111 0 Kommentare Fortune Minerals Announces Start of NICO Drill Program

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to announce that it has initiated an approximately 3000 metre drill program on the Company’s NICO Cobalt-Gold-Bismuth-Copper Deposit (“NICO Deposit”) in Canada’s Northwest Territories. Equipment and personnel are currently being mobilized to the site and drilling is expected to commence at the end of this week. The NICO Deposit and Fortune’s nearby Sue-Dianne Copper-Silver-Gold satellite deposit belong to the Iron-Oxide-Copper-Gold (“IOCG”) class. IOCG-type deposits include Olympic Dam in South Australia, the Carajas District deposits in Brazil, and the Candelaria District deposits in Chile and have distinctive geological settings typically with common geophysical anomaly associations. In addition to testing the east strike extension of the NICO Deposit, drilling will also test a number of coincident magnetic, gravity, magnetotelluric, chargeability and resistivity anomalies, including some with previous drilling that encountered significant gold and cobalt intersections.

The NICO Project is comprised of a planned mine and concentrator in the Northwest Territories and a related hydrometallurgical refinery in southern Canada producing cobalt sulphate, gold doré, bismuth ingots and oxide, and a copper cement precipitate. The NICO Project is one of the most advanced cobalt development assets outside of the Democratic Republic of Congo (“DRC”) to meet the growing demand in lithium-ion batteries powering electric vehicles, portable electronics and stationary storage cells, and mitigate supply chain issues from geographic concentration of production in the DRC and China and associated policy risks. The unique Critical Minerals assemblage of the NICO Deposit includes primary cobalt, 12% of global bismuth reserves, by-product copper, as well as a highly liquid 1.1 million ounce in-situ gold co-product.

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Fortune contracted Aurora Geosciences (“Aurora”) in 2020 to complete induced polarization and magnetometer surveys to provide better definition of exploration targets identified in previous geophysical surveys and drill programs carried out in the 1990’s. The 2021 drill program is planned to test up to five of these high priority targets as follows:

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1) East Extension of NICO Deposit
Previous drilling at the east end of the NICO Deposit in 1997 did not penetrate deep enough to test the stratigraphy hosting the NICO Deposit. A fault was also subsequently identified in this area that has likely displaced the deposit. Aurora identified coincident magnetic, chargeability and resistivity anomalies extending several hundred metres east of the presently defined terminus and indicates the deposit may still be open for potential expansion. Four holes are planned to test this opportunity.

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