Small Silver Miner With A Whole Bunch Of Extras
In the last write up below we looked at Carmax Mining who is working in the Golden Triangle of British Columbia on a copper-moly-gold deposit. Today we are going to take a look at a junior that also is working on a project in the same area, has a producing silver mine and is also developing a rare earth type deposit of colbalt and bismuth. The company is Fortune Minerals FT.
Fortune Minerals project in the Golden Triangle is the Arctos project which is one of the world's premier metallurgical coal developments. The project is owned by the Arctos Anthracite Joint Venture an international collaboration between Fortune (80%) and POSCO Canada Ltd. (20%), a subsidiary of South Koreas POSCO one of the world's largest steel producers. POSCAN is responsible for funding 20% of the capital and operating costs for the project and will receive 20% of the coal. Anthracite coal is a prized type of coal for steel making and this deposit will potentialy supply 3 million tons of coal a year for about 25 years.
Fortune Minerals also has the Revenue Mine in Colorado which is a producing underground high grade silver mine & mill with byproduct gold, lead & zinc. The mine has a historical production of around 15 million ozs of silver from 1876 - 1912. The mine resources are around 888,283 tons (diluted), averaging 14.6 ounces of silver per ton, 0.02 ounces of gold per ton, 2.26 percent lead, and 0.90 percent zinc. In fact the Revenue Mine has the highest grade per ton silver than any of it's peers a seen in the graph below.
Fortune also has the NICO Gold-Cobalt-Bismuth-Copper Project in the NWT. This deposit discovered by Fortune Minerals in 1996 and the company has been working on. What sets this project apart from most and makes it unique is that this deposit includes more than 10% of global bismuth reserves. The NICO deposit contains open pit and underground Proven and Probable Minerals Reserves totaling 33 million tonnes containing 1.1 million ounces of gold, 82 million pounds of cobalt, 102 million pounds of bismuth, and 27 million pounds of copper. At the planned mill throughput rate of 4,650 tonnes of ore per day, the mineral reserves will sustain operations for 20 years.
Fortune Minerals has around 190 million shares with about 35% held by insiders and Procon. With approx. 6 million in working capital, a 52 week trading range of 20 cents and 45 cents, average trading volumes of 100,000 per day makes this a liquid stock well worth keeping on your watch list.
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