Forte Minerals Stakes Ground and Inks Deal to Acquire an Additional 1300 ha of Prospective Ground at Esperanza Porphyry Cu-Mo Project, Perú
For Immediate Release March 3, 2023
Forte Minerals Stakes Ground and Inks Deal to Acquire an Additional 1300 ha
of Prospective Ground at Esperanza Porphyry Cu-Mo Project, Perú
VANCOUVER, British Columbia, March 3 , 2023 – Forte Minerals Corp. ("Forte" or the
"Company") (CSE: CUAU) (OTQB: FOMNF) (Frankfurt: 2OA) has finalized a property transfer
agreement with Compañía Minera Ares SAC, (“Ares”) to acquire 300 ha contiguous with the
existing concessions to protect the northern extension of the Esperanza porphyry system in that
direction. The property was transferred to Forte Minerals’ subsidiary Amaru Resources SAC,
(“Amaru”) with Ares retaining a 0.5% NSR royalty, subject to a buyback by Amaru for
US$500,000. In conjunction, Forte, through Amaru, has staked an additional claim block of 1000
ha in the adjacent area to the northeast and contiguous with the main property to protect the
possible northeastern extension of the porphyry system undercover. For the first time in a decade,
Forte now controls the entire porphyry alteration area at the Esperanza project (“ Esperanza”)
which encompasses 4000 ha.
President and CEO Patrick Elliott comments, “it has taken a while since the initial negotiations
began with Ares, but perseverance has paid off. We are delighted to finalize a deal on this critical
ground at Esperanza. In the end, our team was successful in closing a deal that was beneficial to
both parties. The recent political conditions and the post -Covid situation in Perú have created a
wealth of opportunity regarding acquisitions, negotiations, and re-negotiations that the Company
embraces.”
Amaru successfully completed the social and environmental studies for the drilling application at
Esperanza which was submitted to the Peruvian Mining Ministry (MINEM) in late 2022. Approval
for drilling is expected by end of Q2 2023.
The next exploration step at Esperanza is to deploy a magnetotellurics (MT) ground geophysical
survey consisting of 68 stations of which 40 stations are separated by 250m over the core of the
system and 28 stations are separated by 5 00m on the periphery. The objective of this survey is
to explore for deeper conductive targets associated with porphyry hydrothermal alteration and
secondary Cu enrichment below the Miocene post-mineral volcanic cover. The MT results will be
integrated with the results from previous geological and geophysical evaluations to help guide the
exploration drilling for a partially buried, well preserved porphyry Cu-Mo system.
Exploration Manager Manuel Montoya comments, “the Esperanza Cu-Mo Project is an
exceptional undrilled Paleocene aged porphyry system in the S outhern Perú Copper Belt that
exhibits all the alteration and mineralization signatures and scale of a robust and preserved
porphyry copper system comparable to those seen at Cerro Verde, Quellaveco and Cuajone. We
are very excited to drill this project and look forward to deploying a sizable phase 1 drill program
to properly test this unexplored porphyry Cu-Mo system.”
Figure 1 Esperanza Geochemistry and Alteration Map
About Esperanza
Esperanza is a 100% owned 4000 h a porphyry Cu-Mo project located in the northern extension
of the Southern Perú Copper belt. The Paleocene magmatic arc is well endowed with some of
the worlds largest copper deposits. Existing porphyry Cu mines, coupled with recent discoveries,
make this a highly prospective region of Perú for Cu exploration, discovery, and future mine
development.
Esperanza consists of a large, porphyry Cu-Mo system measuring 4.2 x 3. 1 km in area and
partially buried under Miocene post -mineral volcanic cover . The center of the porphyry system
consists of a 2.8 x 1.7 km potassic alteration zone that is poorly exposed and inferred from the
interpretation of existing geological, geochemical, and geophysical data. Geological mapping and
sampling along the edge of the post-mineral cover outline Cu-bearing vein patterns typical of the
potassic alteration. Exposures of debris from an eroded phyllic altered jarositic leached capping
zone mapped at the base of the post -mineral cover also suggest s the potential for supergene
Figure 2 Esperanza Rock Geochemistry and Concession Map
enrichment associated with this buried potassic altered porphyry center. This in conjunction with
the geophysical data supports the presence of a large, mineralized porphyry complex buried
beneath post -mineral volcanic cover which is highly prospective for supergene- enriched and
hypogene (sulphide) mineralization which remains untested by drilling.
QUALIFIED PERSON AND NI 43-101 DISCLOSURE
Richard Osmond, P.Geo., is the Company’s Qualified Person as defined by National Instrument
43-101 and has reviewed and approved the technical information contained in this news release.
PDAC 2023
Forte Minerals is pleased to announce that the Company will attend the Prospectors and
Developers Association of Canada (PDAC) Conference in Toronto from March 5 - 8, 2023.
Forte Minerals will be exhibiting at the PDAC in Booth 2949.
This PDAC is a premier annual mineral exploration & mining convention and is the leading event
for people, companies, and organizations connected to mineral exploration. It attracts up to
30,000 attendees from over 130 countries for its educational programming, networking events
and outstanding business opportunities.
ABOUT FORTE MINERALS CORP
The Company is committed to maximizing shareholder value through acquiring, exploring,
discovering, and developing copper and gold projects in Perú . Moving rapidly along the line of
opportunity towards a value maxima is very attractive to investors. Significant value growth is
generated when early -stage exploration moves towards resource definition while zoning in on
target development and eliminating the early-stage grassroots risk. All three of Forte’s properties
offer this opportunity, with tremendous upside considering their geological potential.
On behalf of FORTE MINERALS CORP.
(signed) “Patrick Elliott”
Chief Executive Officer
For further information, please contact:
Forte Minerals Corp.
office: 778-403-5807
www.forteminerals.com
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