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Fortune Minerals Ltd T.FT

Alternate Symbol(s):  FTMDF

Fortune Minerals Limited is a mining company. It is engaged in the exploration and development of mineral properties in Canada. It is focused on developing the NICO Cobalt-Gold-Bismuth-Copper Project in the Northwest Territories and Alberta that produces a bulk concentrate for shipment to a refinery that it plans to construct in southern Canada. It also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 kilometers (km) north of the NICO Deposit and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator. It also maintains the right to repurchase the Arctos anthracite coal deposits in northwest British Columbia. It also has a 100% interest in these 116 hectares of property south of Great Slave Lake with copper, silver, gold, lead and zinc showings. It has a 1% net smelter royalty covering 78 hectares of land positioned in a former silver mining district, located south of the Eldorado mining district at Great Bear Lake.


TSX:FT - Post by User

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Comment by George108on Mar 21, 2000 7:50pm
83 Views
Post# 1622663

RE: release 00-03-07

RE: release 00-03-07FORTUNE MINERALS LTD ("FT-T") - NICO Drill Program; Nico Test Results; - Industrial Mineral Projects Robin E. Goad, President of Fortune Minerals Ltd. reports: NICO DRILL PROGRAM: Fortune Minerals Limited announces that it has entered into a contract with Connors Drilling Ltd. for a minimum 16,000 foot (4877 metre) program on the Company's NICO Co-Au-Bi deposit, located 160km northwest of Yellowknife, Northwest Territories. Drilling is scheduled to commence within 2 weeks and continue until "Spring break-up", after which the program is expected to be complete by mid summer. The principle objective of the program is to define in greater detail the central, higher-grade core of the NICO deposit by testing targets recommended by Strathcona Mineral Services Limited. Strathcona is preparing revised resource estimates and a scoping study for NICO in a report expected next month. Drilling will also locally test the up-dip extension of a high-grade zone on the eastern end of the deposit and the potential for a root feeder system beneath the central core. New targets, including coincident potassium and magnetic geophysical anomalies on the northwest side of Lou Lake will also be drill tested during the program. NICO METALLURGY AND ENVIRONMENTAL TEST RESULTS: Fortune has received a report from Lakefield Research Limited summarizing the results of additional metallurgical and environmental testing of NICO composite samples. Work was carried out under the supervision of Strathcona and KVK Consulting Associates Inc. in order to optimize the grade and recovery of the bulk flotation concentrate produced from individual lenses of the deposit. The Company is pleased to report that the objectives of the test work were met with an increase in the grade of the concentrate to between 4 and 5% cobalt at a recovery of 80% for a head grade range of between 0.15 and 0.20%. The higher cobalt grade concentrate would give the Company greater flexibility in subsequent hydrometallurgical treatment, which could be conducted on-site or by selling the concentrate to an existing processing facility. Recent environmental test work results from Lakefield are also very positive because the mineralization was determined to have a "high neutralization potential", which is significantly greater than the sulphide component. Therefore the combined rougher tailings solids are not acid generating. The combined tailings liquids also show very low concentrations of heavy and trace metals and common chemical parameters that are collectively well below regulation limits. Arsenic is not expected to be a concern in the neutral to alkaline conditions foreseen. Fortune is continuing to work with Strathcona, incorporating results of ongoing work into an economic model for the NICO project. INDUSTRIAL MINERAL PROJECTS: Fortune is pleased to report that its 30% owned, industrial mineral associate "Formosa Environmental Aggregates Ltd." recently concluded a hearing at the Ontario Municipal Board regarding its high calcium limestone project in southwestern Ontario. The Company is already in receipt of an Amendment to the Official Plan and a change in zoning to "Extractive Industrial". The hearing was held in order to obtain an extraction license from the Ministry of Natural Resources for which a decision is expected shortly. TEL: (519) 858-8188 Robin E. Goad, President FAX: (519) 858-8155 Fortune Minerals Limited Internet: www.fortuneminerals.com Email. info@fortuneminerals.com _____________________________ (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041.
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