Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (“Fortune Bay” or the “Company”) is pleased to announce the commencement of a Preliminary Economic Assessment (“PEA” or the “Study”) for its owned company 100% Goldfields Gold Project (“Goldfields” or the “Project”) located in northern Saskatchewan. The Company has appointed Ausenco Engineering Canada Inc. (“Ausenco”) to lead the study, with SRK Consulting (Canada) Inc. (“SRK”) to complete an updated Mineral Resource Estimate (“EMR”) ) and Moose Mountain Technical Services (“MMTS”) to undertake mine design and planning. The PEA is expected to be completed in early Q4 2022.
Dale Verran CEO of Fortune Bay, commented, “The Board approved the decision to complete a PEA for Goldfields aligns with our strategy to unlock the true potential of the project, and represents an important step towards a potential decision to build a mine, given the continued positive results. The EEP will aim to optimize the mining and processing design aspects, establishing an important foundation for the future development of the project We believe Ausenco is an ideal partner to work alongside our management team to deliver the PEA in line with industry leading standards due to their commitment and successful completion of PEA Gold studies in Canada like Skeena Resources’ Eskay Creek Anaconda Mining goldboro the Val d’Or Est projects of Probe Metals and the Marban projects of O3 Mining.
Preliminary economic assessment
The scope of work to be undertaken by Ausenco, in collaboration with MMTS, comprises two phases:
- Phase 1: Optimization from mine to plant incorporating mine planning, processing plant engineering and financial modelling. The objectives of this phase are to optimize mining and processing parameters by evaluating various business cases for the project prior to proceeding with the PEA.
- Phase 2: Preliminary economic assessment which will cover all aspects of these studies, including mining and recovery methods, project infrastructure, capital and operating costs, and financial analysis. Study results are expected early in the fourth quarter of 2022 and will be compiled in an NI 43-101 technical report.
A previous pre-feasibility study was carried out for Goldfields in October 2011 , which is considered historical under NI 43-101. The planned PEA is expected to incorporate mining and processing scenarios for which Pre-Feasibility Study (“PFS”) level data does not yet exist and will be based on an updated Mineral Resource estimate, including indicated and inferred mineral resources. The PEA is intended to define the optimal development path for the Project prior to undertaking further drilling and/or resource delineation development in support of a possible future PFS.
Updated mineral resource estimate
Current MRE for Goldfields completed by SRK, effective date March 15, 2021 , includes Indicated Mineral Resources of 975,000 oz of gold (22.6 million tonnes at an average grade of 1.34 g/t) and Inferred Mineral Resources of 176,000 oz of gold (6.0 million tonnes at an average grade of 0.92 g/t). A Phase 1 drill program was completed in 2021 to begin mineral resource expansion of the Box and Athona gold deposits, which included highlights of 13.22 g/t Au over 8.0 meters, 8.74 g /t Au over 5.0 meters, 8.00 g/t Au over 12.0 meters and 8.00 g/t Au over 4.0 meters (see press releases from the March 7, 2022 and September 14, 2021 ). As part of the PEA, SRK has been appointed to perform an updated TRA, in accordance with NI 43-101, based on the Phase 1 drilling results.
Technical Disclosure of Gold Fields
Details regarding the current 2021 mineral resource estimate (“2021 MRE”) are provided in the National Instrument 43-101 (“NI 43-101”) technical report titled “Technical Report: Resource Estimate for the Goldfields” with an effective date of May 4, 2021 . The technical report was written by Mr. cliff revering ing., and Dr. Ron Uken , PhD, P. Geo. of SRK Consulting ( Canada ) Inc., both of whom are independent qualified persons in accordance with the requirements of NI 43-101. The technical report supports the 2021 MRE for Goldfields, which includes the Box and Athona gold deposits, and is available on SEDAR and on the Company’s website.
The technical information contained in this press release has been reviewed and approved by Mr. Dale Verran MSc, P.Geo., Chief Executive Officer of Fortune Bay, who is also a Qualified Person under the requirements of NI 43-101.
The 100% owned Goldfields Project (“Goldfields” or the “Project”) is the Company’s most advanced asset located in the north Saskatchewan about 13 kilometers from uranium city . The project hosts the Box and Athona gold deposits which contain a combined Indicated Mineral Resource of 975,000 oz of gold (22.6 million tonnes at an average grade of 1.34 g/t) and Inferred Mineral Resources 176,000 oz of gold (6.0 million tonnes at an average grade of 0.92 g/t). Goldfields has established infrastructure including existing roads, a power line to the site, nearby facilities and an airport at uranium city . The project has a history of gold production (64,000 oz Au produced between 1939 and 1942), numerous exploration drilling campaigns and various historical mining studies. The development of the open pit mine and Box mill is permitted after receiving Ministerial approval under the Environmental Assessment Act in May 2008 . The approximately 5,000 hectare Goldfields property presents numerous exploration opportunities, including the potential to expand the Box and Athona deposits and discover additional resources in several other gold prospects and occurrences.
Fortune Bay Corp. (TSXV: FOR, FWB: 5QN) is an exploration and development company owning 100% of two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), with both exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects located near the Goldfields project, which exhibit high-grade potential typical of the athabasca Bowl. The Company aims to create a mid-tier exploration and development company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The company’s corporate strategy is led by a Board of Directors and management team with a proven track record of discovery, project development and value creation. Further information about Fortune Bay and its assets is available on the Company’s website at www.fortunebaycorp.com or by contacting us as [email protected] or by phone at 902-334-1919.
On behalf of Fortune Bay Corp.
Chief executive officer
Caution Regarding Forward-Looking Information
The information in this press release contains forward-looking statements based on assumptions as of the date of this press 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 these words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Fortune Bay Corp. (“Fortune Bay” or the “Company”) cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of important factors, many of which are beyond Fortune Bay’s control. These factors include, but are not limited to: risks and uncertainties related to metal prices, changes in planned work resulting from weather conditions, restrictions related to COVID-19, availability of contractors, logistical, technical or other factors, the possibility that the results of the work will not meet expectations and realize the perceived potential of the Fortune Bay mineral properties, the uncertainties associated with the interpretation of the results of drilling and other tests, the possibility that the required permits will not be obtained in a timely manner or at all, the risk of accidents, equipment failures or other unforeseen difficulties or interruptions, the possibility of cost overruns or unforeseen expenses in work programs, the risk of contamination or environmental damage resulting from exploration operations, the need to comply with environmental and government regulations. tales and the lack of availability of the necessary capital, which may not be available to Fortune Bay, acceptable to it or not at all. Fortune Bay is subject to the specific risks inherent in mining activity as well as general economic and business conditions. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied by the forward-looking information. Except as required by applicable securities laws, Fortune Bay undertakes no obligation to publicly update or revise any forward-looking information. Fortune Bay does not intend, and undertakes no obligation, to update these forward-looking statements, except as required by applicable securities laws. For more information on Fortune Bay, readers should visit the Fortune Bay website at www.fortunebaycorp.com .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCEFortune Bay Corp.
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