SAIDF - Fidelity Announces Commencement of Permitting Activities at the Las Huaquillas Project

(TheNewswire)

Vancouver, BC – TheNewswire - November 3 rd , 2021 – Fidelity Minerals Corp. (TSXV:FMN ) | ( FSE:S5GM ) | ( SSE:MNYC) (“ Fidelity ” or the “ Company ”) ispleased to announce that Rial Minera SAC( “Rial” ) which owns the highly prospective Core Las Huaquillasprecious and base metal property (the ” Project” or “CLH”) in northern Peru, and for which Fidelity holds a 50%interest, has engaged Ximena Mining Group S.A.C (“XMG”) to permit an exploration drilling program on the Project. XMGis a Peruvian environmental and technical engineering consultancycompany, with over 18 years of experience, with 12 environmentalmanagement instruments approved over the last five years. XMG isregistered to perform environmental studies at the Peruvian Ministryof Energy and Mines, SENACE (Peruvian Environmental CertificationService), the Peruvian Ministry of Housing, Construction andSanitation and other Peruvian Government Agencies. XMG will carry outthe environmental monitoring FTA, water use permit, CIRAarchaeological report, and all other activities to obtain the permitrequired to conduct drilling operations at the Project.

As announced on July 21, 2021, Fidelity acquired anadditional 5.5% interest in Rial which owns the Core Las HuaquillasProperty by completing the following;

• - Total cash consideration of $500,000 US payable ininstalments.

  - Fund up to $3,000,000 US in underground sampling andexploration drilling to underwrite the publication of a new NI 43-101technical report aimed at declaring inferred resources and to becompleted within 18 months following receipt of drilling permitapprovals.

Fidelity has paid $450,000 US of the $500,000 USconsideration with the final $50,000 US scheduled to be paid onNovember 5, 2021. The Company has also finalized with its jointventure partners a $3,000,000 US exploration plan and budget for 2021 and 2022. XMG hascommenced the permitting program and anticipates that it will becompleted by March 2022. Fidelity continues to support permittinginitiatives by maintaining its community relations program which hasbeen operating on the Project since early 2021.

The CLH Project features extensive historicalexploration completed by Sulliden Exploration Inc. (“Sulliden”) andothers through 1999. This work included soil sampling, geophysics and5,742.9m of diamond drilling (26 drill holes), and the excavation ofapprox. 1,200m of underground development on three levels in the LosSocavones Zone. This work defined 5 mineralised zones, consisting of 4mineralisation types including epithermal Au-Ag, and porphyry Cu stylemineralisation at the Project.

The project has not been the subject of a currentresource estimate compliant with NI43-101. As announced on October 7,2021 and as a result of adisclosure review by the British Columbia Securities Commission(“BCSC”), Fidelity has commenced work on writing a NI 43-101 technical reportfor the Las Huaquillas property. The NI 43-101 technical report willreport on the current status of the property and all historical workperformed including any historical, non NI 43-101 compliant resources. Additional work will need to be done to classify any historicalmineral resources on the Las Huaquillas property as current. Thetimeframe to complete publication of this NI 43-101 technical reportwill be four to six weeks. Once completed, the Company will file thecurrent and compliant NI 43-101 technical report on SEDAR .

On behalf of the Board of Fidelity Minerals.

Dean Pekeski
CEO, President and Director
Tel: +1.778.828.9724
Email: dean@fidelityminerals.com

For more information, please visit the corporatewebsite at http://www.fidelityminerals.com or contact:

NEITHER THE TSXVENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM ISDEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTSRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Disclaimer & Forward-LookingStatements: This news releasecontains forward-looking statements. Forward-looking statements arestatements that relate to future events or future financialperformance. In some cases, you can identify forward-lookingstatements by the use of terminology such as “may”, “should”,“intend”, “expect”, “plan”, “anticipate”,“believe”, “estimate”, “project”, “predict”,“potential”, or “continue” or the negative of these terms orother comparable terminology. These statements speak only as of thedate of this news release. This news release may also containinferences to future oriented financial information (“FOFI”)within the meaning of applicable securities laws. The information inthis news release has been prepared by our management to provide acontext to provide the reader with an outlook for our futureactivities and anticipated key milestones and may not be appropriatefor other purposes. Forward-looking statements in this announcementinclude, (but are not limited to) advancing certain key projectactivities that could represent important milestones which the Companyexpects may represent material valuation catalysts, such as theexpectation that through the assembling of a portfolio of high-quality mining assets in Peru, theCompany aims to delineate major deposits on these properties thatcould attract the interest of mid-tier and major miningcompanies. Further,forward-looking statements in this release include that FidelityMinerals Corp. is alsolooking to opportunistically expand its project portfolio withaccretive acquisitions.

There has not been sufficientdrilling and/or sufficient previous exploration at Las Huaquillas uponwhich to base a mineral resource or mineral reserve estimate compliantto the standards of National Instrument 43-101. It should be notedthat the historical resource related information outlined has beenderived from: NI 43-101 Technical Report (the “Technical Report”)on the Las Huaquillas Au, Ag, Cu Property, Cajamarca, Peru (15 August2011).The historical estimate is based upon Gariepy and Vachon (bothregistered in 1999) and the estimate was performed using the verticallongitudinal section method including seventeen mineralizedintersections where a specific gravity of 2.8 g/cm3 and a cut-offgrade of 1.0 g/t Au over a minimum width of 3 metres were applied.Gariepy & Vachon (1999) disclosed what they call a “geologicalresource” which is not a category accepted by prevailing disclosurestandards, and at best corresponds to an Inferred Resource intoday’s nomenclature. The work did not estimate the zinc, lead orcopper contained within the Socavones zone. No more recent estimatesor data is available to the issuer; at a minimum, several holes wouldneed to be twinned, and certain historical intercepts re-assayed, toverify the historical estimate as a current mineral resource. Forclarity, a qualified person has not done sufficient work to classifythe historical estimate as a current mineral resources or mineralreserve, and the Company is not treating the historical estimate as acurrent mineral resource or mineral reserve.

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