SAIDF - Fidelity Announces Sampling Results from QP's Site Visit at the Las Huaquillas Project Northern Peru including 9.653 g/t Au 126 g/t Ag and 1.08 % Pb From a Grab Sample
(TheNewswire)
Vancouver, BC – TheNewswire - December 2 nd , 2021 – Fidelity Minerals Corp. (TSXV:FMN ) | ( FSE:S5GM ) | ( SSE:MNYC) (“ Fidelity ” or the “ Company ”) ispleased announce results from confirmatory sampling of nine (9) rockand outcrop exposures at the highly prospective Core Las Huaquillasprecious and base metal property (the “Project” or “CLH”) innorthern Peru, and for which Fidelity holds a 44.5% interest and holdsan option to acquire an additional 5.5%. The confirmatory sampling wascompleted as part of a site visit by Luc Pigeon B.Sc., M.Sc., P.Geo(the “Author”), a Qualified Person in the context of NationalInstrument 43-101 who is authoring a new NI 43-101 technical report onthe Project as announced by the Company on October 7, 2021. The bestresult obtained was a sample collected from quartz veins exposed atthe entrance of one of the underground working portals within the LosSocavones zone that returned a result of 9.653 g/t Au, 126 g/t Ag and1.08 % Pb.
The CLH Project features extensive historicalexploration completed by Sulliden Exploration Inc. (“Sulliden”) andothers through 1999. This work included soil sampling, geophysics andover 5,700m of diamond drilling (26 drill holes), and the excavationof approx. 1,200m of underground development on three levels in theLos Socavones Zone. This work defined five (5) mineralised zones,consisting of four (4) mineralisation types including epithermal Au-Ag(Los Socavones), and porphyry Cu style mineralisation (Cementerio andSan Antonio) at the Project.
The confirmatory sampling was completed by the Authoras part of a site visit required to support the writing of the new NI43-101 technical report. This included limited verification ofgeologic mapping, alteration, and geochemical sampling completed bySulliden in 1999. The Author collected a total of nine (9) grabsamples: three (3) north of the San Antonio zone, four (4) along roadcuts within the Los Socavones and SanAntonio zones, and two (2) fromexposed veins at the entrance portal of two (2) underground workingswithin the Los Socavones zone. The Author had previously visited theCementario zone in 2011 and verified the geology and alteration atthat time for another issuer. The Author confirms thefollowing:
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Significant alteration occurs within both theCementerio and San Antonio zones. Furthermore, the location of thediorite and alteration mapped by the Author concurs with thehistorical geological mapping.
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Two (2) underground working portal locations weremeasured using a hand-held GPS with a reported accuracy of 2m. ThePSAD56 portal locations reported in the historical maps and reportsare accurate with their transformed WGS84 X, Y values falling withinthe GPS error radius. This confirms that the locations reported bySulliden were of excellent quality and must have been acquired by asub-metre accuracy differential GPS or surveyed using benchmarks and atotal station.
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Grab samples C001437 and C001438 collected from quartzveins exposed at two (2) underground working portals within the LosSocavones zone returned 1.062 g/t Au and 9.653 g/t Au respectively.Sample C001438 is also characterized by 126 g/t Ag and 1.08 %Pb.
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Sample C001437 is composed of dark grey quartz with 6-7percent disseminated and veinlet pyrite. A minor amount of iron oxidesare also present.
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Sample C001438 is composed of a milky quartz matrixcross-cut by grey quartz veinlets. The rock contains approximately 6%disseminated pyrite and up 15% fracture- and vug-controlled ironoxides.
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Sample C001436 collected within the San Antonio zone ischaracterized by an anomalous Au content of 0.504 g/t Au and with anelevated Cu content reaching up to 0.547 % Cu.
Table 1 presents the results from all nine samplescollected as part of the Authors site visit.
Table 1: Geochemical sample resultsfrom the CLH 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. Thereport is expected to be completed by mid-December, subject toregulatory review and comment. Once completed, the Company will filethe current and compliant NI 43-101 technical report onSEDAR .
Significant Mineralised Zones –Historical
The Los Socavones anomaly is a major NE-SW trendingmineralized fault zone that extends for at least 2.5km and has a widthof approximately 100m. The anomalous zone consists of two distinctAu-enriched pyrite-sphalerite-galena quartz stock-work zonessurrounded by a low-grade gold zone composed of disseminated andnarrow stringers of pyrite with minor sphalerite and chalcopyrite. Todate, 1,000m of its strike length has been drill tested and 400munderground workings including 100m vertical development has beencarried out. Drilling has intersected the mineralization at a depth ofapproximately 200m. The mineralized zone average true thickness isapproximately 19 m with a maximum thickness of 65m within the zone’scentre.
The Cementerio Cu-Au porphyry system is located 1,000msouth of the Los Socavones zone. It comprises extensive argillic,phyllic and hematitic alteration partly visible along the road leadingto the Las Huaquillas village. A 600m by 900m sub-circular multi-phasediorite intrusion characterized by equigranular and porphyritictextures is spatially related with the mineralization.
The San Antonio porphyry system is located 1,000m NW ofthe Los Socavones zone. It coincides with a prominent copper- goldsoil geochemical anomaly and is hosted in a calc-alkaline quartzdiorite intrusion measuring 500m x 900m. The host rock is massive,homogeneous and is composed of 15% well-formed 2-mm plagioclasephenocrysts lying in a finer groundmass composed of amphibolefeldspar-quartz-chlorite- biotite-magnetite-sericite.
The El Huabo Au-Ag anomaly is located near the LosSocavones structure within altered plagioclase porphyritic volcanicrocks members of the Oyotún Formation.
The Las Huaquillas anomaly is located some 850m to theNE of the El Huabo anomaly. The mineralization is hosted in stronglysericitized and argillic altered Oyotún Formation rocks that arecrosscut by narrow quartz veins and accompanied by fine quartz vugfilling. The geological similarities between the Las Huaquillas andthe El Huabo anomalies indicate that both are part of the samelow-sulphidation epithermal system developed along the Los Socavonesstructure.
Fig 1: SignificantMineralised Zones at Las Huaquillas
Significant Intercepts
Historical drilling at the Los Socavones Zone reportsignificant mineralized intercepts, the best of which is Sulliden DDHintersection (LH97-08): 67.5m core length (approximately 53m truewidth) grading 2.7 g/t Au and 15.3 g/t Ag. Hole LH-97-04, whichreturned 0.47% Cu, 0.11 g/t Au and 4.5 g/t Ag over 99.5m (drilllength), demonstrated the size potential of Cementerio’s phyllicring. Similarly, San Antonio drilling (LH97-17) also intersectedsignificant mineralization; up to 0.32% Cu, 0.45 g/t Au and 3.0 g/t Agover 69.0 m (drill length), including an interval grading 0.46 % Cu,0.74 g/t Au and 4.9 g/t Ag over 21.0m.
Luc Pigeon B.Sc., M.Sc., P.Geo., a Qualified Person inthe context of National Instrument 43-101, has read and approved thetechnical content of this News Release.
Rial Minera Update
As announced on July 21, 2021, Fidelity acquired anoption for an additional 5.5% interest in Rial Minera which owns theCore Las Huaquillas Property by completing thefollowing;
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Total cash consideration of $500,000 US payable ininstalments.
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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 now paid the $500,000 US consideration.The Company has also finalized with its joint venture partners the $3,000,000 US explorationplan and budget for 2021 and 2022 and has commenced the permittingprogram to support drilling activities. Fidelity continues to supportpermitting initiatives by maintaining its community relations programwhich has been operating on the Project since early 2021.
Luc Pigeon B.Sc., M.Sc., P.Geo., a Qualified Person inthe context of National Instrument 43-101, has read and approved thetechnical content of this News Release.
About Fidelity Minerals Corp.
Fidelity Minerals Corp. has assembled a portfolio ofhigh-quality mining assets in Peru and aims to delineate majordeposits on these properties that could attract the interest ofmid-tier and major mining companies. Fidelity has a portfolio of fourkey assets in Peru and is currently focused on progressing its twomost advanced projects – Greater Las Huaquillas (GLH) and LasBrujas. Fidelity is also looking to opportunistically expand itsproject portfolio with accretive acquisitions. The company is backedby an experienced management team with diverse technical, market, andcommercial expertise and is supported by committed and sophisticatedinvestors focused on building long term value.
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 mineralized intersections where a specificgravity of 2.8 g/cm3 and a cut-off grade of 1.0 g/t Au over a minimumwidth of 3 metres were applied. Gariepy & Vachon (1999) disclosedwhat they call a “geological resource” which is not a categoryaccepted by prevailing disclosure standards, and at best correspondsto an Inferred Resource in today’s nomenclature. The work did notestimate the zinc, lead or copper contained within the Socavones zone.No more recent estimates or data is available to the issuer; at aminimum, several holes would need to be twinned, and certainhistorical intercepts re-assayed, to verify the historical estimate asa current mineral resource. For clarity, a qualified person has notdone sufficient work to classify the historical estimate as a currentmineral resources or mineral reserve, and the Company is not treatingthe historical estimate as a current mineral resource or mineralreserve.
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