FORTUNE MINERALS COMPLETES NICO DRILL PROGRAM Company awarded an additional $100,000 grant from the NWT Mining Incentive Program
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December 15, 2021 Issued Capital: 373,71 6,544
NEWS RELEASE
FORTUNE MINERALS COMPLETES NICO DRILL PROGRAM
Company awarded an additional $100,000 grant from the NWT Mining Incentive Program
LONDON, ONTARIO, Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the
“Company”) ( www.fortuneminerals.com) is pleased to report that it has completed the previously
announced drill program on the NICO Cobalt-Gold-Bismuth-Copper Project (“ NICO Project ”) in
Canada’s Northwest Territories (“NWT”) (see September 23, 2021 News Release). A total of 13 holes
were completed to varying depths, testing four of the Company’s high priority targets. Equipment and
personnel have been demobilized from the site. Several hundred samples have been submitted to ALS
Minerals in Yellowknife and North Vancouver for analysis, but n o assays have been received to date.
Results will be reported after they have been received and comp iled into the Company’s electronic
drillhole database and reconciled with the NICO deposit geology.
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Based on visual indicators, the recently completed program was modified while in progress to reflect
changing priorities. A total of six holes (two additional holes ) were drilled to test the east end of the
NICO deposit where it remains open for potential expansion. An additional hole, totalling four, tested
for potential extensions to mineralization identified in the Peanut Lake Zone and two holes were drilled
to test for extensions of the Ralph zone. The Company did not drill the lower priority “Magnetic Anomaly
A target” and only one hole was needed to test the Roadcut Zone.
Fortune is also pleased to report that it was one of the recipients of additional Mining Incentive Program
grants to advanced exploration projects from the Government of the NWT and the Canadian Northern
Economic Development Agency (CanNor). An additional $100,000 gr ant was awarded to Fortune,
which together with the previous grant of C$140,000, are being applied to the NICO Project drill
program. The vast majority of these funds are being used to contract work and services from Yellowknife
and Behchoko-based businesses and personnel.
The NICO Project is comprised of a planned mine and concentrato r in the NWT and a related
hydrometallurgical refinery in southern Canada that will produc e cobalt sulphate, gold doré, bismuth
ingots and oxide, and a copper cement precipitate. The NICO Pro ject is one of the most advanced
cobalt development projects in the world outside of the Democratic Republic of Congo (“DRC”) to meet
the growing demand in lithium-ion batteries powering electric v ehicles, portable electronics and
stationary storage cells. The NICO Project is a planned reliabl e, vertically integrated, and Canadian
new supplier of cobalt products with supply chain transparency to mitigate concerns over the geographic
concentration of production in the DRC and China and associated political and policy risks. The unique
FORTUNE MINERALS LIMITED
617 Wellington Street, London, Ontario, Canada N6A 3R6
Tel. 519-858-8188 ~ Fax. 519-858-8155
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Critical Minerals assemblage of the NICO deposit includes prima ry cobalt, 12% of global bismuth
reserves, by-product copper, as well as a highly liquid 1.1 million ounce in-situ gold co-product.
For more detailed information about the NICO Mineral Re serves and certain technical information in this news
release, please refer to the Technical Report on the NI CO Project, entitled "Technical Report on the Feasibility
Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and
prepared by Micon International Limited which has been filed on SEDAR and is available under the Company's
profile at www.sedar.com. The disclosure of scientific and technical in formation contained in this news release
has been approved by Robin Goad, M.Sc., P.Geo., Presi dent and Chief Executive Officer of Fortune who is a
"Qualified Person" under National Instrument 43-101.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the NICO Cobalt-Gold-Bismuth-Copper
Project in the NWT. The Company has an option to purchase lands in Saskatchewan where it may build
the hydrometallurgical plant to process NICO metal concentrates and is also evaluating other brownfield
locations with existing facilities to reduce project capital and operating costs. In addition, Fortune owns
the satellite Sue-Dianne Copper-Silver-Gold Deposit located 25 km north of the NICO Project mine site
and is a potential future source of incremental mill feed to ex tend the life of the NICO mill and
concentrator.
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For further information please contact:
Fortune Minerals Limited
Troy Nazarewicz
Investor Relations Manager
Tel: (519) 858-8188
www.fortuneminerals.com
This press release contains forward-looking informati on and forward-looking statements within the meaning of
applicable securities legislation. This forward-looking information includes statements with respect to, among
other things, the assaying and compiling of drill results, t he potential for expansion of the NICO Deposit and the
Company’s plans to develop the NICO Project. Forward-looking information is based on the opinions and
estimates of management as well as certain assumptions at the date the information is given (including, in respect
of the forward-looking information contained in this press release, assumptions regarding: the Company’s ability
to conduct and complete the planned drill program; the Company’s ability to secure a site in southern Canada for
the construction of a NICO Project refinery; the Company’s ability to arrange the necessary financing to continue
operations and develop the NICO Project; the receipt of all necessary regulatory approvals for the construction
and operation of the NICO Project and the related hydrometallurgical refinery and the timing thereof; growth in the
demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the
Company will operate in the future, including the price of gold, cobalt and other by-pr oduct metals, anticipated
costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information
is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ
materially from those projected in t he forward-looking information. These factors include the risks that the 2021
drill program may not result in a meaningful expansion of the NICO Deposit, the COVID-19 pandemic may interfere
with the Company’s ability to conduct the drill program, the Co mpany may not be able to secure a site for the
construction of a refinery, the Company may not be able to finance and develop NICO on favourable terms or at
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all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the
development of the NICO Project, including the related hydr ometallurgical refinery, the construction of the NICO
Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the
metals to be produced at the NICO Project, the Sue-Dianne Property may not be developed to the point where it
can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral
properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow
to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of
decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project,
discrepancies between actual and estimated Mineral Reso urces or between actual and estimated metallurgical
recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if
such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral
Reserves once economic conditions are applied, the Comp any’s production of cobalt, bismuth and other metals
may be less than anticipated and other operational and deve lopment risks, market ri sks and regulat ory risks.
Readers are cautioned to not place undue reliance on forwar d-looking information because it is possible that
predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the
Company. The forward-looking information contained herein is made as of the date hereof and the Company
assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.