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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

Comment by MelodicHysteriaon May 06, 2022 12:35pm
125 Views
Post# 34662518

RE:Considering Aboriginal involvement

RE:Considering Aboriginal involvement The only ones I am aware of nearby are frog and heart lake nations but they arent within the Lamont County (going further from there, there are a few more). Saying that, that doesn't mean they are not developing a hiring agreement with one of these nations so as to tap into the fund. The agreement would require a minimal 25% involvement in the Alberta portion of the refinery from an Alberta based Indigenous group. 

The fund provides a minimal 20 million dollars (up to 250 million) upon approval to the program. It would also require the spur road to be finished as otherwise the mine is not considered commercially viable/ boots on the ground level of ready. 

There is a risk of mis-allocated funding here though. Generally these funds are only allowed to be used in Alberta so, for example, the full 20 million would have to stay in Alberta and not go to NWT or Ontario. If it went to NWT, then the project in NWT would also need to provide 25% ownership to an Alberta based Indigenous group

I think this was more to look into the requirements necessary as there are alot of programs out there for companies that have significant Indigenous investment so while it is an avenue, there has been no hint towards this angle, nor discussions of applications submitted to any 1 location mentioned from the Alberta angle.

Doesn't mean it won't happen, but there is significant requirements that I don't think we are quite ready to discuss yet, especially since no nation has even mentioned discussions as of yet

red wrote:
Potential Indigenous investment through federal programs & C$1 billion Alberta Indigenous Opportunities Fund

I get it with the federal money but to tap into the Alberta indigenous opportunity fund will require an alberta indigenous group participation....is that telling us anything? Seems obvious that if even talking about it must mean discussions of some kind going on that could draw in participation by an Alberta FN group we cant just say that without some kinda legit discussions going on. ...just a thought. 


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