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Fortune Minerals to explore NWT claims

Posted By: Northern Miner Staff May 8, 1989

The junior explorer recently completed an initial public offering and reports working capital of $425,000.

Fortune says the most advanced exploration project is its Salkeld Lake polymetallic property, 150 miles east of Pine Point, N.W.T. The 1,033-acre property was initially explored for uranium in the 1950s, but that work uncovered silver and base metal mineralization. One zone is reported to contain 35,052 tons averaging 1.05% copper. Lead, zinc, and silver values are also present. The mineralization consists of polymetallic sulphides associated with a granite- sediment contact.

Fortune will explore for iron- formation-hosted gold mineralization on its 5,319-acre Russell Lake property, 60 miles north of Yellowknife. Grab samples of iron formation from the Russell Lake claims have assayed up to 0.27 oz gold per ton.

Silver is the target on Fortune’s Camsell River bet, 235 miles north of Yellowknife on the Camsell River system. The property is underlain by basalt and andesite rocks.

Geological mapping, ground geophysical surveys and diamond drilling are planned this summer on the Salkeld Lake and Russell Lake properties, Fortune says.

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