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FORTUNE MINERALS ANNOUNCES HIGH-GRADE INTERSECTIONS FROM THE FIRST 10 HOLES OF NICO SUMMER DRILL PROGRAM
FORTUNE MINERALS ANNOUNCES HIGH-GRADE INTERSECTIONS FROM THE FIRST 10 HOLES OF NICO SUMMER DRILL ...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n\n Sep. 9, 2010 (Canada NewsWire Group) -- \n\nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nIssued Capital: 97,314,407\n\nTORONTO, Sept. 9 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune" or the "Company") is pleased to announce the results for the first 10 holes from the 38-hole summer drill program at its 100% owned NICO gold-cobalt-bismuth-copper deposit in the Northwest Territories. NICO already contains Mineral Reserves of 31 million tonnes, averaging 0.91 g/t gold, 0.12% cobalt, 0.16% bismuth and 0.04% copper, containing 907,000 ounces of gold, 82 million pounds of cobalt, 109 million pounds of bismuth and 27 million pounds of copper (see Fortune news release, dated January 14, 2010(1)). Additional drilling was conducted this summer to test for extensions to the known deposit where it remains locally open for expansion, particularly in the gold-rich parts of the deposit, and also to better define the deposit perimeter for detailed production scheduling. The results received from the first 10 drill holes were very successful, identifying additional high-grades, locally up to 38.4 g/t gold, 2.47% cobalt and 1.8% bismuth. The results include broad intersections with significantly higher grades than the deposit average, and include intersections outside the current limits of the deposit, and will therefore likely have a positive impact on the Mineral Reserves when they are updated after receipt of the remaining drill results.\n\nSignificant results from the first 10 holes include:\n\n\n >\n\n\nNotably, in the lower part of NICO-10-300, the high-grade gold and cobalt intersected proved the continuity of the high-grade gold zone on Section 24 West and its projection from adjacent sections of the deposit where there had been a gap between broadly spaced drill holes. This hole also included large intersections in both the Middle and Lower Zones that are higher grade relative to nearby holes in this part of the deposit. The gold-rich intersection id...