Gold Exploration In Saskatchewan
When people think of Saskatchewan Canada, they tend to think of just flat land, grain farms and pasture land.(Like the image below). And on the surface that is what you see. But it's what below that surface that surprises a lot of people.
Saskatchewan has a lot of mining activity going back well over 100 years. The province is a world leading producer in uranium and potash and other resources including gold. In fact in 2019 there was 112,137 ounces that were produced at the Seabee gold mine, the fourth-straight record year for production in Saskatchewan.
While potash deposits are found in the lower regions of the province, the bulk of the uranium is mined in the northern regions of the province. The gold that is found and mined is also found in the northern part of the province in the Precambrian Shield, which contains geology similar to the gold mining regions of Ontario and Quebec. It is in this region just south of the NWT border that Fortune Bay TSX-V:FOR is exploring. Fortune Bay is actually working around the same area called the Goldfields Project. This project hosts the old Box Deposit which was a mine owned by Cominco back in the 1930's and has over 1 Moz of open-pit gold reserves (historical) at 1.4 g/t. Another deposit close by called the Athona is 0.29 Moz @ 1.3 g/t Au. Combined between both the Box and Athona deposits there is measured and indicated resource of 1.03 Million oz @ 1.5 g/t Au (20.9 Mt).
Aside from the known deposits there is also opportunities to explore areas close by. Some of the results from areas near by include the Frontier Lake historical grades that range up to 8.16 g/t and 28.18 g/t (narrow vein-style in historical adit)
At an area known as Golden Pond near surface drill grades include 5.07 g/t over 15 meter and 16.53 g/t over 13.6 meter. and in the Triangle area returned grab sample result of 177.5 g/t Au.
Fortune Bay also has a project in Mexico that it owns 100%. This project is known as the Ixhuatan Project, located in Chiapas State, Mexico, is an advanced gold project with exploration and development upside. The project consists of the 4,176 hectare Rio Negro concession which is valid until May 10, 2051 and is located immediately southwest of the Santa Fe mine and is about 120 kilometres south of Villahermosa, Tabasco State.
This property has a Measured and indicated mineral resources of 1.04 million ounces of gold (17.6 million tonnes at 1.8 g/t Au), and 4.4 million ounces of silver (17.6 million tonnes at 7.8 g/t Ag). To date, over 89,000 meters of drilling has been completed in 342 drill holes by Linear Gold Corp. (2004 to 2007) and Kinross Gold Corp. (2007-2009).
Fortune Bay has a small float with only 38 million share fully diluted. Management and board hold approx. 18% of the stock.
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Additional Disclaimer: The author of this article does not own any shares in this company at the time of this writing.