#GoldStocks News: Fortune Bay (TSXV:
$FOR.V) Reports MRE Approximately One Million Indicated Ounces of #Gold for
Goldfields Project; @fortunebaycorp
HALIFAX, NS - March 23, 2021 (Investorideas.com
Newswire) Fortune Bay Corp. (TSXV: FOR, Frankfurt: 5QN) ("Fortune Bay" or the "Company")
is pleased to announce a new Mineral Resource Estimate ("MRE") for
its 100% owned Goldfields Project ("Goldfields" or the
"Project") located in northern Saskatchewan (Figure 1). This new MRE
replaces the historical MRE, as outlined in the historical 2011 Pre-Feasibility
Study, and serves to classify current mineral resources for the Project in
accordance with National Instrument 43-101 ("NI 43–101").
Read this news, featuring Fortune Bay in full at https://www.investorideas.com/CO/FOR/news/2021/03231Goldfields-Project.asp
Mineral Resource Estimate Highlights:
·
Indicated Mineral Resources of 975,000 oz of gold
(22.6 million tonnes at an average grade of 1.34 g/t);
·
Inferred Mineral Resources of 176,000 oz of gold
(6.0 million tonnes at an average grade of 0.92 g/t);
·
Based on verified historical drilling data and new
geological and mineralization models that incorporate structural controls on
gold mineralization;
·
Reconciles to within 1% of historical mine
production;
·
Indicated Mineral Resources comprise 85% of the
estimate, with the remaining 15% classified at an Inferred level of confidence;
and
·
Confirms resource expansion opportunities at both
the Box and Athona deposits, and resource upside through further infill and
confirmatory drilling.
See table at: https://www.investorideas.com/CO/FOR/news/2021/03231Goldfields-Project.asp
Dale Verran, CEO for Fortune Bay, commented,
"The resource estimate marks an important milestone for the Goldfields
Project by confirming almost one million Indicated ounces of open-pit constrained
gold within a more reliable and geologically representative estimate. A
significant amount of work, in both the office and field, has gone into
preparing the estimate which has included verification of the vast historical
data set, the development of new detailed geological and mineralization models
for both deposits, and a comprehensive estimation process."
Mr. Verran further added, "Mineral resource
estimates are ultimately judged through reconciliation with mine production.
The precise reconciliation of the resource estimate with historical mine
production at the Box deposit provides substantial confidence in the estimate
and a solid foundation on which to advance the project."
The MRE was prepared by SRK Consulting (Canada)
Inc. ("SRK"), an independent consulting firm with significant
experience in the estimation of gold deposits, both in Canada and
internationally. SRK was also responsible for the development of the supporting
mineralization models which were based upon structural and petrographic studies
conducted by SRK, in addition to reviews of the historical data.
Details of the Mineral Resource Estimate
Geological Modelling and Resource Estimation
The Goldfields MRE is predicated
on a drillhole database containing a total of 826 drill holes of which 488 are
located within the Box deposit and 338 within the Athona deposit. A total of
38,560 sample intervals with gold assay information are contained in the
database with approximately 60% of these located within the Box deposit and 40%
within the Athona deposit.
Geological and vein mineralization models
("vein models") were created to support modeling of gold
mineralization within the host "Mine Granites" at Box and Athona,
where higher grades are evident in quartz vein sets that exhibit preferred
structural orientations. The vein models were based on an integration of assay
result composites at a lower cut-off of 3 g/t Au with known quartz vein orientations,
from both historical reporting and new field measurements on site. Composited
assay data provided compelling support for modelling of vein sets corresponding
to the known structural orientations.
The vein models allowed for the spatial constraint of
higher grade results within the grade model using hard boundaries for grade
estimation. The vein models do not constrain all the mineralization, as the
Athona and Box Mine Granites also host mineralization related to the presence
of smaller and less continuous quartz vein sets, or vein stockworks, that
cannot be reasonably represented by vein models. Grade was therefore estimated
into the Mine Granites using the assay results falling outside of the vein
models.
Grade estimation was carried out based on assay
data composited at 1.5 metre intervals using the Ordinary Kriging interpolation
method with appropriate search parameters. This approach has generated grade
models for Box and Athona that have been estimated into block models using a
block size of 5x5x5 metres (sub-blocked to 1x2.5x1 metres for Box and 1x1x1
metres for Athona) that are deemed to be geologically representative of the
nature of the mineralization present. Models for the Box and Athona Deposits
are provided in Figures 2 and 3, respectively.
Reconciliation with Historical Mine Production
Historical underground gold mining at the Box Mine
produced approximately 64,000 ounces from 1.29 Mt at 1.54 g/t during the period
1939 to 1942, when it was closed due to work force shortages brought about by
World War II. Void space 3D models have been created to represent the mined-out
volumes, and the MRE has been corrected for the historically mined-out
material. These void space models also allow for reconciliation of the MRE
against historical production. The total gold content extracted from the MRE
block model using these void space models amounts to 66,110 oz, which
reconciles to within 1% of historical production when the historically reported
process plant recovery efficiency of 96% is applied.
Data Verification
The substantial Goldfields resource database
includes records generated during the period 1935 to 2011. All resource data
have been recompiled and verified by Fortune Bay. This process has involved
recapture and verification of drill information, verification of assay results
and transformation of datasets from local mine grids (for Box and Athona) into
a UTM NAD83 projected coordinate system. Drill collar locations were verified
in the field using a sub-meter accuracy GPS, providing confidence in both
collar locations and the transformations to UTM NAD83. The data verification
completed as part of the new MRE complements historical data verification
carried out for historical MREs and provided confirmation that the historical
data records are suitable for reliable estimation of mineral resources.
As part of the data verification process SRK
conducted a site visit to the Goldfields project in September, 2020, during
which drill core from the Box and Athona deposits were reviewed and relogged, a
total of 70 samples were collected for assay verification purposes, 48 samples
were collected for petrographic analysis to assess for the presence and
controls of gold mineralization, outcrop mapping was conducted at both deposits
and drill hole positions and collar coordinates were confirmed in the field.
Further details of this data verification process are provided in the Company's
news release dated November 25, 2020.
Qualified Persons and Technical Report
The Mineral Resource Estimate was prepared by Mr.
Cliff Revering, P. Eng., Principal Consultant at SRK and Dr. Ron Uken, PhD, P.
Geo, Principal Consultant at SRK, who read and approved the related disclosure
about the mineral resources in this news release. Both are independent
Qualified Persons in accordance with the requirements of NI 43-101. The
technical information contained in this news release has been reviewed and
approved by Mr. Dale Verran, MSc, P.Geo, Pr.Sci.Nat., Fortune Bay's Chief
Executive Officer, who is also a Qualified Person in accordance with the
requirements of NI 43-101. An updated independent Technical Report will be
prepared for the Goldfields Project and will be filed on SEDAR (www.sedar.com)
within 45 days of this news release.
About Goldfields
The 100% owned Goldfields Project is the Company's
most advanced asset located in northern Saskatchewan, approximately 13
kilometres from Uranium City. The Project is endowed with established
infrastructure including existing roads, a powerline to site, and nearby
facilities and an airport at Uranium City. The Project has a history of gold
production (64,000 oz Au produced between 1939 to 1942), numerous exploration
drilling campaigns (~80,000 metres of drilling in ~675 drill holes) and various
historical mining studies (including a 2007 Feasibility Study for the Box
deposit and a 2011 Pre-Feasibility for the Box and Athona deposits that were
prepared in accordance with NI 43-101). The Box open-pit mine and mill
development is permitted having received Ministerial approval under the Environmental
Assessment Act in May 2008. The 10,300 hectare Goldfields property presents
numerous exploration opportunities, including the potential to expand the Box
and Athona deposits and discover additional resources at several other gold
prospects and occurrences.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, Frankfurt: 5QN) is a
gold-focused exploration and development company with 100% ownership in two
advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project)
and Mexico, Chiapas (Ixhuatán Project), both with exploration and development
potential. The Company has a goal of building a mid-tier gold 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 driven by a Board and
Management team with a proven track record of discovery, project development
and value creation. Further information on Fortune Bay and its assets can be found
on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at
902-334-1919.
On behalf of Fortune Bay Corp.
Cautionary Statement Regarding Forward-Looking
Information
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the date of this
news release. 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, COVID-19 restrictions, 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.
See images at: https://www.investorideas.com/CO/FOR/news/2021/03231Goldfields-Project.asp
Figure 1: Goldfields Project infrastructure and
location map. (CNW Group/Fortune Bay Corp.)
Figure 2: Box Deposit Models. (CNW Group/Fortune
Bay Corp.)
Figure 3: Athona Deposit Models. (CNW Group/Fortune
Bay Corp.)
SOURCE Fortune Bay Corp.
Fortune Bay Corp.
(TSXV: FOR) is a featured Mining stock on Investorideas.com
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