Fortune Bay begins exploration drilling campaign in Goldfields

The Canadian mining company Fortune Bay Corp. has officially started its exploration drilling campaign at the Goldfields project, located in northern Saskatchewan. This stage includes 17 initial holes, equivalent to 3,250 meters, distributed in key zones such as the Box and Athona deposits, as well as in the historic Triangle, Golden Pond and Frontier deposits.

Drilling at Goldfields in high grade zones

At the Box deposit, the company aims to extend the high-grade gold mineralization to high-grade gold mineralization beyond the current limits defined in the open pit resource estimate. Work will seek to test continuity at depth to evaluate its subway potential. Previous intersections, which showed up to 13.22 g/t over 8 meters, support this technical approach.

The Athona deposit will also be evaluated by two holes aimed at confirming the extension of mineralization to the west, in a poorly drilled parallel structure known as Athona West. The potential to add resources with minimal drilling makes this area a near-term priority.

Within two kilometers of the existing infrastructure are the historic Frontier, Golden Pond and Triangle deposits, which will be re-evaluated after decades of low exploration. Triangle is highlighted by surface showings reaching 177 g/t gold, while Golden Pond and Frontier offer favorable near surface structures, which could allow for future low-cost operations.

Road to development

This drilling program is being carried out in parallel with the technical studies required to complete the Prefeasibility Study scheduled for 2026. These include geotechnical analysis, environmental studies and metallurgical testing. metallurgical testingall with the objective of consolidating Goldfields as an economically and environmentally viable gold asset.

The proximity of exploration targets to existing infrastructure, combined with a strategic focus on resource expansion, places Fortune Bay in a competitive position within the Canadian mining market.

Dale Verran, CEO of the company, had already anticipated this development following the successful closing of an $8 million financing. With this backing, Fortune Bay seeks to capitalize on the results of the updated Preliminary Economic Assessment, which projects an after-tax NPV of C$610 million at a base gold price of US$2,600 per ounce.

Source and photo: Fortune Bay