NORTHWEST TERRITORIES – London, Ont.-based FORTUNE MINERALS is planning a 2,700-tonne bulk sample from its NICO gold-cobalt-bismuth project 160 km northwest of Yellowknife. The company has entered into an agreement with the KETE WHII-PROCON joint venture to conduct an underground development program.
The bulk sample program will consist of the excavation of an access portal, development of 750 metres of a 5-by-5-metre decline ramp and gradient, and 100 metres of lateral development work. Approximately 2,700 tonnes of mineralized material and 57,000 tonnes of waste rock will be mined. The program has been fully permitted, and procurement of supplies is currently in progress.
Equipment will be moved to the NICO site over the winter road in February and March 2006. Mining activities are expected to begin in May and be completed by October 2006. Representative samples of mineralized material will be stockpiled at the site for trucking to SGS LAKEFIELD RESEARCH over the winter road in 2007. Pilot plant tests of the samples will be done in the spring of 2007.
Fortune Minerals (www.FortuneMinerals.com) has completed the due-diligence for its planned purchase of the mill, surface facilities and inventory from the Golden Giant mine at Hemlo, Ont. The second instalment toward the $3.3-million purchase price has been paid, and closing will take place no later than Aug. 31, 2006. Fortune is purchasing the Hemlo facilities from NEWMONT CANADA for use at NICO and will have 36 months from the date of closing to remove the assets from the Hemlo site.