#Mining #Stocks News: FORTUNE BAY (TSXV: $FOR.V)
COMMENCES 2022 FIELD PROGRAMS ON ITS #URANIUM AND #GOLD PROJECTS IN #SASKATCHEWAN;
@fortunebaycorp
HALIFAX, NS – January 24, 2022 (Investorideas.com Newswire) Fortune Bay Corp. (TSXV:FOR, Frankfurt: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).
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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."
For
further details on Fortune Bay's exploration plans for 2022 please refer to the
Company's News Release dated December 15, 2021.
Further Details: Goldfields Phase 2
Drill Targets
The
Box and Athona gold deposits occur within "Mine Granites" located in
similar stratigraphic positions at the base of the Murmac Group within the
Goldfields Syncline, providing a preferred "target corridor" to
explore for additional gold mineralization at relatively shallow depths. The
target corridor has been defined on the basis of surface outcrop mapping and
over 350 surface dip/azimuth measurements in the Goldfields area. In addition,
both deposits are adjacent to major north-south to northeast-southwest oriented
fault systems, which are visible in geophysical survey data, and are evident in
topographical data and satellite imagery. These major fault systems are
interpreted to have formed conduits for mineralizing fluids, as supported by
the spatial association of all known gold occurrences on the Goldfields
property with these structures.
The
Phase 2 drill program is focused on exploring the defined two kilometre target
corridor within the hinge zone of the Goldfields Syncline between the Box and
Athona deposits, where there is no previous drilling (see Figure 2). Targets
have been prioritized based on proximity to the interpreted major fault
systems, while at the same time providing a broad (approximately 500 m spaced)
exploratory step-out drill spacing. A single drill hole has also been planned
to test a compelling untested resistivity / chargeability anomaly from the
Titan IP survey carried out in 2010 (data were reinterpreted during 2021).
Phase 2 target areas are typically characterized by significant soil, glacial
till or shallow water cover and therefore surface prospecting, current or
historical, is of limited or no value to evaluate targets. The Phase 2 drilling
is designed to test for gold mineralization that may be buried beneath shallow
cover or blind to surface.
The
Company is awaiting receipt of final gold assay results from the remaining four
drill holes completed at the Box deposit as part of the Phase 1 resource
expansion program. The Phase 2 drilling program may be revised contingent on
these results.
Qualified Person and Technical
Disclosure
The
technical and scientific information in this news release has been reviewed and
approved by Dale Verran, M.Sc., P.Geo., Chief Executive Officer of the Company,
who is a Qualified Person as defined by NI 43-101. Mr. Verran is an employee of
Fortune Bay and is not independent of the Company under NI 43-101.
The
Goldfields project is host to Indicated Mineral Resources of 975,000 ounces of
gold (22.6 million tonnes at an average grade of 1.34 g/t), and Inferred
Mineral Resources of 176,000 ounces of gold (6.0 million tonnes at an average
grade of 0.92 g/t). Mineral resources are reported at a cut-off grade of 0.3
g/t gold and constrained within a conceptual open-pit shell using a gold price
of USD$1,600/oz. Details regarding the current 2021 Mineral Resource Estimate
("2021 MRE") are provided within the National Instrument 43-101
("NI 43-101") Technical Report titled "Technical Report:
Resource Estimate for the Goldfields Project" with an effective date of
May 4, 2021. The Technical Report was authored by Mr. Cliff Revering, P. Eng.,
and Dr. Ron Uken, PhD, P. Geo. of SRK Consulting (Canada) Inc.
("SRK"), both of whom are Independent Qualified Persons in accordance
with the requirements of NI 43-101. The Technical Report supports the 2021 MRE
for Goldfields, which includes the Box and Athona gold deposits, and is
available on SEDAR and the Company's website.
About Fortune Bay
Fortune
Bay Corp. (TSXV:FOR, FWB: 5QN) is an exploration and development company with
100% ownership in two advanced gold exploration projects in Canada,
Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both
with exploration and development potential. The Company is also advancing the
100% owned Strike and Murmac (previously "Goldfields West") uranium
exploration projects, located near the Goldfields Project, which have
high-grade potential typical of the Athabasca Basin. The Company has a goal of
building a mid-tier exploration and development Company through the advancement
of its existing projects and the strategic acquisition of new projects to
create a pipeline of growth opportunities. The Company's corporate strategy is
driven by a Board and Management team with a proven track record of discovery,
project development and value creation. Further information on Fortune Bay and
its assets can be found on the Company's website at www.fortunebaycorp.com or
by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
"Dale
Verran"
Chief
Executive Officer
902-334-1919
Cautionary Statement Regarding
Forward-Looking Information
Information
set forth in this news release contains forward-looking statements that are
based on assumptions as of the date of this news release. These statements
reflect management's current estimates, beliefs, intentions, and expectations.
They are not guarantees of future performance. Words such as
"expects", "anticipates", "targets",
"goals", "projects", "intends",
"plans", "believes", "seeks",
"estimates", "continues", "may", variations of
such words, and similar expressions and references to future periods, are
intended to identify such forward-looking statements. Fortune Bay Corp.
("Fortune Bay" or the "Company") cautions that all
forward-looking statements are inherently uncertain, and that actual
performance may be affected by a number of material factors, many of which are
beyond Fortune Bay's control. Such factors include, among other things: risks
and uncertainties relating to metal prices, changes in planned work resulting
from weather, COVID-19 restrictions, availability of contractors, logistical,
technical or other factors, the possibility that results of work will not
fulfill expectations and realize the perceived potential of Fortune Bay's
mineral properties, uncertainties involved in the interpretation of drilling
results and other tests, the possibility that required permits may not be
obtained in a timely manner or at all, risk of accidents, equipment breakdowns
or other unanticipated difficulties or interruptions, the possibility of cost
overruns or unanticipated expenses in work programs, the risk of environmental
contamination or damage resulting from the exploration operations, the need to
comply with environmental and governmental regulations and the lack of
availability of necessary capital, which may not be available to Fortune Bay,
acceptable to it or at all. Fortune Bay is subject to the specific risks
inherent in the mining business as well as general economic and business
conditions. Accordingly, actual, and future events, conditions and results may
differ materially from the estimates, beliefs, intentions, and expectations
expressed or implied in the forward-looking information. Except as required
under applicable securities legislation, Fortune Bay undertakes no obligation
to publicly update or revise forward-looking information. Fortune Bay does not
intend, and does not assume any obligation, to update these forward-looking
statements, except as required under applicable securities legislation. For
more information on Fortune Bay, readers should refer to Fortune Bay's website
at www.fortunebaycorp.com.
Neither
TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in policies of TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Figure
1: Location of the Goldfields, Strike and Murmac Projects. (CNW Group/Fortune
Bay Corp.)
Figure
2: Goldfields Phase 2 drill target areas for 2022 winter drilling. (CNW
Group/Fortune Bay Corp.)
SOURCE
Fortune Bay Corp.
Fortune Bay Corp. (TSXV: FOR) is a
featured Mining stock on Investorideas.com
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