FORTUNE BAY AND MANHATTAN URANIUM INTERSECT ANOMALOUS RADIOACTIVITY IN SIX DRILL HOLES AT MURMAC AND STRIKE
Multiple near-surface zones and favourable geological observations help define follow-up uranium exploration targets in the Athabasca Basin
HALIFAX, NS, Nov. 3, 2026 /CNW/ -- Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce completion of the 2026 summer drill program at the Murmac and Strike Uranium Projects ("Murmac" and "Strike", or collectively the "Projects"), near Uranium City in northern Saskatchewan.
The program completed 24 drill holes totalling 4,526.4 metres and encountered favourable graphitic host rocks, faulting and hydrothermal alteration, with radioactivity of 300 counts per second ("cps") or higher reported in six holes, including shallow intersections beginning at 22.50 metres downhole at Strike's Tena target.
The program was fully funded by Manhattan Uranium Discovery Corp. (TSXV: MANU, OTCQB: MAUUF, FSE: J5B0) ("Manhattan") and operated by Fortune Bay under an option agreement. Laboratory assays are the next step in evaluating the radiometric results and refining follow-up targets for high-grade, basement-hosted uranium mineralization.
Program Highlights
- Partner-funded 2026 drill program completed: 24 drill holes totalling 4,526.4 metres across the Projects.
- Shallow radiometric results: Radioactivity of 300 cps or higher was reported in six holes. At Strike's Tena target, hole S26-020 returned 1.90 m averaging 489 cps from 59.13 m downhole, including 0.20 m averaging 1,890 cps.
- Favourable geological indicators: Drilling intersected graphitic host rocks, brittle structures and hydrothermal alteration that support further evaluation of uranium exploration targets.
- Assay results to guide follow-up: Drill core samples have been submitted for laboratory analysis, with results to be integrated with geological logging to prioritize the next phase of exploration.
A Super-SPEC RS-225 handheld spectrometer was used to obtain radiometric readings, which are preliminary and do not quantify uranium grades. Laboratory assays are required to determine uranium concentrations.
Gareth Garlick, VP Technical Services of Fortune Bay, commented: "Completing this partner-funded program advances our uranium exploration portfolio while allowing Fortune Bay to maintain its focus on Goldfields. We are particularly encouraged by the shallow depths of the radiometric intersections, together with the favourable host rocks, structures and alteration encountered across Murmac and Strike. The next step is to assess the laboratory assays and use the combined geological and geochemical data to prioritize follow-up targets."
Drilling Summary and Radiometric Results
The program completed 15 holes totalling 2,978.4 m at Murmac and nine holes totalling 1,548.0 m at Strike between June and September 2026 (Figure 1; Table 2). Murmac drilling tested the Pitchvein, Armbruster, Howland and Howland East targets outlined in the news release dated June 16, 2026. At Strike, drilling tested targets along the J, K and L Conductors and at Tena. Targets were selected using electromagnetic and gravity data, geological and structural interpretations, historical uranium occurrences and previous drilling results. Drilling encountered geological features commonly associated with high-grade, basement-hosted uranium mineralization related to the Athabasca Basin, including:
- Strongly graphitic units with estimated true thicknesses of up to approximately 25 m, commonly in contact with more competent quartzite or granite. These contrasting rock types can provide favourable structural settings.
- Brittle faulting and brecciation within or near graphitic units, typically associated with hydrothermal alteration including hematite, chlorite, sulphides and clays.
- Shallow radioactivity of 300 cps or higher in six of the 24 holes, hosted in graphitic pelites, gneisses and granites and commonly associated with favourable geological features (Table 1).
Table 1: Drill Hole Radiometric Highlights
(Drill hole prefixes "M" and "S" denote the Murmac and Strike projects, respectively)
Hole ID | Radioactivity Highlights (>300 cps) | |||||
From (m) | To (m) | Length (m) | cps | Lithology / Comments | ||
M26-037 | 131.06 | 131.87 | 0.81 | 314 | Fractured granite / gneiss. Entire intersection from 126.64 to 188.0 m (61.36 m) includes intermittent elevated radioactivity between 300 and 340 cps, averaging 269 cps. | |
M26-040 | 126.95 | 127.10 | 0.15 | 310 | Heavily fractured graphitic pelite, minor pervasive and moderate fault-hosted hematization. | |
128.50 | 128.60 | 0.10 | 310 | |||
S26-014 | 72.60 | 72.80 | 0.20 | 310 | Biotite-rich pelite with graphitic faulting and hematization. | |
111.27 | 111.83 | 0.56 | 378 | Faulted weakly graphitic pelitic gneiss, pervasive and fracture-hosted hematization. | ||
152.47 | 152.64 | 0.17 | 340 | Faulted weakly graphitic pelitic gneiss. | ||
S26-015 | 173.94 | 174.12 | 0.18 | 300 | Weakly foliated pelitic gneiss. | |
174.59 | 174.96 | 0.37 | 300 | |||
175.79 | 176.00 | 0.21 | 300 | |||
S26-017 | 193.78 | 193.97 | 0.19 | 305 | Structured gneiss, pervasive hematization. | |
195.17 | 195.30 | 0.13 | 305 | |||
196.56 | 196.76 | 0.20 | 305 | |||
S26-020 | 22.50 | 29.30 | 6.80 | 348 | Alternating pelitic gneiss and amphibolite. Elevated radioactivity (at 60.03 m) associated with increased hematization. | |
incl. | 23.40 | 24.00 | 0.60 | 737 | ||
incl. | 27.70 | 29.30 | 1.60 | 338 | ||
34.50 | 40.10 | 5.60 | 324 | |||
incl. | 35.20 | 35.40 | 0.20 | 950 | ||
59.13 | 61.03 | 1.90 | 489 | |||
incl. | 60.03 | 60.23 | 0.20 | 1,890 | ||
Note: Radioactivity values reported are total gamma from NQ drill core measured with a Super-SPEC RS-225 handheld spectrometer reported in counts per second ("cps"). The cps values are averages for the reported drill interval unless otherwise specified. Measurements of total gamma cps are an indication of the presence of uranium, thorium and/or potassium, but may not directly correlate with chemical uranium assays. Total gamma cps results are preliminary in nature and may not be used directly to quantify uranium concentrations in the drill core samples. True thicknesses of the drill core intersections are yet to be determined.
Summaries for Drill Holes with Elevated (>300 cps) Radioactivity
M26-037: Tested target P8 in the Pitchvein Corridor at Murmac. The targeted graphitic pelite (electromagnetic conductor) was intersected from 159.43 to 167.98 m, between more competent granite/gneiss units. A maximum radioactivity reading of 340 cps (Table 1) was recorded within a larger interval from 131.06 to 131.87 m that averaged 314 cps over 0.81 m. Numerous other anomalous (>300 cps) intervals were present intermittently in the interval 126.64 to 188.00 m, with a cumulative total of 7.54 m of core returning anomalous values in this 61.36 m interval.
M26-040: This hole tested target A1, a gravity low at the south end of the Armbruster Corridor at Murmac. The targeted graphitic pelite was intersected from 91.41 to 138.04 m down hole. Anomalous radioactivity is hosted at the base of this unit in close proximity to its contact with an underlying highly competent quartzite, associated with intense hematization and faulting.
S26-014: Tested target K5 on the K Conductor at Strike, an electromagnetic high anomaly approximately 500 m along strike from hole S22-013, which returned 0.43% U3O8 over 0.10 m from 145.70 to 145.80 m in Fortune Bay's 2022 drilling (see news release dated December 7, 2022). True thickness of that historical drill core interval has not been determined. Three zones of anomalous radioactivity were intersected in S26-014 (Table 1), including 378 cps over 0.56 m from 111.27 to 111.83 m down hole (Figure 4). This intersection, hosted in graphitic pelite, is associated with intense fracturing and minor pervasive and fault-associated hematization.
S26-015: This hole tested target J5 on the J Conductor at Strike. Radioactivity of 300 cps was reported in three discrete intervals (Table 1; Figure 5), hosted in pelitic gneiss underlying a heavily structured, mylonitized granite.
S26-017: Tested target J4 on the J Conductor at Strike. Anomalous radioactivity (Table 1, Figure 6) is hosted in pelitic gneiss and is associated with pervasive and fracture-hosted hematization and significant faulting.
S26-020: This hole tested down-dip of the Tena historical adit at Strike. Fortune Bay drilling in 2022 highlighted the possibility of an inflection zone in the structure hosting the Tena mineralization. S26-020 was drilled targeting this zone to test for a potentially larger mineralized footprint associated with structural dilation. Anomalous radioactivity was intersected in multiple intervals as detailed in Table 1. The elevated radioactivity is hosted in pelitic gneiss and is associated with variable amounts of brittle faulting and hydrothermal alteration. Figure 7 shows radioactivity averaging 1,890 cps over 0.20 m (60.03 to 60.23 m) within a broader interval averaging 489 cps over 1.90 m (59.13 to 61.03 m) down hole, associated with faulting and hematization.
Table 2: Murmac and Strike Drill Hole Information
Hole ID | Project | Target ID | Easting | Northing | Azimuth | Dip | Length (m) |
M26-033 | Murmac | A12 | 632152 | 6592274 | 335 | -45 | 231.6 |
M26-034 | A8 | 631526 | 6591054 | 335 | -45 | 235.4 | |
M26-035 | A5 | 630852 | 6589823 | 330 | -45 | 262.1 | |
M26-036 | P4 | 630229 | 6592666 | 155 | -45 | 210.2 | |
M26-037 | P8 | 630183 | 6591890 | 330 | -60 | 209.1 | |
M26-038 | H3 | 629884 | 6587474 | 330 | -45 | 221 | |
M26-039 | H14 | 629165 | 6586006 | 350 | -45 | 188 | |
M26-040 | A1 | 628210 | 6586423 | 345 | -45 | 161 | |
M26-041 | A27 | 627668 | 6585560 | 330 | -45 | 169 | |
M26-042 | HE1 | 631572 | 6587139 | 340 | -45 | 200 | |
M26-043 | A26 | 629473 | 6587702 | 340 | -45 | 217 | |
M26-044 | A25 | 630487 | 6589459 | 335 | -45 | 161 | |
M26-045 | H19 | 631014 | 6589167 | 335 | -45 | 200 | |
M26-046 | A24 | 631794 | 6591176 | 335 | -45 | 158 | |
M26-047 | A23 | 632351 | 6592817 | 315 | -45 | 155 | |
S26-014 | Strike | K5 | 609830 | 6602890 | 315 | -45 | 161 |
S26-015 | J5 | 609073 | 6604664 | 210 | -50 | 200 | |
S26-016 | J6 | 609383 | 6603921 | 15 | -45 | 221 | |
S26-017 | J4 | 607509 | 6604733 | 135 | -45 | 202 | |
S26-018 | K7 | 610902 | 6604500 | 330 | -50 | 161 | |
S26-019 | L4 | 611799 | 6605534 | 320 | -45 | 151 | |
S26-020 | Tena | 609145 | 6601546 | 345 | -45 | 101 | |
S26-021 | Tena | 609116 | 6601528 | 340 | -60 | 131 | |
S26-022 | L3 | 611481 | 6603900 | 295 | -45 | 220 |
Notes: |
Coordinates are reported in UTM Zone 12N (NAD83 datum). Azimuths are referenced to true north. |
Murmac target prefixes denote: A = Armbruster Corridor; H = Howland Corridor; P = Pitchvein Corridor; and HE = Howland East Conductor. |
Strike target prefixes J, K and L refer to the corresponding conductors identified by airborne electromagnetic surveying (Figure 1). |
Next Steps
Drill core samples have been collected systematically from all zones with radioactivity greater than 300 cps and have been submitted to SRC Geoanalytical Laboratories in Saskatoon for U3O8 assay and multi-element characterization. The Company will integrate these results with detailed geological logging to prioritize follow-up targets and assess additional regional targets for future drilling.
Option Agreement
As of April 30, 2026, Manhattan had earned an initial 51% interest in the Murmac and Strike Uranium Projects under the option agreement dated December 15, 2023, as amended. Manhattan retains the right to increase its interest to 70% by satisfying the remaining option requirements. The full earn-in comprises cumulative commitments of C$6 million in exploration expenditures, C$1.35 million in cash payments and C$2.15 million in common shares, including amounts already funded, paid or issued. Fortune Bay continues as operator during the option period and is entitled to a 10% management fee on exploration expenditures.
Technical Disclosure
Preliminary radiometric results represent total gamma from NQ drill core measured with a Super-SPEC RS-225 handheld spectrometer reported in counts per second ("cps"). Measurements are typically collected over 0.10 to 0.15 metre intervals through areas of anomalous radioactivity (defined as >300 cps). Longer intervals with less variation are shown as length-weighted averages for simplicity.
Core is removed from the core box and moved, if necessary, to a location where the instrument reads below background, and the measurement is collected by placing the sensor against the core at the required location. The drill cores are subject to comprehensive logging and sampling to characterize mineralization, alteration and structure. Drill core samples have been submitted to the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC 17025:2017 accredited) for uranium assay and multi-element characterization.
Further details regarding the historical uranium occurrences noted in this news release (historical mines in Figure 1) can be found within the Saskatchewan Mineral Deposit Index (SMDI).
Photographs of drill core in Figures 2 through 7 are provided for illustrative purposes only. Photographs and visual observations are not reliable indicators of uranium grade or continuity and should not be relied upon as substitutes for chemical assay results. Assay results for the current program are pending.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, P.Geo., VP Technical Services of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR; FWB:5QN; OTCQB:FTBYF) is a Canadian mineral exploration and development company with assets in Canada and Mexico. The Company's primary focus is advancing the Goldfields Gold Project in Saskatchewan, Canada. Fortune Bay also holds the Poma Rosa Gold-Copper Project in Chiapas, Mexico, as well as an optioned uranium project portfolio in the Athabasca Basin of Saskatchewan. Fortune Bay continues to evaluate and advance its portfolio in a disciplined manner while maintaining a strong technical foundation and prudent capital management.
About Manhattan Uranium Discovery Corp.
Manhattan Uranium Discovery Corp. (TSXV: MANU, OTCQB: MAUUF, FSE: J5B0) is a newly consolidated North American uranium company committed to the discovery, development, and advancement of high-quality uranium assets. Following the successful acquisitions of Urano Energy and Pegasus Resources, Manhattan now holds a premier portfolio of 15 past-producing uranium mines across 25 underexplored properties covering 25,099 acres in the United States, complemented by high-grade exploration potential in Canada's Athabasca Basin. Backed by an elite technical and management team with decades of uranium discovery, project advancement, and capital markets experience, Manhattan is strategically positioned to capitalize on the growing demand for domestic uranium and the American nuclear renaissance. For more information about Manhattan, please visit: www.manhattanuranium.com.
On behalf of Fortune Bay Corp.
"Dale Verran"
Chief Executive Officer
902-334-1919
Cautionary Statement
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.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. 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.
For more information, please visit www.fortunebaycorp.com or contact [email protected].
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