Identifies Multiple IOCG Targets
Fortune Minerals Limited (TSX: FT) reports that Aurora Geosciences Ltd has completed induced polarisation (I.P.) and ground magnetometer geophysical surveys along the projected east extension of the NICO Gold-Cobalt-Bismuth-Copper Deposit in Canada’s Northwest Territories.
The surveys were successful in outlining several large areas of coincident chargeability and magnetic high response with low electrical resistivity indicative of near-surface magnetic and conductive sources.
Fortune has retained Aurora to complete a more detailed interpretation of the survey results with three-dimensional (3D) modelling of the combined anomalies based on the property geology and the Company’s historical geophysical and LiDar databases.
The report deliverables will include recommendations for drill testing of the identified anomalies with specified collar locations and targeting information.
The results of the ground magnetometer and I.P. surveys on the NICO property include a kilometre-long area of coincident magnetic, chargeability and resistivity anomalies extending southeast from the presently defined east end of the NICO Deposit.
This is an area where there are block faults with vertical and horizontal displacement of the geology. Only limited drilling was carried out in this in this area, but a hole completed in 1997 intersected three metres, grading 1.1 g/t gold. The geophysics and drill-hole data indicate the east end of the NICO Deposit may be open for possible expansion.
The previously disclosed Peanut Lake anomaly was also delineated by Aurora with partly overlapping magnetic, chargeability and resistivity anomalies ranging from 400 to 600m wide. These anomalies coincide with gravity and magnetic anomalies identified in earlier geophysical surveys for Fortune as well as 3D inversion modelling of a combined magnetic, gravity and magnetotelluric anomaly by the Geological Survey of Canada.
Three holes drilled in this area in 1997 also intersected mineralisation similar to the NICO Deposit with grades of 1.11 g/t gold and 0.355% cobalt, 1.16 g/t gold and 0.06% cobalt, 1.52 g/t gold and 0.05% cobalt – each over three metre core lengths.
The Aurora geophysical surveys also identified a new area of previously unrecognised combined magnetic and chargeability high anomalies with corresponding low resistivity located approximately 200m northeast of the east end of the NICO Deposit. The anomalies extend 700m east to NICO Lake where they remain open for possible expansion beneath the water. Additional smaller anomalies were also discovered in the surveys.
