Fortune outlines Bowl zone at Nico

London, Ont.-based Fortune Minerals (FORM-C) has further outlined the Bowl zone at its 80%-owned Nico base metals project in the Northwest Territories following an 84-hole summer drill program.

The property contains an inferred resource in the Bowl zone of 128.6 million tonnes grading 0.543 grams gold per tonne, 0.071% cobalt, 0.078% bismuth and 0.052% copper, including 41.6 million tonnes (measured and indicated) of 1.025 grams gold, 0.124% cobalt, 0.133% bismuth and 0.053% copper.

The recent drilling defined the zone’s updip limits, extending the deposit to depth, and infill at a minimum drill-hole density of 50 metres. Drilling was also carried out to test the continuity of a copper showing 1 km northeast of the Bowl zone and at Burke Lake. Assays have been received from about half of the 84 holes.

Results received to date include thick intersections of up to 57.15 metres grading 0.022 gram gold, 0.167% cobalt and 0.121% bismuth in hole 171, including 24.13 metres grading 0.321% cobalt and 0.241% bismuth.

Significant gold was locally intersected, including 6 metres of 10.97 grams in hole 164. This hole also traced the deposit to surface where a 31.7-metre intersection beginning at a depth of 5.18 metres averaged 0.153 gram gold and 0.102% cobalt. Similar intersections were achieved on several other sections at or near the surface. A fence of condemnation holes was also drilled to terminate the southern limit of the deposit at surface.

Holes drilled to test continuity of the copper showing northeast of the Bowl zone cut narrow mineralization up to 1.815 grams gold and 0.115% cobalt over 2 metres in hole 142.

The deposit is 22 km from the Snare hydroelectric complex and is accessible by winter and all-weather roads. It can be exploited using open-pit mining methods with a low stripping ratio.

Metallurgical studies indicate that concentrates produced from Nico ores can be processed at the site using low-temperature (180 C) acid-pressure oxidation hydrometallurgical techniques.

These studies also show that sufficient sulphuric acid is generated from processing of Nico concentrates so that no additional acid is required. This is expected to minimize reagent consumption during the eventual processing of Nico ores at the project site.

A prefeasibility study by Kilborn SNC Lavalin is almost complete and is expected to be released later this month.