Aerial view of Fortune Minerals’ NICO cobalt-gold-bismuth copper project in the Northwest Territories. Credit: Fortune Minerals
Fortune Minerals (TSX: FT) (OTCQB: FTMDF) reported Friday that metallurgical test work validation is complete for the bismuth circuits for the company’s 100% owned NICO cobalt-gold-bismuth-copper critical minerals project in Canada’s Northwest Territories.
Bismuth is a scarce industrial metal that has characteristics similar to lead, but is non-toxic, and the industry is currently developing uses for replacing lead. Fortune Minerals says the NICO deposit contains 12% of global bismuth reserves as well as 1.1 million in-situ ounces of gold.
Last year, the company secured funding from both the Canadian and US governments. The domestic funding, from Natural Resources Canada, amounts to C$7.5 million ($5.5 million). This is expected to cover 75% of the C$10 million in…
