Fortune Bay (TSXV: FOR) has released an updated pit-constrained resource estimates for the Box and Athona deposits, 2 km apart, at its past-producing Goldfields project in northern Saskatchewan. The latest resource figures are based on verified historical drill data and incorporate new geological and mineralization models for the property.
The indicated resources total 22.6 million tonnes at 1.34 grams gold per tonne, for 975,000 oz., with inferred resources of 6 million tonnes grading 0.92 gram gold, adding 176,000 ounces. Resources are based on a 0.3 gram gold per tonne cut-off grade.
"The resource estimate marks an important milestone for the Goldfields project by confirming almost one million indicated ounces of open-pit constrained gold within a more reliable and geologically representative estimate," Dale Verran, Fortune Bay CEO, stated in a press release. "Mineral resource estimates are ultimately judged through reconciliation with mine production. The precise reconciliation of the resource estimate with historical mine production at the Box deposit provides substantial confidence in the estimate and a solid foundation on which to advance the project."
The latest resource figures reconcile to within 1% of historical mine production.
Earlier this month, Fortune Bay started a 5,000-metre drill program at the project. Drilling is ongoing at the Athona South target to confirm historical results and infill and step-out mineralization.
Between 1939 and 1942, the Box mine produced 1.3 million tonnes at 1.54 grams gold per tonne, generating approximately 64,000 ounces.
The 103-sq.-km Goldfields property is in the northern part of Saskatchewan, approximately 13 km from Uranium City.
A 2011 prefeasibility for Box and Athona outlined a $159 million, 13-year open pit mine with a 5,000 tonne per day mill.