Backstop agreement is evaluating injection well site options, pumping and piping infrastructure, preliminary engineering and cost estimates for liquid and solid waste disposal
Fortune Minerals Alberta Inc., a wholly-owned subsidiary of Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to announce that it has signed a backstop agreement with SECURE Waste Infrastructure Corp. (TSX:SES) (“SECURE”) to provide waste disposal solutions for the Company’s planned hydrometallurgical facility in Lamont County, Alberta. The hydrometallurgical facility will process concentrates from Fortune’s planned NICO cobalt-gold-bismuth-copper mine and concentrator in the Northwest Territories (“NWT”), and other feed sources, to make value-added critical mineral products for the energy transition, new technologies and defence, collectively, (the “NICO Project”).
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Pursuant to the agreement, SECURE is investigating 1A deep disposal injection well site options and the related pumping and piping infrastructure to transport and dispose of brine-wastes that will be produced from the Company’s Alberta hydrometallurgical processing facility. SECURE will also prepare the preliminary engineering and cost estimates for these facilities and obtain the necessary permits, licenses, certifications and authorizations from governmental and regulatory bodies having jurisdiction over the project. Once the preliminary work is complete, the companies expect to enter into a definitive agreement to develop and operate the injection well over the first 10 years of refinery operations. The definitive agreement will also include provisions for the transportation and disposal of approximately 200,000 metric tonnes per year of process residue solids in a Class 2 government approved landfill.
Robin Goad, Chief Executive Officer of Fortune commented, “We are pleased to partner with SECURE for the development, construction and operation of a 1A deep brine injection well and a solid waste disposal solution for the waste products that will be generated from our Alberta hydrometallurgical facility. SECURE is a trusted local expert in waste management systems and the relationship is a cost and environmentally effective alternative for the treatment of refinery waste products.”
The NICO Project is an advanced development asset comprised of a planned open pit and underground mine and concentrator in the NWT and a dedicated hydrometallurgical facility in Alberta to process three critical minerals to value-added products with more than one million ounces of in-situ gold. Development of the NICO Project would provide a reliable vertically integrated North American supply of battery grade cobalt sulphate, bismuth ingots, and copper cement critical mineral products to address western supply chain resilience and security vulnerabilities.
The disclosure of scientific and technical information contained in this news release have been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune and Alex Mezei, M.Sc., P.Eng. Fortune’s Chief Metallurgist, who are “Qualified Persons” under National Instrument 43-101.
