Fortune Bay (TSXV: FOR) has released updated pit-constrained resource estimates for the Box and Athona deposits, 2 km apart, at its past-producing Goldfields project in northern Saskatchewan. The latest resource figures are based on verified historical drill data and incorporate new geological and mineralization models for the property.
The indicated resources total 22.6 million tonnes at 1.34 g/t gold, for 975,000 oz., with inferred resources of 6 million tonnes grading 0.92 g/t gold, adding 176,000 oz. Resources are based on a 0.3 g/t gold cutoff.
“The resource estimate marks an important milestone for the Goldfields project by confirming almost 1 million indicated ounces of open-pit constrained gold within a more reliable and geologically representative estimate,” Dale Verran, Fortune Bay CEO, said in a release. “Mineral resource estimates are ultimately judged through reconciliation with mine production. The precise reconciliation of the resource estimate with historical mine production at the Box deposit provides substantial confidence in the estimate and a solid foundation on which to advance the project.”
The latest resource figures reconcile to within 1% of historical mine production.
Earlier this month, Fortune Bay started a 5,000-metre drill program at the project. Drilling is ongoing at the Athona South target to confirm historical results and infill and stepout mineralization.
Between 1939 and 1942, the Box mine produced 1.3 million tonnes at 1.54 g/t gold, generating approximately 64,000 oz.
The 103-sq.-km Goldfields property is in the northern part of Saskatchewan, approximately 13 km from Uranium City.
A 2011 prefeasibility for Box and Athona outlined a $159-million, 13-year open pit mine with a 5,000 t/d mill.