Halifax, New South Wales, November 25, 2022 /CNW Telbec/ – Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) (“Fortune Bay” or the “Company”) submits an independent preliminary economic evaluation (“PEA”). I am happy to announce. ) technical report of a nearby 100% owned Goldfields project (“Goldfields” or “Project”) Uranium City, Saskatchewan.
Fortune Bay news release date November 1, 2022titled “Fortune Bay Announces Positive PEA for Goldfields Project, Saskatchewanoutlines key results, assumptions and estimates contained in Goldfields PEA. This PEA provides a base case assessment of the Goldfields Mineral Resource development through conventional open pit mining methods and gold recovery through standard free milling flowsheets. In summary, the economic model supports operations with low capital costs and high returns over a mining life of 8.3 years, with an average annual production of 101,000 ounces of gold.
PEA Highlights:
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Robust economics with net present value after tax (“NPV”) (5% discount rate) 285 million Canadian dollarswith an internal rate of return (“IRR”) of 35.2% and an estimated return on investment of 1.7 years in the gold price $1,650 per ounce
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Average annual gold production of 101,000 oz over the life of the mine (“LOM”) of 122,000 oz per year in the first four years
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8.3 year LOM producing 835,000 ounces of gold
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average cash cost of $778/oz and Total Maintenance Cost (“AISC”) $889/oz gold
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initial capital investment 234 million Canadian dollars
The PEA Technical Report was prepared by Ausenco Engineering Canada Inc. (“Ausenco”) in collaboration with Moose Mountain Technical Services in accordance with National Instrument 43-101 – Disclosure Standard for Mineral Projects (“NI 43-101”). Mine Design, and SRK Consulting (Canada) Inc. provides updated mineral resource estimates and environmental, permitting, and social aspects. Technical reports are available at the Fortune Bay Corp. company profile at www.sedar.com and at the company’s website at www.fortunebaycorp.com.
The technical and scientific information in this news release is Dale Veran, M.Sc., P.Geo., Chief Executive Officer of the Company and a qualified person as defined in NI 43-101. Mr. Verran said he is a Fortune Bay employee and is not independent of the company under NI 43-101.
About Goldfields
100% owned Goldfields Project uranium city in the north SaskatchewanThe project consists of 12 mineral deposits covering approximately 5,000 hectares and hosts the Box and Athona gold deposits and many other gold prospects and productions. The project is located within a historic mining area and benefits from well-established infrastructure, including roads to box deposits and hydroelectric power stations.Nearby facilities and services uranium city Bulk fuels, civil contractors, and commercial airports. The project included gold production (between 1939 and 1942 he produced 64,000 ounces), numerous exploration drilling campaigns (over 1,000 boreholes), and historic gold mines by the project’s previous owners. It has a history of mining research. Box and Athona Current Total Gold Resources (Effective Date) September 1, 2022) is 979,900 ounces of gold in the Indicated category (23.2 million tons of gold with an average grade of 1.31 g/t) and 210,800 ounces of gold in the Inferred category (7.1 million tons of gold with an average grade of 0.92 g/t). .
About Osenco
Ausenco is a global company with 26 offices in 14 countries and more than 80 projects worldwide. Combining deep technical expertise with his 30-year track record, Ausenco provides innovative, value-added consulting research, project delivery, asset management and maintenance solutions to the mining and metals, oil and gas, and industrial sectors. It offers.
About Fortune Bay
Fortune Bay Corporation (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) is an exploration and development company wholly owns two advanced gold exploration projects. Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), with potential for both exploration and development. The company also has 100% owned Strike and Murmac uranium exploration projects near the Goldfields project. Athabasca basin. The Company aims to build a mid-tier exploration and development company through the promotion of existing projects and strategic acquisition of new projects to create a pipeline of growth opportunities. Our corporate strategy is driven by a board and management team with a track record of discovery, project development and value creation. For more information on Fortune Bay and its assets, please visit his website at: www.fortunebaycorp.com or, info@fortunebaycorp.com or by calling 902-334-1919.
On behalf of Fortune Bay Corporation
“Dale Veran”
Chief executive officer
902-334-1919
Cautionary Note Regarding Forward-Looking Statements
The information contained in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. It does not guarantee future performance. “expect”, “intend”, “expect”, “target”, “goal”, “project”, “intend”, “plan”, “believe”, “seek”, “estimate”, Words such as “continue,” “may,” variations of such words, and similar expressions and references to future periods are intended to identify such forward-looking statements. including but not limited to: future project opportunities, including PEA results, future operating and capital costs, closing costs, AISC, projected NPV, IRR, time timelines for permits, ability to obtain the necessary permits, economics and associated returns of the project, technical feasibility of the project, the market and future price and demand for gold, the environmental impact of the project, and continued ability to work collaboratively with stakeholders, including at the local government level. Forward-looking statements are based on assumptions and address future events or circumstances and, therefore, are inherently subject to risks and uncertainties. These statements are based on information currently available to us, but there is no guarantee that actual results will meet management’s expectations. Risks, uncertainties and other factors associated with forward-looking information may cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. may differ. Forward-looking information in this news release includes our objectives, goals or future plans, statements, exploration results, mineralization potential, mineral resource estimates, exploration and mine development plans, and timing of commencement of operations. include, but are not limited to: and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include failure to identify mineral resources, inability to convert estimated mineral resources to reserves, and recommended production decisions. including, but not limited to, the inability to complete a feasibility study. the provisional nature of metallurgical test results; delays or failures in obtaining required governmental, environmental, or other project approvals; political risks; Uncertainty regarding the availability and cost of funding required in the future, stock market changes, inflation, exchange rate changes, commodity price fluctuations, project development delays, capital and Operating costs and other risks involved in the mineral exploration and development industry and those risks set in the company’s pub license documents filed with SEDAR. Although we believe that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, such information applies only as of the date of this news release. undue reliance should not be placed on and no warranty is given. Such events are assumed to occur within the disclosed time or not at all. We disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. For more information on Fortune Bay, visit his Fortune Bay website at: www.fortunebaycorp.com.
Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.
Source: Fortune Bay Corp.
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