Breaking #Mining #Stock
News: Fortune Bay (TSXV: $FOR.V) Announces Expansion of the Athona Deposit From
Phase 1 Drilling Results, Goldfields Project; @fortunebaycorp
HALIFAX,
NS - June 15, 2021 (Investorideas.com Newswire) Fortune Bay Corp. (
TSXV:
FOR, Frankfurt: 5QN) ("Fortune Bay" or the
"Company") is pleased to announce Phase 1 drilling results for the
Athona gold deposit ("Athona") located on the Company's Goldfields
Project ("Goldfields" or the "Project") in northern
Saskatchewan (Figure 1). A total of six diamond drill holes (1,170 metres) on
an approximate 50 metre spacing were completed at the Athona South target
during March and April 2021 with the primary objectives of validating
historical results and commencing resource expansion to the south.
Read this news featuring FOR in full at https://www.investorideas.com/CO/FOR/news/2021/06151Expansion-Athona-Deposit.asp
The
assay results confirm expansion of mineralization to the south, and
mineralization remains open. Furthermore, continuous assaying of the Athona
Mine Granite ("AMG") shows the unit is more broadly mineralized than
previously indicated by historical drill holes from which very few samples were
collected, evidently targeting only the most visually compelling intervals.
All
six drill holes completed at Athona during Phase 1 intersected mineralization
at shallow depths, with highlights that included:
- Drill
Hole A21-222: 1.04 g/t Au over 34.6 metres, including
16.70 g/t Au over 1 metre
- Drill
Hole A21-223: 1.22 g/t Au over 19 metres, including
8.18 g/t Au over 1 metre, and
7.80 g/t Au over 1 metre
- Drill
Hole A21-218: 3.80 g/t Au over 3 metres
- Drill
Hole A21-219: 1.09 g/t Au over 13 metres, and
1.12 g/t Au over 8 metres
- Drill
Hole A21-220: 1.00 g/t Au over 7 metres
- Drill
Hole A21-221: 1.03 g/t Au over 10.9 metres
Dale
Verran, CEO for Fortune Bay, commented, "We are pleased with the
Goldfields Phase 1 drilling results to date, which have successfully expanded
the Athona deposit footprint to the south and confirmed the continuity of
mineralization between Athona South and the main Athona deposit. We are
encouraged to note the presence of high grade in one of the southernmost holes
where drilling is relatively widely spaced, and mineralization remains open.
The results also indicate that historical sampling and assaying from the 1930's
was not comprehensive and as a result, areas of mineralization have likely been
missed altogether, which presents a further opportunity for resource expansion.
The Phase 1 drilling program is continuing at the Box deposit with one hole completed
and a further eight planned. We look forward to results from Box where
high-priority resource expansion targets have been identified".
Athona
Phase 1 Drilling Results
A
summary of the assay results received from the six drill holes completed at Athona
during March/April 2021 is provided in Table 1. Drill hole locations and down
hole assay results are shown in Figure 2.
Table
1. Athona Resource Expansion
Drilling Results.
Notes:
1. Results shown are assays from 1 metre samples composited into longer
intervals using a minimum lower cut-off of 0.5 g/t Au, and maximum 5 metres of
consecutive waste defined as < 0.3 g/t Au.
2. Lengths shown represent core length. True thickness of the mineralized
intercepts is expected to typically range from 50% to 70% of the core length
based on the dominant mineralized quartz vein orientations at Athona, however
this could vary significantly on an individual sample basis.
3. Sample locations are provided in NAD83 UTM Zone 12N. Hole azimuths are true
north.
Drill
holes A21-219, A21-220 and A21-222 were completed as an
east-west fence, approximately 50 metres south of the southernmost historical
holes that define the Athona deposit. The holes were spaced approximately 50
metres apart along the fence and drilled at a relatively shallow angle toward
the west with the objective of intersecting mineralized structures at high
angles. All three holes intersected mineralization as outlined in Table 1, and
the results demonstrate expansion of Athona to the south. Mineralization
remains open to the south, east and west of these drill holes.
Drill
holes A21-218 and A21-221 were completed as a pair of scissor
holes (i.e., drilled in opposite directions to the east and west, respectively)
with the objective of validating 1930's historical holes at Athona South with
broad sample coverage and determining the orientation of mineralized
structures. Historical drill holes could not be twinned due to current permit
restrictions which do not allow drilling close to shorelines. Both A21-218 and
A21-221 intersected mineralization with grades and thicknesses comparable to
those observed within the Athona Main deposit as shown in Table 1.
Drill
hole A21-223 was
drilled in the gap between Athona South and Athona Main, an area of
approximately 120 x 200 metres, where poor coverage of 1930's historical drill
holes with very limited sampling (with higher grade assay results) indicates
selective sampling of only the most visually compelling intervals. Continuous
sample results from A21-223 demonstrate that this very poorly sampled area has
mineralization characteristics (grade and thickness) consistent with the Athona
Main and Athona South bodies. Results included grades of 1.22 g/t Au over 19.0
metres and 0.71 g/t Au over 32.0 metres, implying good continuity between
Athona Main and Athona South, with potential for significant resource expansion
with additional infill drilling.
Mineralization
characteristics for drill holes A21-218 to A21-223 are consistent with
historical observations. Higher grade gold is typically associated with
pyrite-bearing quartz veins, with minor galena and sphalerite associations.
Veins are dominantly thin (< 10 centimetres in true thickness) occurring as
swarms ("vein-sets") which have pervasively flooded the AMG on a
localized basis. The veins typically have a preferred structural orientation,
commonly striking between northwest and northeast with sub-vertical dips, which
shows good correlation with the model developed for the recent mineral resource
estimate (effective date May 15, 2021). Drilling is being carried out with
oriented core for the first time at Goldfields. Structural orientations have
been recorded and the Company is in the process of updating the geological
model for Athona with the new data, to incorporate shear and fault information
to support future targeting and resource expansion drilling.
Phase
1 Drilling Operational Update
Following
the completion of Phase 1 drilling at Athona in late April the drill rig was
mobilized to the Box gold deposit ("Box") approximately two
kilometers away. One drill hole was completed at Box (B21-334) and a second hole
started (B21-335) before drilling was paused in early May due to spring
break-up and associated wet ground conditions - a drilling permit requirement.
Phase 1 drilling resumed at Box the second week of June and is expected to
continue into August. A total of 1,170 metres of drilling in six holes was
completed at Athona and a total of approximately 4,000 metres of drilling in
nine holes is planned for Box as part of the Phase 1 program.
Other
Planned Summer Field Activities
Outside
of Box and Athona, the 10,300 hectare Goldfields property is host to numerous
other gold occurrences and prospects which warrant further investigation. Field
reconnaissance is planned for late June and early July to verify and
investigate these occurrences and develop future work plans aimed at making new
discoveries.
Goldfields
Technical Disclosure
All
drilling is being carried out with NQ diameter. Core trays are transported
directly from the drill rig to the Company's logging facility in Uranium City.
Sample intervals are selected for assay based on observations of lithology
type, presence of quartz veins and sulphides. These intervals are marked up for
continuous sampling with one metre sample increments (adjusted where necessary
to not cross lithological boundaries). Core is sawn in half along the core axis
for sampling, with the remaining half preserved and stored in the core box.
Samples are bagged and placed in plastic pails sealed with security tags for
export by air freight to Saskatoon (CA).
All
sample processing is being carried out by TSL Laboratories Inc. (TSL) in
Saskatoon using their screened metallics sample process method, which includes;
(1) crushing of the entire sample; (2) pulverizing of the entire sample with 95
% passing 150 mesh; (3) screening the entire sample at 150 mesh; (4) assay the
entire +150 mesh fraction; (5) duplicate assay of two 30 g splits of the -150
mesh fraction; and (6) calculation of the weighted average gold content (in
g/t) for the entire sample. All assay is carried out by fire assay with a
gravimetric finish.
Certified
reference blank and standard material is being used by the Company for
independent QAQC of assay results (in addition to internal TSL quality
assurance protocols). QAQC samples are inserted into assay sample sequences and
results are reviewed to assess for any potential laboratory contamination and
to verify assay accuracy and precision. A selected suite of samples will also
be sent to another laboratory for additional "umpire" assay testing
to further verify the results.
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 ("Goldfields" or the
"Project") is the Company's most advanced asset located in northern
Saskatchewan, approximately 13 kilometres from Uranium City. The Project is
host to the open-pittable Box and Athona gold deposits which contain combined
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). Goldfields 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.
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.
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.
Figure 2: Athona Phase 1 drill hole locations and
down hole assay results. (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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