# FORTUNE BAY ANNOUNCES UPDATED PEA FOR GOLDFIELDS, SASKATCHEWAN Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan--bd2dfb07-d173-4e75-b793-fa1bc10384c2 Original source: https://money.tmx.com/en/quote/FOR/news/5015762653870090/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan Publisher: tmx Original announcement: 2025-09-23T10:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Fortune Bay Corp. - Ticker: FOR - Exchange: TSX - Region: Saskatchewan - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Economic study, Metallurgy - Extracted: 2026-09-17 23:09:12 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Fortune Bay announced an updated Preliminary Economic Assessment \(PEA\) for its Goldfields Gold Project in Saskatchewan, highlighting strong after-tax economics. The base case, using a $2,600/oz gold price, shows an after-tax NPV5% of C$610 million and an IRR of 44%, with a payback period of 1.7 years. The study incorporates an updated Mineral Resource Estimate with 97% Indicated ounces in the mine plan and assumes a high gold recovery of 95.4%. Reasoning: The updated PEA for the Goldfields project demonstrates robust after-tax economics with a high IRR and fast payback, supported by a high-confidence resource and existing infrastructure, positioning it for accelerated development. The updated MRE provides a strong foundation, though additional permitting and disclosure on closure are still needed. - Positive factor: Strong after-tax economics with high IRR and fast payback for the PEA - Positive factor: High percentage of Indicated resources \(97%\) in the mine plan - Positive factor: Low operating costs \(AISC $1,330/oz\) and capital efficiency - Positive factor: High gold recovery \(95.4%\) assumed in the PEA - Positive factor: Existing infrastructure and valid EIS de-risk the project for a PEA stage - Positive factor: Updated MRE provides a solid foundation and reconciles with historical production - Positive factor: Premier jurisdiction \(Saskatchewan\) - Negative factor: PEA-stage study carries inherent uncertainty - Negative factor: Additional permits are required beyond the existing EIS - Negative factor: TSF type and closure funding mechanism are undisclosed - Negative factor: Slight decrease in average Indicated resource grade compared to prior estimate Facts used in scoring: 14 ## Classification and evidence **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The source explicitly discloses a revised resource estimate Evidence · text > updated Mineral Resource Estimate **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("CIP"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 12. Some facts used in scoring do not have a stored record. ## Resource Estimates (7) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan--bd2dfb07-d173-4e75-b793-fa1bc10384c2#fact-resource-facts-2) Goldfields · gold #### Identity - Project: Goldfields - Commodity: gold - Region: canada\_sk - Reported Region: Saskatchewan - Ticker: FOR #### Resource scope - Estimate type: resource - Effective date: 2025-09-11T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Ron Uken, Cliff Revering - Resource group id: resource:b7f74da4210d19e639b5 - Deposit or zone: Box - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 16200000 - Grade: 1.41 - Grade Unit: g/t - Contained Metal: 734.3 - Contained Unit: koz - Cutoff Grade: 0.28 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-09-11 - Prior Tonnes: 16200000 - Prior Grade: 1.41 - Prior Contained Metal: 734.3 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-23T00:00:00.000Z Reasoning: The updated Indicated resource for the Box deposit provides a high-confidence estimate for the PEA. - Positive factor: High confidence Indicated category - Positive factor: Updated to reflect current gold price #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, indicating reasonable geological confidence. Evidence · table > Indicated Context: Box **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The updated MRE was prepared by SRK Consulting in accordance with NI 43-101, with QPs from SRK listed. Evidence · text > The updated MRE was prepared by SRK Consulting \( Canada \) Inc. \("SRK"\) in accordance with CIM Guidelines and NI 43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was prepared in compliance with NI 43-101 standards. Evidence · text > The updated MRE was prepared by SRK Consulting \( Canada \) Inc. \("SRK"\) in accordance with CIM Guidelines and NI 43-101. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade of 0.28 g/t gold is clearly stated for the resource estimate. Evidence · text > Mineral resources are reported at a cut-off grade of 0.28 g/t gold ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan--bd2dfb07-d173-4e75-b793-fa1bc10384c2#fact-resource-facts-3) Goldfields · gold #### Identity - Project: Goldfields - Commodity: gold - Region: canada\_sk - Reported Region: Saskatchewan - Ticker: FOR #### Resource scope - Estimate type: resource - Effective date: 2025-09-11T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Ron Uken, Cliff Revering - Resource group id: resource:72d0e70bfeab772f027a - Deposit or zone: Athona - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 7800000 - Grade: 1.02 - Grade Unit: g/t - Contained Metal: 255.4 - Contained Unit: koz - Cutoff Grade: 0.28 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-09-11 - Prior Tonnes: 7000000 - Prior Grade: 1.02 - Prior Contained Metal: 229.6 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-23T00:00:00.000Z Reasoning: The updated Indicated resource for the Athona deposit provides a high-confidence estimate for the PEA. - Positive factor: High confidence Indicated category - Positive factor: Updated to reflect current gold price #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, indicating reasonable geological confidence. Evidence · table > Indicated Context: Athona **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The updated MRE was prepared by SRK Consulting in accordance with NI 43-101, with QPs from SRK listed. Evidence · text > The updated MRE was prepared by SRK Consulting \( Canada \) Inc. \("SRK"\) in accordance with CIM Guidelines and NI 43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was prepared in compliance with NI 43-101 standards. Evidence · text > The updated MRE was prepared by SRK Consulting \( Canada \) Inc. \("SRK"\) in accordance with CIM Guidelines and NI 43-101. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade of 0.28 g/t gold is clearly stated for the resource estimate. Evidence · text > Mineral resources are reported at a cut-off grade of 0.28 g/t gold **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 255.4 against 229.6 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan--bd2dfb07-d173-4e75-b793-fa1bc10384c2#fact-resource-facts-4) Goldfields · gold #### Identity - Project: Goldfields - Commodity: gold - Region: canada\_sk - Reported Region: Saskatchewan - Ticker: FOR #### Resource scope - Estimate type: resource - Effective date: 2025-09-11T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Ron Uken, Cliff Revering - Resource group id: resource:64c5cc3d50580daaae31 - Deposit or zone: Total Indicated - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 24000000 - Grade: 1.28 - Grade Unit: g/t - Contained Metal: 989.6 - Contained Unit: koz - Cutoff Grade: 0.28 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-09-11 - Prior Tonnes: 23200000 - Prior Grade: 1.31 - Prior Contained Metal: 979.9 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-23T00:00:00.000Z Reasoning: The total Indicated resource shows a slight increase in contained metal, providing a high-confidence estimate for the PEA, despite a minor grade decrease. - Positive factor: Overall increase in contained metal \(1.0%\) - Positive factor: High confidence Indicated category - Positive factor: Updated to reflect current gold price - Negative factor: Slight decrease in average Indicated grade \(2.3%\) #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, indicating reasonable geological confidence. Evidence · table > Total Indicated Context: Athona **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The updated MRE was prepared by SRK Consulting in accordance with NI 43-101, with QPs from SRK listed. Evidence · text > The updated MRE was prepared by SRK Consulting \( Canada \) Inc. \("SRK"\) in accordance with CIM Guidelines and NI 43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was prepared in compliance with NI 43-101 standards. Evidence · text > The updated MRE was prepared by SRK Consulting \( Canada \) Inc. \("SRK"\) in accordance with CIM Guidelines and NI 43-101. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade of 0.28 g/t gold is clearly stated for the resource estimate. Evidence · text > Mineral resources are reported at a cut-off grade of 0.28 g/t gold **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 989.6 from 979.9 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan--bd2dfb07-d173-4e75-b793-fa1bc10384c2#fact-resource-facts-5) Goldfields · gold #### Identity - Project: Goldfields - Commodity: gold - Region: canada\_sk - Reported Region: Saskatchewan - Ticker: FOR #### Resource scope - Estimate type: resource - Effective date: 2025-09-11T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Ron Uken, Cliff Revering - Resource group id: resource:f02aa42251e5a8a4572d - Deposit or zone: Box - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 3400000 - Grade: 1.04 - Grade Unit: g/t - Contained Metal: 114.1 - Contained Unit: koz - Cutoff Grade: 0.28 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-09-11 - Prior Tonnes: 3400000 - Prior Grade: 1.04 - Prior Contained Metal: 114.1 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-23T00:00:00.000Z Reasoning: The updated Inferred resource for the Box deposit provides a baseline estimate, though with lower confidence than Indicated resources. - Positive factor: Updated to reflect current gold price #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating lower geological confidence. Evidence · table > Inferred Context: Box **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The updated MRE was prepared by SRK Consulting in accordance with NI 43-101, with QPs from SRK listed. Evidence · text > The updated MRE was prepared by SRK Consulting \( Canada \) Inc. \("SRK"\) in accordance with CIM Guidelines and NI 43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was prepared in compliance with NI 43-101 standards. Evidence · text > The updated MRE was prepared by SRK Consulting \( Canada \) Inc. \("SRK"\) in accordance with CIM Guidelines and NI 43-101. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade of 0.28 g/t gold is clearly stated for the resource estimate. Evidence · text > Mineral resources are reported at a cut-off grade of 0.28 g/t gold ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan--bd2dfb07-d173-4e75-b793-fa1bc10384c2#fact-resource-facts-6) Goldfields · gold #### Identity - Project: Goldfields - Commodity: gold - Region: canada\_sk - Reported Region: Saskatchewan - Ticker: FOR #### Resource scope - Estimate type: resource - Effective date: 2025-09-11T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Ron Uken, Cliff Revering - Resource group id: resource:ef6989409bbefe62e7a4 - Deposit or zone: Athona - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 4000000 - Grade: 0.78 - Grade Unit: g/t - Contained Metal: 100.1 - Contained Unit: koz - Cutoff Grade: 0.28 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-09-11 - Prior Tonnes: 3700000 - Prior Grade: 0.78 - Prior Contained Metal: 92.7 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-23T00:00:00.000Z Reasoning: The updated Inferred resource for the Athona deposit provides a baseline estimate, though with lower confidence than Indicated resources. - Positive factor: Updated to reflect current gold price #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating lower geological confidence. Evidence · table > Inferred Context: Athona **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The updated MRE was prepared by SRK Consulting in accordance with NI 43-101, with QPs from SRK listed. Evidence · text > The updated MRE was prepared by SRK Consulting \( Canada \) Inc. \("SRK"\) in accordance with CIM Guidelines and NI 43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was prepared in compliance with NI 43-101 standards. Evidence · text > The updated MRE was prepared by SRK Consulting \( Canada \) Inc. \("SRK"\) in accordance with CIM Guidelines and NI 43-101. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade of 0.28 g/t gold is clearly stated for the resource estimate. Evidence · text > Mineral resources are reported at a cut-off grade of 0.28 g/t gold **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 100.1 against 92.7 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan--bd2dfb07-d173-4e75-b793-fa1bc10384c2#fact-resource-facts-7) Goldfields · gold #### Identity - Project: Goldfields - Commodity: gold - Region: canada\_sk - Reported Region: Saskatchewan - Ticker: FOR #### Resource scope - Estimate type: resource - Effective date: 2025-09-11T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Ron Uken, Cliff Revering - Resource group id: resource:a3303c32c7ac123689ac - Deposit or zone: Total Inferred - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 7400000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 214.2 - Contained Unit: koz - Cutoff Grade: 0.28 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-09-11 - Prior Tonnes: 7100000 - Prior Grade: 0.92 - Prior Contained Metal: 210.8 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-23T00:00:00.000Z Reasoning: The total Inferred resource shows a slight increase in contained metal, though with lower confidence than Indicated resources and a minor grade decrease. - Positive factor: Overall increase in contained metal \(1.6%\) - Positive factor: Updated to reflect current gold price - Negative factor: Slight decrease in average Inferred grade \(2.2%\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating lower geological confidence. Evidence · table > Total Inferred Context: Athona **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The updated MRE was prepared by SRK Consulting in accordance with NI 43-101, with QPs from SRK listed. Evidence · text > The updated MRE was prepared by SRK Consulting \( Canada \) Inc. \("SRK"\) in accordance with CIM Guidelines and NI 43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was prepared in compliance with NI 43-101 standards. Evidence · text > The updated MRE was prepared by SRK Consulting \( Canada \) Inc. \("SRK"\) in accordance with CIM Guidelines and NI 43-101. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade of 0.28 g/t gold is clearly stated for the resource estimate. Evidence · text > Mineral resources are reported at a cut-off grade of 0.28 g/t gold **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 214.2 from 210.8 ### Fact 7 [Link to this fact](https://atlas-extractions.minestarters.com/news/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan--bd2dfb07-d173-4e75-b793-fa1bc10384c2#fact-resource-facts-13) Uranium City #### Identity - Project: Uranium City - Region: canada\_sk - Reported Region: Saskatchewan - Ticker: FOR #### Resource scope - Estimate type: resource - Resource group id: resource:38fbc1245a7c4219ff7e #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-23T00:00:00.000Z Reasoning: Explicit resource disclosure recovered from source prose. Evidence · text > Mineral Resources An updated Mineral Resource Estimate \("MRE"\), effective date September 11, 2025 , was completed as part of the Updated PEA to reflect a slightly lower cut-off grade due to increases in the gold price. #### Tags used in scoring **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: Mineral Resources An updated Mineral Resource Estimate \("MRE"\), effective date September 11, 2025 , was completed as part of the Updated PEA to reflect a slightly lower cut-off grade due to increases in the gold price. Evidence · text > Mineral Resources An updated Mineral Resource Estimate \("MRE"\), effective date September 11, 2025 , was completed as part of the Updated PEA to reflect a slightly lower cut-off grade due to increases in the gold price. Context: Uranium City, Saskatchewan **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## Metallurgical Results (5) ### mill\_cil [Link to this fact](https://atlas-extractions.minestarters.com/news/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan--bd2dfb07-d173-4e75-b793-fa1bc10384c2#fact-metallurgical-facts-8) Goldfields · gold #### Identity - Project: Goldfields - Commodity: gold - Region: canada\_sk - Reported Region: Saskatchewan - Ticker: FOR #### Test Work - Program Status: detailed - Test Type: mill\_cil - Processing Route: Whole ore leach with gravity recovery and carbon-in-pulp \(CIP\) #### Recovery - Recovery: 95.4 % - Recovery Basis: unspecified #### Lab - Laboratory: SGS Canada - Lakefield #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-23T00:00:00.000Z Reasoning: The PEA assumes a very high gold recovery for the whole ore leach with gravity and CIP process, contributing positively to project economics. - Positive factor: Very high gold recovery \(95.4%\) for a mill/CIP route - Negative factor: Recovery basis unspecified for the PEA assumption #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The assumed gold recovery of 95.4% is at the exceptional tier for a mill/CIL processing route. Evidence · table > 95.4 Context: Mill Gold Recovery **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing route involves whole ore leach with gravity recovery and carbon-in-pulp \(CIP\). Evidence · text > Whole ore leach with gravity recovery and carbon-in-pulp \(CIP\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### mill\_cil [Link to this fact](https://atlas-extractions.minestarters.com/news/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan--bd2dfb07-d173-4e75-b793-fa1bc10384c2#fact-metallurgical-facts-9) Goldfields · gold Historical result Needs review: historical\_restatement #### Identity - Project: Goldfields - Commodity: gold - Region: canada\_sk - Reported Region: Saskatchewan - Ticker: FOR #### Test Work - Program Status: detailed - Test Type: mill\_cil - Processing Route: Whole ore leach with gravity recovery and carbon-in-pulp \(CIP\) - Sample: Box deposit #### Recovery - Recovery: 95.9 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Canada - Lakefield #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-01-01T00:00:00.000Z #### Dates - Event date: 2025-09-23T00:00:00.000Z Reasoning: Historical testwork from 2015 on the Box deposit demonstrated excellent gold recovery for the mill/CIP process. - Positive factor: Very high gold recovery \(95.9%\) for a mill/CIP route - Negative factor: Historical data from 2015 #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The gold recovery of 95.9% is at the exceptional tier for a mill/CIL processing route. Evidence · text > Average recoveries of 95.9% at Box **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing route involves whole ore leach with gravity recovery and carbon-in-pulp \(CIP\). Evidence · text > Whole ore leach with gravity recovery and carbon-in-pulp \(CIP\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### mill\_cil [Link to this fact](https://atlas-extractions.minestarters.com/news/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan--bd2dfb07-d173-4e75-b793-fa1bc10384c2#fact-metallurgical-facts-10) Goldfields · gold Historical result Needs review: historical\_restatement #### Identity - Project: Goldfields - Commodity: gold - Region: canada\_sk - Reported Region: Saskatchewan - Ticker: FOR #### Test Work - Program Status: detailed - Test Type: mill\_cil - Processing Route: Whole ore leach with gravity recovery and carbon-in-pulp \(CIP\) - Sample: Athona deposit #### Recovery - Recovery: 93.5 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Canada - Lakefield #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-01-01T00:00:00.000Z #### Dates - Event date: 2025-09-23T00:00:00.000Z Reasoning: Historical testwork from 2015 on the Athona deposit showed strong gold recovery for the mill/CIP process. - Positive factor: High gold recovery \(93.5%\) for a mill/CIP route - Negative factor: Historical data from 2015 #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The gold recovery of 93.5% is at the strong tier for a mill/CIL processing route. Evidence · text > and 93.5% at Athona **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing route involves whole ore leach with gravity recovery and carbon-in-pulp \(CIP\). Evidence · text > Whole ore leach with gravity recovery and carbon-in-pulp \(CIP\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan--bd2dfb07-d173-4e75-b793-fa1bc10384c2#fact-metallurgical-facts-11) Goldfields · gold Historical result Needs review: historical\_restatement #### Identity - Project: Goldfields - Commodity: gold - Region: canada\_sk - Reported Region: Saskatchewan - Ticker: FOR #### Test Work - Program Status: preliminary - Test Type: gravity - Processing Route: gravity recovery #### Recovery - Conc. Grade: 1000 - Conc. Grade Unit: g/t #### Lab - Laboratory: SGS Canada - Lakefield #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-01-01T00:00:00.000Z #### Dates - Event date: 2025-09-23T00:00:00.000Z Reasoning: Historical testwork from 2019 demonstrated the potential for very high-grade gravity concentrates, supporting a potential staged development, though further studies are ongoing. - Positive factor: Very high-grade gravity concentrate \(>1,000 g/t\) - Positive factor: Indicates potential for accelerated production pathway - Negative factor: Historical data from 2019 - Negative factor: New studies underway to optimize and assess marketability #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: The testwork demonstrated potential for gravity coarse gold concentrates. Evidence · text > gravity coarse gold concentrates >1,000 g/t ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan--bd2dfb07-d173-4e75-b793-fa1bc10384c2#fact-metallurgical-facts-12) Goldfields · gold Historical result Needs review: historical\_restatement #### Identity - Project: Goldfields - Commodity: gold - Region: canada\_sk - Reported Region: Saskatchewan - Ticker: FOR #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: sulphide flotation #### Recovery - Conc. Grade: 200 - Conc. Grade Unit: g/t #### Lab - Laboratory: SGS Canada - Lakefield #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-01-01T00:00:00.000Z #### Dates - Event date: 2025-09-23T00:00:00.000Z Reasoning: Historical testwork from 2019 showed potential for high-grade sulphide flotation concentrates, supporting a potential staged development, though further studies are ongoing. - Positive factor: High-grade sulphide flotation concentrate \(>200 g/t\) - Positive factor: Indicates potential for accelerated production pathway - Negative factor: Historical data from 2019 - Negative factor: New studies underway to optimize and assess marketability #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The testwork demonstrated potential for sulphide flotation concentrates. Evidence · text > sulphide flotation concentrates >200 g/t ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.