#Mining #Stock News: Fortune Bay (TSXV: $FOR.V) CEO
Letter to Shareholders @fortunebaycorp
Dear Shareholders,
I’m pleased to provide this update after an active
second quarter which was highlighted by our Phase 1 drilling program on the Goldfields
Project in northern Saskatchewan. We encourage you to read this quarterly
update in conjunction with our material news items, provided in our news
releases, and our quarterly financial statements and MD&A. This update does
contain Forward-Looking Statements so please refer to the Company’s Cautionary
Note appended below.
Read this in full at https://www.investorideas.com/CO/FOR/news/2021/07161CEO-Letter-Shareholders.asp
Our Phase 1 drilling program for Goldfields has
been designed to expand the mineral resources at the Box and Athona deposits
within targeted areas where mineralization remains open. Drilling commenced in
mid-March at the Athona South target, with a single drill rig, and a total of
six diamond drill holes (1,170 metres) were completed by late-April. We were
pleased to announce by news release on June 15 the successful expansion of the Athona
deposit footprint to the south, and continuity of the mineralization between
Athona South and the main Athona deposit. The results also indicate that
sampling and assaying of drill core from the 1930’s was highly selective and not
adequate to fully define the extents of the mineralization, and therefore areas
of mineralization have likely been missed altogether. This presents a further
opportunity for resource growth within the existing footprint of the known
mineralization. A detailed
interpretation of the Athona drilling results is underway.
The fully-funded Phase 1 drilling program is continuing
at the Box deposit where approximately 4,000 metres in nine holes is planned. At
Box, drilling is focused within the targeted Zones A and B (see Company news
release dated February 26, 2021) where high gold grades, below the extent of
the declared mineral resources, remain open. To date we have completed three
drill holes at Box and we are looking forward to reporting assay results.
In our news release dated June 15 we also announced
that we were planning field reconnaissance of other gold showings on the
Goldfields Property. The large (10,300 hectare) property hosts numerous gold occurrences
and prospects outside of Box and Athona that were identified through historical
prospecting campaigns which date back as far as the 1930’s. Previous work was
largely focussed on surface prospecting, trenching, and in some cases shaft
sinking. Exploration drilling was typically very limited and appears in many
cases not to have considered the geological controls on gold mineralization. We
believe our approach of data verification, field mapping and geological modelling
(similar to what we have completed for Box and Athona) is key to identifying
new discovery opportunities and realizing the full potential of the property. I
was on site with our team in late June to visit the priority gold showings and
complete the initial phase of field work. I was impressed with the amount of
veining (fluid movement) we saw and the implications for a potential broader
mineralizing system which has not been fully evaluated. We are currently
continuing with data compilation and modelling, and developing future work
plans aimed at making new discoveries.
Following completion
of the new mineral resource estimate for Goldfields, as announced March 22, we have continued with internal scoping
studies to evaluate project development opportunities as we work toward a
potential new Pre-Feasibility Study (PFS) or Preliminary Economic Assessment
(PEA). The objective of the scoping studies, which have been focussed on
mineral processing opportunities, is to ensure we enhance the development path of
the project and ultimately achieve optimized economics from a PFS or PEA.
Our project generation initiative continued during
the second quarter as we narrowed the search for a strategic project
acquisition to fulfill our vision of creating a pipeline of growth
opportunities. The acquisition landscape, particularly in good jurisdictions,
is highly competitive and often costly. However, much like mineral exploration
itself, there are always overlooked opportunities and I believe we have placed
ourselves in a good position to identify and acquire suitable projects through the
development of bespoke databases in areas of key interest.
During the second quarter we continued our investor
relations program and outreach, working alongside MARS Investor relations. We
continued reaching out and maintaining a dialogue with investment advisors,
analysts and institutional investors. The Company also participated in the
Mines & Money Online Roadshow during May, meeting with investors from
across the globe. With COVID-related restrictions easing in many parts of North
America we are looking forward to getting out there in person and meeting
existing and potential shareholders. We would welcome the opportunity to
connect with you should you have any questions. You can reach us by email
info@fortunebaycorp.com or telephone +1 902 334 1919. Also please do not forget
to subscribe on our website and follow us on Facebook, Twitter and/or LinkedIn to
ensure you catch all the Fortune Bay action – including photographs from our
ongoing drilling program at Goldfields.
Yours sincerely,
Dale Verran
Chief Executive Officer
|
|
|
|
Cautionary Note: Forward Looking
Statements
Information set forth in this update ‘From the CEO’s
Desk’ contains forward-looking statements that are based on assumptions as of
the date of this presentation. These statements reflect management's current
estimates, beliefs, intentions, and expectations. They are not guarantees of
future performance. 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 material factors, many of which are
beyond Fortune Bay's control. Such factors include, among other things: risks
and uncertainties relating to metal prices, changes in planned work resulting
from weather, logistical, technical or other factors, the possibility that
results of work will not fulfill expectations and realize the perceived
potential of Fortune Bay's mineral properties, uncertainties involved in the
interpretation of drilling results and other tests, the possibility that
required permits may not be obtained in a timely manner or at all, risk of
accidents, equipment breakdowns or other unanticipated difficulties or
interruptions, the possibility of cost overruns or unanticipated expenses in
work programs, the risk of environmental contamination or damage resulting from
the exploration operations, the need to comply with environmental and
governmental regulations and the lack of availability of necessary capital,
which may not be available to Fortune Bay acceptable to it, or at all. Fortune
Bay is subject to the specific risks inherent in the mining business 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 in the
forward-looking information. Except as required under applicable securities
legislation, Fortune Bay undertakes no obligation to publicly update or revise
forward-looking information. Fortune Bay does not intend, and does not assume
any obligation, to update these forward-looking statements, except as required
under applicable securities legislation. For more information on Fortune Bay,
readers should refer to Fortune Bay's website at www.fortunebaycorp.com.
Fortune Bay Corp.
(TSXV: FOR) is a featured Mining stock on Investorideas.com
Disclaimer/Disclosure: Investorideas.com
is a digital publisher of third party sourced news, articles and equity
research as well as creates original content, including video, interviews and
articles. Original content created by investorideas is protected by copyright
laws other than syndication rights. Our site does not make recommendations for
purchases or sale of stocks, services or products. Nothing on our sites should
be construed as an offer or solicitation to buy or sell products or securities.
All investment involves risk and possible loss of investment. This site is
currently compensated for news publication and distribution, social media and
marketing, content creation and more. Contact each company directly regarding
content and press release questions. Disclosure is posted for each compensated
news release, content published /created if required but otherwise the news was
not compensated for and was published for the sole interest of our readers and
followers. Fortune Bay Corp is an annual featured mining company on InvestorIdeas. Please read our
full disclaimer and disclosure regarding specific compensation More disclaimer
info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release on
the Investorideas.com newswire https://www.investorideas.com/News-Upload/
Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
Get more mining stock investor ideas- news, articles, podcasts and stock directories
No comments:
Post a Comment