SAIDF - Fidelity Announces the Filing of a NI 43-101 Technical Report for the Las Huaquillas Project Northern Peru

(TheNewswire)

Vancouver, BC - TheNewswire- January 6 th , 2022 - FidelityMinerals Corp. (TSXV:FMN )(OTC: SAIDF) ( FSE:S5GM ) ( SSE:MNYC) (“ Fidelity ” or the “ Company ”) ispleased announce that it has filed a National Instrument 43-101Technical Report for the Las Huaquillas Project (the “Project”) inNorthern Peru on January 4, 2022. The NI 43-101 report titled “NI 43-101Technical Report on the Las Huaquillas Au, Ag, Cu Property, Cajamarca,Peru”, with an effective date of December 18, 2021, was authored byLuc Pigeon, B.Sc., M. Sc., P. Geo (the “Author”), who is anindependent and qualified person under National Instrument 43-101.

The NI 43-101 technical report summarizes Project’sLocation, Ownership, Geological Setting, Mineralization, HistoricalExploration, Historical Resource Estimates, Conclusions, andRecommendations for future work. Confirmatory rock grab sampling, asreported in a press release issued by the Company on December 2, 2021,was completed by the Author as part of a site visit required tosupport the writing of the NI 43-101 technical report, and adescription of this work is included in the report. The best resultobtained was a sample collected from quartz veins exposed at theentrance 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 Project has not been the subjectof a current resource estimate compliant with NI43-101.

The Project features extensive historical explorationcompleted by Sulliden Exploration Inc. (“Sulliden”) and othersthrough 1999. This work included soil sampling, geophysics and over5,700m 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 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 most recent historical resource estimate completedon the Project was prepared by Sulliden’s geologists Gariepy &Vachon (1999) who disclose what they call “geological resource”which is not a category accepted under section 2.2 of NI 43-101. Itbest corresponds to an Inferred Resource in today’s nomenclature.The estimate was performed using the vertical longitudinal sectionmethod using seventeen (17) mineralized intersections obtained throughdrilling. The parameters used were a specific gravity of 2.8 g/cm³and a cut-off grade of 1.0 g/t Au over a minimum width of 3 metres. Gariepy & Vachon (1999) estimated that the Los Socavones zonehosts 6,570,000 metric tonnes grading 2.12 g/t Au and 25.2 g/t Ag;equivalent to 446,000

ounces of gold and 5.3 million ounces of silver. A qualified person has notdone sufficient work to classify the historical estimates as currentmineral resources or mineral reserves. Fidelity is not treating thehistorical estimates as current mineral resources. The Company has notconducted any work to establish the relevance & reliability of thehistorical resource estimate.

Location and Ownership

The Project is located within the Districts of SanIgnacio and Nambelle, Province of San Ignacio, Department of Cajamarcain northern Peru, centred approximately 14 kilometres south of theEcuador-Peru border. The Project comprises eighteen (18) Concessionsand Claims divided into two (2) Concession groups based onFidelity’s interest in the Concessions forming the groups.

The Las Huaquillas Core Group is comprised of nine (9)contiguous Concessions which cover a geographic area of 3600 hectares.The nine (9) Concessions are owned by Rial Minera S.A.C. for whichFidelity has secured a 44.5% interest. Asannounced on July 21, 2021, Fidelity acquired an option for anadditional 5.5% interest in Rial Minera S. A. C. by agreeing to a total cash consideration of $500,000 US, andfunding up to $3,000,000 US in underground sampling and explorationdrilling to underwrite the publication of a new NI 43-101 technicalreport aimed at declaring inferred resources and to be completedwithin 18 months following receipt of drilling permit approvals. Fidelity has now paid the $500,000 USconsideration and has finalized the $3,000,000 US exploration plan andbudget for 2022 with its joint venture partners.

The Greater Las Huaquillas Group is comprised of three(3) WGS84 system concessions and six (6) WGS84 system claims that arecurrently in the registration process. The concessions and claimsforming this group cover an area of 4800hectares. These concessions and claims are owned 100% by Fidelity andare not part of the Rial Minera S. A. C. joint venture.

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 1,200m ofunderground workings have been developed and sampled. Drilling hasintersected the mineralization at a depth of approximately 200m. Themineralized zone average true thickness is approximately 19 m with amaximum thickness of 65m within the zone’s centre.

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.

The Author reported that the Project has the requisitecharacteristics to host one or more structurally hosted

gold and/or copper-gold porphyry deposits.Fundamentally, these deposit types require appropriate host rocks,largescale structures, evidence of large-scale hydrothermal activityand evidence for concentration mechanisms for the minerals ofinterest. Historic mapping and exploration on the Project havedemonstrated that these conditions exist. Various levels ofstructurally-controlled gold mineralization and porphyry-relatedcopper mineralization are exposed. Intermediate level stockworkmineralization (potentially the roots of an epithermal system) aredescribed in the Los Socavones zone within the Socavones structure.Elsewhere along the same Socavones structure, higher level epithermaltargets have been identified. Historic drilling and undergroundsampling indicate that the Los Socavones surface mineralizationcontinues at depth; however, new drilling within the main mineralizedzones is required in order to confirm historical drilling data, builda computerized 3D deposit model, and to prepare a resource estimate toNI43-101 compliance.

Significant Intercepts–Historical

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 intersected significant mineralization; up to 0.32% Cu, 0.45 g/tAu and 3.0 g/t Ag over 69.0 m (drill length), including an intervalgrading 0.46 % Cu, 0.74 g/t Au and 4.9 g/t Ag over 21.0m.

Click Image To View Full Size

Fig 1:        SignificantMineralised Zones at Las Huaquillas

Historical Resource Estimates

Two historical resource estimates have been completedby others on the project.

The first historical resource estimate was written byStephan (1992) and commissioned by Corporacion Minera Peruano-Alemana(“CMPA”) who conducted early exploration on the property from 1989to 1993.Stephan (1992) discloses what he calls “mineral potential”which is not a category accepted by the Canadian Institute of Mining,Metallurgy and Petroleum and therefore is not allowed under section2.2 of NI 43-101. It best corresponds to an Inferred Resource intoday’s nomenclature. The CMPA estimate is based on sampling resultsfrom the 1200 meters of workings plus 830 m of diamond drilling. Arock density of 2.9 g/cm³ was used. No cut-off grade was indicated.Two estimates were given: (i) structure-hosted mineral and

(ii) stockwork-hosted mineral. The structure-hostedmineral resource estimate includes results from the S1, S2, andCaterina/Pilar structures. A true width of 2.41 m was assigned to theS2 structure whereas a true width of 1.26 m was used for structure S1.A true width of 2.65 m was used for the Caterina/pilarstructure.

The total mass estimated by CMPA is 2,600,000 metrictonnes with weighted average grades of 2.69 g/t Au, 27 g/t Ag, 0.18 %Cu, 0.34 % Pb and 1.09 % Zn. Aqualified person has not done sufficient work to classify thehistorical estimates as current mineral resources or mineral reserves.Fidelity is not treating thehistorical estimates as current mineral resources. The Company has notconducted any work to establish the relevance & reliability of thehistorical resource estimate.

In 1999 Sulliden revised the CMPA historical resourcewith another historical resource (Gariepy and Vachon, 1999). BothGariepy and Vachon are experienced registered Canadian geologistsand/or engineers and therefore the historical resource given was considered relevant and most likely reliable. Gariepy & Vachon(1999) disclose what they call “geological resource” which is nota category accepted by the Canadian Institute of Mining, Metallurgyand Petroleum and therefore is not allowed under section 2.2 of NI43-101. It best corresponds to an Inferred Resource in today’snomenclature. Note that unlike CMPA, Sulliden did not estimate thezinc, lead or copper contained within the Socavones zone. The estimatewas performed using the vertical longitudinal section method.Seventeen (17) mineralized intersections were included in thisestimate. The parameters used to establish the resource were aspecific gravity of 2.8 g/cm3 and a cut off grade of 1.0 g/t Au over aminimum width of 3 metres. The CMPA DDH assay results were also usedfor the estimation. In some cases, a mean value for grade andthickness from close intersections was used. Gariepy & Vachon(1999) estimated that the Los Socavones zone hosts 6,570,000 metrictonnes grading 2.12 g/t Au and 25.2 g/t Ag; equivalent to 446,000ounces of gold and 5.3 million ounces of silver at a 1 g/t Aucut-off. A qualified personhas not done sufficient work to classify the historical estimates ascurrent mineral resources or mineral reserves. Fidelity is nottreating the historical estimates as current mineral resources. TheCompany has not conducted any work to establish the relevance &reliability of the historical resource estimate.

Conclusions andRecommendations

Both the CPMA and Sulliden exploration campaigns,including diamond drilling, were successful in finding significantmineralization on the Project. To date, a significantstructurally-controlled gold zone and two prospective porphyry targetshave been identified.

A historical resource of 6,570,000 metric tonnesgrading 2.12 g/t Au and 25.2 g/t Ag, equivalent to 446,000 ounces ofgold and 5.3 million ounces of silver has been estimated by Sulliden,using a 1 g/t gold cut-off, in the Los Socavones zone to a depth of200 meters. A qualified personhas not done sufficient work to classify the historical estimates ascurrent mineral resources or mineral reserves. Fidelity is nottreating the historical estimates as current mineral resources. TheCompany has not conducted any work to establish the relevance &reliability of the historical resource estimate. Base metal potential within this zone was not included in thishistoric resource estimate. The Los Socovones Zone is open down dipand along strike in both directions (northeast and southwest). Themineralized zone appears to have been offset by faults.

The Author conducted a site visit during 2021 andindicated that field observations are consistent with the occurrenceof a large hydrothermal system in this area and are consistent withthe epithermal Au-Ag-Cu mineralization information given in Gariepy& Vachon (1999) and with the porphyry Cu ± Mo ± Au depositmodel. The Author is not aware of any other significant risks anduncertainties that could reasonably be expected to affect thereliability or confidence in the exploration information disclosed inthe NI 43-101 technical report. The Author concludes that furtherexploration work is needed on the Project in order to verify andupgrade historical results to NI 43-101 standards.

The author recommended that a phase one explorationprogram be completed that includes the following activities;

• Community relations program and obtain surface accessto exploration areas

• In-fill soil sampling surveys over anomalousareas

• IP geophysical survey over the Property with a focus onCementerio and San Antonio zones.

• The historic underground workings within the LosSocavones zones are recommended to be re-opened by an experiencedmining engineering company to allow safe sampling. The new samplingshould be precisely surveyed to 10cm accuracy using WGS84 17Scoordinate system. Metallurgical test samples should also be performedto support a future resource estimate.

• A 5000m drilling program is recommended to be carriedout at Los Socavones where historical drilling suggest thatsignificant gold mineralization occurs at depth. A similar amount ofdrilling should also be carried out at the Cementerio zone wheresignificant Cu mineralization was intersected by Sulliden howeverFidelity’s current priority is the gold mineralized Los Socavoneszone. The drilling project consists of twenty (20) platforms; nineteen(19) located within the Los Socavones zone and one (1) within theCementerio zone. The Los Socavones main zone proposed drillingincludes sixteen (16) platforms with seventeen (17) DDH totalling4560m to confirm the best historical results and also to confirm thelateral and down dip continuity of the mineralization. The main zonedrilling is designed to allow carrying out an inferred resourceestimate once the

drilling is completed. Three (3) platforms containingthree (3) DDH total 580m will also be drilled to confirm the LosSocavones mineralization’s northwest continuity.

• Issuance of an updated NI 43-101 Technical report atthe conclusion of the phase one exploration program reporting resultsfrom the exploration activities and drilling. An inferred resourceestimate compliant with NI 43-101 would be included in this updatedtechnical report.

As reported on November 3, 2021, the Company hascommenced the exploration program by engaging Ximena Mining GroupS.A.C (“XMG”) to permit an exploration drilling program on theProject. XMG is a Peruvian environmental and technical engineeringconsultancy company, with over 18 years of experience, with 12environmental instruments approved over the last five years. XMG willcarry out the environmental monitoring DIA, water use permit, CIRAarchaeological report, and all other activities to obtain the permitrequired to conduct drilling operations at the Project. It isanticipated that permits will be available for drilling during lateQ2- early Q3 2022. Fidelity continues to support permittinginitiatives by maintaining its community relations program which hasbeen 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 – Las Huaquillas and Las Brujas. Fidelity isalso looking to opportunistically expand its project portfolio withaccretive acquisitions. The company is backed by an experiencedmanagement team with diverse technical, market, and commercialexpertise and is supported by committed and sophisticated investorsfocused on building long term value.

On behalf of the Board of Fidelity Minerals.

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

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

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 orientedfinancial information (“FOFI”) within the meaning of applicablesecurities laws. The information in this news release has beenprepared by our management to provide a context to provide the readerwith an outlook for our future activities and anticipated keymilestones and may not be appropriate for other purposes.Forward-looking statements in this announcement include, (but are notlimited to) advancing certain key project activities that couldrepresent important milestones which the Company expects may representmaterial valuation catalysts, such as the expectation that through the assembling of a portfolio ofhigh-quality mining assets in Peru, the Company aims to delineatemajor deposits on these properties that could attract the interest ofmid-tier and major mining companies. Further, forward-looking statements inthis release include that Fidelity Minerals Corp. is also looking to opportunisticallyexpand its project portfolio with accretive 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 on the Las Huaquillas Au,Ag, Cu Property, Cajamarca, Peru”, with an effective date ofDecember 18, 2021, authored by Luc Pigeon, B.Sc., M. Sc., P. Geo, whois an independent and qualified person under National Instrument43-101. 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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