Fortune Bay Corp. announced the acquisition of the Aspen Uranium Project. The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company's recently announced Spruce Uranium Project and Pine Uranium Project.

Aspen Uranium Project Highlights: Large-scale land package covering 9,869 hectares located in proximity to the northern rim of the Athabasca Basin. Includes extensive anomalous uranium results from historical surface sampling, including; The highest regional lake sediment uranium anomaly in Saskatchewan of 989 ppm U, within the Geological Survey of Canada data compilation. Historical exploration samples collected during the late 1970's identified extensive lake sediment anomalies within the Property, with values averaging 302 ppm U from 439 samples collected, including seven samples with values exceeding 1,000 ppm U (maximum 1,870 ppm U).

Historical muskeg samples within the Property averaged 2,007 ppm U from 24 samples collected, including a maximum value of 10,400 ppm U. Historical surface prospecting, limited to areas of outcrop, failed to identify a bedrock source of this uranium anomalism and no drilling has been completed on the Project to date despite compelling support for the possible presence of a uranium deposit/s within the Project area. The application of modern exploration methods, including high-resolution airborne electromagnetic (EM) survey, presents an opportunity for discovery in an area where overburden and small lakes cover prospective graphitic lithologies (softer) and structural corridors. The Aspen Uranium Project: The Project comprises seven mineral claims covering an area of 9,869 hectares, located approximately 30 kilometres north of the Athabasca Basin, and approximately 35 kilometres northwest of the town of Stony Rapids.

The Company's Pine and Spruce Uranium Projects are located approximately 10 kilometres and 25 kilometres to the southwest, respectively. The three newly acquired projects cover approximately 35,000 hectares including 25 kilometres of strike length along the Grease River Shear Zone (GRSZ), a major underexplored structural corridor with potential for Athabasca-style basement-hosted deposits. The Aspen claims were acquired through staking, apart from a single claim of 595 hectares that was acquired from a third-party, arms-length vendor for a small cash payment and a 2% Net Smelter Returns (NSR) royalty.

One-half of the NSR royalty can be purchased from the vendor at any time for CAD 500,000. Geology: The Project is located approximately 30 kilometres north of the present-day margin of the Athabasca Basin sandstones. Basement geology comprises Precambrian pelitic schists and gneiss that have been intruded by post-tectonic granites, granodiorites and pegmatitic granites.

Outcrop exposure is common, but significant areas are covered by thin glacial deposits, muskeg/swamps or small lakes. Historical prospecting work during the late 1970's identified graphite-rich lithological units, which are typically soft and weather preferentially, occurring in valleys with surficial cover. These graphite-rich units would therefore not have been properly mapped/prospected and would form prime exploration targets for Athabasca Basin-style, high-grade, basement-hosted uranium in accordance with more recent exploration models.

At the southern extent of the Project, six kilometres of prospective strike length is present along the Grease River Shear Zone (GRSZ), a crustal-scale structural corridor, including major structural splays that trend northeastward through the Project area for up to 10 kilometres. Numerous other prospective structural zones have been identified throughout the Project area, trending northeast and northwest, all of which could provide suitable settings for Athabasca Basin-style basement-hosted mineralization or Rössing-style mineralization. Prospective structural zones typically manifest as low-lying areas (negatively weathered) and are covered by glacial deposits, muskeg/swamps or small lakes, thus masking potential mineralization from historical radiometric survey and surface prospecting.

Next Steps: The source of the exceptionally high uranium anomalism in lake sediments and muskeg remains unresolved and a modern, systematic exploration approach is warranted to develop targets for ground follow-up and drill testing. Next steps are planned to include: Desk-top Prioritization of Target Areas: Detailed integrated interpretation of existing historical datasets, regional government data, and satellite imagery to delineate potential target areas, including the identification of favorable lithological and structural settings for Athabasca Basin-style basement-hosted mineralization or Rössing-style mineralization. Field Data Verification and Investigation: Verification of historical datasets is planned, to include ground-truthing of uranium anomalies.

Scope of work to include scintillometer surveying and geochemical sampling. Drill Target Definition: Drill targets are expected to be defined through high-resolution airborne EM surveying (e.g. VTEMTM), followed by geological mapping and systematic ground geochemical and geophysical survey, as applicable. Similar to other recently announced uranium projects, Fortune Bay may seek to find a suitable partner to advance the Project through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.