Fortune has combined historical exploration information, induced-polarization surveys, satellite-based remote sensing, overburden sampling and other geological and geophysical data to identify areas at Gowan for additional evaluation and possible drilling. The next step is to test selected targets.
Fortune has an Ontario exploration permit for Gowan that authorizes specified drilling and related early-exploration activities.
We Have the Targets. Now We Need to Test Them.
Fortune’s principal exploration asset is the Gowan Project, approximately 25 kilometers northeast of Timmins, Ontario, within the Abitibi Greenstone Belt. Gowan consists of 117 mineral claim units covering approximately 5,400 acres.
The exploration program combines historical exploration and drilling information, induced-polarization geophysical surveys, satellite-based remote sensing, overburden sampling and geological and geophysical analysis. The purpose is to combine multiple datasets to identify areas that management and its technical advisers believe justify physical testing.
Fortune has not established a mineral resource or reserve at Gowan. Drilling and laboratory assays are necessary to determine what is actually beneath the targets.
The Geology Didn’t Change. The Gold Market Did.
The Gowan targets have been in the ground for geological time. What has changed is the market for gold – and Fortune’s accumulation of technical information needed to decide where to drill.
Fortune’s 2022 induced-polarization program identified subsurface anomaly trends at Gowan, and the 2023 Axiom remote-sensing work added structural and alteration information. Fortune then completed a Gowan-focused Soil Gas Hydrocarbon (SGH) program in 2023 to test areas associated with the IP and conductive trends and help focus future drilling.
The SGH report, dated December 11, 2023, covers two GPS-controlled grids and 431 analyzed samples. Samples were evaluated for gold, nickel and copper. The survey identified moderately anomalous zones, and the report cautioned that SGH results should be considered together with other geological, geochemical and geophysical information.
Meanwhile, the gold market changed dramatically. The World Gold Council reported the LBMA Gold Price PM at $1,942 per ounce on August 31, 2023. Reuters reported spot gold at $4,623.94 per ounce on August 21, 2026 – an increase of approximately 138%.
A higher gold price does not make a discovery at Gowan more likely, and Fortune has not established a mineral resource or reserve. But it materially changes the economic backdrop for gold exploration and helps explain why management is focusing the current Gowan program on gold. Fortune has an exploration permit and intends to move from target generation to drilling, assays, Qualified Person review and planned NI 43-101 technical work.
The targets have been there. The reason to test them has become more compelling.
Gold price sources: World Gold Council, Gold Market Commentary – August 2023; Reuters, August 21, 2026.
Map legend: Red outline = Gowan claim block; black circles = 2023 SGH soil-sample locations; light-blue lines = IP grid lines; orange marks = interpreted IP trend; RCD F-68 = historical reverse-circulation drill hole.
Gowan claim block showing the 2023 North and South SGH soil-sampling grids, IP grid lines and interpreted IP trends, and historical RCD hole FH-68. Source: J.C. Grant, Soil Gas Hydrocarbon Survey Report, Gowan Property, December 11, 2023.
SGH, IP and other geophysical or geochemical anomalies are exploration indicators only and do not establish the existence, grade, quantity or economic recoverability of a mineral deposit.
PROBLEM
Much of What We Are Looking For Is Hidden
Mineral exploration is fundamentally a search problem. Geological features may be obscured by overburden, and surface observations alone cannot determine the existence, grade or economic value of a mineral deposit.
More than one billion years ago, glacial processes associated with Glacial Lake Ojibway deposited a thick sequence of clay over portions of the Gowan property, with cover interpreted to exceed 50 meters in places. This clay-rich overburden may have concealed the underlying bedrock structures and any associated mineralization from earlier generations of prospectors, particularly those relying on surface observations, shallow trenching, or limited near-surface sampling. At the same time, the clay cover may have helped protect the underlying system from weathering and erosion.
The same glacial cover that may have hindered historical prospecting now represents a potentially important exploration opportunity. Because the overburden masks the bedrock below, earlier surface-based methods may not have been effective in identifying concealed mineralized structures. Fortune’s exploration thesis is that modern geophysical methods, combined with targeted drilling through the overburden, can test the bedrock structures, alteration zones, and geochemical signatures that earlier prospectors may not have been able to evaluate effectively.
In that sense, what once acted as an obstacle to discovery may now be an advantage for a modern explorer. The Company believes the concealed setting may have delayed the discovery of prospective mineralization while helping preserve the integrity of the underlying mineral system. Fortune’s planned drilling program is intended to penetrate the overburden and evaluate whether the structural and geological features identified to date are associated with gold- and nickel-bearing mineralization. Fortune has completed substantial target-generation work at Gowan. The next stage is physical testing.
SOLUTION
Explore Methodically. Drill Selectively. Let the Results Guide the Next Step.
Old technology could not look past the glacial mud, which ranges from 25 to 75 meters deep across the Gowan property, causing prospectors to miss the deeper bedrock source. This thickness is greater than the cover found at neighboring operations, such as Kidd Creek and Crawford, and proved to be a blind spot for early exploration.
Regional Clay Profile Comparison
Fortune uses induced-polarization surveys, the 2023 SGH geochemical program, satellite-based analysis and historical information together to refine Gowan targets. No single dataset establishes mineralization; the purpose of the integrated work is to identify areas that justify physical testing through drilling.
Our solution is:
- Drill selected targets – Retain qualified drilling contractors and technical consultants and test selected areas as financing permits.
- Analyze the samples – Submit drill core or other samples to qualified laboratories for assay and analysis.
- Follow the evidence – Use the results to determine whether additional drilling, sampling or other exploration work is warranted.
Regional Clay Profile Comparison