FORTUNE MINERALS ANNOUNCES DRILL RESULTS FROM THE NICO
CLAIMS
Canadian Dealing Network: Symbol, ``FORM''
Issued Capital: 5,687,503 common shares.
LONDON, Ont., June 10 /CNW/ - Fortune Minerals Limited announces that
drilling on its 16,179 acre NICO property, 160 kilometres west of Yellowknife,
NWT is continuing to intersect significant gold on the northeast flank of the
Bowl Zone. Drill hole NICO-97-44 intersected 7 metres (22.97'), averaging
28.663 grams of gold/tonne (0.831 ounces/ton), 0.055% cobalt, and 0.036%
bismuth, including 4 metres, grading 47.310 grams of gold/tonne (1.372
ounces/ton), 0.085% cobalt, and 0.060% bismuth. Hole 49 intersected 13 metres
(42.65'), averaging 3.687 grams of gold/tonne, 0.033% copper, 0.078% cobalt,
0.031% bismuth, and 0.038% tungsten oxide, including 3 metres, grading 14.980
grams of gold/tonne (0.434 ounces/ton), 0.080% copper, 0.232% cobalt, 0.113%
bismuth, and 0.100% tungsten oxide. Hole 40 also intersected 8 metres, grading
5.860 grams of gold/tonne (0.170 ounces/ton).
Drilling has now extended the length of the Bowl Zone a further 200
metres to the east to 1.1 km (undelimited). The gold zone (greater than 1 g/T
Au) on the northeast flank of the deposit has similarly been extended an
additional 200 metres to 650 metres and up to 300 metres in width on Section
20 West. A fault displaces the mineralization southwards in the vicinity of
Sections 17 and 18 West such that no significant metal concentrations were
achieved in the more northerly holes on these lines (holes 43, 45, and 46).
Otherwise, the deposit remains open along strike in both directions.
Two holes were also drilled to test the NICO Lake Zone 1.7 kilometres
east of the currently defined limit of the Bowl Zone. Hole NICO-97-48
intersected 3 metres, grading 1.52 grams of gold/tonne, 0.044% cobalt and
0.020% bismuth. The intersection indicates that mineralization similar to the
Bowl Zone exists southeast of the currently delineated resource and
consequently that there is good potential to expand the deposit.
Drilling will resume later this month on Fortune's NICO Project and will
continue to trace the east strike extension of the Bowl Zone, conduct infill
drilling and test new targets. A second drill rig will concurrently commence
drilling on the Company's nearby SUE-DIANNE Copper-Silver-Gold-Molybdenum
Project.
The Board of Directors of Fortune Minerals Limited have approved
proposing a special resolution to the shareholders amending the Articles of
the Corporation to subdivide the common shares on a 3- for -1 basis. A motion
to split the stock will be tabled at the forthcoming Annual and Special
Meeting of the shareholders to be held on July 22 in London.
SIGNIFICANT BOWL ZONE DRILL HOLE INTERSECTIONS
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FROM TO LENGTH LENGTH GOLD COPPER COBALT BISMUTH TUNGSTEN GROSS
(metres)(metres)(metres)(feet)(grams/ (%) (%) (%) OXIDE METAL
Tonne) (%) VALUE
(CDN$/
Tonne)
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NICO-97-40 - Line 19 West / 320 metres North, - 90 deg. Dip
-------------------------------------------------------------------------
15.00 23.00 8.00 26.25 0.070 0.080 0.013 0.026 - $15.03
92.00 96.00 4.00 13.12 - - 0.069 0.036 0.020 $52.36
118.97 121.97 3.00 9.84 0.400 0.020 0.382 0.010 0.040 $273.98
139.97 148.97 9.00 29.53 0.100 0.013 0.046 0.045 0.137 $47.05
229.08 237.08 8.00 26.25 5.860 - - - - $88.68
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NICO-97-41 - Line 18 West / 177 metres North, 200 deg. Aximuth, - 45
deg. Dip
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50.17 58.71 8.00 26.25 2.090 - 0.043 - 0.020 $62.33
69.71 72.71 3.00 9.84 0.665 - 0.032 - 0.100 $39.01
83.71 112.71 29.00 95.14 0.801 0.168 0.071 0.023 0.060 $72.62
123.71 134.84 11.13 36.52 0.238 - 0.170 0.180 0.030 $139.83
170.84 174.84 4.00 13.12 0.040 - 0.079 0.055 0.020 $61.66
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NICO-97-42 - Line 18 West / 177 metres North, 200 deg. Azimuth, - 65
deg. Dip
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22.43 29.43 7.00 22.97 0.160 0.060 0.032 - 0.043 $29.46
55.44 82.45 27.01 88.62 0.536 - 0.066 - - $53.89
85.45 94.45 9.00 29.53 0.298 - 0.033 - 0.130 $35.96
143.05 147.05 4.00 13.12 0.185 - 0.074 - - $53.87
151.05 159.05 8.00 26.25 0.075 - 0.072 - - $50.83
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NICO-97-44 - Line 17 West / 166 metres North, 200 deg Azimuth, - 45
deg. Dip
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46.71 53.71 7.00 22.97 28.663 - 0.055 0.036 - $475.41
Including:
46.71 50.71 4.00 13.12 47.310 - 0.085 0.060 - $780.27
73.14 76.14 3.00 9.84 0.860 - 0.056 0.015 - $53.06
82.14 91.14 9.00 29.53 0.175 - 0.093 - - $67.05
Including:
82.14 85.14 3.00 9.84 0.240 - 0.142 - - $101.62
221.80 225.80 4.00 13.12 - 0.395 - - - $16.61
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NICO-97-49 - Line 20 West / 183 metres North, - 90 deg. Dip
-------------------------------------------------------------------------
16.95 23.95 7.00 22.97 - 0.061 0.033 - - $24.84
30.88 41.05 10.17 33.37 0.194 0.232 0.065 0.034 0.037 $61.04
Including:
38.00 41.05 5.05 16.57 0.376 0.398 0.094 0.059 0.065 $92.95
70.05 83.05 13.00 42.65 3.687 0.033 0.078 0.031 0.038 $116.10
Including:
80.05 83.05 3.00 9.84 14.980 0.080 0.232 0.113 0.100 $406.83
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- Gross Metal Value is the aggregate of the current market values for the
contained metals and is not necessarily indicative of the recovery of
such metals in the event of production.
- Metal values used in these calculations were obtained from the April
21, 1997 issue of the Northern Miner and include U.S. $345.60 per ounce
of gold, U.S. $22.85 per pound of cobalt, U.S. $3.11 per pound of
bismuth, U.S. $1.06 per pound of copper, U.S. $2.27 per pound of
tungsten oxide and $1 Cdn = $0.716 U.S.
- A drill plan is available from the Company upon request.
FORTUNE MINERALS LIMITED
Robin E. Goad,
President.
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Richard,
The map you want for above drillings may be obtained from Mr. Goad at FORM Ltd. Ditto for future drill plans.
Sorry, the pasting of the release above was not good enough. For better reading of the numbers, go to the Fortune Minerals thread where a typed in release was posted.
Richnorth |
