Latest news with #FortuneBay
Cision Canada
29-05-2025
- Business
- Cision Canada
FORTUNE BAY EXECUTES LETTER OF INTENT FOR THE WOODS URANIUM PROJECTS
HALIFAX, NS, May 29, 2025 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce that it has signed a letter of intent (the "LOI") with Neu Horizon Uranium Limited ACN 653 749 145 (the "Optionee"), a private Australian arms-length party. Pursuant to the LOI, the Optionee will be granted the option (the "Option") to acquire an eighty percent interest in The Woods Uranium Projects ("The Woods" or the "Projects") located on the northern margin of the Athabasca Basin, Saskatchewan (Figure 1). The Woods Highlights: District-scale opportunity, including five projects covering approximately 40,000 hectares. A dominant land position along the Grease River Shear Zone ("GRSZ") within 30 kilometres of the northern Athabasca Basin margin. The GRSZ is significantly underexplored relative to other major Athabasca Basin structures (less than 20 historical drill holes northeast of Fond du Lac, and only 3 historical drill holes on the Projects). Geological settings and structural features are prospective for; 1) unconformity-related basement-hosted uranium deposits, 2) magmatic intrusive uranium deposits and, 3) rare earth element ("REE") deposits. Abundant historical uranium and REE showings, and the highest lake sediment uranium anomalies in Saskatchewan. Dale Verran, CEO for Fortune Bay, commented " We are very pleased to have signed an LOI with Neu Horizon to advance The Woods Uranium Projects. The Projects represent a district-scale opportunity for discovery within a highly prospective region that has seen very little exploration to date, despite favourable geology and a significant endowment of historical uranium occurrences. The agreement to terms for The Woods is a timely development for Fortune Bay, reiterating our Company's strategy to focus on our two advanced gold projects, while retaining upside in partner-funded opportunities generated through low-cost acquisition." Key Terms The Option is exercisable by the Optionee completing staged cash payments and share issuances, and incurring the following exploration expenditures on the Project: The Company will act as the operator during the option period and will be entitled to charge a management fee of 10% of expenditures incurred on the Projects. A participating Joint Venture ("JV") will be formed at the end of the option period, consistent with customary JV Terms. The JV will allow for dilution and should the Company's interest fall below 10% the Company will be granted a 2% net smelter returns ("NSR") royalty. One-half (1%) of the NSR may be purchased at any time prior to commercial production for a cash payment of A$5 million, subject to CPI increase. The LOI is intended to be a non-binding proposal regarding the contemplated transaction, and subject to the finalization of a Definitive Agreement incorporating the principal terms of the LOI . The LOI will terminate on the earlier of (a) the end of the Due Diligence Period being June 28, 2025; (b) the entering into of the Definitive Agreement; or (c) such other date as may be mutually agreed. The Woods Uranium Projects District-Scale Opportunity Along Major Structural Zone The Spruce, Pine, Aspen, Birch and Fir projects (collectively The Woods, 40,958 hectares), staked by Fortune Bay, represent a district-scale opportunity for uranium discovery. Located within 30 kilometres of the northern margin of the Athabasca Basin, the Projects host 25 kilometres of prospective strike length along the Grease River Shear Zone ("GRSZ"), a crustal-scale structural corridor up to five kilometres wide with interpreted structural splays to the north. Unlike other major structural zones in the Athabasca Basin, that have yielded large high-grade uranium discoveries, the GRSZ has seen very limited exploration to date with less than 20 historical drill holes northeast of Fond du Lac and only 3 historical drill holes on the Projects. Significant Uranium Endowment Limited historical exploration efforts during the 1960's and 1970's comprised low-resolution airborne radiometric survey and surface sampling campaigns targeting Beaverlodge-style mineralization, that typically occurs in granitic rocks. Numerous outcropping uranium occurrences were discovered ranging from 222 ppm to 1.6% U 3 O 8. Lake sediment sampling from regional survey across northern Saskatchewan also detected the highest uranium values in the Province within the Projects area, and follow-up lake sediment sampling in the 1970's confirmed this extreme and extensive lake sediment anomalism, ranging from 52 to 1,870 ppm U in Perron Lake on the Aspen Project. In addition, ground follow-up of airborne radiometric anomalies also uncovered numerous REE occurrences, highlighted by values including 2.4% and 3.1% Total REE. Exploration Approach and Target Models The Projects warrant a modern, systematic exploration approach utilizing current exploration models. Exploration programs including; 1) airborne geophysical surveying (electromagnetic ("EM"), magnetic and radiometric), 2) ground surveys (mapping, radiometric prospecting and soil/rock sampling), and 3) exploration drilling, is envisaged to realize potential for: Priority 1: Unconformity-related, basement-hosted uranium deposits These 'Athabasca-style' high-grade (>1% U 3 O 8) deposits (e.g. Arrow, Eagle Point) are associated with basement graphitic rocks along major structures below the Athabasca Basin sandstone (eroded away in the Projects area). Faulted graphitic rocks (softer and less resistant to erosion) would therefore not typically outcrop in the Projects area and would occur in valleys covered by surficial materials (soils, till and/or lakes). Although rarely outcropping, graphitic lithologies have been recorded historically in the Projects area. Modern airborne electromagnetic ("EM") surveying is required to detect graphitic horizons (conductors) for follow up with ground surveys and exploration drilling. Priority 2: Magmatic intrusive uranium deposits These large-tonnage 'Rössing-style' deposits are associated with intrusive leucogranites and pegmatites, and in Namibia have average open-pit mine grades of around 350 ppm U 3 O 8 (Rössing) and 500 ppm U 3 O 8 (Husab). Many of the historical uranium occurrences recorded across the Projects are found within leucogranites and pegmatites with historical grades ranging from around 500 ppm U 3 O 8 to 4,500 ppm U 3 O 8. Recent exploration models for these types of deposits are well-understood and targeted in places such as Namibia, however have been overlooked in Saskatchewan where explorers have focussed efforts on high-grade unconformity-related uranium. Exploration targeting will focus on locating geological settings with potential for large tonnages of mineralized leucogranites/pegmatites. Airborne geophysical surveying, especially in areas with no historical airborne radiometric survey, is expected to identify new radiometric anomalies for investigation along with the numerous historical occurrences. Priority 3: Pegmatite-hosted rare earth element deposits There is an endowment of rare earth elements within pegmatites in this region of northern Saskatchewan, that includes Hoidas Lake (2.6Mt @ 2% Total REE) and Alces Lake (16% Total REE over 16 m drill hole). The Projects include a number of historical REE occurrences ranging from 0.2 to 3.1% Total REE in SDMI occurrences specific for REE that were discovered during historical prospecting for uranium but have not been followed-up. Further field investigation and sampling is warranted to determine grade and tonnage potential of these occurrences. The recently constructed Saskatchewan Research Council Rare Earth Processing Facility in Saskatoon, the first of its kind in North America, provides a strategic advantage to the discovery of REE resources in Saskatchewan. Granting of Long-Term Incentives The board of directors of the Company has approved the granting of 1,170,000 incentive stock options (the "Options") and 250,000 deferred share units (the "DSUs") pursuant to the Company's Stock Option Plan and DSU Plan to its directors, officers, contractors and employees. Directors and officers were awarded 950,000 of the Options which are exercisable at a price of $0.53 per share, expire on May 28, 2030 and vest over a three-year period. 40,000 DSUs were granted to the Company's directors for director fees for the year ended December 31, 2024. In addition, 210,000 DSUs were granted to directors, officers and employees that will vest in accordance with the Company's DSU plan. Technical Disclosure Historical results are derived from the Saskatchewan Mineral Deposit Index ("SMDI") and assessment reports available in the Saskatchewan Mineral Assessment Database ("SMAD") as detailed in the references below. Historical results have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these results relevant to assess the mineralization and economic potential of the property. Historical Results References Regional lake sediment data is derived from the Geological Survey of Canada ("GSC") digital compilation dataset, published 20 November, 2019 and most recently modified 9 November, 2023, available at the following link: which contains information licensed under the Government of Saskatchewan Standard Unrestricted Use Data Licence (Version 2.0). Details regarding the Fond du Lac Uranium Deposit can be found in the publication by Homeniuk, L A, Clark, R. J., and Bonnar, R., Eldorado Nuclear Limited, CIM Bulletin May,1982. "Fond-du-Lac uranium deposit". Quoted ranges of historical uranium concentration in outcrop samples derive from maximum and minimum values from SDMI uranium occurrences (#5418 and #1589 specifically referenced) within the license areas. Highlight values for Total REE content in historical samples reference SDMI occurrences #3314 and #5383. The minimum value quoted in the range of historical values (for SDMI occurrences specific to REE) derive from #5384. Details regarding the other REE occurrences in far northern Saskatchewan can be found using the following references/links: Alces Lake: Appia Rare Earths and Uranium Corp. ( Hoidas Lake: SMDI#1612. As per the 2014 NI 43-101-compliant technical report by Barr Engineering Co., the mineral resource estimates for the JAK Zone at Hoidas Lake include measured resources of 963,808 tonnes at 2.142% TREE, indicated resources of 1,597,027 tonnes at 1.958% TREE, and inferred mineral resource of 286,596 tonnes at 1.784% TREE, or 2.139% TREO Spruce Project References: SMAD Assessment File Numbers 74O07-0002, 74O07-0031, 74O09-0023 and 74O09-0024. Pine Project References: SMAD Assessment File Numbers 74O09-0001, 74O09-0019, 74O08-0076, 74O09-0024, 74O09-0019 and 74O09-0024. Also Fulcrum Metals PLC news release September, 7 2023. Aspen Project References: SMAD Assessment File Numbers 74O07-0032, 74O09-0003, 74O09-0004, 74O09-0019, 74O09-0020, 74O09-0023,74O09-0024, 74O08-0076, and MAW01857. Quoted ranges of uranium concentration in parts per million in Perron Lake derive from 74O09-004. Birch Project References: SMAD Assessment File Numbers 74O10-0002, 74O10-0003, 74O10-0008. Fir Project: SMAD Assessment File Numbers 74O09-0023, MAW02300. The historical results are also fully referenced on Fortune Bay's website ( under each Project within the Technical Disclosure section. Qualified Person The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101. About Fortune Bay Fortune Bay Corp. (TSXV: FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company with 100% ownership in two advanced gold projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Poma Rosa Project), both with exploration and development potential. The Company is also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin, Saskatchewan, which have high-grade potential. 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 or by contacting us as [email protected] or by telephone at 902-334-1919. About Neu Horizon Neu Horizon is a public unlisted Australian company focused on discovering and developing Tier 1 uranium deposits in premier exploration jurisdictions. Through this exciting new partnership with Fortune Bay, the company has access to a dominant land package with over 100,000ha of prime exploration ground covering three projects in Sweden and five projects in Canada. Sweden is Europe's leading mining nation and also hosts the world's largest low-grade uranium resource within the Alum-shale, where Neu Horizon has a significant landholding. The company aims to take advantage of the Swedish Government's plans to lift the 2018 moratorium on uranium exploration and mining to delineate a significant European uranium deposit. Canada's Athabasca Basin is the world's leading source of high-grade uranium. Access to this land package along the northern rim of the basin provides Neu Horizon direct access to this underexplored uranium exploration frontier. These strategic projects align Neu Horizon with the global demand for clean, sustainable and low-carbon energy, by taking advantage of both countries' rich uranium resources and supportive mining legislation. 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", "aims", "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. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at SOURCE Fortune Bay Corp.
Cision Canada
30-04-2025
- Business
- Cision Canada
FORTUNE BAY ANNOUNCES PLANS FOR GOLD PROJECTS
HALIFAX, NS, April 30, 2025 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce plans to advance its 100% owned gold projects in Saskatchewan, Canada (the "Goldfields Project") and Chiapas, Mexico (the "Ixhuatán Project"). The plans, highlighted below, are designed to materially advance the projects, demonstrate their intrinsic value and deliver key value drivers for the Company as it embarks on the process of unlocking value for these two significant gold assets. Summary and Highlights: Goldfields Project: An Updated Preliminary Economic Assessment ("Updated PEA") has been commissioned and is expected to be completed in Q3 2025. The Updated PEA will be led by Ausenco Engineering Canada ULC ("Ausenco") and will rescope the Project based on current gold pricing and incorporate key recommendations from a recently completed study by Fuse Advisors Inc. ("Fuse") that assessed the Goldfields Project's optimal path to production from both an economic and permitting standpoint. This Updated PEA is expected to set the stage for further de-risking through Pre-Feasibility ("PFS") or Feasibility Study ("FS"). The Company has initiated planning for permitting activities and intends to commence (1) project development community consultation, in accordance with the Company's social and environmental commitments 1, and (2) environmental baseline studies in Q3 2025. Ixhuatán Project (to be renamed Poma Rosa Project): Fortune Bay has been advancing consultation with key project area communities with the goal of establishing exploration agreements in accordance with the Company's social and environmental commitments 1. To date, meetings with the communities and other stakeholders have been positive and supportive, and further meetings are planned over the coming weeks with the aim of restarting exploration in late 2025. In consultation with communities, and to signify potential reactivation, the project is to be renamed the "Poma Rosa Project" after a popular fruit that is cultivated throughout the project area. The Company has engaged with Understood Mineral Resources Ltd. ("Understood") to assist with a desk-top data review of the historical mineral resources and growth potential. The review also aims to help define methods and the overall approach for an updated National Instrument (NI) 43-101 mineral resource estimate. " We are pleased to have the support of both existing long-term and new strategic shareholders who participated in our recent capital raise, which provides the funding necessary to accelerate advancement of our two high-potential gold assets. Supported by the current gold market, we see tremendous opportunity for value creation, underpinned by a robust development project in Saskatchewan and meaningful resource growth potential in Mexico. Our energized team has identified and initiated key programs across our two projects which are designed to commence the process of unlocking value and creating near-term catalysts for the Company." commented Dale Verran, CEO for Fortune Bay. Goldfields Gold Project, Saskatchewan, Canada Updated PEA A 2022 Preliminary Economic Assessment ("2022 PEA") completed by Ausenco produced robust economics using a base case gold price of US$1,650/oz. The dramatic increase in gold price since 2022 is expected to substantially enhance the project's economics, and could support an increased project scope through inclusion of additional deeper-seated resources below the extents of the 2022 PEA mine pit, providing opportunities for further optimizations related to mine scheduling and process plant throughput. These potential scope changes and optimizations would translate into project-wide adjustments in site infrastructure, capital and operational expenditure, and overall project economics. A refreshed PEA, by the same team that carried out the 2022 PEA, provides a cost effective and efficient means to address these points, and to incorporate key recommendations from a recently completed study by Fuse that assessed the Goldfields Project's optimal path to production. The Updated PEA will demonstrate the project's intrinsic value, and will ensure that the project is properly scoped, both in terms of optimized economics, and the most efficient development and permitting timeline, prior to initiating further derisking through a PFS or FS. Permitting Activities The Goldfields Project is endowed with an approved Environmental Impact Statement ("EIS") from 2008 for an open pit mine at the Box deposit and a 5,000 tonne per day mill. The legacy of an approved EIS, and the substantial repository of environmental baseline studies that supported it, is expected to facilitate and expedite Goldfield's path to production. Fuse's recent study included review of the EIS and its supporting datasets. The outcomes highlighted subsequent changes to environmental legislation regarding Duty to Consult obligations, as well as the need for additional environmental assessment to (1) address the change in project footprint (as recommended in the 2022 PEA relative to that approved in the 2008 EIS), and (2) verify the acceptability of existing environmental baseline data from previous studies. Fortune Bay intends to commission a gap analysis to define optimal regulatory and community engagement strategies, that are based on the updated project engineering and economics. To support these strategies, any additional environmental baseline studies and other technical Environmental Assessment work programs will be planned, with the longer lead-time studies to be initiated in summer 2025. Project development community consultation is also planned to commence in summer 2025, in accordance with the Company's social and environmental commitments (please refer to the section provided below "About Fortune Bay's Social and Environmental Commitments"). The Company has an existing Exploration Agreement with the Goldfields Project communities that provides consent for exploration and development activities up to and including a bankable feasibility stage. Located in a highly favourable geological setting that parallels most of the giant porphyry systems worldwide, the 100% owned Poma Rosa Project offers multiple exploration and development opportunities, including: Resource expansion and development of the epithermal gold-silver Campamento deposit, which includes a historical gold resource of 1,041,000 ounces in the Measured and Indicated categories (17.6 million tonnes at an average grade of 1.84 g/t gold) and 703,000 ounces of gold in the Inferred category (21.8 million tonnes at an average grade of 1.01 g/t gold). Numerous additional epithermal gold-silver zones, including historical drill intersections of mineralization, that warrant further exploration. Untested copper-gold potential associated with the large porphyry system that spans the entire concession, both in outcrop and beneath thin cover rocks. Historical exploration focused on near-surface epithermal gold in the cover rocks. The presence of a large copper-gold mineralizing system is evident from historical soil sampling results, historical drilling results and historical mining immediately to the north of Poma Rosa at Santa Fe. Community Consultation Fortune Bay has been actively engaging in community consultations and meetings for its Poma Rosa Project over the past few months. The aim of these consultations is to reach mutually beneficial agreements for exploration on private or common-use lands in accordance with the Company's social and environmental commitments (please refer to the section provided below "About Fortune Bay's Social and Environmental Commitments"). The ongoing visits to the project area have included positive and supportive meetings with community leaders and important social and political stakeholders in the area. Further meetings are planned with the key communities over the coming weeks with the aim of restarting exploration in late 2025. Resource Review and Preparation for a Current Mineral Resource Estimate The Company has engaged with Understood to carry out a desk-top data review of supporting datasets, historical mineral resources and growth potential for the Campamento deposit and Cerro La Mina prospect. The review will assess geological continuity, grade distribution, tonnage estimates, classification of the resources, and potential risks and opportunities associated with the historical Mineral Resource Estimate and will also define methods and the overall approach for an updated National Instrument (NI) 43-101 mineral resource estimate for Poma Rosa. Technical Disclosure The Goldfields 2022 PEA, effective date October 31, 2022, was prepared in accordance with NI 43-101 by Ausenco Engineering Canada ULC (formerly Ausenco Engineering Canada Inc.), in collaboration with Moose Mountain Technical Services for the mine design, and SRK Consulting (Canada) Inc. for the updated Mineral Resource Estimate and Environmental, Permitting and Social aspects. The PEA NI-43-101 Technical Report is available on SEDAR+ ( and Fortune Bay's website. A summary of the 2022 PEA can be found in the Company's news release dated November 1, 2022. A mineral resource estimate for the Campamento Deposit on the Poma Rosa Project (the "2006 Resource Estimate Report") with an effective date of June 22, 2006, was prepared for by Gary H. Giroux, for Linear Gold Corp., a predecessor company of Fortune Bay. The mineral resources were classified according to the CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines, August 2000 and incorporated, by reference, into NI 43-101. The reader is cautioned that a Qualified Person has not done sufficient work to classify the mineral resources stated in the 2006 Resource Estimate Report as current resources. Fortune Bay is not treating this historical estimate as a current mineral resource. While this estimate was prepared in accordance with NI 43-101 and CIM 2000 in effect at the time, there is no guarantee that it would be consistent with current standards and it should not be regarded as such. Fortune Bay has not undertaken any independent verification of the data upon which the historical estimates are based. The historical estimate is considered relevant to assess the mineralization and economic potential of the property. The NI 43-101 2006 Resource Estimate Report is available on the Company's website. A description of the historical mining at Santa Fe is referenced in the publication by Consejo de Recursos Minera ("CRM") (2000) - Geological-Mining Monograph of the State of Chiapas: Compiled and Prepared by Jesus Castro-Mora and Luis Enrique Ortiz-Hernández: ISBN 968-6710-89-2. The average grade for the mineralized zone, as defined by CRM is 0.6 % Cu, 2.4 g/t Au, 120 g/t Ag and 1.30 % Pb. Qualified Person The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101. About Fortune Bay Fortune Bay Corp. (TSXV: FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company with 100% ownership in two advanced gold projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Poma Rosa Project), both with exploration and development potential. The Company is also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin, Saskatchewan, which have high-grade potential. 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 or by contacting us as [email protected] or by telephone at 902-334-1919. 1 About Fortune Bay's Social and Environmental Commitments Fortune Bay Corp. is committed to (1) respecting the rights and dignity of communities through continual, transparent and meaningful engagement; (2) ensuring their free, prior, and informed consent; (3) honoring their cultural values and heritage; (4) supporting their social and economic development; (5) conducting our operations with safety, integrity and respect and; (6) minimizing our environmental impact through best-practice stewardship and promoting sustainable practices to protect the land and natural resources for future generations. About Ausenco Ausenco is a global company redefining what's possible. The team is based out of 21 offices working across five continents to deliver services worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting, studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors ( 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", "aims", "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. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at SOURCE Fortune Bay Corp.
Yahoo
29-04-2025
- Business
- Yahoo
Insider Spends CA$320k Buying More Shares In Fortune Bay
Potential Fortune Bay Corp. (CVE:FOR) shareholders may wish to note that the Executive Chairman, Wade Dawe, recently bought CA$320k worth of stock, paying CA$0.32 for each share. That's a very decent purchase to our minds and it grew their holding by a solid 15%. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. In fact, the recent purchase by Wade Dawe was the biggest purchase of Fortune Bay shares made by an insider individual in the last twelve months, according to our records. Even though the purchase was made at a significantly lower price than the recent price (CA$0.51), we still think insider buying is a positive. Because it occurred at a lower valuation, it doesn't tell us much about whether insiders might find today's price attractive. In the last twelve months Fortune Bay insiders were buying shares, but not selling. They paid about CA$0.27 on average. To my mind it is good that insiders have invested their own money in the company. However, we do note that they were buying at significantly lower prices than today's share price. You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. By clicking on the graph below, you can see the precise details of each insider transaction! View our latest analysis for Fortune Bay There are always plenty of stocks that insiders are buying. If investing in lesser known companies is your style, you could take a look at this free list of companies. (Hint: insiders have been buying them). For a common shareholder, it is worth checking how many shares are held by company insiders. I reckon it's a good sign if insiders own a significant number of shares in the company. Fortune Bay insiders own about CA$4.6m worth of shares. That equates to 16% of the company. While this is a strong but not outstanding level of insider ownership, it's enough to indicate some alignment between management and smaller shareholders. The recent insider purchases are heartening. We also take confidence from the longer term picture of insider transactions. However, we note that the company didn't make a profit over the last twelve months, which makes us cautious. Given that insiders also own a fair bit of Fortune Bay we think they are probably pretty confident of a bright future. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. Be aware that Fortune Bay is showing 5 warning signs in our investment analysis, and 2 of those don't sit too well with us... Of course Fortune Bay may not be the best stock to buy. So you may wish to see this free collection of high quality companies. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Globe and Mail
07-04-2025
- Business
- Globe and Mail
FORTUNE BAY TO INCREASE NON-BROKERED PRIVATE PLACEMENT
HALIFAX, NS , /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce that it intends to increase the non-brokered private placement (the "Offering"), previously announced on April 2, 2025 , to aggregate gross proceeds of up to $3,000,000 . The Company intends to issue up to 9,375,000 units. Each unit will be issued at a price of $0.32 per unit, with each unit comprised of one common share and one-half common share purchase warrant. Each whole warrant will be exercisable into one common share of the Company at an exercise price of $0.45 per share for the first year from the date of issuance and $0.55 per share for the second year from the date of issuance. The Company intends to use the proceeds of the Offering to fund advancement of the Company's projects in Canada and Mexico , and for general corporate purposes. Closing of the Offering is subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a statutory four-month hold period in accordance with Canadian securities legislation. Certain insiders of the Company may participate in the Offering. Such participation would be considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101"). The related party transaction is expected to be exempt from minority approval and valuation requirements pursuant to the exemptions contained in Section 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the securities to be issued under the Offering will not exceed 25% of the Company's market capitalization. About Fortune Bay Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company with 100% ownership in two advanced gold projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin, Saskatchewan , which have high-grade potential. 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 or by contacting us as info@ or by telephone at 902-334-1919. On behalf of Fortune Bay Corp. "Dale Verran" Chief Executive Officer 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", "aims", "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. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at
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19-03-2025
- Business
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AERO ENERGY AND FORTUNE BAY COMMENCE DRILLING AT HOWLAND LAKE, MURMAC URANIUM PROJECT
HALIFAX, NS, March 19, 2025 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the commencement of drilling at Howland Lake on the Murmac Uranium Project ("Murmac" or the "Project"), located in northern Saskatchewan near Uranium City. The program is expected to include up to six drill holes, totalling approximately 900 metres, to further test the Howland Lake electromagnetic ("EM") conductors which returned uranium intercepts from first-pass drilling. As demonstrated from previous exploration results, the Project has potential to host high-grade, basement-hosted deposits typical of the Athabasca Basin. Exploration work at Murmac is being funded by Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3) ("Aero"), and is being operated by Fortune Bay, under an Option Agreement that was executed on December 15, 2023. Highlights: High-Grade Follow-Up: Drilling to be focused at Howland Lake North on targets along strike of drill hole M24-017 that intersected 8.40 m at 0.30% U3O8, with individual assays up to 13.80% U3O8 over 0.10 m. Additional drilling is planned at Howland Lake South, along strike of drill hole M22-012 that intersected 0.17% U3O8 over 0.10 m. Compelling Drill Target Support: Selected drill targets (Figure 1) are backed by favorable criteria for high-grade basement-hosted deposits, including EM conductor breaks, structure, and significant hydrothermal alteration noted in historical drill holes. Known mineralized cross faults and strong radon-in-water anomalies from recent surveys further support target selection (see News Release dated February 20, 2025). Focused Drilling Program: The winter 2025 drilling program will be focused on priority targets developed at Howland Lake which will be more efficiently tested from ice-based drill hole locations. Numerous other priority targets have also been identified along Murmac's extensive graphitic corridors (>35 kilometres of strike) that warrant future drill testing. Dale Verran, CEO for Fortune Bay, commented "Alongside Aero Energy, we are excited to have started this next phase of exploration at Murmac, directed at drill testing a set of priority targets at Howland Lake. These targets possess the necessary criteria for a meaningful basement-hosted discovery, and we are looking forward to the results." Technical DisclosureDetails regarding previous Fortune Bay drill results from 2022 and 2024 can be found in news releases dated October 8, 2024, and December 13, 2022, respectively. Further details regarding historical exploration/drilling and exploration results noted in this news release can be found within the Saskatchewan Mineral Assessment Database (SMAD) references 74N07-0011, 74N07-0173 and 74N07-0277. Fortune Bay has verified several of these occurrences through field prospecting and sampling, however there is a risk that any future confirmation work and exploration may produce results that substantially differ from the unverified historical results. The Company considers the unverified historical results relevant to assess the mineralization and economic potential of the property. Qualified PersonThe technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101. About Fortune BayFortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company with 100% ownership in two advanced gold projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin, Saskatchewan, which have high-grade potential. 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 or by contacting us as info@ or by telephone at 902-334-1919. On behalf of Fortune Bay Corp. "Dale Verran"Chief Executive Officer902-334-1919 Cautionary Statement Regarding Forward-Looking InformationInformation 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", "aims", "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. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at 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. SOURCE Fortune Bay Corp. View original content to download multimedia:
