A rise of 41.20% to $0.1700 was recorded by Fortune Minerals Limited (OTC: FTMDF) stock in the last session. Compared to its month-to-month performance of 86.81%, the FTMDF stock performance over the last week was 75.4%. Following news of geological surveys conducted recently, the Fortune Minerals stock marked its third straight rally.
The surveys were carried out for what purpose?
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In the Northwest Territories, the Canadian mining company Fortune Minerals focuses on its NICO project to develop cobalt, gold, bismuth, and copper deposits. A land-based hydrometallurgical facility to convert NICO metal concentrates into metals can be developed by the FTMDF. Additionally, FTMDF has a near-surface copper-silver-gold deposit located 25 km north of the NICO Project, the Sue-Dianne Copper-Silver-Gold Deposit, which could be utilized as an addition to mill feed at the NICO Project.
Fortune Minerals recently reported that Aurora Geosciences has carried out three-dimensional (3D) independent magnetic and induced polarization (“I.P.”) surveys that included the completion of ground magnetometer surveys east of the Northwest Territories last fall.
- Those interpretations of a geophysical nature were corroborated with a review of the geology and drilling data, resulting in five high-priority targets to be drilled early this summer.
- Iron-Oxide-Copper Gold (“IOCG”) deposits can be found in the NICO Deposit and FTMDF‘s Sue-Dianne Copper-Silver-Gold satellite deposit nearby.
- Olympic Dam in South Australia, the Carajas deposits in Brazil, and Candelaria deposits in Chile are similar deposits with world-class global analogs.
- It is expected that the NICO Deposit and Sue-Dianne Deposit may have the potential for expansion, and like other IOCG deposits worldwide, the deposits are associated with radiometric, I.P., magnetic, and gravity anomalies that are strong.
- Aurora was commissioned by FTMDF last fall to conduct ground magnetometer and in-situ geophysical surveys along the former boundary of NICO and the Peanut Lake area.
- Field data was recorded for several targeting targets with magnetic, chargeability, and resistance values indicating dense, magnetic, and electrical sources.
- Aurora was then retained to conduct 3D modeling and interpret the results for the identification of drill targets.
Outcome of the survey conducted:
For the next 13 holes of which 3200 meters should be drilled, FTMDF and Aurora recommend five high priority targets including:
- East Extension of NICO Deposit
- Peanut Lake Zone
- Ralph Zone
- Magnetic Anomaly A Target
- Road Cut Mineralization