.13% TREE, 1.17% TREE, 0.88% TREE and 0.85% TREE, haven’t been followed-up.

Desk 1: Spotlight Historic Uranium Occurrences.

Undertaking	SMDI#	Identify	Seize Pattern Uranium	Description
Spruce	1577	CBS 4422 Trench	0.65% U ₃ O ₈	Cross-cutting pitchblende vein hosted in gneiss, proximal to main mylonitic fault.
	1589	Magma Mines Uranium Exhibiting No. 1	1.60% U ₃ O ₈	Fault-hosted uranium mineralization in a quartzitic biotite gneiss. Three foot channel samples.
	5410	Pattern AM076	1,790 ppm U	Rock pattern of a white pegmatite outcrop.
	5389	Pattern AM086	340 ppm U	Rock pattern of an outcrop (unspecified rock sort).
	5411	Pattern JR355	545 ppm U	Rock pattern of a granite outcrop.
	3324	Samples TP150 & TP151	764 ppm U	Rock samples from a white granite outcrop. Pattern TP150 additionally contained 1,849 ppm TREE.
Adjoining Property	1579	CBS 4427 Uranium Incidence	0.11% U ₃ O ₈	Geochemical pattern from lake sediment.
	1590	BURNS Claims Trenches	0.17% U ₃ O ₈	Trench samples from pegmatite with yellow staining, samples from all of the trenches averaged 0.12% U ₃ O ₈ .
	3329	Samples CH129, CH130, CH132, JF011, JF027, RD305, RD306	>10,000 ppm U	Samples from white and pink pegmatite outcrops.
	5637	Pattern AM122	8,382 ppm U	Pattern from a white granite boulder.
Fond du Lac	1572	The Fond Du Lac Uranium Deposit is positioned roughly 30 kilometres southwest of the Undertaking, alongside the Grease River Shear Zone, and was found by Famok Ltd within the early 1970’s. The deposit includes coffinite, pitchblende, and uraniferous goethite hosted inside steeply dipping fractures inside Athabasca Group basal sandstone and lengthening into the underlying basement rocks. A historic mineral useful resource of 1 million kilos uranium at an common grade of 0.25% U ₃ O ₈ was estimated however was not ready in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”).

* SMDI# refers back to the Saskatchewan Mineral Deposit Index incidence quantity.

Subsequent Steps

The Undertaking warrants a contemporary, systematic method to judge the GRSZ and different historic uranium and REE occurrences of curiosity.

Subsequent steps are deliberate to incorporate:

Desk-top Prioritization of Goal Areas: Present historic knowledge (geochemical and airborne geophysical surveys), regional authorities knowledge, and satellite tv for pc imagery present precious info to start prioritization of goal areas, which would come with the identification of favorable lithological and structural settings.
Discipline Information Verification and Investigation: Verification of historic datasets is deliberate inside prioritized goal areas, to incorporate ground-truthing of uranium and REE occurrences. Scope of labor to incorporate geological mapping, scintillometer surveying and seize sampling.
Drill Goal Definition: Drill targets are anticipated to be outlined via geophysical surveying together with gravity and magnetics and/or further EM surveys, as relevant. Geochemical surveys could also be warranted based mostly on assessments of appropriate pattern media.

The Firm plans to start the desk-top prioritization of goal areas over the approaching weeks. Fortune Bay intends on discovering an appropriate companion to advance the Undertaking via an earn-in, or comparable settlement, that gives Fortune Bay with upside in future discovery.

Grant of Deferred Share Models

Fortune Bay broadcasts that efficient November 28, 2023 and December 20, 2023 the board of administrators of the Firm has granted Deferred Share Models (“DSUs”) to its administrators, officers and staff to fulfill sure director charges and administration bonuses in lieu of money. 150,000 DSUs have been granted to the Firm’s administrators to settle director charges for the yr ended December 31, 2023 . As well as, 290,000 DSUs have been granted to officers and staff in lieu of annual money bonuses. The DSUs will vest in accordance with the Firm’s deferred share unit plan.

Technical Disclosure

The historic outcomes contained inside this information launch haven’t been verified and there’s a danger that any future affirmation work and exploration might produce outcomes that considerably differ from the historic outcomes. The Firm considers these historic outcomes related to evaluate the mineralization and financial potential of the property. The Firm additionally cautions that historic outcomes on adjoining properties will not be essentially indicative of the outcomes which may be achieved on the Undertaking. Additional particulars relating to the historic occurrences famous on this information launch will be discovered inside the Saskatchewan Mineral Deposit Index (“SMDI”) utilizing the reference numbers supplied in Desk 1. Historic assay and scintillometer survey outcomes have been captured from evaluation stories obtainable within the Saskatchewan Mineral Evaluation Database (SMAD) references 74O07-0002, 74O07-0031, 74O09-0023 and 74O09-0024. Historic anomalous lake sediment samples referenced derive from Geological Society of Canada datasets obtainable from the Saskatchewan on-line GeoAtlas and from evaluation report 74O09-0023. Particulars relating to the Fond du Lac Uranium Deposit will be discovered within the publication by Homeniuk, L A, Clark, R. J., and Bonnar, R., Eldorado Nuclear Restricted, CIM Bulletin Could,1982. ” Fond-du-Lac uranium deposit”.

Certified Particular person

The technical and scientific info on this information launch has been reviewed and authorized by Gareth Garlick , P.Geo., Technical Director of the Firm, who’s a Certified Particular person as outlined by NI 43-101. Mr. Garlick is an worker of Fortune Bay and isn’t impartial of the Firm underneath NI 43-101.

Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQX:FTBYF) is an exploration and growth firm with 100% possession in two superior gold exploration initiatives in Canada , Saskatchewan (Goldfields Undertaking) and Mexico , Chiapas (Ixhuatán Undertaking), each with exploration and growth potential. The Firm can also be advancing the Strike and Murmac uranium exploration initiatives, positioned close to the Goldfields Undertaking, which have high-grade potential typical of the Athabasca Basin. The Firm has a purpose of constructing a mid-tier exploration and growth Firm via the development of its current initiatives and the strategic acquisition of recent initiatives to create a pipeline of development alternatives. The Firm’s company technique is pushed by a Board and Administration group with a confirmed observe document of discovery, venture growth and worth creation. Additional info on Fortune Bay and its property will be discovered on the Firm’s web site at www.fortunebaycorp.com or by contacting us as information@fortunebaycorp.com or by phone at 902-334-1919.

On behalf of Fortune Bay Corp.

“Dale Verran”
Chief Govt Officer
902-334-1919

Cautionary Assertion Relating to Ahead-Trying Data
Data set forth on this information launch accommodates forward-looking statements which are based mostly on assumptions as of the date of this information launch. These statements replicate administration’s present estimates, beliefs, intentions, and expectations. They don’t seem to be ensures of future efficiency. Phrases corresponding to “expects”, “goals”, “anticipates”, “targets”, “targets”, “initiatives”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “continues”, “might”, variations of such phrases, and comparable expressions and references to future durations, are supposed to establish such forward-looking statements.

Since forward-looking statements are based mostly on assumptions and handle future occasions and circumstances, by their very nature they contain inherent dangers and uncertainties. Though these statements are based mostly on info at the moment obtainable to the Firm, the Firm supplies no assurance that precise outcomes will meet administration’s expectations. Dangers, uncertainties and different elements concerned with forward-looking info might trigger precise occasions, outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such forward-looking info. Ahead trying info on this information launch contains, however is just not restricted to, the Firm’s targets, targets, intentions or future plans, statements, exploration outcomes, potential mineralization, timing of the graduation of operations and estimates of market circumstances. Elements that would trigger precise outcomes to vary materially from such forward-looking info embody, however will not be restricted to failure to establish targets or mineralization, delays in acquiring or failures to acquire required governmental, environmental or different venture approvals, political dangers, lack of ability to meet the obligation to accommodate First Nations and different indigenous peoples, lack of ability to achieve entry agreements with different Undertaking communities, amendments to relevant mining legal guidelines, uncertainties referring to the supply and prices of financing or partnerships wanted sooner or later, adjustments in fairness markets, inflation, adjustments in trade charges, fluctuations in commodity costs, delays within the growth of initiatives, capital and working prices various considerably from estimates and the opposite dangers concerned within the mineral exploration and growth business, and people dangers set out within the Firm’s public paperwork filed on SEDAR+. Though the Firm believes that the assumptions and elements utilized in making ready the forward-looking info on this information launch are affordable, undue reliance shouldn’t be positioned on such info, which solely applies as of the date of this information launch, and no assurance will be on condition that such occasions will happen within the disclosed time frames or in any respect. The Firm disclaims any intention or obligation to replace or revise any forward-looking info, whether or not because of new info, future occasions or in any other case, apart from as required by regulation. For extra info on Fortune Bay, readers ought to seek advice from Fortune Bay‘s web site at www.fortunebaycorp.com .

Neither TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.