FMN:CC - Fidelity Secures Surface Access to Underground Workings at the Las Huaquillas Project Northern Peru

(TheNewswire)

Vancouver, BC – TheNewswire - June 9 th , 2022 – Fidelity Minerals Corp. (TSXV:FMN ) ( FSE:S5GM ) ( SSE:MNYC) (“ Fidelity ” or the“ Company ”) is pleased to announce that it has secured access tounderground workings at the Socavones Zone on the Las HuaquillasProject in Northern Peru. The surface lands access agreements allowFidelity to clear access roads and access the three (3) main adits,which provide access to the approx. 1,200m ofunderground development on three (3) levels in the Los Socavones Zone.These surface adits provide ready access to the mineralized zone withan average true thickness of approximately 19 m which offers thepotential for low-cost underground mining. Contractors have beenengaged to provide quotations to re-open the underground workingsbefore Fidelity completes an underground sampling program as soon aspossible in 2022. Fidelity will collect metallurgical test samples ofthe mineralization at the Socavones zone to better characterize themineralogy and better define future process design and recoveryoptions.

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 3,600hectares. The nine (9) Concessions are owned by Rial Minera S.A.C.,for which Fidelity has secured a 44.5% interest. As announced on July 21, 2021, Fidelity acquired an optionfor an additional 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 it’s 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 4800 hectares. These concessionsand claims are owned 100% by Fidelity and are not part of the RialMinera S. A. C. joint venture.

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 Los Socavones zone 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 andsampled. 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 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.

Fidelity is currently executing an exploration programat Las Huaquillas that includes the following;

• Ximena Mining Group S.A.C is completing theenvironmental monitoring for the Declaracion de Impacto Ambiental(DIA), water use permit, CIRA archaeological report, and all otheractivities to obtain the license required to conduct drillingoperations at the Project. It is anticipated that permits will beavailable for drilling during Q3 2022.

• Community relations program and obtain surface accessto the drill pads. Fidelity is supporting a Peruvian Energy and MinesEducation Initiative in the local communities scheduled for June 29,2022. Fidelity will provide a venue for this meeting and will supplyfood and beverages. The purpose of this Government meeting is toeducate and inform the local communities on the modern process ofmining and exploration, and the benefits that mining and mineralexploration provide.

• A 5,000m drilling program will be carried out mainly atLos Socavones, where historical drilling suggests significant goldmineralization occurs at depth. A similar amount of drilling shouldalso be carried out at the Cementerio zone where Sulliden intersectedsignificant Cu mineralization; however, Fidelity’s current priorityis the gold mineralized Los Socavones zone. The drilling projectconsists of twenty (20) platforms, nineteen (19) located within theLos Socavones zone and one (1) within the Cementerio zone. The LosSocavones main zone proposed drilling includes sixteen (16) platformswith seventeen (17) DDH totalling 4560m to confirm the best historicalresults and also to confirm the lateral and down dip continuity of themineralization. The main zone drilling is designed to allow carryingout an inferred resource estimate once the drilling is completed.Three (3) platforms containing three (3) DDH total of 580m will alsobe drilled to confirm the Los Socavones mineralization’s northwestcontinuity.

• 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. This updated technical report will include an inferredresource estimate compliant with NI 43-101. SGS will author thisreport.

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 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 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, to verify thehistorical estimate as a current mineral resource. For clarity, aqualified person has not done sufficient work to classify thehistorical estimate as a current mineral resources or mineral reserve,and the Company is not treating the historical estimate as a currentmineral resource or mineral reserve.

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