(Kitco News) – Fortune Bay (TSXV:FOR, Frankfurt:5QN) today announced a new mineral resource estimate (MRE) of 1,151,000 oz of gold for its 100% owned Goldfields project, located in northern Saskatchewan.
According to the company’s statement, this new MRE replaces the historical MRE, as outlined in the historical 2011 pre-feasibility study, and serves to classify current mineral resources for the project in accordance with National Instrument 43-101.
The company said that indicated mineral resources amounted to 975,000 oz of gold (22.6 million tonnes at an average grade of 1.34 g/t) and inferred mineral resources amounted to 176,000 oz of gold (6.0 million tonnes at an average grade of 0.92 g/t).
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 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 (~80,000 metres of drilling in ~675 drill holes) and various historical mining studies.
Fortune Bay is a gold-focused exploration and development company with 100% ownership in two advanced gold projects in Canada, Saskatchewan (Goldfields project) and Mexico, Chiapas (Ixhuatán project), both with exploration and development potential.