In the News May 20

Mining in Northwest Territories

Nico Cobalt-Gold-Bismuth-Copper Deposit

The Nico cobalt-gold-bismuth-copper project owned by Fortune Minerals is located in the Northwest Territories (NWT) about halfway between Great Slave Lake and Great Bear Lake, approximately 150 kilometres northwest of the NWT’s capital, Yellowknife.

The Nico deposit contains proven and probable open pit and underground mineral reserves totalling 33 million tonnes containing 1.1 million ounces of gold, 82.3 million pounds of cobalt, 102.1 million pounds of bismuth, and 27.2 million pounds of copper.

A hydrometallurgical refinery at a site in Edmonton, Alberta, producing cobalt sulphate, gold, bismuth ingots and oxide, and copper cement is planned by the mining company.

In June 2021, Fortune Minerals’ website mentioned the following: “Fortune is engaged with the Canadian and U.S. governments, provincial and territorial governments, and municipalities to accelerate development of important near-term Critical Minerals projects. The Company is interested in securing financial support for the Feasibility Study update assessing the new refinery site and optimizations. Governments are also being solicited to participate in the project finance for the Nico project through various programs and capital pools designed to promote economic growth, western Canada diversification, process and product innovation, and Critical Minerals supply. Fortune was recently invited by the U.S. Embassy in Ottawa to present at a virtual seminar later this month to Tier 1 U.S. manufactures involved in defence, mining, aerospace, automotive, energy and technology, and to strengthen opportunities for vertical supply chain integration with Canada.”

Already, the $200 million government-funded Tlicho Highway to the community of Whatì is nearing completion which means the only part missing will be a 50-kilometre road from Whatì to the Nico mine. Also, the NWT Government is proposing to connect the Yellowknife power grid to the Talston power grid south of Great Slave Lake where there is surplus hydro power. If this is completed, Fortune could construct a 25-kilometre power line to snare Hydro instead of building its own power plant.

(TML Daily, posted May 20, 2022)