SAIDF - Fidelity Minerals Confirms Significant Gold Potential of El Ambique Prospect at Las Brujas Project in the Northern Yanacocha gold district

(TheNewswire)

Vancouver, BC - TheNewswire - November 9 th , 2020 - Fidelity Minerals Corp. (TSXV:FMN ) | ( FSE:S5GM ) | ( SSE:MNYC)(" FidelityMinerals " or the " Company ") is pleased to update surface sampling progress atits Las Brujas gold project in Cajamarca, Peru. Since early Septemberthe Company has mobilized a small sampling team into the project area,where the team has located and occupied on-property accommodation.Since the previous project News Releases (on the 12 th and24 th August 2020) the Company has enlarged its concession holdingssignificantly, from 5,000ha to 8,400ha.

Background

The Las Brujas Project (FMN: 100%) has been expandedfrom the initial acquisition of 1,900ha (June 2019) through 3,400ha(January 2020) and 5,000ha (August 2020) to 8,400ha. This expansionhas been driven by encouraging surface sampling results (to 5,000ha)and more recently by the modelling of the geological relationshipsbetween regional epithermal gold systems and their adjacent andrelated porphyry gold-copper systems (interpreted to be geologicalanalogues of Tantahuatay - AntaKori / Cerro Corona). Expansion at Las Brujas is guided by remote sensing work thatindicates surficial evidence of alteration that may reflect intrusiveand hydrothermal activity to the east of the alteration observed inconnection with the gold-bearing prospects described by the Company on24 August 2020, and illustrated in the most recent presentation( https://www.fidelityminerals.com/latest-presentation ). These observations correlate with circumstantialindicators and inferred area structure also derived from remotesensing imagery.

Initial Results

The geological mapping and sampling projects wereinitiated September 9, 2020 within the Las Brujas Gold 2 Concessionwhere the Company holds certain permission from the land owners tocarry out prospecting work. The mapped area is mostly underlain byandesitic volcanic and sub-volcanic rocks of the Calipuy Formationincluding porphyritic andesite and dacite as well as volcanicagglomerate. Microdiorite intrusions and dykes are ubiquitous. Thearea is characterized by moderate to intense pervasive hydrothermalargillic alteration along faults and fracture systems. Units proximalto the mineralized zones show a localised zebra-like banding textureformed by rusty orange iron oxide rich clay bands separated by lightgrey clay bands. The gold mineralization occurs within breccia,stockwork and veinlet systems accompanied by iron oxides and silica. The mineralization locally also contains disseminated pyrite as wellas pyrite, quartz and jasper veinlets. The gold mineralization showsa spatial correlation to the porphyritic andesite contacts and aNE-trending fault systems.

To date 406 samples have been collected at the LasBrujas Gold 2 Concession (comprising the El Alambique prospect) wherereconnaissance sampling in February 2020 identified several goldmineralized structures. The sample types include 326 channel, 56 rockchip and 24 saprolite profile samples (collected using agasoline-powered auger). The samples have been transported to the SGSlaboratories in Lima for major and trace elements determination(PRP93, FAA313 Au and ICP14B analytical methods, with approximately10% of samples comprising field duplicates). To date 273 results havebeen received including 57 samples displaying anomalous goldconcentrations ranging from 0.101 to 0.632 g/t Au. Notably twelvecontiguous 2m channel samples collected across an iron oxide richtectonic breccia returned a weighted average 0.22 g/t Au over 24m( Table 1 ). Further sampling along the NW-trending structure's strikedirection suggest that the Au mineralization is continuous for atleast 100m, remaining open in both directions (refer, Figure 1). This mineralization is also characterized by copper concentrationsthat vary from 72 to 158 ppm Cu. Silver, lead and zinc concentrationsare negligible. Sulphur concentrations are mostly below the detectionlimit of 0.01% S whereas iron concentrations vary from 3.70% to 9.13%Fe. These results are consistent with the strong hydrothermal andmeteoric fluid alteration that has oxidized thesulphide and ferromagnesian minerals and leached the sulphur andmobile metals.

Table 1: Assayresults of 12 consecutive channel samples collected across amineralized breccia

In order to further evaluate the prospectivity of theproject area, a ground magnetic survey was initiated on 19 October2020, to survey the Las Brujas Gold 2 Concession. The survey isexpected to cover up to 1,000 hectares. To date over 580 hectares havebeen surveyed (refer, Figure2) . The initial survey results indicate thepresence of at least three magnetic bodies located near the confirmedgold mineralization and appear to correlate with mapped andesiticvolcanic and subvolcanic rocks. The gold mineralization appears to beconcentrated near the boundaries of the magnetic features, thoughmineralization is also evident within certain of the magneticfeatures.

Director & CEO of FidelityMinerals, Mr. Ian Graham commented:

"These initial results we areencountering at Las Brujas are highly encouraging." states Ian Graham. "The expansion of the project land holding, and the measuredsteps we are taking to better define and constrain the multiple newand archival gold showings at Las Brujas presents the company with anumber of opportunities to delineate substantial gold resources at LasBrujas, which is located within the world-class greater Yanacocha goldmining district that is rapidly depleting its reserves."

The Company will shortly update its online presentationto provide greater information regarding its gold prospects at LasBrujas, and to delineate its expanded land holdings.

Figure 1: Las Brujas SamplingMap

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Figure 2: Las BrujasPreliminary Magnetic Survey Results (TMI)

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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. Mr. Pigeon has been present onsite at the project to assist and advise the team, and has also beenin Lima supervising the delivery of samples to the laboratory.

About Fidelity Minerals Corp.

Fidelity Minerals Corp. is assembling and advancing aportfolio of high-quality mining assets in Peru through theimplementation of our Strategic Project Generator (SPG) model. Theproject generator model involves the identification and acquisition ofappraisal stage opportunities with near-term valuation catalysts,including potential for high-impact M&A. The company is backed byan 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 FidelityMinerals;

Ian Graham
CEO and Director
Tel: +1.604.671.1353
Email: igraham@fidelityminerals.com

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.

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 ofthese terms or other comparable terminology. These statements speakonly as of the date of this news release. This news release may alsocontain inferences to future oriented financial information("FOFI") within the meaning of applicable securities laws.The information in this news release has been prepared by ourmanagement to provide a context for the project acquisition and toprovide the reader with an outlook for our future activities andanticipated key projects and may not be appropriate for otherpurposes. Forward-looking statements in this announcement include,(but are not limited to) advancing certain key project activities thatcould represent important milestones which the Company expects mayrepresent material valuation catalysts, such as the expectation thatthrough the Strategic Project Generator model Fidelity Minerals ispositioning itself to be a beneficiary in this environment ofincreased appetite for prospective projects in this region. Further,forward-looking statements in this release include that FidelityMinerals Corp. is assembling a portfolio of high-quality mining assetsin Peru through the implementation of our Strategic Project Generator(SPG) model. The project generator model involves the identificationand acquisition of appraisal stage opportunities with near-termvaluation catalysts, including potential for high-impactM&A.

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