The results of the gold recovery tests will be incorporated into the updated Technical Report. Additional optimization will be carried out in the future if Fortune plans to pursue the sale of concentrate option for the development.įortune is completing an updated Technical Report for the NICO Project, which includes a number of development scenarios, including sale of metal concentrates and gold doré from the mine site as well as constructing a refinery and processing of the cobalt and bismuth concentrates to value added metals and chemicals, including cobalt sulphate or carbonate and bismuth ingot with gold doré also produced as the primary by-product. The cyanide leach tests conducted separately on each of the cobalt and bismuth concentrates after secondary flotation conversely, demonstrated good gold recoveries can be achieved at the mine site and confirms that Fortune can sell these concentrates without significant impairment to the gold revenue stream. These tests demonstrated that in order to achieve good secondary flotation to recover bismuth, gold leaching needs to be carried out after secondary flotation in order to achieve good cobalt and bismuth separation. This improved gold recovery from higher grade ores is being incorporated into the grade recovery model for the deposit and would be applicable to both the sale of concentrate option and the vertically integrated development option.Ĭyanide leach tests were also carried out on each of the bulk, cobalt and bismuth concentrates to verify that gold could be recovered from them at the mine site. The combined gravity and bulk flotation tests indicated an 88% recovery from higher grade ores of approximately 5 grams of gold per tonne. The subsequent SGS program included both gravity and flotation tests to determine gold recovery into the bulk concentrate and confirmed that gravity will recover additional gold that was not captured by bulk flotation. The current work was performed to confirm earlier tests that were carried out by Dundee Sustainable Technologies last summer that had indicated attractive gold recoveries could be achieved by cyanidation of metal concentrates. (“SGS”), where most of the NICO testing and pilot work has been conducted. ![]() Metallurgical test work was completed at the Lakefield, Ontario facilities of SGS Canada Ltd. This option has now been successfully validated. Some of these potential buyers could not recover the gold that was contained in the concentrates and Fortune therefore needed to demonstrate that it could recover the gold at the mine site. ![]() This is a key consideration should Fortune decide to defer construction of a refinery as a lower capital cost start-up option.įortune has been in discussions with potential strategic partners and buyers for both of its cobalt and bismuth concentrates. The recent tests have indicated good gold recoveries can also be achieved from the cobalt and bismuth concentrates that would be produced at the mine site and enables the Company to sell concentrates without significant reduction of gold revenues. The base case development plan for NICO is a vertically integrated project including a downstream refinery that was planned in Saskatchewan and where the gold would be recovered by cyanide leach of the autoclave process residues. ![]()
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