14:26:45 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Fortune Minerals Ltd
Symbol FT
Shares Issued 381,783,000
Close 2022-09-30 C$ 0.08
Market Cap C$ 30,542,640
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Fortune Minerals receives another JFSL option extension

2022-10-03 11:18 ET - News Release

Mr. Troy Nazarewicz reports

FORTUNE MINERALS EXTENDS OPTION TO ACQUIRE THE ALBERTA REFINERY SITE FOR THE NICO CRITICAL MINERALS PROJECT

Fortune Minerals Ltd., due to the current economic and capital market volatility, has secured an additional extension to the option to purchase the JFSL Field Services ULC brownfield site in Lamont county, Alberta (see the news releases dated Jan. 24, 2022, and July 14, 2022). Fortune plans to construct a hydrometallurgical refinery at this site for its vertically integrated NICO cobalt-gold-bismuth-copper critical minerals project. The JFSL facility is a former steel fabrication plant located on 76.78 acres of lands in Alberta's industrial heartland northeast of Edmonton; it has 42,000 square feet of serviced shops and buildings adjacent to the Canadian National Railway. The JFSL site is also close to services, sources of reagents, and a commutable pool of engineers and skilled chemical plant workers to materially reduce capital and operating costs for the planned NICO project development.

Pursuant to the option agreement, Fortune can acquire the JFSL site and facilities for $5.5-million. The term of the option has now been extended in monthly increments by Fortune paying JFSL $15,000 per month up to Dec. 31, 2022. During the extension period, JFSL can solicit competing offers for the facility, subject to Fortune's right to complete its purchase on the agreed terms by the end of the month for any extension period and/or Fortune's right of first refusal to match a competing offer.

The NICO refinery would process metal concentrates from the planned NICO cobalt-gold-bismuth-copper mine and concentrator in the Northwest Territories, enabling Fortune to become a vertically integrated producer of cobalt sulphate needed to make the cathodes of lithium-ion batteries used in electric vehicles, portable electronics and stationary storage cells. The refinery would also produce bismuth ingots and oxide, an eco-metal used in the automotive and pharmaceutical industries, and with growing demand as an environmentally safe and non-toxic replacement for lead in free-machining steels and aluminum, brasses and solders used in potable drinking water sources, and electronics, ceramic glazes, radiation shielding, glass, ammunition, and fishing weights, and environmentally safe plugs to decommission oil and gas wells. The mineral reserves for the NICO deposit also contain more than one million ounces of gold, in addition to copper as a minor byproduct. The vertically integrated NICO project is an advanced-development-stage critical minerals development asset that has already received environmental assessment approval and the major mine permits for the facilities in the NWT. The project has also been assessed in positive feasibility and front-end engineering and design (FEED) studies that will be updated to reflect the new refinery site and recent project optimizations.

For more detailed information about the NICO mineral reserves and certain technical information in this news release, please refer to the technical report on the NICO project entitled "Technical report on the feasibility study for the NICO-gold-cobalt-bismuth-copper project, Northwest Territories, Canada," dated April 2, 2014, and prepared by Micon International Ltd., which has been filed on SEDAR and is available under the company's profile. The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, MSc, PGeo, president and chief executive officer of Fortune, who is a qualified person under National Instrument 43-101.

About Fortune Minerals Ltd.

Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper critical minerals project in the NWT and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 kilometres north of the NICO deposit and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator.

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