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Fortune Minerals Reports the Results of Its Annual Meeting of Shareholders and Provides NICO Project Update
LONDON, Ontario / Jun 23, 2021 / 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 / Jun 23, 2021 / Business Wire / Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to report the results of its Annual Meeting of Shareholders held on June 22, 2021 (the “Meeting”), and provide a summary of work on its 100% owned NICO Cobalt-Gold-Bismuth-Copper project (‘NICO Project”) in Canada. The NICO Project is a planned vertically integrated Critical Minerals development comprised of a mine and concentrator in the Northwest Territories (“NWT”) and a hydrometallurgical refinery at a site in Alberta or Saskatchewan, producing cobalt sulphate, gold, bismuth ingots and oxide, and copper cement. The NICO Project is one of the most advanced cobalt development assets outside of the Democratic Republic of Congo (“Congo”) to meet the growing demand in lithium-ion batteries powering electric vehicles, portable electronics and stationary storage cells, and mitigate supply issues from geographic concentration of production and policy risks associated with the current supply sources. The unique metal assemblage of the NICO Deposit includes primary cobalt, a 1.1 million ounce in-situ gold co-product, 12% of global bismuth reserves, and by-product copper. Fortune also owns a 100% interest in the nearby Sue-Dianne Copper-Silver-Gold satellite deposit (“Sue-Dianne Deposit”). Like our news? Click-to-Tweet. NICO Project Development The focus of NICO Project work has been directed at development activities, assessing various optimizations and refinery sites to produce a more financially robust project since the completion of the Micon International Limited (“Micon”) Feasibility Study in 2014. The NICO Project has received environmental assessment approval and the major mine permits for the facilities in the NWT and the Company has completed a Socio-Economic Agreement with the NWT Government. The preferred refinery site is also permitted and has existing facilities to materially reduce capital costs for the planned vertically integrated development. The NICO Project work is summarized as follows: NWT Mine Infrastructure The C$200 million, government funded Tlicho Highway to the community of Whati is nearing completion and is expected to open to the public later this year. The NICO Project includes construction of a 50-kilometre spur road from Whati to the mine to...