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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

Post by MelodicHysteriaon Jun 05, 2022 11:38pm
216 Views
Post# 34733104

Red - Why we cannot use ECS/ First Cobalt in Cobalt

Red - Why we cannot use ECS/ First Cobalt in CobaltYou asked a little while ago why we cannot and hopefully this picture will explain why.

User image

https://i.ibb.co/FYHLRd0/IMG-20220604-131203561.jpg

See, the white line that goes through Hearst> Cobalt > North Bay is the only rail line going to Cobalt (green is highway 11). Ontop of that, they decomissioned their whole rail line in Cobalt, you just pass right pass it now). The reason that Vale can use ECS is because they are going to ship it via truck to Cobalt by following transcanada> 575 > 11. It is about a 2 hour drive. Potentially they might even rail ship it from Suds to North Bay and up to Cobalt however they would need to rebuild the lines and make some new ones due to age.

For FT to use ECS, you would need to negotiate with Gogama/ Matagami and Temagami First Nations to connect to the blue line OR with Nippissing and Whanapati (sorry spelling) First nations to send rail to Sudbury connection. Vale would probably interested in that. While Gogama and Matagami are willing to negotiate that kind of thing (considering the new Gold mine just opened off their only way into their reserve), it would probably take decades to build due to the pristinely untouched landscape there.

Either way, it doesn't make much logical sense to ship currently to ECS. Maybe if more railways are built, which isn't unheard of but unlikely if more mines are not built in the general area rather then far away.

Hope that helps,

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