Fortune Minerals Ltd. March 17 reported that geophysics carried out last fall has identified five high-priority drill targets for this summer's drill program at the company's Nico gold-cobalt-bismuth-copper deposit in Canada's Northwest Territories.

Nico hosts 33.1 million metric tons of proven and probable reserves averaging 0.11% (82 million pounds) cobalt, 0.14% (110 million lb) bismuth, 0.04% (27 million lb) copper and 1.03 grams per metric ton (1.1 million ounces) gold.

Looking for potential fault offset extensions of this deposit, Fortune had induced polarization and ground magnetometer geophysical surveys carried out over five previously identified geophysical anomalies to refine drill targets along the eastern strike projection of the target.

Three-dimensional modeling and interpretation of data from this geophysical work completed by Aurora Geosciences Ltd. has been reconciled with the geology and previous drill information, identifying five high-priority targets for follow-up drilling this summer.

• East Extension of Nico – Fortune plans to drill four holes to test for an extension of Nico below volcanic cover rock. The Nico deposit is currently defined by a fence of holes drilled in 1997, before the ore controls were well understood. Fortune says most of these holes were terminated short of the rock-type that hosts the deposit. A fault has also been identified in this area that has likely displaced the east continuation of the deposit. Geophysics has identified coincident magnetic, chargeability and resistivity anomalies extending several hundred meters east of the presently defined terminus of the deposit, indicating the potential expansion in this area.

• Ralph Zone – A narrow zone of cobalt-gold-bismuth mineralization similar to the Nico deposit is exposed at the surface about 600 meters to the east. This zone was tested by four holes drilled in 1997, two of which identified significant alteration, including a three-meter interval averaging 1.1 g/t gold. With the primary focus on Nico at the time, no further drilling was completed at Ralph. This zone is associated with a strong magnetic feature that extends the east end of the known NICO deposit. There is also a partly coincident chargeability high identified by Aurora that extends to the east of the known showing and has not been tested. Fortune is planning to drill two holes this summer to test the east and west strike extensions of Ralph Zone.

• Peanut Lake Zone – A strong magnetic anomaly more than 500 meters in diameter with coincident gravity and partly coincident chargeability high anomalies at Peanut Lake is yet to be explained. Five holes were drilled to test the north rim of the magnetic feature in 1997, three of which intersected significant grades. Highlighted intercepts from these holes include three meters averaging 1.76 g/t gold and 0.113% cobalt; three meters averaging 1.82 g/t gold; three meters averaging 1.105 g/t gold and 0.355% cobalt; and three meters averaging 1.16 g/t gold and 0.06% cobalt. The peak chargeability high was not tested. Three additional holes are planned to test the strike continuation of these cobalt-gold intersections, including the chargeability high.

• Road Cut – Road construction being carried out at Nico in 2019 unearthed altered bedrock and boulders with sulfide mineralization similar to the Nico deposit about 800 meters southwest of the previous Peanut Lake drill holes. Grab samples collected from this newly exposed mineralization returned up to 1.6% copper. The area is otherwise covered by overburden and wetlands. Despite the presence of significant sulfide mineralization, there was little geophysical response identified in the 2020 Aurora survey, except a moderate chargeability high feature located 300 meters north of where the Road Cut sulfides are encountered. Three holes are planned to test the extent of the sulfides and identify the chargeability anomaly.

• Magnetic Anomaly A – Fortune is also planning to drill one hole to test a strong, partly coincident magnetic and chargeability anomalies identified approximately 800 meters northeast of the Nico deposit. A surface copper showing at this target is associated with a unique cordierite alteration that is sometimes associated with base metal deposits. Two holes were previously drilled to test the peak of Magnetic Anomaly A in 1997, one of which intersected low-grade copper, plus two meters averaging 1.8 g/t gold and 0.115% cobalt. Fortune says neither of these holes tested the chargeability peak.

Fortune Minerals Ltd.

Altogether, Fortune is planning to carry out roughly 3,200 meters of exploration drilling in 13 holes this summer at Nico.

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Shane Lasley, Publisher

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