Fortune Bay (TSXV: FOR; US-OTC: FTBYF) says an updated preliminary economic assessment (PEA) for its Goldfields project in northern Saskatchewan points to an increase in value as gold trades near records.
The PEA outlines an after-tax net present value of about $610 million (C$855 million) at a $2,600 an oz. base case and shows quick capital recovery, sharpening the junior’s pitch that Goldfields is construction-ready in a supportive jurisdiction.
“It’s an executable project,” CEO Dale Verran said in an interview. “Given its location, infrastructure and resource confidence, Goldfields represents a de-risked platform for development.”
The plan envisions an initial capital outlay of $301 million including a $51-million contingency, a 14-year mine life and free-milling metallurgy, supported by a resource base that is 97% indicated within the mine plan. Goldfields sits 13 km south of Uranium City with road and hydro access and benefits from an approved environmental impact statement (EIS), which the company is using to streamline permitting.
Management plans to begin post-PEA work targeting a pre-feasibility study next year while pursuing an accelerated production path and sell concentrate from site. Drilling aimed at resource growth around Box, Athona and satellite targets is queued up, alongside continued provincial permitting and community engagement as the company works to close what it sees as a wide valuation gap with peers.
Watch the full interview below with Mining.com host Devan Murugan:
The preceding Joint Venture Article is PROMOTED CONTENT sponsored by Fortune Bay and produced in co-operation with The Northern Miner. Visit: https://fortunebaycorp.com for more information.
