Aero Energy and Fortune Bay Report High Radioactivity in Second Drill Hole at Murmac Uranium Project

Fortune Bay (TSXV:FOR) has announced the intersection of highly elevated radioactivity in the second drill hole (M24-017) of its 2024 exploration drilling program at the Murmac Uranium Project in northern Saskatchewan. The drilling program is being funded by Aero Energy (TSXV:AERO) and operated by Fortune Bay, under an Option Agreement executed on December 15, 2023.

Dale Verran, CEO for Fortune Bay, commented in a press release: “The broad zone of strong radioactivity intersected in M24-017 is a highly encouraging start to the 2024 drilling program at Murmac and testament to the quality of the targets on the Project. This new discovery of shallow radioactivity, within favorable structured graphitic rocks, indicates the potential for a high-grade, basement-hosted deposit. Together with our partners, Aero Energy, we look forward to following up this result.”

Drill hole M24-017 encountered an average of 1,309 counts per second over 8.7 metres in graphitic pelite, with readings reaching up to 33,600 counts per second using a handheld RS-125 Spectrometer. Visible uranium mineralization was associated with the highest readings.

The hole was drilled to test an electromagnetic (EM) conductor on the Howland Corridor at the intersection of a cross-cutting fault with numerous historical uranium occurrences and radioactive showings. The target, designated H15, is characterized by a subtle EM high with a coincident gravity low. The interpreted EM conductor extends approximately 1.2 kilometres, with about 1 kilometre of previously untested area beneath Howland Lake.

Preliminary results from NQ2 drill core measurements show intermittent radioactivity in the hangingwall quartzite between 81.10 and 85.80 metres down hole. The graphitic unit hosting the strong radioactivity is currently interpreted to be dipping at approximately 70° towards the southeast. The drill hole was oriented towards an azimuth of 310° (True North) with a dip of -55°.

Fortune Bay’s Technical Director, Gareth Garlick, P.Geo., who is a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in the announcement. The Company notes that the nature and orientation of any possible mineralization have not yet been constrained, and potential mineralization true thicknesses have not yet been determined.

Next steps for the project include systematic collection of drill core samples from zones with radioactivity higher than 300 cps. These samples will be submitted to SRC Geoanalytical Laboratories in Saskatoon for U3O8 assay and multi-element characterization. Fortune Bay is currently assessing options to follow up and begin constraining the extents of the strong radioactivity, including down-dip and along-strike testing of the host graphitic unit.

The company has verified the majority of historical uranium occurrences through field prospecting and sampling, however there is a risk that future confirmation work and exploration may produce results that substantially differ from the unverified historical results.

Fortune Bay Corp. is an exploration and development company with ownership in two advanced gold exploration projects in Canada and Mexico, as well as seven uranium exploration projects on the northern rim of the Athabasca Basin, Saskatchewan. The company aims to build a mid-tier exploration and development company through the advancement of its existing projects and strategic acquisitions.

This news represents a significant development in the ongoing exploration of the Murmac Uranium Project, though it is important to note that further testing and analysis are required to determine the full extent and economic viability of any uranium mineralization at the site.​​​​​​​​​​​​​​​​

Highlights from the results are as follows:

• Drilling is still underway on hole M24-017 (target H15); drill core has been received and logged to a depth of 94.5 metres at the time of release.
• Strong radioactivity is dominantly hosted in structured graphitic pelite, immediately below the contact with hematized quartzite (hangingwall), approximately 70 to 78 metres vertically below surface.
• Radioactivity highlights include a maximum of 33,600 counts per second over 0.1 metre (from 86.1 to 86.2 metres), with a length weighted average of 1,309 counts per second over 8.7 metres (from 85.8 to 94.5 metres).
• Drilling is ongoing and the zone of strong radioactivity remains open up- and down-dip, as well as along strike in both directions.
• This is the first drill hole testing a previously unexplored electromagnetic (“EM”) conductor on the Howland Corridor under the shallow Howland Lake.
• The Company is currently planning appropriate follow-up holes.
• There are an additional 11 high-priority targets at Murmac which have been approved for drilling, and multiple other targets under consideration

Table 1. Radioactivity intersections logged to date in hole M24-017.