Fortune Minerals (TSE: FT) has made a new copper discovery at its NICO cobalt-gold-bismuth-copper project 160 km northwest of Yellowknife in Canada’s Northwest Territories.
The new mineralization was exposed last spring in a pit excavated to provide aggregate for road work. It is 1.6 km southwest of and on the projected strike of the advanced NICO project.
Three of four representative grab samples collected from the pit returned grades of 1.66%, 1.55% and 0.78% copper after analysis by ALS Canada. The new copper zone is located on the edge of a previously identified coincident magnetic, gravity and electrical resistivity anomaly at Peanut Lake.
The anomalies are similar to the found at the main NICO deposit. Additional geological investigations are to be carried out nearby this summer.
Geological work is also being done on anomalies near Chalco Lake, where small copper showings have been identified. No decision has yet been made as to follow-up geophysical studies or future drilling at this site. Fortune is in the process of updating its 2014 feasibility study for the NICO project.
(This article first appeared in the Canadian Mining Journal)