Northwire Canada EditionTuesday, October 20, 2026
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GOLD 4140.60 −0.5% SILVER 57.20 −0.1% COPPER 6.57 −0.1% OIL 100.60 +2.1% PALLADIUM 1100.00 −2.0% OSM 0.025 +0.0% ALS 55.40 −2.0% BGD 0.080 +14.3% LVG 0.350 +2.9% PER 0.110 +0.0% KCC 0.880 −7.4% ARG 7.93 −2.7% FOXT 0.130 −3.7% SLI 2.09 +1.5% BBB 0.610 −4.7% NBY 0.070 +7.7% QGR 0.185 +2.8% CANX 0.360 +2.9% EML 0.115 −11.5% GOLD 4140.60 −0.5% SILVER 57.20 −0.1% COPPER 6.57 −0.1% OIL 100.60 +2.1% PALLADIUM 1100.00 −2.0% OSM 0.025 +0.0% ALS 55.40 −2.0% BGD 0.080 +14.3% LVG 0.350 +2.9% PER 0.110 +0.0% KCC 0.880 −7.4% ARG 7.93 −2.7% FOXT 0.130 −3.7% SLI 2.09 +1.5% BBB 0.610 −4.7% NBY 0.070 +7.7% QGR 0.185 +2.8% CANX 0.360 +2.9% EML 0.115 −11.5%
Drill Results Routine +

Fortune Bay and Manhattan Uranium Commence Drilling at the Murmac Uranium Project, Athabasca Basin, Saskatchewan

Fortune Bay starts a $5,000 drill program at Murmac as Goldfields PFS progress continues alongside uranium upside potential.

By The Northwire Desk — AI Analysis Jun 16, 2026 · 06:00 FOR · 0.71 Fortune Bay Corp.
Executive Summary
  • Manhattan Uranium Discovery Corp. and Fortune Bay Corp. have commenced diamond drilling at the Murmac Uranium Project in northern Saskatchewan.
  • The fully funded program will drill approximately 5,000 metres across up to 25 priority targets, with an initial focus on 15 targets selected via integrated geological, geophysical, and geochemical datasets.
  • The drilling builds on previous high-grade intercepts, notably hole M24-017 which returned 8.40 m grading 0.30% U3O8, including 1.20 m at 1.79% U3O8, with individual assays up to 13.80% U3O8 over 0.10 m at ~64 m below surface.
  • Under the option agreement, Manhattan may earn up to a 70% interest by funding C$6 million in exploration, paying C$1.35 million in cash, and issuing C$2.15 million in common shares. Fortune Bay operates the assets and charges a 10% management fee on exploration expenditures.
  • The program is governed by an agreement originally dated Dec 15, 2023, and amended Nov 13, 2025.
Material Impact
  • The commencement of drilling is a direct follow-through on the June 4, 2026 announcement. It is an expected, routine operational milestone rather than a market-moving surprise.
  • The program is fully funded by Manhattan, meaning Fortune Bay incurs zero exploration cost while retaining operator fees and potential equity upside. This preserves capital for the core Goldfields development.
  • The news is in line with previous expectations and management guidance. There are no new financial terms, unexpected delays, or negative surprises.
  • The impact on the stock is incremental. While high-grade uranium results in the Athabasca Basin can be transformative, this is merely the start of a planned program. Material valuation impact will only occur upon assay results demonstrating expanded or higher-grade mineralization.
FOR · Price
Company Overview
  • Fortune Bay is a Canadian resource company focused on advancing the 100% owned Goldfields Gold Project in Saskatchewan, alongside a portfolio of uranium assets and the Poma Rosa project in Mexico.
  • Goldfields Project: Updated PEA (Oct 2025) outlines a 14-year, 4,950 tpd open-pit operation. Base case ($2,600/oz) shows C$610M NPV5%, 44% IRR, and US$1,330/oz AISC. At spot ($3,650/oz), NPV5% rises to C$1.25B and IRR to 74%. 97% of the PEA mine plan resources are classified as Indicated.
  • Uranium Portfolio: Murmac, Strike, and The Woods projects. Advanced via partner-funded options (Manhattan, Neu Horizon, Aero Energy) to provide non-dilutive discovery exposure.
  • Poma Rosa Project: Gold-copper asset in Chiapas, Mexico. Currently navigating a regulatory dispute over a state-level protected area decree overlapping ~11% of the Rio Negro concession.
Read the original news release →

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