Fortress bulks up on Russian gold

Fortress Minerals’ (FST-V) latest results from Russia show a promising project, even if it is within a country that has been known to cause headaches for western investors.

The company’s wholly owned flagship project, Svetloye, sits in a remote corner of Russia’s Far East roughly 750km west of Magadan.

The samples came by way of rock-sawing continuous channel samples and are from the Amy and Elena prospects.

At Amy, channel sampling intercepted 43.5 metres grading 15.09 grams gold per tonne including 20 metres grading 32.37 grams gold.

Another sample at Amy intercepted 66.8 metres grading 3.81 grams gold.

At the Elena prospect highlights included a channel sample intercept over 94 metres grading 2.17 grams gold including 24 metres grading 5.07 grams gold.

Svetloye is made up of nine prospects that extend over eight km.

Before this years drill program inferred resources at the project were estimated at 20.1 million tonnes grading 2.21 grams gold for 1.4 million oz.

The Vancouver-based company says gold is associated with extensive zones of vuggy silica, quartz-alunite and quartz-dickite-kaolinite alteration. This style of mineralization is common to Pierina, Veladero and other high sulphidation epithermal deposits.

As for investors that fear the business climate in Russia, it should be noted that Lukas Lundin serves as president and chief executive of the company and has a long and well connected presence in the country.

In Toronto on Oct. 8 the company’s shares were up half a penny to 43.5¢ on 160,000 shares traded.

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