Forte Minerals Acquires the Alto Ruri Epithermal Gold Prospect Near Barrick’s Pierina Mine in Central Perú
For Immediate Release March 4, 2024
Forte Minerals Acquires the Alto Ruri Epithermal Gold Prospect Near Barrick’s
Pierina Mine in Central Perú
Historical Drilling Returned 131 Metres Of 2.55 g/t Gold
VANCOUVER, British Columbia, March 4th, 2024 – Forte Minerals Corp . (“Forte” or the
“Company”) (CSE: CUAU) (OTQB: FOMNF) (Frankfurt: 2OA), has finalized the acquisition of the
Alto Ruri high sulphidation epithermal gold (“Au”) prospect and the Cerro Quillo porphyry Au-
copper (“ Cu”)-molybdenum (“ Mo”) prospect from its strategic partner Globetrotters Resource
Group Inc. (“GlobeTrotters”). Both are situated on a contiguous 4700 ha block of concessions
that were initially acquired by Globetrotters from Compañía Minera Ares S.A.C. (“ Ares”) in
exchange for a 1.0% NSR royalty interest. These concessions were transferred to Forte’s
Peruvian subsidiary, Cordillera Resources Perú S.A.C., in exchange for a one-time cash payment
of US$25,000.
The Alto Ruri prospect was drill tested by Compañía de Minas Buenaventura (“ Buenaventura”)
in 1997 who completed a two-stage, 12-hole drill program that included eight (8) NQ core and a
four (4) reverse circulation (“RC”) drill holes totalling 2254.5 m. GlobeTrotters’ then subsidiary Rio
Marañon Minerals S.A.C. (“ Rio Marañon”) re -analysed portions of the core from the eight (8)
diamond drill holes in 2011 with hole 001-97 returning significant Au values averaging 2.55 g/t Au
over 131 m starting from surface, including 54 m of 5.39 g/t Au 1 (Tables 1 and 2). The Au
mineralization is associated with the vuggy silica replacement of quartz-clay altered volcanoclastic
rocks typical of high sulphidation epithermal Au alteration (Figure 2) but true widths are unknown.
Table 1: Assay results from diamond drill hole 001-97 at Alto Ruri.
Hole ID Interval (m) From (m) To (m) Au (g/t)
001-97 131 0 131 2.55
including 54 0 54 5.39
including 10 10 20 11.96
including 2.4 23.95 26.35 37.30
The Cerro Quillo prospect was drill tested by Anglo American Exploration Perú S.A. in 2004 who
completed a nine (9) hole RC drill program for a total of 2684.90 m. The holes were drilled in the
vicinity of the Cerro Quillo Porphyry Complex located three ( 3) km to the west of Alto Ruri. The
historical assay results from hole 003- Q returning 200 m of 0.49 g/t Au, 0.09% Cu, and 0.007%
Mo but true widths are unknown (Table 2). The Cerro Quillo Porphyry Complex is a series of
mineralized diorite porphyry dikes intruding Miocene aged intermediate to felsic volcanic and
volcanoclastic rocks. The system is potassic altered with secondary biotite alteration, A-type and
B-type veins, and local magnetite stringers overprinted by a larger 2.5 km x 1.5 km phyllic-argillic
alteration zone comprised of pervasive sericite- clay alteration, D -type veins and locally
disseminated tourmaline.
Table 2: Reported drill hole collar information (WGS84 Zone 18S).
Hole ID East North Elevation Azimuth Dip Length
001-97 216890 8938804 4215 45 -70 158.1
003-Q 213500 8939210 4340 325 -60 350.75
The original source of the historical assay results in RC drill hole 003- Q is from a 2011 technical
report prepared by Rio Marañon. The information suggests that porphyry Au- Cu-Mo
mineralization may be present in this area. The rock chip and geochemical sample reject materials
from 003-Q are no longer available for re- assaying purposes. For that reasons, the historical Au
assay results from RC drill hole 003-Q have not been verified by the Company.
The Project is located just 15 km due south of the Pierina Au Mine (“ Pierina”) owned by Barrick
Gold Corp in central Perú which has produced over 8 million ounces (“Oz”) of Au since commercial
production in 1999 (Figure 1). As with Pierina, these prospects are situated along the Cordillera
Negra and associated with Miocene aged volcanic and volcanoclastic rocks forming part of the
Tertiary Volcanic Arc which is known to host several large Miocene aged epithermal Au deposits
including Newmont’s (Minas Buenaventura-Sumitomo) Yanacocha and Minas Congas deposits
as well as several large Miocene aged porphyry Cu- Mo-(+Au) deposits including Chinalco’s
Toromocho, Southern Copper’s Michiquillay and Rio Tinto’s (First Quantum Minerals) La Granja
deposits.
HUARAZ
Barrick Gold’s
Pierina Mine (8+ Moz Au)
Perú
Alto Ruri
(WGS 84 / Zone 18S)
AR-001
(131 m @ 2.55 g/t Au)
003-Q
(200m @ 0.49 g/t Au)
Cerro Quillo
Prospect
Porphyry Au-Cu-Mo
Alto Ruri Prospect
E i h l A
Figure 1: Location map showing the Alto Ruri concessions relative to Barrick Gold’s Pierina gold mine.
Patrick Elliott, President, and CEO, remarked, "This acquisition is a strategic win for Forte, thanks
to the decade-long persistence and determination of our partner, Globetrotters, in securing these
prospects. Both lie in the highly prospective Tertiary Volcanic Arc of north-central Peru. This region
actively hosts some of South America's largest epithermal Au and porphyry Cu- Mo-Au deposits.
Adding these assets to our portfolio enhances our copper and gold asset base. It significantly
mitigates the risks associated with the early stages of exploration and discovery in a premier
mining jurisdiction."
Exploration Manager, Manuel Montoya comments, “Both the Alto Ruri and Cerro Quillo prospects
exhibit large zones of intense hydrothermal alteration and mineralization similar to other large
Miocene aged epithermal Au and porphyry Cu -Mo-Au deposits that occur in this prolific mineral
belt. The results f rom the historical drilling on both prospects were very encouraging with
significant Au values returned over sizeable widths. We are excited to hopefully continue
advancing this project with further drilling.”
Additionally, as GlobeTrotters is the beneficial owner of more than 10% of Forte’s outstanding
shares, it is a “related party” to the Company within the meaning of Multilateral Instrument 61-
101- Protection of Minority Security Holders in Special Transacti ons ("MI 61-101"). As such, the
acquisition of the Alto Ruri prospect and the Cerro Quillo prospect constitutes a "related party
transaction" within the meaning of MI 61-101.
The Company has relied on exemptions from formal valuation and the minority shareholder
approval requirements of MI 61- 101 found in sections 5.5(a) and 5.7(1)(a) of MI 61- 101 as the
fair market value of the transaction does not constitute more than the 25% of the Company’s
market capitalization.
QUALIFIED PERSON AND NI 43-101 DISCLOSURE
Richard Osmond, P.Geo., is the Company’s Qualified Person (“Qualified Person”) as defined by
National Instrument 43-101 and has reviewed and approved the technical information contained
in this news release.
REFERENCE TO HISTORICAL DATA
1. The data disclosed in this news release is related to historical drilling results. Forte has
not undertaken any independent investigation of the sampling, nor has it independently
analyzed the results of the historical exploration work in order to verify the results. Forte
considers these historical drill results relevant as the Company considers this data to be
a significant indication of the exploration potential of the Alto Ruri and Cerro Quillo
prospects. Any future exploration work by the Company's wil l include the verification of
the historical data through drilling. Rio Marañon supervised the historical geochemical
sampling of portions of the drill core from the eight (8) diamond drill holes completed by
Buenaventura at Alto Ruri. The core was logged and sampled by Rio Marañon at a secure
storage facility located 27 km to the southeast of Lima, Perú where the core is currently
stored. The individual core samples collected for analysis ranged in length from 0.5 m to
10.20 m averaging of 1.94 m and where previously sampled by Buenaventura, the core
was quarter cut using a rotary diamond blade saw. The samples were then sealed at the
storage facility and transported to ALS Peru S.A.C. (“ ALS”) an independent analytical
laboratory in Lima. ALS analyzed the samples by fire assay on a 30-gram sample with an
AAS finish (Au-AA23). Where the Au-AA23 analysis returned greater than 10 ppm Au, a
30-gram split was reanalysed by fire assay fusion with a gravimetric finish (Au-GRA21).
In addition to ALS laboratory protocols, Rio Marañon employed an internal QA/QC
program that included the insertion of reference standards (source unknown) on site and
is not aware of any drilling, sampling, recovery, or other factors that could have materially
affected the accuracy or reliability of the data reported. The Qualified Person has reviewed
the technical data and the original assay certificate provided by ALS and has verified these
results.
Figure 2: Drill core from Alto Ruri hole AR001 showing irregular vuggy silica replacement of advanced argillic altered volcanoclastic
rock.
Figure 3: Dense A-vein stockwork within a potassic altered dacitic tuff At the Cerro Quillo Porphyry Au-Cu-Mo Prospect.
Figure 4: A type B-vein with disseminated molybdenite crosscutting a dacite pyroclastic tuff at the
Cerro Quillo Porphyry Au-Cu-Mo Prospect.
ABOUT FORTE MINERALS CORP.
Forte Minerals Corp., a junior exploration company that has blended assets in partnership
with GlobeTrotters Resources Perú S.A.C., has built a robust portfolio of high-quality Cu and Au
assets in Perú. The Company aims to generate significant value growth by strategically situating
early-stage and drill-ready targets alongside a historically discovered and drilled porphyry system
for Cu and Au resource development. Notwithstanding its resource focus, Forte is deeply
committed to community engagement, environmental stewardship, and fulfilling its societal
responsibilities.
On behalf of FORTE MINERALS CORP.
(signed) “Patrick Elliott”
Chief Executive Officer
For further information, please contact:
Forte Minerals Corp.
office: 604-983-8847
www.forteminerals.com
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