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(Wallace Refiners) – Fortune Bay (TSXV:FOR, Frankfurt:5QN) today announced a new mineral resource estimate (MRE) of 1,151,000 oz of gold for its 100% owned Goldfields project, located in northern Saskatchewan.
According to the company’s statement, this new MRE replaces the historical MRE, as outlined in the historical 2011 pre-feasibility study, and serves to classify current mineral resources for the project in accordance with National Instrument 43-101.
The company said that indicated mineral resources amounted to 975,000 oz of gold (22.6 million tonnes at an average grade of 1.34 g/t) and inferred mineral resources amounted to 176,000 oz of gold (6.0 million tonnes at an average grade of 0.92 g/t).
The 100% owned Goldfields project is the company’s most advanced asset located in northern Saskatchewan, approximately 13 kilometres from Uranium City. The project is endowed with established infrastructure including existing roads, a powerline to site, and nearby facilities and an airport at Uranium City.
The project has a history of gold production (64,000 oz Au produced between 1939 to 1942), numerous exploration drilling campaigns (~80,000 metres of drilling in ~675 drill holes) and various historical mining studies.
Fortune Bay is a gold-focused exploration and development company with 100% ownership in two advanced gold projects in Canada, Saskatchewan (Goldfields project) and Mexico, Chiapas (Ixhuatán project), both with exploration and development potential.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.