#Metals/ #GreenEnergy News -Defense Metals (TSXV: $DEFN.V) (OTCQB: $DFMTF) Prepares High-Grade Rare Earth Element Concentrate Samples for Shipment to Multiple Potential Offtake Partners; @DefenseMetals

#Metals/ #GreenEnergy News -Defense Metals (TSXV: $DEFN.V) (OTCQB: $DFMTF) Prepares High-Grade Rare Earth Element Concentrate Samples for Shipment to Multiple Potential Offtake Partners; @DefenseMetals  

 

Vancouver, British Columbia, March 23, 2021 – Investorideas.com Newswire, MiningSectorStocks.com and RenewableEnergyStocks.com -Mining/Metals/ Green Energy Stock News- Defense Metals Corp. (“Defense Metals”) (TSX-V:DEFN / OTCQB:DFMTF/ 35D: FSE) is pleased to announce that it has recently been notified by Welsbach Holdings Pte Ltd. ("Welsbach") that is has received requests from two interested third-part Rare Earth Element (REE) processors for samples of high-grade REE mineral concentrate for the purposes of evaluation prior to entering discussions with respect to the negotiation of an initial memorandum of understanding (MOU) and subsequent potential mineral concentrate offtake agreements.

Read this news featuring DEFN in full at https://www.investorideas.com/news/2021/mining/03231DEFN-Samples-For-Shipment.asp

 

Defense Metals is currently advancing the road accessible Wicheeda Critical Rare Earth Element (REE) Property, which is located close to infrastructure approximately 80 kilometres northeast of Prince George, British Columbia (BC). The Wicheeda project has indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light Rare Earth Elements) and inferred mineral resources of 12,100,000 tonnes averaging 2.90% LREO[1].

Since completing its flotation pilot plant test-work resulting in a 1,200 kilogram bulk concentrate sample (see Defense Metals news release dated September 23, 2020), the Company and its advisors have contacted several potential offtake and strategic partners. The two REE processors requesting samples of Wicheeda REE mineral concentrate represent major and mid-tier REE processors. The requests from each potential buyer in Asia are for 2-6 kilogram size samples of REE concentrate. The requests resulted from conversations held between the interested parties known to Welsbach.

 

Defense Metals has initiated the process of preparing Canadian government export permit documentation required to export these critical REE mineral concentrate samples internationally.

Craig Taylor, CEO of Defense Metals, stated: “We are extremely pleased that Welsbach has successfully identified two REE processors interested in receiving representative samples of our high-grade Wicheeda REE Deposit mineral concentrate. These requests represent a major step forward in our efforts to assess the market potential of long-term REE mineral concentrate offtake sale agreements.”

 

Mr. Brendan Jephcott of Weslbach says: “Potential partners in Asia are seeking a secure, long-term supply of rare earth concentrate to cover projected shortages in NdFeB magnet supply as demand for electric motors used in new energy vehicles continues to grow.”

 

 

 

 

 

About the Wicheeda REE Property

The 1,708 hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is nearby to infrastructure, including power transmission lines, the CN railway and major highways.

Geologically, the property is situated in the Foreland Belt and within the Rocky Mountain Trench, a major continental geologic feature. The Foreland Belt contains part of a large alkaline igneous province, stretching from the Canadian Cordillera to the southwestern United States, which includes several carbonatite and alkaline intrusive complexes hosting the Aley (niobium), Rock Canyon (REE), and Wicheeda (REE) deposits.

Qualified Person

 

The scientific and technical information contained in this news release as it relates to the Wicheeda REE Property has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.  

 

About Defense Metals Corp.

 

Defense Metals Corp. is a mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of “GREEN” energy technologies, such as, high strength alloys and rare earth magnets. Defense Metals has an option to acquire 100% of the 1,708 hectare Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

 

For further information, please contact:

 

Todd Hanas, Bluesky Corporate Communications Ltd.

Vice President, Investor Relations

Tel: (778) 994 8072

Email: todd@blueskycorp.ca

 

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 news release.

 

 

Cautionary Statement Regarding “Forward-Looking” Information

 

This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to potential MOU and offtake agreements for REE mineral concentrate, obtaining government export permits, plans for its Wicheeda Property, the advancement and development of the Wicheeda Property, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward-looking information, except as required by law.

 

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---

[1] Technical Report on the Wicheeda Property, British Columbia, effective June 27, 2020 and prepared by APEX Geoscience Ltd. (Steven J. Nicholls, B.A. Sc., MAIG and Kristopher J. Raffle, B.Sc., P.Geo.) is available under Defense Metals Corp.’s profile on SEDAR (www.sedar.com)

#GoldStocks News: Fortune Bay (TSXV: $FOR.V) Reports MRE Approximately One Million Indicated Ounces of #Gold for Goldfields Project; @fortunebaycorp

#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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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

 

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Breaking #Mining #Stock News: Fortune Bay (TSXV: $FOR.V) Reports New Mineral Resource Estimate for Goldfields, Including Approximately One Million Indicated Ounces of #Gold; @fortunebaycorp

Breaking #Mining #Stock News: Fortune Bay (TSXV: $FOR.V) Reports New Mineral Resource Estimate for Goldfields, Including Approximately One Million Indicated Ounces of #Gold; @fortunebaycorp

 

HALIFAX, NS - March 22, 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/2021/03221New-Mineral-Resource-Goldfields.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.

 

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.

 

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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#Gold #Stocks News Alert; Fortune Bay (TSXV: $FOR.V) Begins Phase One Drilling at Goldfields Project; @fortunebaycorp

#Gold #Stocks News Alert; Fortune Bay (TSXV: $FOR.V) Begins Phase One Drilling at Goldfields Project; @fortunebaycorp

 

HALIFAX, NS March 18, 2021 – (Investorideas.com Newswire) Fortune Bay Corp. (TSXV: FOR, Frankfurt: 5QN) (“Fortune Bay” or the “Company”) is pleased to announce that the Phase 1 drilling program has commenced at its 100% owned Goldfields Project (“Goldfields” or the “Project”) located in northern Saskatchewan. The Company plans to complete approximately 5,000 metres in 15 holes.

 

Read this news, featuring FOR in full at https://www.investorideas.com/CO/FOR/news/2021/03181Goldfields-Project.asp

 

A diamond drill rig has been mobilized to site and drilling is currently underway at the Athona South target. Planned drilling at Athona South is expected to include confirmatory drilling to verify the 1930’s historical results, infill drilling to establish continuity with mineralization to the north, and step-out drilling to the south.

 

The Phase 1 drilling program also includes planned step-out drilling at the Box deposit’s Zone A and B where high priority targets have been identified. An approximate 50 metre drill spacing has been planned for the Phase 1 program at Box and Athona designed to commence expanding the historical mineral resources beyond the current drilling coverage.

 

Dale Verran, CEO for Fortune Bay, commented, “We are pleased to have started drilling approximately two weeks after being awarded a drilling permit. The mobilization to site was completed as planned and made efficient and cost-effective by access along the seasonal Lake Athabasca ice road. We now look forward to the results from our planned drill holes at Athona and Box, which will importantly include the receipt of gold assays in the coming weeks.”

 

The location of the drill targets at the Athona and Box gold deposits, and further drill target details, are provided in the Company’s news release dated February 26, 2021.

 

Dale Verran, P.Geo., Chief Executive Officer of the Company and Qualified Person as defined by NI 43-101 has reviewed and approved the contents of this news release.

 

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.

”Dale Verran”

Chief Executive Officer

902-334-1919

 

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.

 

Fortune Bay Corp. (TSXV: FOR) is a featured Mining stock on Investorideas.com

 

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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

 

 

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