SAIDF - Fidelity Engages SGS for Historic Data Review Validation 3D Modelling and Drill Planning to Support the Las Huaquillas Project Northern Peru
(TheNewswire)
Vancouver, BC - TheN ewswire - January24 th , 2022 – Fidelity Minerals Corp. (TSX V: FMN ) ( FSE: S5GM )( SSE: MNYC) (OTC: SAIDF) (“ Fidelity ” or the“ Company ”) is pleased announce that it has engaged SGS GeologicalServices (“SGS”) to complete a historic data review, validation,3D modelling, and drill hole planning to support the Las HuaquillasProject (the “Project”) in Northern Peru. Fidelity is planning andcurrently permitting a 5,000m drilling program at the Las HuaquillasProject which is expected to be completed by Q4 2022. As part of theirmandate and at the conclusion of the drilling program, SGS willcomplete a mineral resource estimate and publish an NI 43-101technical report.
SGS has over 35 years of experience providing themining industry with computer-assisted mineral resource estimationservices using cutting edge geostatistical techniques. SGS is knownglobally as the expert in ore body modelling and reserve evaluation,and brings the disciplines of geology, geostatistics, and miningengineering together to provide accurate and timely mineral projectevaluation solutions. SGS has a very strong team, with valuableexperience, known, renowned and respected in the international miningindustry. A multidisciplinary group of qualified persons with a strongunderstanding of the disclosure requirements for Mineral Resources setout in the NI 43-101 Standards of Disclosure for Mineral Projects(2016), CIM Definition Standards - For Mineral Resources and MineralReserves (2014) and a strong understanding of the CIM Estimation ofMineral Resources & Mineral Reserves Best Practice Guidelines(2019).
The Las Huaquillas Project features extensivehistorical exploration completed by Sulliden Exploration Inc.(“Sulliden”) and others through 1999. This work included soilsampling, geophysics and over 5,700m of diamond drilling (26 drillholes), and the excavation of approx. 1,200m of undergrounddevelopment on three levels in the Los Socavones Zone. This workdefined five (5) mineralised zones, consisting of four (4)mineralisation types including epithermal Au-Ag (Los Socavones), andporphyry Cu style mineralisation (Cementerio and San Antonio) at theProject.
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 5.3million ounces of silver. Aqualified person has not done sufficient work to classify thehistorical estimates as current mineral resources or mineral reserves.Fidelity is not treating the historical estimates as current mineralresources. The Company has not conducted any work to establish therelevance & reliability of the historical resource estimate.
Fidelity is currently executing an exploration programat Las Huaquillas that includes the following;
-
Community relations program and obtain surface accessto exploration areas
-
Re-opening of the historic underground workings withinthe Los Socavones zone to collect channel and metallurgical testsamples.
-
XMG is completing the environmental monitoring DIA,water use permit, CIRA archaeological report, and all other activitiesto obtain the permit required to conduct drilling operations at theProject. It is anticipated that permits will be available for drillingduring late Q2- early Q3 2022.
-
A 5000m drilling program to be carried out at LosSocavones where historical drilling suggest that significant goldmineralization occurs at depth. A similar amount of drilling shouldalso be carried out at the Cementerio zone where significant Cumineralization was intersected by Sulliden however Fidelity’scurrent priority is the gold mineralized Los Socavones zone. Thedrilling 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 containing three (3) DDH total 580m will also bedrilled to confirm the Los Socavones mineralization’s northwestcontinuity. Figure 1 shows the location of the proposed drill holes.SGS will validate all drill hole locations in advance of drillingwhich is expected to start immediately upon the issuance ofenvironmental permits expected by late Q2- early Q3 2022.
-
Issuance of a mineral resource estimate and an updatedNI 43-101 Technical report at the conclusion of the phase oneexploration program reporting results from the exploration activitiesand drilling. An inferred resource estimate compliant with NI 43-101would be included in this updated technical report. SGS will authorthis report.
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 NEWSRELEASE.
Figure 1: Planned and historic drillhole locations at the Las Huaquillas Project, Northern Peru.
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 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.
Copyright (c) 2022 TheNewswire - All rights reserved.