Fortune Minerals Limited (“Fortune” or the “Company”) is pleased to report that restrictions on travel imposed by the Northwest Territories Government for the Covid-19 pandemic have been eased, allowing work to resume on the Company’s 100% owned NICO Gold-Cobalt-Bismuth-Copper Project (“NICO Project”).
The NICO Project, located 160 kilometres northwest of Yellowknife, contains an Iron Oxide Copper-Gold (“IOCG”) type ore deposit with Proven and Probable Open Pit and Underground Mineral Reserves totaling 33 million tonnes containing 1.1 million ounces of gold, 82.3 million pounds of cobalt, 102.1 million pounds of bismuth and 27.2 million pounds of copper (“NICO Deposit”). With the price of gold above US$2,000 per ounce, gold now contributes more projected revenues than cobalt from the planned development, a distinct attribute that makes the NICO Project stand out relative to other global cobalt projects.
Fortune is also pleased to report that it has been awarded a matching grant of $144,000 from the Northwest Territories Government through the Mining Incentive Program. These funds will be used to support geophysical surveys planned at the NICO Project site this summer with work focused on targets with identified gold potential.
Robin Goad, President and CEO of Fortune, commented, “With more than a million ounces of in-situ gold, the NICO Deposit is a unique Critical Mineral project, particularly among other planned cobalt developments needed to supply energy metals for the transformation to electric vehicles.”