NORTHWEST TERRITORIES – Fortune Minerals of London, Ont., is considering a 20% to 30% increase in the output from its NICO cobalt-gold-bismuth-copper project 160 km northwest of Yellowknife. The 2014 feasibility study will be updated to an annual production of between 1,700 and 2,000 tonnes of cobalt units in battery grade cobalt sulphate heptahydrate.
Test mining has been completed at the NICO project in the Northwest Territories. (Image: Fortune Minerals)
The increase is driven by the anticipated growth in the electric vehicle market.
The NICO project includes a mine and concentrator built in the Northwest Territories. There would also be a refinery near Saskatoon, Sask., where concentrate would be further processed. The project has combined underground and open pit reserves of 33.1 million tonnes grading 1.03 g/t gold, 0.11% cobalt, 0.14% bismuth, and 0.04% copper. The deposit contains about 1.1 million oz. of gold, 82.3 million lb. of cobalt, 102.1 million lb. of bismuth, and 27.2 million lb of copper.
Fortune has received environmental approval for both the NICO project and the refinery. All major mining permits have also been received for the mine-mill site.
Read the latest corporate presentation at www.FortuneMinerals.com.