FORTUNE BAY COMMENCES MAIDEN EXPLORATION DRILLING AT THE STRIKE URANIUM PROJECT

HALIFAX, NS, May 24, 2022 /CNW Telbec/ - Fortune Bay Corp. (TSXV: FOR), (FWB: 5QN) ("Fortune Bay" or the "Company") is pleased to announce commencement of maiden exploration drilling on its 100% owned Strike Uranium Project ("Strike" or the "Project"), located in northern Saskatchewan (see Figure 1 and 2). The Project has potential for high-grade, basement-hosted uranium deposits typical of the Athabasca Basin.

• Initial drill target areas were announced previously (see News Release dated April 26, 2022).
• Drilling has commenced at the Tena target area, which includes the historical Tena prospect where over 1,000 tonnes of uranium ore was mined in the 1950's with reported grades of 0.6% to 3.5% U₃O₈. Drill targets have been developed down-dip and along strike of the historical adit.
• Drilling is expected to follow at the Tena South target area which is located immediately south of the historical Tena prospect and associated with a coincident gravity low and electromagnetic ("EM") conductor.
• Other drill target areas include discrete gravity lows located along prominent EM conductors proximal to favourable geochemistry results and structural features.
• Approximately 2,500 meters of drilling in 8 to 10 drill holes is planned at Strike. The program is expected to be results-driven, based upon drilling results and additional gravity surveying which is currently ongoing.

Dale Verran, CEO for Fortune Bay, commented, "We are pleased to have commenced the inaugural exploration drilling program at Strike for high-grade uranium. The drill targets identified exhibit the hallmarks for basement-hosted uranium deposits associated with the prolific Athabasca Basin, and we are looking forward to the results."

• Initial ground gravity surveying was completed in Q1 2022, and surveying is expected to resume in the coming weeks following completion of the gravity surveying at Strike.
• A VTEMtm (Versatile Time Domain Electromagnetic) survey was completed in mid-April 2022 to obtain modern high-quality EM and magnetic data.
• Newly acquired VTEMtm and gravity data will be integrated with extensive historical exploration and regional datasets to identify initial drill targets.
• Maiden drilling is expected to commence following completion of drilling at Strike and continue into late Summer, with provision for up to 8 drill holes (2,000 m).

The technical and scientific information in this news release has been reviewed and approved by Dale Verran, M.Sc., P.Geo., Chief Executive Officer of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Verran is an employee of Fortune Bay and is not independent of the Company under NI 43-101.

Unless otherwise stated, the historical results contained within this news release have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these results relevant to assess the mineralization and economic potential of the property. Further details regarding the historical Tena prospect can be found within the Saskatchewan Mineral Deposit Index (SMDA #1511).

Fortune Bay Corp. (TSXV:FOR) (FWB: 5QN) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as [email protected] or by telephone at 902-334-1919.

On behalf of Fortune Bay Corp.

"Dale Verran"
Chief Executive Officer
902-334-1919

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Fortune Bay Corp. ("Fortune Bay" or the "Company") cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal prices, changes in planned work resulting from weather, COVID-19 restrictions, availability of contractors, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpretation of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to Fortune Bay, acceptable to it or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Fortune Bay Corp.