Fortune Bay Corp Looks to Advance Gold and Uranium Projects in Saskatchewan

• Fortune Bay Corp (FOR) is an exploration and development company listed on TSXV and Frankfurt stock exchanges.
• They focus on their flagship gold asset, the Goldfields project in northern Saskatchewan, with nearly one million ounces in indicated open pit constrained resources.
• The company is well-funded with approximately $6 million in cash for ongoing drilling and exploration activities.
• They are also exploring uranium opportunities in the same region with two projects, Strike and Mermaid, at an earlier stage.
• The timing for delivering a Preliminary Economic Assessment (PEA) for the Goldfields project is in progress, while uranium exploration activities are prioritized and results-driven.

About Fortune Bay Corp.

Fortune Bay Corp is a Canadian exploration and development company focused on advancing its gold and uranium assets in northern Saskatchewan. With nearly C$6 million in cash, Fortune Bay is funded to advance its flagship Goldfields gold project while also exploring high-grade uranium opportunities at its newly acquired Strike and Merrimack projects.

Fortune Bay is led by President and CEO Dale Verran, who has over 20 years of experience in the mining industry. Verran previously worked with Denison Mines evaluating and advancing uranium projects in Saskatchewan’s prolific Athabasca Basin. Fortune Bay is focused on two commodities: gold and uranium. The company’s flagship asset is the advanced-stage Goldfields gold project in northern Saskatchewan, which hosts an open-pit constrained indicated resource of 975,000 ounces of gold. Fortune Bay also recently staked two uranium projects, Strike and Merrimack, which are located near the original uranium mining camp of Uranium City, Saskatchewan.

Interview with Dale Verran the CEO of Fortune Bay Corp.

Advancing the Flagship Goldfields Gold Project

The Goldfields project is Fortune Bay’s most advanced asset, with a historical pre-feasibility study completed in 2011 that showed robust economics at lower gold prices. The project benefits from an existing mining lease, with valid permits already in place from a previous environmental assessment. Fortune Bay has been working to optimize and expand the known gold resources at Goldfields. According to Verran, phase one drilling for resource expansion has been completed, with assays pending. The company also plans to conduct phase two drilling later this year to test new exploration targets identified on the property.

Concurrently, Fortune Bay has been evaluating various mine development and processing flow sheet options to improve project economics. The company is now ready to move forward with a Preliminary Economic Assessment (PEA) in 2023 to showcase the value of Goldfields in today’s strong gold price environment. Verran stated that with an extensive database of drilling and technical studies already in hand, a new PEA could be completed within 6 months. This would allow the company to demonstrate the robust economics and further derisk the project.

New Uranium Opportunities in Canada’s Original Uranium District

In addition to advancing Goldfields, Fortune Bay has secured two new high-grade uranium projects in the Uranium City area, known as Strike and Merrimack. According to Verran, this northwest region of the Athabasca Basin shares similar geology and uranium potential as the southwest side, home to recent major discoveries like Fission Uranium’s Triple R deposit. Fortune Bay’s projects are located near historical uranium deposits and key infrastructure like highway access and power.

The company inherited a massive database of historical geophysical surveys and prospecting data on the Strike project. Fortune Bay considers Strike drill-ready, with planning underway for 2,500 metres of exploratory drilling this summer. At Merrimack, airborne geophysics and ground gravity surveys will be conducted over the winter to refine targets prior to a 2,000 metre drill program in late 2022. Verran sees these shallow targets as potentially amenable to low-cost open pit mining if economic uranium mineralization is discovered.

Conclusion

With a tight share structure and nearly C$6 million in the treasury, Fortune Bay Corp is well positioned to create value for investors in 2023 and beyond. Advancement of the Goldfields PEA could outline robust economics and upside potential, while initial drill testing of high-grade uranium targets provides investors with additional discovery potential this year. Fortune Bay offers investors exposure to both gold and a potential uranium bull market in an established Canadian mining jurisdiction. Interested investors should monitor drill results from the company’s Saskatchewan projects starting this spring.