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Thursday, December 7, 2023

Fortune Bay


The world’s top mining jurisdiction for high-grade uranium is the 100,000-square-kilometre Athabasca Basin in Saskatchewan, Canada. It hosts the world’s highest-grade uranium mines and underpins Canada’s position as the one of the world’s top uranium producers. Coupled with increasing world-wide focus on a transition towards clean energy, which is expected to drive increasing demand for uranium as nuclear fuel, companies with uranium projects located in the Athabasca Basin present an exciting opportunity for investors.

Fortune Bay Corp. (TSXV:FOR, FSE:5QN) is a mineral exploration and development company focused on creating value through advancing its fully-owned uranium and gold assets located in Saskatchewan – Canada’s top-ranked mining jurisdiction. While Fortune Bay already has a substantial and growing gold asset, it recognized two exceptional Athabasca uranium exploration opportunities in close proximity to their operational base in Uranium City. The Company’s management has over 20 years of combined Athabasca uranium exploration experience, including noteworthy discoveries with the likes of Denison Mines Corp. and Cameco Corp. Fortune Bay offers investors a highly attractive entry point into Athabasca Basin uranium exploration, in a company whose value is already underpinned by an advanced gold asset with drill-defined mineral resources. This diversified asset base provides the Company with resilience against changing market conditions, commodity prices and other factors.

Fortune Bay

Fortune Bay’s Strike and Murmac (formerly named Goldfields West) Uranium Projects are both 100% owned and provide the Company with a dominant land position of high-grade, unconformity-related targets in the Uranium City area (Canada’s original uranium mining district) in northern Saskatchewan. The Projects are located on the margin of the Athabasca Basin, in a geological setting similar to the recent discoveries of Arrow (Nexgen Energy) and Triple R (Fission Uranium). Both Projects host numerous historical high-grade uranium occurrences and have the right geological ingredients for the high-grade unconformity-related deposits that make the Athabasca Basin world-famous. The town of Uranium City is a historical mining hub and the area is endowed with infrastructure including an airport, maintained roads and a powerline from a hydro-station which runs in proximity to both Projects.

Fortune Bay Projects

In addition to its uranium assets, the Company’s Goldfields Project is an advanced gold project approximately 13 kilometres from Uranium City. The Project is home to the historical Box mine which previously produced 64,000 ounces of gold. The Project has significant open-pit constrained mineral resources, including indicated mineral resources of 975,000 ounces of gold (22.6 million tonnes at an average grade of 1.34 g/t), and inferred mineral resources of 176,000 ounces of gold (6.0 million tonnes at an average grade of 0.92 g/t). During 2021, exploration drilling expanded the mineralized footprint at both deposits and the mineralization remains open for further expansion. The Project has existing infrastructure, including a powerline to site, and a valid permit for a mine and mill development – key differentiators from other Canadian gold projects.

In December 2021, the company announced the closing of a non-brokered private placement for aggregate gross proceeds of $6,863,700. These proceeds will be allocated towards exploration and project development in Saskatchewan and for general operating costs.

Fortune Bay is poised for growth as it advances its three Saskatchewan projects, with the potential to deliver value catalysts from both resource expansion and grassroots discovery.

The Company is led by an experienced management and technical team with a proven track record in discovery, resource expansion and shareholder value creation. The Company’s team led the C$351 million sale of Brigus Gold Corp. and was responsible for the discovery of more than 40 million ounces of gold in Colombia with AngloGold Ashanti (JSE:ANG). Fortune Bay’s team also has more than 20 years of combined experience in uranium exploration in Saskatchewan’s Athabasca Basin with Denison Mines (TSX:DML), Fission Uranium (TSX:FCU) and Cameco (TSX:CCO).

Company Highlights

  • Fortune Bay offers investors an attractive entry point into world’s highest grade uranium mining jurisdiction, the Athabasca Basin in Saskatchewan.
  • A diversified asset base provides investors with resilience against changing market conditions and fluctuating commodity prices.
  • The Company is underpinned by drill-defined gold resources, and the uranium projects have significant exploration potential with an abundance of high-grade uranium occurrences.
  • Planned aggressive advancement of all projects in the near future has the potential to provide significant value catalysts through both resource expansion and grassroots discovery.
  • Fortune Bay is led by a strong management and technical team with decades of experience and a proven track record of discovery, resource expansion, project development and shareholder value creation.

Key Projects

Fortune Bay Saskatchewan Projects

Strike Uranium

The Strike Uranium Project is a high-grade uranium exploration project located on the northern rim of the Athabasca Basin in northern Saskatchewan. The fully-owned, 10,000 hectare project has significant exploration potential attributed to the numerous high-grade uranium surface showings, favorable geological setting, indicative alteration and geochemical signatures, and a significant lack of drilling.

The property also features historical small-scale mining at the Tena occurrence which was initially discovered in 1948. In the 1950s, more than 1,000 tonnes were mined at the Tena occurrence with grades ranging from 0.5% to 3% uranium.

Murmac Uranium

Similar to the Strike project, the Murmac Uranium Project (formerly named Goldfields West) has high-grade uranium exploration potential typical of the Athabasca Basin margin. The fully-owned project comprises the original western claims of the Goldfields Project, located approximately 15 kilometres from Uranium City.

Historical exploration up until the 1980’s uncovered an abundance of high-grade surface showings, however exploration since then was focused on gold. The Projects hosts a 12 kilometre-long package of favorable host rocks which are significantly underexplored.


The Company’s flagship Goldfields Project is a fully-owned, advanced gold project. The Project is endowed with established infrastructure including roads, a power line to site, and an airport and facilities in Uranium City 13 kilometres away. The Project hosts the Box and Athona gold deposits in addition to multiple other gold prospects and occurrences.

Historical exploration and development dates back to the 1930’s when the Box deposit was discovered and put into production as an underground mine. The operation produced approximately 64,000 ounces of gold until 1942 when it closed due to personnel shortages related to World War II. A historical pre-feasibility study completed in 2011 (using a gold price of CAD1,250) suggests that the Project is economically viable. Since then, the Canadian gold price has almost doubled. During 2021, Fortune Bay produced a new open-pit constrained mineral resource estimate including indicated mineral resources of 975,000 ounces of gold (22.6 million tonnes at an average grade of 1.34 g/t), and inferred mineral resources of 176,000 ounces of gold (6.0 million tonnes at an average grade of 0.92 g/t). The Company also completed its Phase 1 resource expansion drilling program during 2021, which has expanded the mineralized footprints at both Box and Athona, and is undertaking scoping studies toward a new preliminary economic assessment or pre-feasibility study.

Management Team

Dale Verran – Chief Executive Officer

Dale Verran has over 20 years of international experience in the mining and mineral exploration industry. He is a recognized business and technical leader with a proven track record of project generation, discovery and project advancement in Africa and Canada. Most recently, Mr. Verran served as vice president of exploration for Denison Mines Corp. which is a Lundin Group Company. He has previously served as executive technical director for Remote Exploration Services (Pty) Ltd. (Mineral Services Group) which is a large independent exploration group operating in Africa. He also served as exploration manager for Manica Minerals Limited. Manica Minerals Limited is a private prospect generator company with an extensive multi-commodity portfolio of projects in Africa.

Mr. Verran holds a Bachelor of Science in Geology from the University of KwaZulu-Natal, an Honours Bachelor of Science in Geology from the University of Cape Town and a Master of Science in Exploration Geology from Rhodes University. Verran is a registered P.Geo (APEGS) and Professional Natural Scientist (SACNASP).

Sarah Oliver – CFO

Sarah Oliver has over 10 years of experience working in the accounting and finance industries. Most recently, Ms. Oliver served as the chief financial officer of the predecessor company to Fortune Bay Corp. beginning in November 2014. She worked with PwC Canada in the consulting and deals group and then in the company’s assurance practice as a senior manager. As a senior manager of the assurance practice at PwC, she assisted her clients through various acquisitions and mergers and public and private financings. She also advised clients on accounting policy and control implementation as a senior manager. Ms. Oliver has been a Chartered Professional Accountant and Chartered Accountant since 2007.

Gareth Garlick – Technical Director

Gareth Garlick has over 20 years of international experience in the mining and mineral exploration industry. He has work experience in all aspects of the mining cycle ranging from grassroots exploration to resource estimation and resource reconciliation on producing mines. Most recently, Mr. Garlick served as senior geologist and consulting projects manager at Mineral Services Canada Inc., a consulting company based in Vancouver, B.C., Canada. Mr. Garlick holds a Bachelor of Science in Geology (Honours) from the University of Cape Town and is a registered Professional Natural Scientist (SACNASP).

Eric Bort – Exploration Manager

Eric Bort has 9 years of mineral exploration experience in northern Saskatchewan with Cameco Corp. Key areas of expertise include design, implementation and management of drilling programs. Experience ranging from grassroots exploration to advanced projects including discovery and delineation. Significant experience in data management and 3D geological modelling. Mr. Bort holds a Bachelor of Science in Geology from the University of Saskatchewan and is a registered P.Geo (APEGS).

Board of Directors

Wade K. Dawe – Executive Chairman

Wade Dawe is an accomplished entrepreneur, financier and investor based in Halifax, Nova Scotia, Canada. He has founded or co-founded several successful companies, including Keeper Resources Inc. in 2003 and Brigus Gold Corp. in 2010. Keeper Resources Inc. was sold for $51.6 million in 2008. Brigus Gold Corp. was acquired by Primero Mining Corp. in 2014 in an all-share deal valued at $351 million. Since 2005, Mr. Dawe has been actively involved as the principal financier of TSX-listed biotechnology company Immunovaccine Inc. Mr. Dawe serves on Immunovaccine Inc.’s board of directors and serves as chair of its finance committee. He currently serves as a director of TSX-listed Pivot Technology Solutions Inc. and TSX-listed kneat.com inc.

He holds a Bachelor of Commerce degree from Memorial University (MUN), where he serves on the advisory board to the faculty of business administration. His philanthropic activities include establishing and personally funding the annual James R. Pearcey Entrepreneurial Scholarship at MUN. He recently funded DC Makes which is a new entrepreneurship-based program at the Discovery Centre in Halifax, Nova Scotia.

Mr. Dawe is originally from Newfoundland. He is also a member of the Young Presidents’ Organization (YPO) which is an international organization for business leaders.

Derrick Gill – Independent Director

Derrick Gill is a co-founder and a director of Strategic Concepts and SCI Software which provides strategic planning, financial modelling and business development consultation to major mining and oil and gas projects in Canada. Mr. Gill’s 30-year career has included executive roles at Voisey’s Bay Nickel, Diamond Fields Resources and Bristol Communications. Mr. Gill received his undergraduate degree in business administration from Memorial University.

Michael Gross – Independent Director

Michael Gross has extensive capital markets experience, having served as either an executive or as a director with several venture-stage companies. Dr. Gross was a founder and chairman of the board of NWest Energy Corp. before its successful initial public offering in 2008. Dr. Gross is currently on the board of Sona Nanotech Inc. which is developing a lateral flow test for Covid-19. Dr. Gross has been a professor of orthopedic surgery for over 20 years. He consults extensively in design and implantation techniques with the orthopedic manufacturing industry. Gross is also the founder of companies specializing in proprietary medical devices. He received his degree in medicine from the University of Newcastle Upon Tyne in England. He obtained a Fellowship in Surgery in London and a Canadian Fellowship in Orthopaedic Surgery in 1981. Dr. Gross has completed the Rotman Directorship program and is a member of the Institute of Directors.

Melinda Lee – Independent Director

Melinda Lee is a corporate director and Chartered Professional Accountant with over 20 years of professional experience in accounting and investments. Ms. Lee’s experience includes eight years of experience at the board of directors level. As a member of the senior executive team of private and public investment companies, she is knowledgeable in securities laws and has a broad range of experience in investing, corporate finance and transactions. Her experience also includes mergers, acquisitions and take-over bids. Through her experience as a director of several publicly-traded companies in diverse industries, Ms. Lee has dealt with the high-level issues facing public entities, particularly with respect to financial issues through active participation in the Audit Committees. Ms. Lee received her undergraduate degree in Business Administration from St. Francis Xavier University and her ICD.D designation from the Institute of Corporate Directors and the Rotman School of Management.

Robert Shaw – Independent Director

Robert Shaw has over 30 years of mineral exploration experience throughout the Americas. At Golden Star Resources/Cambior Inc., he worked with the generative and development teams at Omai in Guyana and Gros Rosebel in Suriname. He was a founding member and exploration manager with Metallica Resources Inc. (Cerro San Pedro, Mexico; Gramalote, Colombia; Mara Rosa, Brasil; El Morro-La Fortuna, Chile). In Perú, he was a co-founder of Compañia Minera Phosphex where he was responsible for the re-discovery of the giant Mantaro phosphate deposits (Sprott Resource Corp.-Stonegate Agricom). At AngloGold Ashanti, he served as chief geologist of Colombia and consultant for the Americas. He was a formative member of the generative team which identified and advanced numerous projects including Gramalote, La Colosa and La Quebradona, which presently contain drill indicated resources exceeding 40 million ounces of gold. Mr. Shaw received a Master of Science in Economic Geology in 1990 from the University of Alberta. Most recently, he served as editor and lead author for a major Springer Nature volume in 2019 that describes the geology, tectonics and metallogeny of the northern Andean region.

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