Fortune Bay starts drilling at Goldfields project

Executive Summary

• Fortune Bay Corp. has commenced exploration drilling at its 100%-owned Goldfields gold project in Northern Saskatchewan, targeting resource expansion at Box and Athona deposits and new resources at Frontier, Golden Pond, and Triangle.
• An initial program of 17 exploration holes (3,250 metres) is planned, with potential for expansion based on results, conducted in conjunction with development drilling to support the prefeasibility study.
• The release highlights significant high-grade intercepts from 2021 drilling at the Box deposit, which remains open at depth, and outlines specific drilling plans for Athona and three underexplored historical occurrences.

Key Details

• Drilling Program Scope: Initial 17 exploration holes totaling 3,250 metres planned; program is results-driven and may expand.
• Box Deposit (Resource Expansion):
  • Drilling confirmed high-grade zones extending up to 240 metres beyond the current open-pit constrained mineral resource estimate (MRE).
  • 2021 Intercepts:
    • 13.22 g/t Au over 8.0 m from 426.0 to 434.0 m (Hole B21-340).
    • 8.74 g/t Au over 5.0 m from 575.0 to 580.0 m (Hole B21-339).
    • 8.00 g/t Au over 12.0 m from 509.0 to 521.0 m (Hole B21-336).
    • 8.00 g/t Au over 4.0 m from 375.0 to 379.0 m (Hole B21-334).
  • Current MRE (Effective Sept 11, 2025): 734,300 oz Indicated (16.2 Mt at 1.41 g/t) and 114,100 oz Inferred (3.4 Mt at 1.04 g/t).
  • Upcoming Drilling: Four initial holes (2,000 m) planned to test gaps up to 170 m in existing coverage outside the MRE for underground mining potential.
• Athona Deposit (Near-Pit Expansion):
  • Current MRE (Effective Sept 11, 2025): 255,400 oz Indicated (7.8 Mt at 1.02 g/t) and 100,100 oz Inferred (4.0 Mt at 0.78 g/t).
  • Upcoming Drilling: Two initial holes (270 m) planned to test continuity in the Athona West mine granite (AWMG) and test an underlying extension of the Athona mine granite (AMG).
• Frontier Occurrence:
  • Located 800 m northwest of Box; mineralization in a 10-25 m thick tabular body.
  • Upcoming Drilling: Three initial holes (340 m) planned to test down-dip extensions of historical mineralization.
• Golden Pond Occurrence:
  • Historical drilling showed near-surface mineralization; vein system open to the northwest.
  • Upcoming Drilling: Six initial holes (440 m) planned to confirm historical results and evaluate along-strike and down-dip extensions.
• Triangle Occurrence:
  • Hosts broad quartz-vein system; recent surface grab samples up to 177 g/t Au.
  • Mineralization in calcareous bedrock, often masked by overburden.
  • Upcoming Drilling: Two initial holes (200 m) planned to evaluate continuity along strike and down dip.
• Technical Methodology:
  • Box 2021/2022 holes oriented at moderate dips (-55 to -60 degrees) to east; true thickness estimated at ~80% of intersected length.
  • Assays from 1-metre samples composited with min cut-off 0.5 g/t Au and max 5 m waste (<0.3 g/t Au).
  • Technical Report: "Goldfields Project Updated NI 43-101 Technical Report & Preliminary Economic Assessment," dated Oct 20, 2025.
  • Qualified Person: Gareth Garlick, PGeo, VP Technical Services.

Notable Quotes

• "We have initiated drilling within three weeks of closing our financing, demonstrating the pace at which we intend to advance the project. Goldfields is already positioned as a robust development asset in Canada's top mining jurisdiction, with work toward prefeasibility and permitting in progress. Our exploration program is designed to unlock additional near-mine ounces that could further strengthen Goldfields' exceptional economics and improve the overall development profile." — Gareth Garlick, Vice-President, Technical Services