Follow Us! Like Our Page!

Fortune Minerals Announces New Discovery at NICO

Press Release

LONDON, Ontario– Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to report the discovery of a new zone of copper mineralization at its 100% owned NICO cobalt-gold-bismuth-copper project (“NICO Project”), located 160 km northwest of Yellowknife, Northwest Territories, Canada. The new zone was identified in bedrock exposed in a pit excavated last spring to provide aggregate for road work and is located 1.6 km southeast along the projection of strike from the main NICO deposit. The new zone is located on the periphery of previously identified coincident magnetic, gravity and electrical resistivity geophysical anomalies at Peanut Lake that are similar to the ones associated with the main NICO deposit. Three of four representative grab samples collected from the pit returned grades of 1.66%, 1.55% and 0.78% copper from analyses carried out at ALS Canada Ltd. in North Vancouver.

Like our news? Click-to-Tweet.

Fortune’s NICO Project is one of the few cobalt development assets outside of the Democratic Republic of Congo to service demand growth in lithium-ion batteries used to power portable electronic devices, electric vehicles and energy stationary storage to make electricity use more efficient. Fortune’s NICO Project and its nearby Sue-Dianne copper-silver-gold deposit are the only known Canadian examples of the Iron Oxide Copper Gold (IOCG) mineral deposit class, also commonly referred to as Olympic Dam-type, after the ‘super giant’ deposit located in South Australia. IOCG deposits in Queensland and South Australia, Carajas, Brazil and Candelaria, Chile are typically associated with large magnetic, gravity and electrical resistivity geophysical anomalies.

Coincident magnetic, gravity and magnetotelluric geophysical anomalies approximately 1 km in diameter were previously identified west of Peanut Lake in the vicinity of the new copper showing in surveys carried out for Fortune and the Geological Survey of Canada. The magnetic anomaly identified in a 1995 helicopter survey for Fortune has peak amplitude of 10,000 nanoteslas (“nT”) and is the strongest magnetic anomaly recognized on the NICO property. Ground gravity surveys conducted for Fortune in 1995 and 1996 also identified a coincident Bouguer anomaly with peak amplitude of 2 milligals (“mGal”). The magnetic and gravity anomalies associated with the NICO deposit have peak amplitudes of 6,000 nT and 3 mGal, respectively. A magnetotelluric survey carried out by the Geological Survey of Canada in 2010 identified a coincident electrical resistivity low indicative of a potential sulphide conductive source.

The Geological Survey of Canada also carried out three-dimensional (“3D”) inversion modelling of the combined magnetic susceptibility, density, and electrical resistivity data from the combined earlier geophysical surveys over the NICO Project property and was published in 2016 in Economic Geology. This modelling defines a near-surface 3D source for the Peanut Lake anomaly, which is largely obscured by overburden and remains unexplained. The 3D modelling conducted over the main NICO deposit was successful in delineating the known deposit. However, it also identified previously unidentified coincident magnetic, density and electrical resistivity anomalies centered approximately 300 metres north of the NICO deposit and 500 metres below the surface near copper showings at Chalco Lake. These unexplained anomalies are an order of magnitude larger and significantly stronger than the ones associated with the known NICO deposit.

Fortune is conducting additional geological investigations of the NICO Project this summer in the vicinities of the Peanut Lake and Chalco Lake anomalies where small copper showings have also been identified. Work is being done to explain the source of the large anomalies to determine if additional ground based geophysical surveys are warranted and/or to provide better definition for potential future drill testing.

An updated Technical Report for the NICO Project by Hatch Ltd., P&E Mining Consultants Inc. and Micon International Limited to provide an update to the 2014 National Instrument 43-101 Technical Report on the NICO Project Feasibility Study by Micon is expected to be completed in the near future.

The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a “Qualified Person” under National Instrument 43-101. The Technical Report on NICO Project Feasibility Study referred to above, entitled “Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada”, dated April 2, 2014 and prepared by Micon has been extracted, has been filed on SEDAR and is available under the Company’s profile at www.sedar.com.

About Fortune Minerals

Fortune is a Canadian mining company focused on developing the NICO Cobalt-Gold-Bismuth-Copper Project in the Northwest Territories. The Company has an option to purchase lands in Saskatchewan where it may build the hydrometallurgical plant to process NICO metal concentrates. Fortune owns the Sue-Dianne Copper-Silver-Gold Deposit located 25 km north of the NICO Project, which is a potential future source of incremental mill feed to extend the life of the NICO Project mill.

Follow Fortune Minerals:

Click here to subscribe to Fortune’s email list.

Click here to follow Fortune on LinkedIn.

Fortune Minerals Limited
Troy Nazarewicz
Investor Relations Manager
[email protected]
Tel.: (519) 858-8188
www.fortuneminerals.com

Troy Nazarewicz, CIM, CPIR
Investor Relations Manager
Fortune Minerals Limited
148 Fullarton Street, Suite 1600
London, Ontario, CANADA
N6A 5P3

[email protected]
Tel. 519-858-8188
Cel. 519-709-8489
www.fortuneminerals.com

IBF4

NationTalk Partners & Sponsors Learn More