SAIDF - Progress Update for Las Brujas Gold and Porphyritic Copper

(TheNewswire)

Vancouver, BC – TheNewswire - February 2 nd , 2021 – Fidelity Minerals Corp. (TSXV:FMN ) | ( FSE:S5GM ) | ( SSE:MNYC) (“ Fidelity Minerals ” or the “ Company ”) is pleased to provide an update regardingdevelopment of its 100% owned Las Brujas Gold and Porphyritic Copperprojects in northern Peru, including:

• - receipt of further high-grade gold results from theLas Brujas Gold project, with adjacent channel samples returningencouraging grades in the order of +6g/t Au over a metre, all withinthe kilometer scale El Alambique prospect; and

  - mobilization of reconnaissance work at thePorphyritic Copper project.

Las Brujas Gold Project : The Company continues to make significant progress at theLas Brujas Gold project, where activities are focused on definingYanacocha style gold prospects. To date 730samples have been collected at the Las Brujas Gold project, with 645samples having been collected since September. Most sample sites liewithin the Las Brujas Gold 2 Concession. The sample types include 459channel, 118 rock chip and 24 using a gasoline-powered auger to samplesaprolite.  A total of 44 field duplicate samples were also added forQAQC purposes.  The samples were shipped to the SGS laboratories inLima for major and trace elements determination (PRP93, FAA313 Au andICP14B analytical methods). Results for all samples have now beenreceived, including 136 samples displaying anomalous goldconcentrations ranging from 0.1 to 6.14 g/t Au.

The surface sampling has isolated a notable 50m by 100m area comprising a tectonic breccia rock that is gold anomalous(refer Figure 1). One hundred and five channel samples (n=105) werecollected within the anomalous area of which 24 samples arecharacterized by Au concentrations above 0.2 g/t Au.   Notably a 5mtrue width channel sample (n=78) returned 2.8 g/t Au near the southerncontact with a porphyritic andesite unit (Table 1).

Table 1

The mineralization is also characterized by copperconcentrations that vary from 19 to 411 ppm Cu.  Silver, lead andzinc concentrations are negligible. Sulphur concentrations are mostlybelow the detection limit of 0.01% S whereas Iron concentrations varyfrom 2.5% Fe to above the 15% Fe detection limit.  Arsenicconcentrations reach up to 5,590 ppm within the Au-enriched sampleswhereas the antimony concentrations remain low with most results below66 ppm.

Figure 1: Las Brujas Sampling at theEl Alambique Prospect to end-2020
Click Image To View Full Size

Porphyritic CopperProject : The Company mobilized its fieldgeological team to commence a reconnaissance and preliminary samplingexercise at its 100% owned Porphyritic Copper project that comprises4,000 Ha (expanded from 1,200 Ha in August, 2020), located in LaLibertad, Northern Peru.

The project hosts near surface manifestations ofvisible copper mineralization as well as small-scale historicalartisanal workings developed for the purposes of producing smalltonnages of gold bearing ore.

A previous assessment of the “Upper” and“Lower” Zones has identified similarities in the type ofmineralization hosted at the two zones that are situated approximately4,000m apart. Both the zones of interest are in each case locatedimmediately adjacent to a major regional (+60km) fault structure thatis regionally associated with known copper projects. Themineralization is associated with variably altered monzodiorite(s)displaying copper sulphide (including bornite) and copper oxidemineralization.

Historical sampling at the project indicatesgrades ( historical, not confirmed previously by Fidelity ) of 0.36% - 0.66% Cu at the Upper Zone and higher grades atthe Lower Zone including >1% Cu. Selected sampling results areoutlined below.

Infrastructure proximal to Porphyritic Copper excludesany significant towns or villages, and the team undertook initialreconnaissance based out of a mobile tent camp.

Peru has declared a period of restricted in-countrytravel owing to the COVID-19 pandemic, and the Company has returnedthe reconnaissance team to their homes until the travel restrictionsare lifted. It is anticipated that work will again be feasible frommid-February.

“ Ourconfidence in the prospectivity of the Las Brujas Gold projectcontinues to rise with each round of evaluations. Several of theprospects we have identified are already demonstrating early signs oflarge mineralized gold systems, which is very encouraging given theworld-class geological setting of the project.

The Company is also pleased to haveconducted a field reconnaissance visit to Porphyritic Copper” said CEO Ian Graham “We are mobilizing community initiativesso as to determine a permitting track for ongoing sampling,geophysical surveys and drilling at Las Brujas, and for undergroundsampling, 3D IP surveying and drilling at Greater LasHuaquillas”.

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. 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 by an experienced management team with diversetechnical, market, and commercial expertise and is supported bycommitted and sophisticated investors focused on building long termvalue.

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 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 for the project acquisition and to provide the reader with anoutlook for our future activities and anticipated key projects and maynot be appropriate for other purposes. Forward-looking statements inthis announcement include, (but are not limited to) advancing certainkey project activities that could represent important milestones whichthe Company expects may represent material valuation catalysts, suchas the expectation that through the Strategic Project Generator modelFidelity Minerals is positioning itself to be a beneficiary in thisenvironment of increased appetite for prospective projects in thisregion. Further, forward-looking statements in this release includethat Fidelity Minerals Corp. is assembling a portfolio of high-qualitymining assets in Peru through the implementation of our StrategicProject Generator (SPG) model. The project generator model involvesthe identification and acquisition of appraisal stage opportunitieswith near-term valuation catalysts, including potential forhigh-impact M&A.

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