SAIDF - Progress Update for Porphyritic Copper Project
(TheNewswire)
Vancouver, BC – TheNewswire - April 22 nd , 2021 – Fidelity Minerals Corp. (TSXV:FMN ) | ( FSE:S5GM ) | ( SSE:MNYC) (“ Fidelity Minerals ” or the “ Company ”) is pleased to provide an update regardingexploration of its 100% owned Porphyritic Copper Project(“Porphyritic Copper ” or the“Project”) in northern Peru,
Porphyritic Copper comprises three contiguousconcessions covering 4,000Ha, located in an active mining anddevelopment district in La Libertad, Northern Peru. The Project hostsnear surface manifestations of visible copper mineralization, as wellas small-scale artisanal gold workings.
The Company mobilized its geological team to commencereconnaissance exploration and sampling during February 2021. Thefield program was cut short by a sudden country-wide mandatoryquarantine order related to COVID-19. The team nevertheless was ableto collect eleven rock samples. Infrastructure proximal to PorphyriticCopper excludes any significant towns or villages, and the teamundertook initial reconnaissance based out of a mobile tent camp.
Porphyritic Copper is mostly underlain by monzodioriticintrusive rocks members of the Coastal batholith. The initial fieldwork identified NW-SE and E-W fault systems thought to be associatedwith mineralization. The mineralization occurs in veins and veinletsof quartz, calcite, tourmaline, magnetite, muscovite, chalcopyrite,epidote and malachite in varying proportions. Silicification andoxidation occurs near the veins and low-grade argillic alteration isalso present near faults.
Initial sampling of the mineralized structures confirmsthe occurrence of anomalous copper concentrations reaching 1.94% Cuover 0.30 m (C002820) and 1.56% Cu over 0.60 m. Sample C002820 isalso characterized by an anomalous gold concentration of 0.82 g/t Au. The low sulphur concentrations indicate that the copper within thesampled rock mostly occurs in the form of copper oxides. Silver,lead and zinc concentrations are low with values ranging from belowthe detection limit to 7.1 ppm Ag, 5 ppm to 725 ppm Pb and 42 ppm to273 ppm Zn respectively. Samples were shipped to the SGS laboratoriesin Lima for major and trace elements determination (PRP93, FAA313 Auand ICP14B analytical methods).
Sample results are summarized in Table 1. Samplelocations and results are shown in Figure 1.
Table 1: Porphyritic Copper geochemical sample results(Datum: WGS84-17s).
Figure 1: Porphyritic Copper geochemical samplelocation map with results
Dean Pekeski, CEO of Fidelity Minerals commented “Weare very pleased and encouraged by these positive results at Porphyritic Copper given the limited amount ofsampling achieved, and challenging field conditions. We will look toplan a more substantial follow-up exploration program in the nearfuture”.
Photos of Sample C002824 (vein rock) showing whitequartz, chalcopyrite, magnetite, tourmaline and iron oxides are shownbelow.
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 Fidelity Minerals.
Dean Pekeski
CEO, President and Director
Tel: +1.778.828.9724
Email: dean@fidelityminerals.com
For more information, please visit the corporatewebsite at http://www.fidelityminerals.com or contact:
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