Fortune Bay tables new Goldfields NI 43-101 estimate, Saskatchewan

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Fortune Bay Corp. [FOR-TSXV; FTBYF-OTC; FQN-FSE] released a new mineral resource estimate (MRE) for its 100%-owned Goldfields Project located in Northern Saskatchewan. This new MRE replaces the historical MRE, as outlined in the historical 2011 prefeasibility study, and serves to classify current mineral resources for the project in accordance with National Instrument 43-101.

Mineral resource estimate highlights:

Indicated mineral resources stand at 975,000 ounces of gold (22.6 million tonnes at an average grade of 1.34 g/t). Inferred mineral resources are pegged at 176,000 oz of gold (6.0 million tonnes at an average grade of 0.92 g/t).

The estimates are based on verified historical drilling data and new geological and mineralization models that incorporate structural controls on gold mineralization that reconciles to within % of historical mine production. Indicated resources comprise 85% of the estimate, with the remaining 15% classified at an inferred level of confidence. This confirms resource expansion opportunities at both the Box and Athona deposits and resource upsides through further infill and confirmatory drilling.

Dale Verran, CEO for Fortune Bay, commented: “The resource estimate marks an important milestone for the Goldfields project by confirming almost one million indicated ounces of open-pit-constrained gold within a more reliable and geologically representative estimate. A significant amount of work, in both the office and field, has gone into preparing the estimate, which has included verification of the vast historical data set, the development of new detailed geological and mineralization models for both deposits, and a comprehensive estimation process.”

Verran further added: “Mineral resource estimates are ultimately judged through reconciliation with mine production. The precise reconciliation of the resource estimate with historical mine production at the Box deposit provides substantial confidence in the estimate and a solid foundation on which to advance the project.”

The MRE was prepared by SRK Consulting (Canada) Inc., an independent consulting firm with significant experience in the estimation of gold deposits, both in Canada and internationally. SRK was also responsible for the development of the supporting mineralization models, which were based upon structural and petrographic studies conducted by SRK, in addition to reviews of the historical data.

The Goldfields Project is approximately 13 km from Uranium City. The project is endowed with established infrastructure including existing roads, a power line to site, and nearby facilities and an airport at Uranium City.

 


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