Salkeld Lake Copper-Gold-Silver-lead-Zinc Deposit
Fortune Minerals owns a 100% interest in the Salkeld Lake copper-gold-silver-lead-zinc project situated on 116 ha of leased claims, 200 km north of Fort Smith, and 155 km north of the Talston River power dam.
Two zones of base and precious metal mineralization are identified in trenches excavated on the Salkeld Lake property with sulphide mineralization hosted in fractured and sheared clastic sedimentary rocks of the Proterozoic Nonacho Group. The two zones are separated by two kilometres overlain by a thin layer of overburden and bog material that may obscure a more substantial mineral deposit.
The Shear-Hosted Zone trenches exhibit quartz veining and sheared sedimentary rocks with locally very high-grade copper-gold-silver-lead-zinc mineralization.Five holes were drilled to test the vertical continuation of this surface mineralization in 1967.The best hole intersected 4.6 metres averaging 1.89% copper, 1.36 ounces of silver per ton, 0.84% lead, and 3.02% zinc.Gold was not assayed at that time, but subsequent sampling by Fortune identified grades up to 1.62 ounces per ton in selective grab samples.
The Stockwork Zone further to the northwest is exposed in outcrops and surface trenches.A total of 22 holes were drilled to test the vertical continuity of the disseminated copper mineralization hosted in fractured quartzites exposed at surface.The best holes intersected 12 metres averaging 2.02% copper, 5.5 metres averaging 2.93% copper, and 23.5 metres averaging 0.83% copper.
Fortune entered into an option agreement with Teck Exploration in 1993, enabling the major to conduct further exploration of the Salkeld Lake property.Geological mapping and Induced Polarization geophysical surveys were carried out identifying anomalies indicative of sulphide mineralization in the area between the two known copper zones.A total of 8 holes were drilled to test these anomalies in 1994 and six of the holes identified low-grade copper, lead and zinc mineralization, including one hole averaging 1.38% copper over 2.38 metres. No further work was carried out, and the property was returned to Fortune.
Stockwork Copper Zone
Shear-Hosted Polymetallic Zone
Camsell River Silver Royalty
Fortune Minerals owns a 1% net smelter return royalty (NSR) over 6 leased claim fractions, totalling 78 hectares in the Camsell River area south of Great Bear Lake.The leases are strategically positioned between three former high-grade silver mines in the former Eldorado mining district.Fortune sold the claims to Denedeh Investment Corporation who controlled the surrounding properties to enable a more comprehensive district scale exploration program but retains the royalty in the event of a discovery.