HALIFAX, NS, May 4, 2021 /CNW/ - Fortune Bay Corp. (TSXV: FOR)
(Frankfurt: 5QN) ("Fortune Bay" or
the "Company") today announces that it filed a Technical Report
under Canadian Securities Administrators' National Instrument
43-101 Standard of Disclosure for Mineral Projects for the
Goldfields property ("Goldfields") located in northern Saskatchewan, Canada. The Technical
Report is titled "Technical Report: Resource Estimate for the
Goldfields Project" with an effective date of May 4, 2021. The Technical Report was prepared by
SRK Consulting (Canada) Inc.
("SRK") and supports the new mineral resource estimate for
Goldfields, which includes the Box and Athona gold deposits (see
the Company's news release dated March 22,
2021).
Highlights for the new mineral resource estimate, as
announced previously, includes:
- Indicated Mineral Resources of 975,000 oz of gold (22.6 million
tonnes at an average grade of 1.34 g/t);
- Inferred Mineral Resources of 176,000 oz of gold (6.0 million
tonnes at an average grade of 0.92 g/t);
- Based on verified historical drilling data and new geological
and mineralization models that incorporate structural controls on
gold mineralization;
- Reconciles to within 1% of historical mine production;
- Indicated Mineral Resources comprise 85% of the estimate, with
the remaining 15% classified at an Inferred level of
confidence;
- Confirms resource expansion opportunities at both the Box and
Athona deposits, and resource upside through further infill and
confirmatory drilling; and
- Mineral resources are reported at a lower cut-off grade of 0.3
g/t and are constrained within a conceptual open-pit shell using a
gold price of US$1600 per ounce.
Mineral resources are not mineral reserves and do not have
demonstrated economic viability.
The Technical Report is available on the Company's website at
www.fortunebaycorp.com and is, or will be, available under its
profile on SEDAR at www.sedar.com. There are no material
differences contained in the Technical Report from the information
previously disclosed in the news release dated March 22, 2021.
Qualified Persons and Technical Report
The technical
information contained in this news release has been reviewed and
approved by Mr. Dale Verran, MSc,
P.Geo, Pr.Sci.Nat., Fortune Bay's Chief Executive Officer, who is
also a Qualified Person in accordance with the requirements of NI
43-101.
About Goldfields
The 100% owned Goldfields
Project is the Company's most advanced asset located in northern
Saskatchewan, approximately 13
kilometres from Uranium City. The
Project is endowed with established infrastructure including
existing roads, a powerline to site, and nearby facilities and an
airport at Uranium City. The
Project has a history of gold production (64,000 oz Au produced
between 1939 to 1942), numerous exploration drilling campaigns and
various historical mining studies (including a 2007 Feasibility
Study for the Box deposit and a 2011 Pre-Feasibility for the Box
and Athona deposits that were prepared in accordance with NI
43-101). The Box open-pit mine and mill development is permitted
having received Ministerial approval under the Environmental
Assessment Act in May 2008. The
10,300 hectare Goldfields property presents numerous exploration
opportunities, including the potential to expand the Box and Athona
deposits and discover additional resources at several other gold
prospects and occurrences.
About Fortune Bay
Fortune Bay Corp.
(TSXV:FOR, Frankfurt: 5QN) is a
gold-focused 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 has a goal of
building a mid-tier gold 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.
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.
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, 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.
SOURCE Fortune Bay Corp.