Fortune Minerals reports NICO bismuth project test work results for planned Alberta refinery

Fortune Minerals (TSX: FT) (OTCQB: FTMDF) reported Friday that metallurgical test work validation is complete for the bismuth circuits for the company’s 100% owned NICO cobalt-gold-bismuth-copper critical minerals project in Canada’s Northwest Territories.  Bismuth is a scarce industrial metal that has characteristics similar to lead, but is non-toxic, and the industry is currently developing uses for replacing lead. Fortune Minerals says the NICO deposit contains 12% of global bismuth reserves as well as 1.1 million in-situ ounces of gold. Last year, the company secured funding from both the Canadian and US governments. The domestic funding, from Natural Resources Canada, amounts to C$7.5 million ($5.5 million). This is expected to cover 75% of the C$10 million in additional engineering and test work for the project. Fortune Minerals says development of the NICO project aligns with the increasing demand for bismuth in traditional and new market applications and the historic high prices, at $ 27 per pound, compounded by China’s recent export restrictions on this, and other critical minerals. Fortune Minerals CEO on Bismuth surge and Canada’s Mining PolicyThe vertically integrated NICO project consists of a planned mine and concentrator in the Northwest Territories and a hydrometallurgical process facility in Lamont County, Alberta where concentrates from the mine, and other feed sources, will be processed to value-added products needed in diverse industries, the energy transition, new technologies, and defense.  The process design criteria has been compiled and delivered to Worley Canada Services to engineer the facilities and incorporate them into the company’s updated feasibility study. Fortune has completed the hydrometallurgical phase of its test work program for the NICO project bismuth circuit at SGS Canada in Lakefield, Ontario.  The scope for this program was validation of the leaching, cementation and lixiviant regeneration unit operations, and compilation of the process design criteria for detailed engineering.  The results exceeded expectations, the company said, supporting a material reduction in the bismuth circuit size and the expected capital and operating costs at the planned Alberta hydrometallurgical facility.  Bismuth recovery in cement was ~98% after factoring in the ferric chloride leaching, washing and iron cementation efficiencies, compared with lower initial recovery targets. The company said development of the NICO project will provide a reliable North American supply of cobalt sulphate, gold doré, bismuth ingots, and copper cement — enhancing domestic production of three critical minerals.  Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com