17 November 2021
News Release 11/17/2021, LONDON, Ontario--(BUSINESS WIRE)-- Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to announce that it has closed a private placement of 3,571,399 common shares issued at a price of C$ 0.14 per share on a “flow-through” basis pursuant to the Income Tax Act (Canada) to raise gross proceeds of approximately C$500,000. The net proceeds received from this offering will be used to fund eligible Canadian Exploration Expenses on the Company’s wholly-owned NICO cobalt-gold-bismuth-copper project (“NICO Project”) in the Northwest Territories.
Fortune is conducting a drill program at the NICO Project testing high priority targets identified in earlier geophysical and drilling programs, as well as surficial mineralization exposed in a road cut along the NICO Project access road alignment. Four holes have been completed at the east end of the NICO deposit to test the continuity of mineralization beyond an area of faults and dykes that were previously thought to terminate the deposit. Four holes have also been drilled to test the continuity of the Peanut Lake Zone where five holes drilled in 1997 each intersected 3 metre intervals exceeding 1 gram per tonne of gold, including one 3 metre intersection of 1.105 grams of gold per tonne and 0.355% cobalt. Two holes have also been drilled to test extensions to the Ralph Zone mineralization. The drill rig is expected to be moved to the area of the Road Cut mineralization later this week. No assays have been received to date.
This press release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a "Qualified Person" under National Instrument 43-101.
Fortune is a Canadian mining company focused on developing the NICO Cobalt-Gold-Bismuth-Copper Project in the NWT. The Company has an option to purchase lands in Saskatchewan where it may build the hydrometallurgical plant to process NICO metal concentrates and is also evaluating other brownfield locations with existing facilities to reduce project capital and operating costs. In addition, Fortune owns the satellite Sue-Dianne Copper-Silver-Gold Deposit located 25 km north of the NICO Project mine site and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator.