Fortune Bay Corp. (TSX-V: FOR) (Frankfurt: 5QN) is pleased to announce gold assay results for the first three step-out drill holes completed at the Box gold deposit, located on the Company’s Goldfields Project in northern Saskatchewan (Figure 1). The drill holes are part of the ongoing Phase 1 resource expansion program which is expected to include approximately 5,000 metres of drilling.
The three drill holes, completed on an approximate 50 metre spacing, returned significant gold intercepts outside of the extents of the current 2021 Mineral Resource Estimate (“2021 MRE”) for Box, with highlights that included:
The assay results confirm expansion of Box mineralization down-dip of up to 220 metres outside of the extents of the 2021 MRE for Box, and mineralization remains open. The drill holes were oriented at moderate dips (-54 to -56 degrees) to the east to intersect the dominant mineralized vein-sets at high angles, and true thicknesses are estimated to be approximately 80% of the intersected lengths.
Dale Verran, CEO for Fortune Bay, commented, “The gold intercepts received for Box to date, from relatively widely-spaced drilling, represent a substantial expansion of mineralization outside of the current resource estimate, and furthermore demonstrate the presence of high-grades within this expansion. It is clear from these results that the mineralization remains open at depth and that the Goldfields Syncline, between the Box and Athona deposits, warrants further investigation to evaluate the potential for a broader mineralized system. Our reporting of mineralized intercepts which are closer to expected true thickness has been enabled by drilling at a moderate angle toward the east – a first for Box. This approach has also allowed us to further verify our geological model and provides the data necessary for targeting high-grade vein sets. The Phase 1 drilling program is continuing at the Box deposit with an additional three drill holes completed, and a final drill hole in progress. We look forward to reporting additional results in the coming weeks following the receipt of assay data”.
Box Phase 1 Drilling Results
A summary of the assay results received from the first three drill holes completed at Box is provided in Table 1. Drill hole locations and down hole assay results are shown in Figures 2 and 3, respectively.
Table 1: Box Resource Expansion Drilling Results for B21-334, B21-335 and B21-336.
|Hole ID||From (m)||To (m)||Length (m)||Au (g/t)||Collar
|084° / -56°|
|085° / -54°|
|080° / -55°|
|1.||Results shown are assays from 1 metre samples composited into longer intervals using a minimum lower cut-off of 0.5 g/t Au, and maximum 5 metres of consecutive waste defined as < 0.3 g/t Au.|
|2.||Lengths shown represent core length. True thickness of the mineralized intercepts is expected to be approximately 80% of the core length based on the dominant mineralized quartz vein orientations at Box, however this may vary on an individual sample basis.|
|3.||Sample locations are provided in NAD83 UTM Zone 12N. Hole azimuths are true north.|
Drill Hole Descriptions:
Potential for a Larger Mineralized System:
Drilling Orientation and Structure
Current drilling at Box is oriented towards the east, with dips as shallow as practically achievable (approximately -55°) to intersect mineralized vein sets at the highest angle possible and maximise the internal coverage of the BMG for each drill hole. Drilling is being carried out with oriented core for the first time at the Box deposit. Structural measurements from oriented core are expected to enable correlation of mineralized vein sets between drill holes and will allow for planning of future step-out drilling and targeting of higher grade vein sets.
Phase 1 Drilling Operational Update
The ongoing Phase 1 drilling program at Goldfields is focused on expanding the mineral resources at the Box and Athona deposits through step-out drilling. In June the Company announced the successful expansion of the Athona deposit (see News Release dated June 15, 2021) from 1,170 metres of drilling in six holes. An additional ~4,000 metres is planned for Box in seven holes, with a total of 3,466 metres completed in six holes, and a final hole in progress. Drilling is expected to be completed in mid-late September. Assays for the first three holes at Box are reported herein, with assays for the remainder of the holes pending.
Regional Exploration Update
Work is ongoing to generate regional exploration targets on the 10,300 hectare Goldfields property. During June our technical team completed field reconnaissance of historical gold prospects and occurrences which included data verification and geological mapping. Historical gold grades were verified through rock grab samples collected from historical trenches, highlighted by 4.92 g/t Au at Triangle, 3.89 g/t Au at Frontier Lake and 2.18 g/t Au from the Gauthier Shaft. Field data, as well as all available historical assessment data relating to these occurrences, have been incorporated into the Company’s regional geological models and will be integrated with a re-interpretation of the Titan Induced Polarization (“IP”) survey that was undertaken over the Goldfields Syncline in 2010.
Goldfields Technical Disclosure
All drilling is being carried out with NQ diameter. Core trays are transported directly from the drill rig to the Company’s logging facility in Uranium City. Sample intervals are selected for assay based on observations of lithology type, presence of quartz veins and sulphides. These intervals are marked up for continuous sampling with one metre sample increments (adjusted where necessary to not cross lithological boundaries). Core is sawn in half along the core axis for sampling, with the remaining half preserved and stored in the core box. Samples are bagged and placed in plastic pails sealed with security tags for export by air freight to Saskatoon (CA).
All sample processing is being carried out by TSL Laboratories Inc. (TSL) in Saskatoon using their screened metallics sample process method, which includes; (1) crushing of the entire sample; (2) pulverizing of the entire sample with 95 % passing 150 mesh; (3) screening the entire sample at 150 mesh; (4) assay the entire +150 mesh fraction; (5) duplicate assay of two 30 g splits of the -150 mesh fraction; and (6) calculation of the weighted average gold content (in g/t) for the entire sample. All assay is carried out by fire assay with a gravimetric finish. Rock grab samples collected during field reconnaissance were assayed using the same sample preparation and analytical procedures as used for core samples.
Certified reference blank and standard material is being used by the Company for independent QAQC of assay results (in addition to internal TSL quality assurance protocols). QAQC samples are inserted into assay sample sequences and results are reviewed to assess for any potential laboratory contamination and to verify assay accuracy and precision. A selected suite of samples will also be sent to another laboratory for additional “umpire” assay testing to further verify the results.
Details regarding the current 2021 Mineral Resource Estimate are provided within the National Instrument 43-101 Technical Report titled “Technical Report: Resource Estimate for the Goldfields Project” with an effective date of May 4, 2021. The Technical Report was authored by Mr. Cliff Revering, P. Eng., and Dr. Ron Uken, PhD, P. Geo. of SRK Consulting (Canada) Inc. (“SRK”), both of whom are Independent Qualified Persons in accordance with the requirements of NI 43-101. The Technical Report supports the 2021 MRE for Goldfields, which includes the Box and Athona gold deposits, and is available on SEDAR and the Company’s website.
The technical information contained in this news release has been reviewed and approved by Mr. Dale Verran, MSc, P.Geo, Pr.Sci.Nat., Fortune Bay’s Chief Executive Officer, who is also a Qualified Person in accordance with the requirements of NI 43-101.
The 100% owned Goldfields Project is the Company’s most advanced asset located in northern Saskatchewan, approximately 13 kilometres from Uranium City. The Project is host to the open-pittable Box and Athona gold deposits which contain combined Indicated Mineral Resources of 975,000 oz of gold (22.6 million tonnes at an average grade of 1.34 g/t) and Inferred Mineral Resources of 176,000 oz of gold (6.0 million tonnes at an average grade of 0.92 g/t). Goldfields is endowed with established infrastructure including existing roads, a powerline to site, and nearby facilities and an airport at Uranium City. The Project has a history of gold production (64,000 oz Au produced between 1939 to 1942), numerous exploration drilling campaigns and various historical mining studies (including a 2007 Feasibility Study for the Box deposit and a 2011 Pre-Feasibility for the Box and Athona deposits that were prepared in accordance with NI 43-101). The Box open-pit mine and mill development is permitted having received Ministerial approval under the Environmental Assessment Act in May 2008. The 10,300 hectare Goldfields property presents numerous exploration opportunities, including the potential to expand the Box and Athona deposits and discover additional resources at several other gold prospects and occurrences.
About Fortune Bay
Fortune Bay Corp. is a gold-focused exploration and development company with 100% ownership in two advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company has a goal of building a mid-tier gold exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company’s corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation.
Figure 1: Goldfields Project infrastructure and location map. (CNW Group/Fortune Bay Corp.)
Figure 2: Box Phase 1 drill hole locations (B21-334, B21-335 and B21-336). (CNW Group/Fortune Bay Corp.)
Figure 3: Box Phase 1 down hole assay results (B21-334, B21-335 and B21-336). (CNW Group/Fortune Bay Corp.)
Figure 4: Simplified model of the Goldfields Syncline. (CNW Group/Fortune Bay Corp.)
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