IUC spins Mongolian copper-gold into Fortress

Vancouver – Fortress Minerals (FST-V) now holds International Uranium’s (IUC-T) portfolio of copper and gold exploration projects in Mongolia.

The recent asset transfer to Fortress for 28 million shares, effectively a reverse takeover (RTO), gives IUC over 63% of the company.

The three main projects now wholly owned by Fortress are Shiveen Gol, Erdenet and Huvsgol-Altargany.

Shiveen Gol is the most advanced of the lot, an iron oxide copper gold (IOCG) project located in northwestern Mongolia. The 476,000 hectare project, an alkaline intrusive complex, has had extensive exploration and sampling over the last two years as well as some drilling. Sampling has yielded copper mineralization up to 4.7%. Fortress plans drilling this season on the property.

Erdenet is a porphyry copper target in the north-central area of Mongolia. The 550,000 hectare project is located in the vicinity of the Erdenet copper mine that produces about 284 million pounds of copper annually and 4.4 million pounds of molybdenum. The project shares structural trends with the mine along an interpreted regional porphyry system.

Huvsgol is 250,000 hectare project located in the far north-central alpine region of the country. Extensive stream sediment gold and arsenic anomalies suggest a possible mesothermal mineralizing system. Identified gold mineralization is hosted in sediments similar to the giant Sukhoi Log gold deposit (reputedly containing well over 30 million oz. gold) located north of the project, in Irkutsk region of Russia.

As part of the transaction, the company changed its name from Fortress IT and has moved from the NEX inactive board to TSX-Venture Tier 2, the symbol remained the same.

The company now has 44.3 million shares outstanding, following the issuance to IUC and a $1.35 million private placement financing. Upon returning to the board on June 28th, investors jumped on the issue which rallied to close at 55 on volume of 224,000 shares.