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Fortune Bay (TSXV: FOR) has completed a processing trade-off study prepared by Ausenco Engineering at its Goldfields gold project in northern Saskatchewan.
Two options were evaluated in the study. One is the on-site gold doré production approach outlined in the company's 2025 updated preliminary economic assessment (PEA). Meanwhile, the second approach would see a gold-bearing concentrate produced off site.
Ausenco's assessment is that the on-site route provides modestly higher gold recovery, but concentrate production offers a simpler on-site plant, lower initial capital requirements, lower reagent consumption and higher capital efficiency.
“Concentrate production presents a compelling development option for Goldfields, and Ausenco's completed assessment provides a clear basis for its further evaluation,” said Dale Verran, Fortune Bay’s CEO. “A simpler initial plant could offer a lower-capital development option while preserving flexibility to add on-site doré production later.”
The study was based on earlier SGS Canada metallurgical testing. Separately, Fortune Bay completed a more recent test program. That work demonstrated strong gravity response at a relatively coarse grind and encouraging flotation performance on the remaining material.
While the more recent work is not yet finalized and requires additional representative and variability testing before engineering parameters can be set, Goldfields says its findings will be integrated with Ausenco trade-off findings as assessments continue.
“With gold trading currently at approximately US$4,100 per ounce, compared with the PEA's US$2,600 base-case assumption, it is timely to evaluate the processing and mine-scheduling trade-offs before selecting our preferred approach,” Verran concluded.