Fortune Bay Advances Goldfields Pre-Feasibility Work Programs
Active technical and permitting-related work programs support the next stage of Goldfields development
Highlights:
- Geotechnical field work completed at Box: A four-hole geotechnical drill program was completed, with no major continuous fault zones identified in the Box pit area.
- Waste rock results support favourable environmental profile: Preliminary test results indicate the waste rock samples are not expected to generate acidic conditions.
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Project optimization studies initiated: Following receipt of recent compelling metallurgical results,
Fortune Bay has initiated focused trade-off work to evaluate a concentrate production opportunity identified in the 2025 Updated PEA, while maintaining the PEA doré production case as the base case development scenario. - Metallurgical program advancing: Sampling is underway using existing drill core to support planned metallurgical test work and future PFS-level process design.
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Environmental, regulatory and community work progressing: Building on the approved 2008 Environmental Impact Statement ("2008 EIS"),
Fortune Bay is advancing environmental baseline studies, regulatory engagement and community discussions to support future permitting and project planning.
"Goldfields continues to advance along a disciplined path toward a Pre-Feasibility Study, building on the strong foundation established in the 2025 Updated PEA," commented
The Company will be hosting a Live Webinar today at
Geotechnical Program
A four-hole, 728.9 metre geotechnical drill program was completed at the Box deposit in
The program included packer testing in all holes to assess hydrogeological properties of the lithologies and structures intersected. Vibrating wire piezometers were also installed in two holes to support ongoing groundwater monitoring and geotechnical interpretation. Core samples have been collected and will be submitted for laboratory testing. Drill core observations are consistent with historical geotechnical datasets confirming fair rock mass conditions across the Box pit area, with less competent zones appearing localized. No major continuous fault zones were identified within the Box pit area, which supports the current understanding of geotechnical conditions at Box.
The work was designed to complement historical geotechnical datasets for Box and support optimized open-pit design at a PFS level of confidence. Planned geotechnical drilling at
Ausenco is also scheduled to visit the Goldfields site in late May to ground-truth and finalize a geotechnical work program for proposed infrastructure areas. This work is expected to include drilling and soil-profile pitting to support future infrastructure planning and design.
Waste Rock Characterization Program
The Company has received results from a waste rock sampling program initiated in
The results of this testwork are consistent with the historical dataset, and have been used to plan a more comprehensive and spatially representative waste rock characterization program for Box and
Results from this work will support a PFS and provide important information for environmental assessment, mine design, waste rock management and permitting.
Project Optimization
The work evaluated a composite sample from the Box deposit with a head grade of 1.02 g/t Au and total sulphur content of 0.32%. More than 50% of the contained gold reported to a Knelson-Mozley gravity concentrate comprising only 0.08% of the total feed mass, with concentrate grades exceeding 600 g/t Au. Flotation testing on gravity tailings was also successful, with recoveries exceeding 90% using low reagent additions. A gold-sulphide flotation concentrate comprising approximately 0.67% to 0.75% of the sample mass, grading approximately 80 g/t to 100 g/t Au and 46% sulphur, was produced after two stages of cleaning without regrind. Testing of PAX alternatives, MX-5160 and Hostafloat 7800, indicated similar recovery profiles to PAX. Geochemical characterization of the combined tailings sample, including solids and liquid analysis, indicated no major areas of concern.
These strong results provide a technical basis for
The outcomes of this work will be assessed alongside environmental, permitting, technical and economic considerations to support future project design decisions as Goldfields advances toward a PFS.
Metallurgical Program
While Goldfields benefits from a substantial repository of historical metallurgical test work, additional testing is required to improve spatial representation across the deposits and assess ore variability.
Sample collection is underway and includes material from historical drill holes stored at
The final scope of metallurgical test work will be determined following completion of the project optimization work outlined above. The program is expected to include characterization of tailings generated through the test work, providing important input for process design, environmental assessment and permitting-related studies.
Environmental and Regulatory
Goldfields benefits from an existing approved Environmental Impact Statement (the "2008 EIS") for a 5,000 tonne-per-day open-pit mine and mill development at the Box Deposit, which provides an important foundation for ongoing environmental, regulatory and project planning work. Environmental baseline work is ongoing in support of future permitting and project development.
Recent environmental baseline work has focused on updating and expanding the Company's understanding of current environmental conditions in the
Wildlife monitoring remains ongoing through covert cameras and Autonomous Recording Units ("ARUs") deployed in
The Company has also received expressions of interest from qualified parties for key environmental studies to be initiated or continued during summer 2026. These studies are expected to help inform the scope and approach for future environmental assessment and permitting work, including the collection of any additional baseline data required to support the Project.
This regulatory engagement is an important step in confirming the appropriate pathway for advancing Goldfields through the provincial regulatory review and approval process.
Community Engagement
Community engagement remains ongoing and continues to be an important part of
The Company has also been discussing community meetings for later in 2026, timed to align with ongoing technical work and future project design decisions. Discussions are also underway regarding proposed land-use studies to be completed during the summer 2026 field season. These studies are expected to provide important input into future mine design, infrastructure planning, permitting and engagement activities, helping ensure that project planning is informed by local knowledge and community priorities as Goldfields advances toward PFS.
Technical Disclosure & Qualified Person
The 2025 Preliminary Economic Assessment ("2025 PEA") for Goldfields is provided in the technical report titled "Goldfields Project Updated NI 43-101 Technical Report & Preliminary Economic Assessment,
The technical and scientific information in this news release has been reviewed and approved by
About Fortune Bay
On behalf of
"Dale Verran"
Chief Executive Officer
902-334-1919
Cautionary Statement
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements, and include, but are not limited to, statements with respect to: the results of the Updated PEA, including future Project opportunities, future operating and capital costs, closure costs, AISC, the projected NPV, IRR, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Project, the technical viability of the Project, the market and future price of and demand for gold, the environmental impact of the Project, and the ongoing ability to work cooperatively with stakeholders, including Indigenous Nations, local Municipalities and local levels of government. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward- looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate Indigenous Nations and local Municipalities, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.
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