Additional sampling by Fortune Minerals (CDN) on its NICO polymetallic property near Yellowknife, N.W.T., has yielded encouraging results.
While staking additional ground, Fortune collected chip samples from the No.3 zone where grab samples had previously yielded 1.1% and 0.65% cobalt. The chip samples returned grades of 0.25% cobalt over 5 metres; 0.23% cobalt and 0.1% copper across 2 metres; and 0.56% cobalt, 0.26% copper and 1 gram gold per tonne over 3 metres. A new showing was also discovered, yielding 0.36% copper over 1 metre.
Fortune has reached an agreement with two individuals to purchase their respective 33.33% interests in the original NICO 1, 2 and 3 claim blocks for a total consideration of 300,000 Fortune shares and $20,000 cash. Upon completion of the agreement, Fortune will own 100% of the property. The company has also staked nine additional contiguous blocks of claims, increasing the total NICO land package to 6,548 hectares.
Fortune has now identified eight showings on the NICO project. The occurrences coincide with several airborne magnetic and potassium anomalies recently outlined by the Geological Survey of Canada (GSC). One of the potassium anomalies covers a 15-sq.-km area, and is among the largest anomalies ever documented by the GSC. The potassium anomalies are believed to represent a large, hydrothermal alteration system, possibly similar to the Olympic Dam copper-gold deposit in Australia.
About 5 km northeast of the NICO Group, Fortune has staked three claim blocks known as the JBG Group. These claims, totalling 3,114 hectares, cover several copper-gold-iron showings in favorable rock types with coincident potassium and aeromagnetic anomalies.
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