October 5, 2000
Listing: TSE, symbol FT
Issued Capital: 17,586,669
NEWS RELEASE
fortuneminerals.com
FORTUNE MINERALS ANNOUNCES NICO DRILL RESULTS
Fortune Minerals is pleased to report results of eleven holes recently received from its summer drill program on the NICO cobalt-gold-bismuth deposit, located 160km northwest of Yellowknife, Northwest Territories. Significant intersections for holes NICO-00-236 to ¡V246 are compiled in the appended table. The holes were targeted by Strathcona Mineral Services Limited (Strathcona) as part of their ongoing economic evaluation of the deposit. Many of the current holes were drilled to extend the deposit up the projection of dip in order to reduce waste rock stripping. Others were drilled to confirm the continuity and evenness of grades within the center of the deposit to reduce internal dilution.
The recently received results continue to meet the Company¡¦s expectations. Several holes intersected mineralized lenses within a few metres of surface accomplishing one of the principal objectives of the program. Notably, hole NICO-00-236 achieved a grade of .13% cobalt and .17% bismuth over a 29.6m true width starting at 1.2m below surface. Similar results approximating the deposit average grade were also intersected in other holes within a few metres of surface.
Drilling continues to encounter the highest grades within the central core of the deposit. Hole NICO-00-241 intersected 25.7m averaging .17% cobalt, 1.45g/t gold and .17% bismuth in the Middle of three lenses typically encountered within the deposit. The hole also returned grades of .30% cobalt, 1.82g/t gold and .29% bismuth over 9.7m in the Lower Lens, including values up to 1.08% cobalt and 12.64g/t gold over 1m. Hole -241 was drilled at an angle such that true widths are 98% of the core intersections.
The current phase of drilling at NICO was recently completed. Assays are being received from the remaining seven holes of the program and will be released as they become available. Strathcona will then re-estimate the NICO resources and update the economic evaluation of the deposit. In compliance with proposed National Instrument 43-101, Strathcona is an independent consulting company acting as ¡§Qualified Person¡¨ and advising Fortune on the exploration of NICO. Assays are being conducted at ALS Chemex Labs Ltd. and Lakefield Research Limited.
Fortune Minerals is an exploration company with diverse interests in projects in the Northwest Territories and Ontario. It is the operating partner in the NICO and Sue-Dianne deposits and has interests in other base and precious metals and diamond exploration projects. Fortune is the operating partner in Formosa Environmental Aggregates Ltd., an industrial mineral development company.
Fortune Minerals Limited
[signed]
Robin E. Goad,
President.
Further information can be obtained from Fortune Minerals at: Tel:519-858-888, Fax:519-858-8155, Email: info@fortuneminerals.com , and Website:www.fortuneminerals.com
SIGNIFICANT BOWL ZONE DRILL HOLE INTERSECTIONS
FROM
Metres TO
Metres LENGTH metres COBALT
% GOLD
g/t BISMUTH
%
NICO 00-236 Line 24W, 2+23N azimuth 200„a, dip ¡V46„a
1.2 30.8 29.6 0.13 - 0.17
* 10.3 16.6 6.3 0.20 - 0.19
86.5 112.8 26.3 0.15 0.86 0.05
* 92.2 97.2 5.00 0.45 2.88 0.05
* 94.2 95.2 1.00 0.97 9.18 0.04
NICO 00-238 Line 20+47W, 1+45N azimuth 196„a, dip ¡V47„a
77.4 85.5 8.1 0.10 - 0.05
NICO 00-239 Line 19+47W, 1+23N azimuth 200„a, dip ¡V44„a
68.8 85.9 17.1 0.10 - 0.11
NICO 00-240 Line 21+96W, 3+91N azimuth 200„a, dip ¡V48„a
132.9 143.9 11.0 0.10 0.91 0.33
187.1 193.4 6.3 0.21 0.59 0.31
217.3 232.4 15.1 0.08 1.24 0.01
* 217.3 219.3 2.0 0.26 6.97 -
NICO 00-241 Line 21+96W, 3+91N azimuth 200„a, dip ¡V57„a
138.0 144.7 6.7 0.05 1.33 0.02
* 138.0 139.0 1.0 0.05 4.67 0.06
193.0 218.7 25.7 0.17 1.45 0.17
200.0 209.7 9.7 0.30 1.82 0.29
* 208.7 209.7 1.0 1.08 12.64 0.04
NICO 00-242 Line 22W, 4+18N azimuth 200„a, dip ¡V65„a
153.2 174.5 21.3 0.16 1.10 -
* 160.7 174.5 13.8 0.22 0.68 -
* 171.1 174.5 3.4 0.57 1.37 0.01
222.5 228.6 6.1 0.22 0.12 -
NICO 00-243 Line 22W, 3+56N azimuth 200„a, dip ¡V40„a
31.7 38.4 6.7 0.10 0.09 0.02
155.7 210.8 55.1 0.13 0.14 0.26
* 156.7 178.3 21.6 0.20 - 0.36
189.9 191.9 2.0 0.28 1.58 0.57
NICO 00-244 Line 22+48W, 3+33N azimuth 200„a, dip ¡V52„a
1.5 11.5 10.0 0.12 - 0.04
60.7 71.8 11.1 0.13 - 0.10
* 65.7 69.7 4.0 0.22 - 0.17
129.0 163.5 34.5 0.13 0.97 0.12
* 150.4 163.5 13.1 0.12 2.51 0.03
* 152.4 155.4 3.0 0.15 4.93 0.04
180.5 183.6 3.1 0.14 0.55 0.12
NICO 00-245 Line 22+48W, 3+33N azimuth 200„a, dip ¡V76„a
1.5 16.9 15.4 0.09 - 0.04
84.5 88.5 4.0 0.10 - 0.20
NICO 00-246 Line 17+50W, 0+38N azimuth 200„a, dip ¡V45„a
43.1 69.2 26.1 0.15 - 0.10
* 62.5 69.2 6.7 0.28 - 0.18
80.1 100.7 20.6 0.13 - 0.04
* 82.1 89.8 7.7 0.21 - 0.08
* Included within the larger interval
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