- Fortune Bay (FOR) is announcing positive results from the independent preliminary economic assessment (PEA) for its Goldfields Project in Saskatchewan
- The PEA supports an operation with low capital cost and a high rate of return
- This would be over an 8.30-year mine life with a production of 835,000 gold ounces
- The current gold resource estimates for the known deposits are 979,900 ounces of indicated gold and 210,800 ounces of inferred gold
- CEO Dale Verran spoke with Brieanna McCutcheon about the news
- Fortune Bay is engaged in the acquisition, exploration, and development of mineral interests
- Fortune Bay (FOR) is up by 3.45 per cent trading at $0.30 per share
Fortune Bay (FOR) is announcing positive results for its independent PEA for its Goldfields Project in Saskatchewan.
The PEA supports an operation with low capital cost ($234 million) and a high rate of return over an 8.30-year mine life, which would produce roughly 835,000 ounces of gold.
Specifically, the company estimated the project to have an after-tax net present value of $285 million, a 35.20-per-cent internal rate of return, and a payback of 1.70 years estimated with the gold price of US$1,650 per ounce.
The expected average annual gold production would be 101,000 ounces over the life of the mine, with an average of 122,000 ounces per year during the first four years.
The Goldfields Project is south of Uranium City in northern Saskatchewan and is made up of 12 mineral dispositions, covering 5,000 hectares, which host two known gold deposits and several gold prospects.
The current gold resource estimates for the known deposits are 979,900 ounces of indicated gold and 210,800 ounces of inferred gold.
CEO Dale Verran spoke with Brieanna McCutcheon about the news.
Fortune Bay is engaged in the acquisition, exploration, and development of mineral interests.
Fortune Bay (FOR) is up by 3.45 per cent trading at $0.30 per share as of 10:18 am EST.
