Announcement • Apr 23
Fortune Bay Corp. Reports High-Grade Drill Intersections from Large Step-Out Hole At Box Deposit
Fortune Bay Corp. reported new high-grade drill intersections from a large step-out hole from the Box Deposit, located within its 100% owned Goldfields Gold Project in Saskatchewan. Highlights: 3.70 g/t Au over 21.0 m from 342.0 m to 363.0 m, including 9.89 g/t Au over 7.0 m, intersected in hole B26-350. Large 135 metre step-out from previous drilling at the Box Deposit – the furthest down-dip drill hole to date. Intercept is located 140 metres outside of the current open-pit constrained Mineral Resource Estimate and 140 metres down-plunge of previous Zone A high-grade intercepts including 18.05 g/t over 6.0 m, 5.16 g/t over 12.0 m and 8.35 g/t over 9.0 m. Mineralization remains wide open at depth and through the Goldfields Syncline. Result supports meaningful mineral resource growth potential at Goldfields. The Box Deposit remains a key target for mineral resource growth at Goldfields, particularly below the limits of the current pit-constrained Mineral Resource Estimate. As part of the 2025/2026 winter drilling program, the Company completed two large step-out holes, B26-350 and B26-349, to test the down-dip and southern extents of the mineralizing system below the Box deposit and more broadly evaluate the potential of the Goldfields Syncline. Drill hole B26-350 was designed as a large 135 metre step-out hole and represents the furthest down-dip hole drilled at Box to date. The hole successfully confirmed the continuation of strong gold mineralization at depth within the Box Mine Granite, returning 3.7 g/t Au over 21.0 metres, including 9.9 g/t Au over 7.0 metres, with mineralization remaining wide open. This high-grade intersection is located approximately 140 metres outside of the current open-pit constrained Mineral Resource Estimate and 140 metres down-plunge of Zone A that includes drill intersections of 18.05 g/t over 6.0 m (231.4 to 237.4 m; B07-294), 5.16 g/t over 12 m (231 to 243 m; B11-316) and 8.35 g/t over 9.0 m (240 to 249 m; B07-292). These results further support the potential for future mineral resource expansion. A second large step-out hole, B26-349, was completed approximately 80 metres along strike from B26-350 and 140 metres down-dip of previous drilling to test the southern extent of the system. The hole returned multiple mineralized intervals within the Box Mine Granite, including high-grade intervals of 6.46 g/t Au over 1.0 metre and 6.21 g/t Au over 1.0 metre. These results further support the strength and continuity of the Box mineralizing system and highlight the potential for additional resource growth in this area. These results build on the three initial drill holes previously reported in the Company's news release dated March 3, 2026, which also confirmed the continuation of high-grade mineralization at depth. All three of the initial Box holes (B25-346, B25-347 and B25-348) and the two subsequent large step-out holes (B26-349 and B26-350), completed as part of the winter 2025-2026 drilling program, successfully intersected the mineralized Box Mine Granite at or near the depths predicted by the geological model. Observed mineralization characteristics, including quartz vein orientation, thickness, and vein density, are consistent with those documented elsewhere within the deposit, demonstrating strong continuity of the mineralizing system. Higher gold grades at the Box Deposit are typically associated with discrete north-south trending structural zones exhibiting increased quartz vein intensity. These higher-grade zones, which extend below the base of the Updated Preliminary Economic Assessment open pit, present attractive targets for follow-up delineation drilling aimed at expanding mineral resources. Current exploration drilling at Box is oriented toward the east at moderate dips in order to intersect the structural zones at the highest possible angle, closest to true thickness, while also maximizing internal coverage of the Box Mine Granite in each hole. The two large step-out holes were drilled at dips of -66 to -68º to maintain a high angle of intersection with the structural zones, but minimize excessively long hole lengths that would be associated with shallower angles. The Company is continuing detailed geological and structural analysis of the drill cores from B26-350, together with results from previous drilling, to refine its understanding of controls on higher-grade mineralization and support targeting for future drill programs. The intersection further supports the potential for the delineation of mineral resources beneath the current conceptual pit limits. The Company has now completed its 2025/2026 winter exploration drilling program at Goldfields that consisted of 15 exploration drill holes (3,701 metres). The objective of the program was to commence targeting potential resource additions in proximity to planned mine infrastructure. Assay results have now been received and reported for all five drill holes completed at the Box deposit, while results for the seven holes drilled at Golden Pond (578 assays) and three holes drilled at Frontier (135 assays) remain pending. Turnaround times for the remaining assays have been longer than expected due to delays at the independent analytical laboratory, a matter outside of the Company's control. Additional exploration drilling is planned for Athona West and Triangle. All exploration drilling is being carried out with NQ diameter. Core trays are transported directly from the drill rig to the Company's logging facility in Uranium City. Sample intervals are selected for assay based on observations of lithology type, presence of quartz veins and sulphides. These intervals are marked up for continuous sampling with one metre sample increments (adjusted where necessary to not cross lithological boundaries). Core is sawn in half along the core axis for sampling, with the remaining half preserved and stored in the core box. Samples are bagged and placed in plastic pails sealed with security tags for export by air freight to Saskatoon (CA). All samples are being processed at SRC Geoanalytical Laboratories in Saskatoon. Samples from the Box deposit are analysed by a screened metallics method, which includes; (1) crushing and homogenization of the entire sample; (2) split off a representative 1 kg split for analysis; (3) pulverizing the split with 95 % passing 150 mesh; (4) screening the split at 150 mesh; (5) assay the entire +150 mesh fraction; (6) duplicate assay of two 30 g splits of the -150 mesh fraction; and (7) calculation of the weighted average gold content (in g/t) for the entire sample. Assay is carried out by fire assay with a gravimetric finish.
