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?
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