The NICO Au-Co-Bi project, 80%-owned by FORTUNE MINERALS, is looking more economic all the time. Using a new gold price of US$355/oz, US$7/lb for cobalt and US$3.25/lb for bismuth, Fortune has increased the economic potential of the project. The deposit is located 160 km northwest of Yellowknife.
Fortune is planning additional drilling this winter in preparation for a feasibility study. Tentative plans include an underground mine, a mill, and small supplemental open pits. Underground development by ramp would target the high-grade, gold-rich core of the deposit first, to bump up cash flows. Mining would use blastholes with delayed cemented waste rock fill. A 2,500-tonnes/day mill is also on the drawing board.
A very interesting NICO picture gallery (including a proposed mill flowsheet) may be viewed at www.fortuneminerals.com. The site also contains information on Fortune's coal, copper-gold and quarry projects.