Fortune Bay Corp. announced drill targets for its Murmac Uranium Project ("Murmac or the "Project") located in northern Saskatchewan. A drilling program is scheduled to commence in the coming days to test up to thirteen (13) of these targets with the potential to discover high-grade, basement-hosted uranium mineralization related to the Athabasca Basin.

The drilling program is being funded by Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: 13L0) ("Aero"), and is being operated by Fortune Bay, under an Option Agreement that was executed on December 15, 2023. Highlights: A total of thirteen (13) priority drill targets have been selected following the recent completion of a high-resolution VTEM? survey (April 2024) and 3D modelling of the existing ground gravity data; The targets represent favorable settings for high-grade basement-hosted uranium deposits related to the Athabasca Basin; Target selection has been based on criteria including geophysical signature, geological/structural setting, proximity to historical uranium occurrences of interest, and Fortune Bay's previous positive drilling results; Drilling is expected to commence in the coming days with approximately 2,600 meters planned in ten (10) to thirteen (13) drill holes.

The program is expected to be results-driven and may be modified based on results from drilling. The Project is located within the original uranium mining district of Canada, lying between the historical Gunnar and Lorado Uranium Mines. The Project was explored for Beaverlodge-style uranium mineralization, predominantly during the period 1960 to 1980.

Historical exploration work focused on ground prospecting and sampling, followed by trenching and/or drill testing. Numerous high-grade (> 1% U3O8) uranium occurrences were discovered demonstrating a substantial endowment of uranium within the project area. The numerous conductive units (graphite-bearing metasediments) were however never systematically explored for high-grade, basement-hosted uranium mineralization typical of the Athabasca Basin and its margins.

Due to their physical properties, these conductive units predominantly manifest as valleys and topographical lows, covered by overburden and small shallow lakes. These blind conductors have therefore not been properly explored by historical surface prospecting and warrant drill testing where favorable targets have been identified. The Athabasca Basin margin is located approximately five kilometres to the south of the Project, indicating vertical proximity to the basal unconformity (now eroded) and good preservation potential for basement-hosted mineralization.

During summer 2022, Fortune Bay completed a maiden drilling program of fifteen (15) drill holes to commence regional testing of the conductive units along three principal corridors, namely Pitchvein, Armbruster and Howland, that collectively cover over 30 kilometres in strike extent. The drilling program identified shallow, highly elevated concentrations of uranium in six (6) of the drill holes, including 0.18% U3O8 and 0.17% U3O8 from individual assay samples. Importantly, these discoveries demonstrated geological and geochemical characteristics consistent with unconformity-related, basement-hosted deposits, thereby validating the exploration model and demonstrating the potential for high-grade discovery through additional exploration.

Further details regarding Fortune Bay's drill results can be found within the News Releases dated August 23, 2022 and December 13, 2022. Recent Geophysical Data Acquisition & Interpretation: A helicopter-borne geophysical survey, including electromagnetics and magnetics, was completed during late April 2024. The survey was undertaken by Geotech Ltd. using the VTEM?

Plus geophysical system. The survey covered the entire Project on a 100-metre line spacing, obtaining new coverage and infilling the area previously surveyed in 2022 using VTEM? at a 200-metre line spacing.

Ground gravity data acquired during 2022 was subject to 3D inversion and modelling. The geophysical data processing, interpretation and integration to assist in the prioritization of drill targets was completed by Convolutions Geoscience Corporation ("Convolutions"). Target Selection for 2024 Drill Program: Targets were selected and prioritized through an iterative approach working in collaboration with Aero and Convolutions.

Target criteria included geophysical signature, geological/structural setting, proximity to historical uranium occurrences of interest, and Fortune Bay's previous positive drilling results. A total of thirteen (13) priority targets were identified to encompass a variety of target types and provide a second phase of regional testing across the Project's three principal conductor corridors.