Fortune Minerals confirms gold recovery from NICO concentrates
Original announcement by tmx on
- Company
- Fortune Minerals Limited
- Ticker
- FT
- Exchange
- TSX
- Region
- Northwest Territories
- Primary commodity
- Cobalt
- Secondary commodities
- Gold, Bismuth, Copper
- Document categories
- Metallurgy
- Extracted
- 2026-09-17 23:12:13 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Fortune Minerals has successfully validated that gold can be recovered from cobalt and bismuth flotation concentrates at the NICO project site. This metallurgical milestone enables a lower capital cost start-up option by allowing the company to sell concentrates without significant loss of gold revenue.
Reasoning: The metallurgical results validate a key strategic flexibility for the NICO project: the ability to sell concentrates while still capturing gold revenue, potentially deferring high-CAPEX refinery construction.
Positive factors
- Validation of gold recovery from concentrates enables lower CAPEX start-up option
- Successful verification of gold recovery via cyanide leach on cobalt and bismuth concentrates
- Improved gold recovery model incorporating gravity and flotation results
Facts used in scoring: 2
Classification and evidence
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: Testing involved gravity and flotation to produce concentrates for subsequent cyanide leaching.
Evidence · text
“The subsequent SGS program included both gravity and flotation tests”
QA/QC Disclosedpositive · Story-specific tag
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: Testing was conducted at the accredited SGS Canada Ltd. facilities.
Evidence · text
“Metallurgical test work was completed at the Lakefield, Ontario facilities of SGS Canada Ltd.”
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 2 distinct composites were tested
Extracted facts
Stored fact records: 2. Some facts used in scoring do not have a stored record.
Metallurgical Results (2)
gravity and flotationNICO · goldRecovery: 88 %Head Grade: 5Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- NICO
- Commodity
- gold
- Region
- northwest territories
- Reported Region
- Northwest Territories
- Ticker
- FT
Test Work
- Program Status
- detailed
- Test Type
- gravity and flotation
- Processing Route
- flotation
- Sample
- higher grade ores
Recovery
- Recovery
- 88 %
- Recovery Basis
- actual_test
- Head Grade
- 5
- Head Grade Unit
- g/t
Lab
- Laboratory
- SGS Canada Ltd.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2019-05-03T00:00:00.000Z
Reasoning: The 88% recovery from 5 g/t gold ore is a strong result for the combined gravity and flotation circuit.
Positive factors
- High recovery (88%) achieved on higher grade ores
Evidence · text
“combined gravity and bulk flotation tests indicated an 88% recovery from higher grade ores of approximately 5 grams of gold per tonne”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
cyanide leachNICO · goldView all detailsHide details
Identity
- Project
- NICO
- Commodity
- gold
- Region
- northwest territories
- Reported Region
- Northwest Territories
- Ticker
- FT
Test Work
- Program Status
- detailed
- Test Type
- cyanide leach
- Sample
- cobalt and bismuth concentrates after secondary flotation
Recovery
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2019-05-03T00:00:00.000Z
Reasoning: While specific percentages for the separate concentrate leach tests aren't provided, the qualitative 'good gold recoveries' validates the strategic option.
Positive factors
- Confirmed gold recovery from concentrates enables concentrate sale option
Evidence · text
“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”
Tags used in scoring
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
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.