|
LONDON, ON, Dec.
3 /CNW/ - Fortune
Minerals Limited (TSX-FT) ("Fortune" or the
"Company") is pleased to announce the results for the remaining
27 holes from the 37-hole summer drill program at its 100% owned NICO
gold-cobalt-bismuth-copper deposit in the Northwest Territories. NICO
already contains Mineral Reserves of 31 million tonnes,
averaging 0.91 g/t gold, 0.12% cobalt, 0.16% bismuth and 0.04% copper,
containing 907,000 ounces of gold, 82 million pounds of cobalt, 109 million
pounds of bismuth, and 27 million pounds of copper (see Fortune news
release, dated January 14, 20101).
Additional drilling was completed this summer to test for extensions to the
known deposit where it was locally open for expansion near the surface, at
the deposit ends, and also at depth. In particular, the gold-rich
central core of the deposit was open for possible extension to depth and
also between some broad spaced drill hole
intersections. The Company is very pleased to report that
this drilling was successful in extending the deposit, and the latest
results include high-grade intersections up to 35.90 g/t gold, 1.23% cobalt
and 1.24% bismuth within larger lower grade intervals. The
results of all 37 drill holes are now being reviewed by P&E Mining
Consultants Inc. ("P&E") to assess their impact on the
known Mineral Reserves and determine if an update to the Mineral Resources
and Reserves is warranted.
Significant
Results from the last 27 holes include:
- 8.00 metres,
averaging 4.74 g/t gold & 0.16% bismuth, including 1.00 metre, grading 35.90 g/t gold; & 14.62 metres, averaging 0.33 g/t gold & 0.22%
cobalt, including 2.00 metres, averaging
1.49 g/t gold & 0.97% cobalt in drill hole NICO 10-325;
- 3.38 metres,
averaging 11.59 g/t gold, 0.37% cobalt, 0.16% bismuth & 0.14%
copper, including 1.67 metres, averaging
20.04 g/t gold, 0.36% cobalt, 0.24% bismuth & 0.13% copper in
drill hole NICO 10-324;
- 5.00 metres,
averaging 4.84 g/t gold, including 0.94 metres
grading 22.10 g/t gold; & 2.50 metres,
averaging 9.21 g/t gold, including 0.77 metres
grading 22.30 g/t gold in drill hole NICO-10-327;
- 5.93 metres,
averaging 1.01 g/t gold & 0.19% cobalt in NICO 10-309; - and -
- 8.98 metres,
averaging 1.93 g/t gold & 0.21% bismuth, including 2.02 metres averaging 4.31 g/t gold in drill hole NICO
10-317.
Several of the new
drill hole intersections indicate extensions to
the gold-rich central core of the NICO deposit to depth, including some
drill holes that indicate the deposit remains locally open for future
expansion. Several drill holes also indicate extensions to the ore
zones toward surface and will therefore likely reduce waste rock stripping
in these areas during mine operations.
1For additional information on
the NICO mineral reserves, please see Fortune
Minerals' News Release, dated January 14, 2010 and the
information posted for the Company on the SEDAR website at www.sedar.com. Eugene Puritch, P.Eng. and Fred H. Brown, CPG PrSciNat, both of P&E Mining Consultants Inc.,
are the Qualified Persons responsible for the NICO mineral reserves under
NI 43-101.
The NICO summer drill
program also included holes that did not intersect economically significant
mineralization. Most of these holes were drilled to test for potential
extensions to the deposit ends, and although unsuccessful in identifying
new ore, are very important in delineating the limits of the known reserves
to assist with detailed mine planning.
In addition to
drilling, the NICO summer program included further environmental and
geotechnical studies at the site to support the environmental assessment
("EA") for the project that is in progress for mine permitting. Additional
groundwater monitoring wells were established in the deposit and
surrounding area for baseline hydrogeological
characterization to measure rock permeability and assess groundwater
quality. Geotechnical drill holes were also drilled in the vicinity of the
proposed concentrator to assess bedrock quality for the design of building
and equipment foundations. Additional assessment of the aggregate
resources on the NICO property was also carried out to identify materials
for the construction of the mine and surface facilities.
Fortune continued its
ongoing programs of consultation and engagement with the Tlicho Government to secure their continued support for
the NICO project. Three separate tours for elders from nearby
communities were completed this summer to aid these local residents in
understanding the nature of the project and to obtain their suggestions on
project design and operation. The Company was pleased to participate
in a workshop held in the nearby community of Whati
on August 12th, together with the Tlicho
and Northwest Territories Governments, to discuss important infrastructure
initiatives in the area, including the Tlicho
road. The planned Tlicho road will improve
the quality of life and reduce the cost of living in nearby isolated Tlicho communities as well as service the NICO
development.
The NICO project
consists of a proposed mine and concentrator in the Northwest
Territories, located 160 km northwest of the City of
Yellowknife. A hydrometallurgical process plant will also be
constructed near Saskatoon,
Saskatchewan where NICO concentrates will be processed to gold doré, 99.8% cobalt cathode, 99.99% copper
cathode and 99.99% bismuth ingot or 99.5% cathode. Both sites are
currently in the EA process for permitting. NICO has already been
assessed in a positive definitive feasibility study by Micon
International Limited that was updated in 2008 and shows an
attractive rate of return for the development (see Fortune news release,
dated May 8, 2008).
Robin Goad,
M.Sc., P.Geo. is the
Qualified Person responsible for the NICO drill program for the purposes of
NI-43-101. Split core samples up to 1 metre
in length were assayed at ALS Canada Ltd. together with a
quality assurance program of standards and blanks to verify analytical
accuracy. A table of results for the significant results for the
remaining 27 drill holes from the 2010 NICO summer program is appended to
this release. No results are reported for holes that failed to
intersect significant mineralization.
About Fortune
Minerals:
Fortune Minerals is a diversified
resource company with several mineral deposits and a number of exploration
projects, all located in Canada. The Company is focused on the
development of its NICO gold-cobalt-bismuth-copper deposit in the Northwest
Territories and its metals processing plant in
Saskatchewan. Fortune
Minerals owns the buildings and equipment from the Golden
Giant Mine at Hemlo,
Ontario, which have been dismantled for relocation to
NICO. Fortune Minerals
also owns the Mount Klappan
anthracite coal deposits in British
Columbia, the Sue-Dianne copper-silver deposit and other
exploration projects in the Northwest Territories. Fortune
Minerals is focused on outstanding performance and growth of
shareholder value through assembly and development of high quality mineral
resource projects.
This press release
contains forward-looking information. This forward-looking information
includes statements with respect to, among other things, proposed
development of the NICO project, the potential for increasing reserves at
the NICO project, and the proposed development of the Saskatchewan Metals
Processing Plant ("SMPP"). Forward-looking information is based
on the opinions and estimates of management at the date the information is
given, and is subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from
those projected in the forward-looking information. These factors
include the inherent risks involved in the exploration and development of
mineral properties, the inherent volatility of metal prices, the risk that
the Company may not be able to arrange the necessary financing to construct
and operate the NICO mine and the SMPP, uncertainties with respect to the
receipt or timing of required permits for the development of the NICO
project and the SMPP, the possibility of delays in the commencement of
production from the NICO project and construction of the SMPP and other
factors. Readers are cautioned to not place undue reliance on forward-looking
information because it is possible that predictions, forecasts, projections
and other forms of forward-looking information will not be achieved by the
Company. The forward-looking information contained herein is made as
of the date hereof and the Company assumes no responsibility to update or
revise it to reflect new events or circumstances, except as required by
law.
NICO DRILL HOLE
LOCATIONS & RESULTS
|
FROM
(metres)
|
TO
(metres)
|
CORE
LENGTH
(metres)
|
TRUE
WIDTH
(metres)
|
GOLD
(g/t)
|
BISMUTH
(%)
|
COBALT
(%)
|
COPPER
(%)
|
|
NICO 10-301 Line 26+50 West, 413 m
North, 200° azimuth, -45° dip
|
|
85.03
|
89.04
|
4.01
|
4.01
|
-
|
0.09
|
0.18
|
0.01
|
|
|
121.03
|
126.05
|
5.02
|
5.02
|
0.01
|
0.08
|
0.15
|
-
|
|
|
*
124.04
|
126.05
|
2.01
|
2.01
|
0.01
|
0.11
|
0.26
|
-
|
|
|
NICO 10-302 Line 26+50 West, 367 m North,
200° azimuth, -45° dip
|
|
91.51
|
103.56
|
12.05
|
12.05
|
-
|
0.11
|
0.12
|
0.01
|
|
|
*92.51
|
95.50
|
2.99
|
2.99
|
-
|
0.20
|
0.24
|
-
|
|
|
NICO 10-303 Line 27+50 West, 355 m
North, 200° azimuth, -45° dip
|
|
44.00
|
46.00
|
2.00
|
2.00
|
0.01
|
0.07
|
0.25
|
-
|
|
|
78.00
|
82.00
|
4.00
|
4.00
|
-
|
0.11
|
0.13
|
0.01
|
|
|
95.00
|
97.00
|
2.00
|
2.00
|
-
|
0.10
|
0.15
|
0.01
|
|
|
NICO 10-305 Line 27+50 West, 272 m
North, 200° azimuth, -45° dip
|
|
56.00
|
58.00
|
2.00
|
2.00
|
0.25
|
0.11
|
0.10
|
0.02
|
|
|
NICO 10-309 Line 26+50 West, 189 m
North, 200° azimuth, -45° dip
|
|
34.64
|
40.57
|
5.93
|
5.93
|
1.01
|
0.01
|
0.19
|
0.02
|
|
|
*35.63
|
36.63
|
1.00
|
1.00
|
5.06
|
0.04
|
0.68
|
0.01
|
|
|
NICO 10-312 Line 13+50 West, 48 m
North, 200° azimuth, -45° dip
|
|
118.47
|
124.84
|
6.37
|
6.37
|
0.02
|
0.01
|
0.13
|
-
|
|
|
*119.47
|
120.47
|
1.00
|
1.00
|
0.06
|
0.02
|
0.33
|
0.01
|
|
|
NICO 10-316 Line 16+50 West, 20 m
North, 200° azimuth, -45° dip
|
|
35.61
|
37.17
|
1.56
|
1.56
|
0.18
|
-
|
0.22
|
0.02
|
|
|
NICO 10-317 Line 14+50 West, 131 m
North, 200° azimuth, -55° dip
|
|
84.00
|
86.00
|
2.00
|
1.97
|
0.27
|
-
|
0.14
|
0.01
|
|
|
150.54
|
159.52
|
8.98
|
8.84
|
1.93
|
0.21
|
-
|
-
|
|
|
*150.54
|
157.55
|
7.01
|
6.90
|
2.39
|
0.18
|
-
|
-
|
|
|
*152.55
|
154.57
|
2.02
|
1.99
|
4.31
|
-
|
-
|
-
|
|
|
NICO 10-318 Line 15+00 West, 115 m
North, 200° azimuth, -50° dip
|
|
111.00
|
115.00
|
4.00
|
3.98
|
0.24
|
-
|
0.11
|
-
|
|
|
*111.00
|
112.00
|
1.00
|
1.00
|
0.52
|
-
|
0.24
|
-
|
|
|
157.50
|
158.20
|
0.70
|
0.70
|
0.58
|
-
|
0.27
|
-
|
|
|
NICO 10-320 Line 21+50 West, 135 m
North, 200° azimuth, -45° dip
|
|
56.15
|
57.00
|
0.85
|
0.85
|
0.01
|
0.09
|
0.17
|
0.01
|
|
|
98.00
|
98.94
|
0.94
|
0.94
|
0.97
|
0.02
|
0.16
|
0.01
|
|
|
NICO 10-321 Line 24+50 West, 137 m
North, 200° azimuth, -45° dip
|
|
17.00
|
22.00
|
5.00
|
5.00
|
1.27
|
0.05
|
0.14
|
0.01
|
|
|
32.00
|
35.00
|
3.00
|
3.00
|
1.24
|
0.01
|
0.10
|
-
|
|
|
*38.00
|
41.00
|
3.00
|
3.00
|
1.60
|
0.01
|
0.08
|
-
|
|
|
46.00
|
49.00
|
3.00
|
3.00
|
0.59
|
0.01
|
0.12
|
0.01
|
|
|
*46.00
|
47.00
|
1.00
|
1.00
|
1.09
|
0.01
|
0.20
|
0.01
|
|
|
NICO 10-322 Line 25+50 West, 170 m
North, 200° azimuth, -45° dip
|
|
22.00
|
*24.00
|
2.00
|
2.00
|
0.12
|
0.05
|
0.12
|
-
|
|
|
45.00
|
47.00
|
2.00
|
2.00
|
0.77
|
0.02
|
0.16
|
-
|
|
|
*46.00
|
47.00
|
1.00
|
1.00
|
1.48
|
0.03
|
0.12
|
0.01
|
|
|
NICO 10-323 Line 21+50 West, 419 m
North, 200° azimuth, -65° dip
|
|
|
19.00
|
22.19
|
3.19
|
3.00
|
0.21
|
0.04
|
0.15
|
0.24
|
|
|
46.74
|
48.10
|
1.36
|
1.28
|
0.06
|
0.01
|
0.21
|
0.04
|
|
|
59.27
|
59.97
|
0.70
|
0.66
|
0.40
|
0.02
|
0.16
|
0.78
|
|
|
151.00
|
152.00
|
1.00
|
0.94
|
1.03
|
-
|
0.01
|
-
|
|
|
164.70
|
165.70
|
1.00
|
0.94
|
0.56
|
-
|
0.15
|
0.01
|
|
|
168.50
|
170.50
|
2.00
|
1.88
|
0.20
|
-
|
0.12
|
0.01
|
|
|
175.20
|
179.00
|
3.80
|
3.57
|
0.20
|
-
|
0.09
|
-
|
|
|
225.67
|
226.50
|
0.83
|
0.78
|
2.72
|
0.02
|
-
|
-
|
|
|
234.80
|
236.80
|
2.00
|
1.88
|
0.26
|
-
|
0.22
|
0.01
|
|
|
260.70
|
263.62
|
2.92
|
2.74
|
0.02
|
0.26
|
0.21
|
0.02
|
|
|
NICO 10-324 Line 20+00 West, 443 m
North, 200° azimuth, -60° dip
|
|
|
23.00
|
25.00
|
2.00
|
1.93
|
0.19
|
0.04
|
0.11
|
0.31
|
|
|
71.06
|
78.93
|
7.87
|
7.60
|
0.14
|
0.10
|
0.09
|
0.11
|
|
|
*71.97
|
74.71
|
2.74
|
2.65
|
0.33
|
0.12
|
0.16
|
0.02
|
|
|
146.62
|
150.00
|
3.38
|
3.26
|
11.59
|
0.16
|
0.37
|
0.14
|
|
|
*147.54
|
149.21
|
1.67
|
1.61
|
20.04
|
0.24
|
0.36
|
0.13
|
|
|
222.00
|
223.00
|
1.00
|
0.97
|
2.65
|
0.06
|
0.09
|
-
|
|
|
268.00
|
270.00
|
2.00
|
1.93
|
0.03
|
0.10
|
0.13
|
-
|
|
|
NICO 10-325 Line 21+00 West, 440 m
North, 200° azimuth, -65° dip
|
|
|
10.40
|
11.40
|
1.00
|
0.94
|
2.55
|
0.40
|
0.06
|
0.42
|
|
|
25.44
|
26.74
|
1.30
|
1.22
|
0.64
|
0.03
|
0.13
|
0.26
|
|
|
189.00
|
197.00
|
8.00
|
7.52
|
4.74
|
0.16
|
0.01
|
-
|
|
|
*196.00
|
197.00
|
1.00
|
0.94
|
35.90
|
0.05
|
0.02
|
-
|
|
|
226.00
|
227.00
|
1.00
|
0.94
|
2.75
|
0.58
|
-
|
-
|
|
|
260.00
|
274.62
|
14.62
|
13.74
|
0.33
|
0.01
|
0.22
|
-
|
|
|
*269.00
|
274.00
|
5.00
|
4.70
|
0.67
|
0.01
|
0.52
|
-
|
|
|
*271.00
|
273.00
|
2.00
|
1.88
|
1.49
|
0.02
|
0.97
|
-
|
|
|
NICO 10-326 Line 20+50 West, 433 m
North, 200° azimuth, -65° dip
|
|
|
141.72
|
142.80
|
1.08
|
1.01
|
0.21
|
0.12
|
0.19
|
-
|
|
|
148.00
|
149.00
|
1.00
|
0.94
|
1.64
|
0.03
|
0.01
|
0.06
|
|
|
NICO 10-327 Line 22+50 West, 400 m
North, 200° azimuth, -65° dip
|
|
|
15.00
|
16.00
|
1.00
|
0.94
|
0.14
|
0.05
|
0.10
|
0.27
|
|
|
34.00
|
36.00
|
2.00
|
1.88
|
0.40
|
0.03
|
0.15
|
0.05
|
|
|
73.08
|
74.57
|
1.49
|
1.40
|
0.34
|
0.01
|
0.29
|
0.01
|
|
|
86.00
|
92.92
|
6.92
|
6.50
|
0.14
|
0.20
|
0.12
|
-
|
|
|
*90.00
|
92.92
|
2.92
|
2.74
|
0.25
|
0.19
|
0.20
|
-
|
|
|
133.00
|
138.00
|
5.00
|
4.70
|
1.86
|
-
|
0.03
|
0.03
|
|
|
*134.00
|
135.00
|
1.00
|
0.94
|
8.10
|
0.01
|
0.04
|
-
|
|
|
166.00
|
171.00
|
5.00
|
4.70
|
4.84
|
0.01
|
0.04
|
0.01
|
|
|
*166.00
|
167.00
|
1.00
|
0.94
|
22.10
|
0.04
|
0.01
|
0.01
|
|
|
192.00
|
194.00
|
2.00
|
1.88
|
0.25
|
-
|
0.37
|
0.03
|
|
|
202.00
|
204.50
|
2.50
|
2.35
|
9.21
|
0.02
|
0.01
|
0.01
|
|
|
*202.75
|
203.52
|
0.77
|
0.72
|
22.30
|
0.05
|
0.01
|
0.01
|
|
|
231.30
|
233.57
|
2.27
|
2.13
|
0.56
|
0.08
|
0.17
|
0.01
|
|
* Included in the
larger interval
- No significant values
|