- Fortune Minerals (TSX:FT) has secured government funding of roughly $887,000 to advance its 100 per cent owned NICO project in the Northwest Territories
- The Government of Canada will provide funding contributions of up to $714,500 for Fortune’s planned cobalt sulphate process pilot and other metallurgical test work
- The project is an advanced-stage cobalt-gold-bismuth-copper asset that includes a planned open pit and underground mine concentrator in the Northwest Territories
- Shares of Fortune Minerals are up 14.29 per cent to C$0.04 as of 10:06 am ET
Fortune Minerals (TSX:FT) has secured government funding of roughly $887,000 to advance its 100-per-cent-owned NICO Project in the Northwest Territories.
In a news release on Tuesday, the company said the Government of Canada will provide funding of up to $714,500 against the costs of Fortune’s planned cobalt sulphate process pilot and other metallurgical test work from the federal government’s Critical Minerals Research, Development and Demonstration Program.
Meanwhile the Government of Alberta will fund the remaining $172,670 toward the budgeted program costs under the Clean Resources Intake Program.
The NICO project is an advanced development stage critical minerals asset that includes a planned open pit mine and concentrator in the Northwest Territories. It also has a related hydrometallurgical refinery in Alberta.
The proposed refinery in Alberta would process concentrates from a mine at the NICO Project and other sources to produce critical metals such as cobalt sulphate, gold ore, bismuth ingots and copper.
The project has the potential to stand out as a North American asset dedicated to the production of cobalt chemicals needed in rechargeable batteries that are used in electric vehicles, stationary power storage applications and portable electronics such as smartphones, tablets and laptops.
Fortune Minerals is a mining company focused on developing the NICO Project and also owns the satellite Sue-Dianne copper-silver-gold deposit that’s 25 kilometres north of the NICO deposit.
Shares of Fortune Minerals are up 14.29 per cent to C$0.04 as of 10:06 am ET.
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