Alberta Refinery site
purchase option extended to
mid-May
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF)
(“Fortune” or the “Company”)
(www.fortuneminerals.com) is pleased to announce the successful
delivery of ore samples from the NICO cobalt-gold-bismuth-copper
deposit (“NICO Deposit”) in the Northwest Territories
(“NWT”) to SGS Canada Inc. in Lakefield, Ontario. These ores
will be used to conduct additional metallurgical testing and pilot
work to validate recent optimizations and support detailed
engineering and an updated Feasibility Study for the vertically
integrated NICO cobalt-gold-bismuth-copper Critical Minerals
project in Canada (“NICO Project”). Intermediate test
products produced from NICO Project ores and concentrates will also
be blended with metal precipitates sourced from Rio Tinto’s
Kennecott Smelter in Utah to assess the feasibility of processing
these materials to recover additional bismuth and cobalt at
Fortune’s planned hydrometallurgical refinery in Alberta
(“Alberta Refinery”). Successful validation of the Fortune
optimizations and processing of Rio Tinto precipitates would
increase Critical Mineral production and revenues and reduce waste
disposal costs for the planned Alberta Refinery.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240408301859/en/
Fortune Minerals collects ore samples
from the NICO critical minerals project for metallurgical testing
(Photo: Business Wire)
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The NICO Project is an advanced development stage asset
comprised of a planned open pit and underground mine and
concentrator in the NWT and a hydrometallurgical refinery in
Alberta to process metal concentrates from the mine and other
compatible sources to value-added products. Development of the NICO
Project would provide a North American supply of three Critical
Minerals needed for the energy transition, new technologies, and
growing green economy. The Mineral Reserves for the NICO Deposit
also contain more than one million ounces of gold, the price for
which has recently exceeded historic highs, providing a highly
liquid and countercyclical co-product to mitigate Critical Mineral
price volatility.
Fortune prepared approximately 15 metric tonnes of ores from its
existing stockpiles at the NICO Deposit in 2023, which were
recently slung 10 km by helicopter to trucks on the winter ice road
for haulage to SGS Canada Inc. for the completion of the first
phase of the metallurgical program. The samples are being inspected
for quality assurance, and this will be followed by crushing,
grinding, and flotation to make gold-bearing cobalt and bismuth
sulphide concentrates during phase two of the program. Phase three
will consist of hydrometallurgical processing of the concentrates
to address gaps needed for detailed engineering and validate
process optimizations, including precipitation of a clean gypsum
by-product from the autoclave waste residue to reduce disposal
costs at the Alberta Refinery. Rio Tinto has also successfully
demonstrated precipitation of a bismuth intermediate product from
Kennecott smelter wastes in Utah. These will be blended with
Fortune test products at SGS Canada Inc. to validate the recovery
of the contained metals using the Alberta Refinery metallurgical
flow sheet. A portion of Fortune’s costs for the metallurgical test
work is being reimbursed by the Government of Canada with a grant
from the Critical Minerals Research, Development and Demonstration
(“CMRDD”) program. Alberta Innovates is also providing
financial support through their Clean Resources Continuous Intake
Program (see Fortune News Release, dated December 5, 2023, and
Natural Resources Canada News release, dated March 23, 2024).
Fortune has also secured an additional extension to the purchase
option it has with JFSL Field Services ULC (“JFSL”) to
acquire its brownfield industrial site in Lamont County, Alberta
where it plans to construct the Alberta Refinery (see news release
dated January 24, 2022). This 77-acre site has 42,000 square feet
of serviced shops and buildings adjacent to the Canadian National
Railway and is close to sources of reagents, skilled labour, and
utilities already in place to service the Alberta petrochemicals
industry and a nickel-cobalt refinery operated by another mining
company. The JFSL site is an ideal location to construct the
Fortune refinery and expand the Edmonton area as a Critical
Minerals processing hub in western Canada. Fortune can complete the
purchase of the JFSL facilities before May 15, 2024 by paying C$5.5
million, less payments already made, and subject to JFSL’s right to
use the facilities during the eighteen months following Fortune’s
completion of the purchase option.
The NICO Project will provide a North American vertically
integrated supply of cobalt sulphate needed to make the cathodes of
lithium-ion batteries powering electric vehicles, portable
electronics, and stationary storage cells. The development will
also help mitigate concerns over the current sources of supply,
notably including geographic concentration of 77% of global cobalt
mine production in the politically unstable Democratic Republic of
the Congo and China’s control over 80% of the world’s refined
cobalt supply.
The NICO Deposit contains 12% of global bismuth reserves and is
the largest deposit of this metal in the world. Production from the
NICO Project would mitigate policy risks associated with China’s
control over 75% of current bismuth production and provide a North
American supply alternative that is exempt from the 25% U.S.
Government tariff on Chinese imports. Bismuth has unique physical
and chemical properties leveraged by the automotive, construction
and pharmaceutical industries. Consumption of bismuth is growing as
an environmentally safe and non-toxic replacement for lead in
brass, solder, free-machining steel and aluminum, paints and
pigments, glass, radiation shielding, and ammunition. Bismuth
demand is also growing to make high-density metal plugs used to
permanently seal decommissioned oil and gas wells to prevent
greenhouse gas leakage and blowouts. An important developing market
is the use of bismuth in permanent magnets to provide a superior
and lower cost alternative to rare earth element magnets used in
direct current electric vehicle motors.
For more detailed information about the NICO Mineral Reserves
and certain technical information in this news release, please
refer to the Technical Report on the NICO Project, entitled
"Technical Report on the Feasibility Study for the
NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories,
Canada", dated April 2, 2014 and prepared by Micon International
Limited which has been filed on SEDAR and is available under the
Company's profile at www.sedar.com. The disclosure of scientific
and technical information contained in this news release has been
approved by Robin Goad, M.Sc., P.Geo., President and Chief
Executive Officer of Fortune, and Alex Mezei, M.Sc. P.Eng.
Consulting Metallurgist who are "Qualified Persons" under National
Instrument 43-101.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the
NICO cobalt-gold-bismuth-copper Critical Minerals project in the
NWT and Alberta. Fortune also owns the satellite Sue-Dianne
copper-silver-gold deposit located 25 km north of the NICO Deposit
and a potential future source of incremental mill feed to extend
the life of the NICO mill and concentrator.
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This press release contains forward-looking information and
forward-looking statements within the meaning of applicable
securities legislation. This forward-looking information includes
statements with respect to, among other things, the successful
completion of metallurgical testing and pilot work by SGS Canada
Inc. and the validation of recent optimizations, the results of
metallurgical testing and pilot work will support detailed
engineering and an updated Feasibility Study, the completion of
exercise by the Company of its option to purchase of the JFSL site,
the successful construction and completion of the proposed
hydrometallurgical refinery at the JFSL site, and the Company’s
plans to develop the NICO Project, including the successful the
development and construction of the planned NICO
cobalt-gold-bismuth-copper mine and concentrator. Forward-looking
information is based on the opinions and estimates of management as
well as certain assumptions at the date the information is given
(including, in respect of the forward-looking information contained
in this press release, assumptions regarding: successful results of
metallurgical testing and pilot work from ore samples from the NICO
Deposit, the successful completion of the Company’s due diligence
investigations on the JFSL site, the Company’s ability to secure
the necessary financing to fund the exercise of the option and
complete the purchase of the JFSL site, the Company’s ability to
complete construction of a NICO Project refinery; the Company’s
ability to arrange the necessary financing to continue operations
and develop the NICO Project; the receipt of all necessary
regulatory approvals for the construction and operation of the NICO
Project, including the planned NICO cobalt-gold-bismuth-copper mine
and concentrator and the timing thereof; growth in the demand for
cobalt; the time required to construct the NICO Project; and the
economic environment in which the Company will operate in the
future, including the price of gold, cobalt and other by-product
metals, anticipated costs and the volumes of metals to be produced
at the NICO Project). However, such forward-looking information is
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking information. These factors
include the risks that metallurgical testing does not yield results
which support detailed engineering and updated Feasibility Study,
global geopolitical situations may interfere with the Company’s
ability to continue development of the NICO Project, the Company
may not be able to complete the purchase of the JFSL site and
secure a site for the construction of a refinery, the Company may
not be able to finance and develop NICO on favourable terms or at
all, uncertainties with respect to the receipt or timing of
required permits, approvals and agreements for the development of
the NICO Project, including the related hydrometallurgical
refinery, the construction of the NICO Project may take longer than
anticipated, the Company may not be able to secure offtake
agreements for the metals to be produced at the NICO Project, the
Sue-Dianne Property may not be developed to the point where it can
provide mill feed to the NICO Project, the inherent risks involved
in the exploration and development of mineral properties and in the
mining industry in general, the market for products that use cobalt
or bismuth may not grow to the extent anticipated, the future
supply of cobalt and bismuth may not be as limited as anticipated,
the risk of decreases in the market prices of cobalt, bismuth and
other metals to be produced by the NICO Project, discrepancies
between actual and estimated Mineral Resources or between actual
and estimated metallurgical recoveries, uncertainties associated
with estimating Mineral Resources and Reserves and the risk that
even if such Mineral Resources prove accurate the risk that such
Mineral Resources may not be converted into Mineral Reserves once
economic conditions are applied, the Company’s production of
cobalt, bismuth and other metals may be less than anticipated and
other operational and development risks, market risks and
regulatory risks. Readers are cautioned to not place undue reliance
on forward-looking information because it is possible that
predictions, forecasts, projections and other forms of
forward-looking information will not be achieved by the Company.
The forward-looking information contained herein is made as of the
date hereof and the Company assumes no responsibility to update or
revise it to reflect new events or circumstances, except as
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240408301859/en/
For further information please contact: Fortune Minerals
Limited Troy Nazarewicz Investor Relations Manager
info@fortuneminerals.com Tel: (519) 858-8188
www.fortuneminerals.com
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