#Mining #Stock
News: FORTUNE BAY (TSXV: $FOR.V) ANNOUNCES
FILING OF TECHNICAL REPORT FOR GOLDFIELDS PROPERTY; @fortunebaycorp
HALIFAX, NS May 5, 2021 – (Investorideas.com Newswire) Fortune Bay Corp. (TSXV: FOR, Frankfurt:5QN) (“Fortune Bay” or the “Company”) today announces that
it filed a Technical Report under Canadian Securities Administrators' National
Instrument 43-101 Standard of Disclosure for Mineral Projects for the
Goldfields property (“Goldfields”) located in northern Saskatchewan,
Canada. The Technical Report is titled
"Technical Report: Resource Estimate for the Goldfields Project" with
an effective date of May 4, 2021. The Technical Report was prepared by SRK
Consulting (Canada) Inc. (“SRK”) and supports the new mineral resource estimate
for Goldfields, which includes the Box and Athona gold deposits (see the
Company’s news release dated March 22, 2021).
Read this news, featuring Fortune Bay in full at
https://www.investorideas.com/CO/FOR/news/2021/05051Technical-Report.asp
Highlights for the new
mineral resource estimate, as announced previously, includes:
·
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;
·
Confirms resource expansion
opportunities at both the Box and Athona deposits, and resource upside through
further infill and confirmatory drilling; and
· Mineral resources are reported at a lower cut-off
grade of 0.3 g/t and are constrained within a conceptual open-pit shell using a
gold price of US$1600 per ounce. Mineral resources are not mineral reserves and
do not have demonstrated economic viability.
The Technical Report is available
on the Company's website at www.fortunebaycorp.com and is, or will be,
available under its profile on SEDAR at www.sedar.com. There are no material differences contained in
the Technical Report from the information previously disclosed in the news release
dated March 22, 2021.
Qualified Persons and
Technical Report
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.
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 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.
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.
Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in
policies of TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Fortune Bay Corp.
(TSXV: FOR) is a featured Mining stock on Investorideas.com
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