Fortune Bay, Aero Energy begin drilling at Murmac

Executive Summary

• Fortune Bay Corp. has begun summer drilling at its Murmac uranium project in northern Saskatchewan, funded by partner Aero Energy Ltd. under an existing option agreement.
• The program targets three high‑priority drill sites (A19, A18, A9) selected on the basis of airborne EM and ground gravity surveys that intersect conductive graphitic units with known fault structures.
• The partnership enables non‑dilutive exploration financing, preserving capital for Fortune Bay’s 100 % owned gold assets while maintaining exposure to uranium upside.

Key Details

• Financing: Exploration work is fully funded by Aero Energy Ltd.; no cash outlay required from Fortune Bay, supporting a non‑dilutive capital approach.
• Option Agreement: Executed on Dec. 15 2023, granting Aero Energy the right to fund and potentially earn an interest in the Murmac project.
• Drill Targets:
• A19 – Low‑amplitude EM high target at a conductor inflection beneath a small lake; intersecting a major conductor‑parallel fault with a diffuse gravity low.
• A18 – Low‑amplitude EM high feature coincident with a gravity‑low anomaly where the Armbruster conductor terminates against a cross‑cutting mineralized fault.
• A9 – Broad EM high anomaly on the edge of a conductor termination, paired with a small downdip gravity low; located at a structural confluence of several known mineralized cross‑faults.
• Operational Efficiency: Shared mobilization and drill contractor costs with another exploration group in Uranium City reduce program expenses.
• Technical Basis: Target selection derived from airborne EM, ground gravity surveys, historic prospecting data, spectrometer surveying, and geochemical sampling.
• Qualified Person: Gareth Garlick, P.Geo., Technical Director (qualified under NI 43‑101), reviewed and approved all technical information.
• Risk Disclosure: Historical drill hole locations have ±50 m uncertainty; unverified historical results may differ from future confirmation work.

Notable Quotes

“Our partner‑funded exploration at Murmac demonstrates how we can unlock value from our uranium portfolio on a non‑dilutive basis for shareholders.” – Dale Verran, CEO, Fortune Bay Corp.

“This drilling program represents an excellent opportunity to test high‑priority uranium targets with strong geophysical signatures in a proven district.” – Gareth Garlick, Vice‑President, Technical Services, Fortune Bay Corp.