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Fortune Minerals Announces Successful Completion of NICO Geophysical Program and Identification of IOCG Targets
LONDON, Ontario / Nov 12, 2020 / Business Wire / Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is ple
About this update from Fortune Minerals Limited
[{"type":"text","content":"LONDON, Ontario / Nov 12, 2020 / Business Wire / Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to report that Aurora Geosciences Ltd. (“Aurora”) has completed the previously announced induced polarization (“I.P.”) and ground magnetometer geophysical surveys along the projected east extension of the NICO Gold-Cobalt-Bismuth-Copper Deposit (“NICO Deposit”) in Canada’s Northwest Territories. The surveys were successful in outlining several large areas of coincident chargeability and magnetic high response with low electrical resistivity indicative of near-surface magnetic and conductive sources. Fortune has retained Aurora to complete a more detailed interpretation of the survey results with three-dimensional (“3-D”) modelling of the combined anomalies based on the property geology and the Company’s historical geophysical and LiDar databases. The report deliverables will include recommendations for drill testing of the identified anomalies with specified collar locations and targeting information. Like our news? Click-to-Tweet. Aurora completed the ground magnetometer and I.P. surveys on the NICO property in late September and a field report was delivered at the end of October. The results include a kilometer-long area of coincident magnetic, chargeability and resistivity anomalies extending southeast from the presently defined east end of the NICO Deposit. This is an area where there are block faults with vertical and horizontal displacement of the geology. Only limited drilling was carried out in this in this area, but a hole completed in 1997 intersected 3 metres, grading 1.1 grams of per tonne (“g/t”) gold. The geophysics and drill-hole data indicate the east end of the NICO Deposit may be open for possible expansion. The previously disclosed Peanut Lake anomaly (see Fortune news release, dated September 2, 2020) was also delineated by Aurora with partly overlapping magnetic, chargeability and resistivity anomalies ranging from 400 to 600 metres wide. These anomalies coincide with gravity and magnetic anomalies identified in earlier geophysical surveys for Fortune as well as 3-D inversion modelling of a combined magnetic, gravity and magnetotelluric anomaly by the Geological Survey of Canada. Three holes drilled in this area in 1997 also intersected mineraliz...