Fortune Bay Confirms Uranium Mineralization From Maiden Drill Program On The Strike Uranium Project

HALIFAX, Dec. 7, 2022 - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce analytical results from the 2022 maiden drilling program on the 100% owned Strike Uranium Project ("Strike" or the "Project"), located in northern Saskatchewan (see Figure 1).

The drilling program, comprising nine shallow holes, provided first-pass testing of the Project's J, K and L Conductors on the northern portion of the Project which have a combined strike length of approximately 20 kilometres (see Figure 2).

Analytical results have confirmed anomalous uranium in three of the nine drill holes completed, up to a maximum individual assay result of 0.43% U₃O₈. The uranium is associated with enriched levels of "pathfinder" elements that are typically associated with high-grade, unconformity-related deposits in the Athabasca Basin. Results include shallow intersections derived from between 60 and 105 metres vertically below surface within prospective graphitic units associated with favourable brittle structure and alteration.

Gareth Garlick, Technical Director for Fortune Bay, commented, "This was the very first time the extensive electromagnetic conductors on the Project have been drill tested and the analytical results confirm Strike's potential for shallow, high-grade uranium mineralization. The uranium intersected within S22-013 represents a new discovery of mineralization which is open in all directions. This result, located on the K Conductor, warrants priority follow-up in addition to the testing of numerous additional targets on the Project."

Highlights:

• Drill hole S22-013 (K3 target) returned a maximum assay of 0.43% U₃O₈ from 145.7 to 145.8 metres (approximately 105 metres below surface), with the interval from 145.6 to 145.8 metres averaging 1,170 ppm U. Nearby historical surface grab samples include HY080 1.51% U₃O₈, Stancliff 0.19% U₃O₈, and Hacker Atompower 0.13% U₃O₈ (see Figure 2).
• Drill hole S22-005 (Tena target) returned a maximum assay of 0.42% U₃O₈ from 82.3 to 82.4 metres (approximately 60 metres below surface), with the 1.8 meter interval from 82.3 to 84.1 metres averaging 356 ppm U.
• Drill hole S22-006 (Tena target) intersected an average of 141 ppm U over 0.8 metres from 106.9 to 107.7 metres (approximately 75 metres below surface).

Anomalous uranium (>100 ppm U) was encountered at the Tena Fault (adjacent to the L Conductor) and at the K Conductor. The drill holes listed in Table 1 intersected shallow anomalous uranium with pathfinder element enrichment typically associated with high-grade unconformity-related deposits of the Athabasca Basin. These anomalies are found in association with brittle faulting and brecciation, within or proximal to graphitic units with favorable hydrothermal alteration. Clay species analysis confirms that chlorite and illite are the dominant clay species present with intermittent occurrences of kaolinite correlating with uranium anomalism.

Table 1: Summary of anomalous uranium (>100 ppm U) intersected.

Notes:

• Uranium concentrations (U) are shown in parts per million (ppm) as determined through partial digest ICP-OES or ICP-MS analysis on all samples, as described in the technical disclosure below.
• Uranium content as weight % U₃O₈ was determined through digestion in a concentration of HCl:HNO₃, and ICP-OES analysis on selected samples.
• Thresholds for pathfinder anomalism were assigned based on a combination of statistical analysis of the dataset and appropriate reference databases. Element abundances were considered elevated at the following thresholds: B>200 ppm, Pb>30 ppm, Ni>80 ppm, Co>35 ppm, As>15 ppm, Cu>250 ppm, V>75 ppm, Mo>5 ppm, Zn>40 ppm, Ag>0.2 ppm and Bi>1 ppm.
• True thicknesses of the drill core intersections are yet to be determined. Target prefix K refers to the K Conductor.
• Further drill hole details were provided in the News Release dated June 28, 2022.

• Drill hole S22-013 was sited to test the southern portion of a gravity low anomaly at the intersection of a cross-cutting fault along the K Conductor. The intersection of anomalous uranium up to 0.43% U₃O₈, associated with reactivated structures in graphitic rocks and pathfinder element enrichment validates the exploration model for this area and warrants follow-up. Additional drill testing will be planned along strike, and the K Conductor will be reassessed for structural and geophysical targets based on a full interpretation of the oriented point structure and geochemical datasets from S22-013.
• Drill holes S22-005 and S22-006 intersected the targeted Tena Fault at depth, confirming mineralization continuity from surface (where over 1,000 tonnes of uranium ore were mined in the 1950's with reported grades of 0.6% to 3.5% U₃O₈) to a depth of 75 m below surface. Oriented structural measurements from the core will be integrated with historical results and mapping/prospecting observations at surface to assess if additional testing is warranted at this location.
• Elevated radioactivity in drill hole S22-010 (K4 target, 300 cps from 53.8 to 53.9 metres and 330 cps from 55.0 to 55.1 metres) was reported in News Release dated June 28, 2022, This elevated radioactivity was conformable with a new discovery of radioactive showings (up to 5,000 cps) nearby on surface. Radioactivity at these locations was shown by sample analysis to be related to elevated thorium content, and no anomalous uranium was found to be present.
• Additional drill testing is warranted along the J and L Conductors to evaluate targets that were not tested during the 2022 drilling program.
• Drill permits for a summer 2023 drilling program have been submitted in accordance with the Company's permitting process.

All drilling is being carried out with NQ3 or NQ2 diameter core. The oriented drill cores have been subjected to comprehensive logging and sampling to characterize mineralization, alteration and structure. Sample intervals ranged from 10 to 50 cm. Half-split drill core samples were submitted to the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element characterization. Sample preparation for all samples included drying, jaw crushing to 60% passing -2 mm, and pulverizing to 90% passing -106 microns. Multi-element characterization was carried out by partial digestion (HNO₃:HCl), using ICP-OES and ICP-MS analytical methods. For selected samples U₃O₈ weight % was determined separately through partial digest (HCl:HNO₃) and ICP-OES (ISO/IEC 17025 accredited method). Additional analysis for boron content was obtained for all samples through Na₂O₂/NaCO₃ fusion followed by ICP-OES.

Clay species identification through short-wave infrared (SWIR) spectroscopy was carried out on drill chips at regular spacing (between 6 and 9 m) down the full length of each drill hole. An Integrated Spectronics Ltd. Portable Infrared Mineral Analyser (PIMA-II) was used to acquire spectral measurements in the wavelength range from 1250 to 2500 nm. Mineral identification using SWIR spectroscopy is based on both the position and shape of individual absorption peaks, and the shape of the overall spectrum. These characteristics were compared to reference spectra (such as SPECMIN^TM library) provided for a variety of minerals detectable in the SWIR region of the electromagnetic spectrum.

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.

Unless otherwise stated, the historical results (including drill results) contained within this news release 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. Further details regarding the historical Tena prospect can be found within the Saskatchewan Mineral Deposit Index (SMDA #1511). Further details regarding the historical surface grab samples from HY080, Stancliff and Hacker Atompower are available within Cameco Corp. assessment reports filed on the Saskatchewan Mineral Assessment Database (SMAD File Number 74N-0102, 74N-0103 and 74N-0106).

About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB: 5QN, OTCQX: FTBYF) 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 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", "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. 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.

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SOURCE Fortune Bay Corp.