Drill Results
Fortune Bay Drills 9.9 g/t over 7.0 m within 3.7 g/t over 21.0 m in Large Step-Out from Box Deposit
Fortune Bay Drilling Confirms Goldfields Depth Potential Amidst Strong PEA Economics
Executive Summary
- Latest Drill Results (April 21, 2026): Fortune Bay reported high-grade intercepts from step-out hole B26-350 at the Box Deposit.
- Intercept: 9.89 g/t Au over 7.0 m within 3.70 g/t Au over 21.0 m.
- Location: 140 metres outside current open-pit constrained Mineral Resource Estimate (MRE) and 140 metres down-plunge.
- Program Status: The 2025/2026 Winter Drilling Program comprised 15 exploration holes totaling 3,701 metres. Assays for Box deposit holes received; Golden Pond and Frontier assays pending due to lab delays.
- Resource Context: Current MRE (Sept 11, 2025) stands at 24.0 Mt at 1.28 g/t Au (0.99 Moz Indicated). The new results suggest mineralization remains open at depth and through the Goldfields Syncline.
- Management Commentary: VP Technical Services Gareth Garlick stated the result confirms potential to grow the deposit and supports the view that the syncline hosts a larger gold system.
Material Impact
- Incremental Value Creation: The drilling results are consistent with the company's stated strategy of allocating budget toward expansion rather than infill, as noted in the November 2025 update. While high-grade, this is an exploration step-out result rather than a resource estimate update.
- Validation of PEA Thesis: The Updated Preliminary Economic Assessment (PEA) released in September/October 2025 assumed strong economics with room for growth. These results validate the geological model underpinning that PEA but do not yet quantify new ounces or NPV changes.
- Market Expectation: Given the $8M financing closed in October 2025 specifically to fund this advancement and the explicit guidance toward resource expansion, these results are largely priced into the current valuation trajectory. They prevent downside risk from exploration failure but do not constitute a sudden paradigm shift (e.g., a major MRE upgrade).
- Risk Mitigation: The confirmation of open mineralization at depth reduces the risk that the pit-constrained resource is exhausted, supporting long-term mine life assumptions in the PEA.
FOR · Price
Company Overview
- Flagship Project: Goldfields Gold Project (Saskatchewan, Canada). 100% owned.
- Status: Development stage (PEA complete; PFS underway).
- Resource: 24.0 Mt at 1.28 g/t Au (Sept 2025 MRE). Box Deposit is the primary driver (16.2 Mt @ 1.41 g/t Au).
- Economics: Updated PEA shows NPV(5%) of C$610M at $2,600/oz gold and IRR of 44%. At spot prices ($3,650/oz), NPV rises to C$1.25B with 74% IRR.
- Infrastructure: Existing road and hydro-power line access; proximity to Uranium City.
- Secondary Projects:
- Poma Rosa (Mexico): Exploration stage. Facing regulatory challenges regarding protected natural areas overlapping concessions.
- Uranium Portfolio (Athabasca Basin): Partner-funded exploration at Murmac, Woods, and Strike projects to preserve capital for gold assets.
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Jun 16, 2026 · 06:01