December 2020 - Corporate Update
December 2020 - Corporate Update
Vancouver, BC, December 22nd, 2020 – Fidelity Minerals Corp. (TSX-V: FMN | FSE: S5GM |
SSE: MNYC) (“Fidelity Minerals” or the “Company”) is pleased to provide an update regarding:
• Geophysical interpretation of the Greater Las Huaquillas (GLH) project
• Field program for the Las Brujas project
• Milestone payment for the Cerro Dorado project.
Greater Las Huaquillas Project: The Company has recently acquired and re-processed significant
historical induced polarization and ground magnetic data, with the newly re-processed geophysical
data demonstrating remarkable correlation between the modelled chargeability and disseminated
copper mineralization known from 1997 historical drilling. Reprocessed ground magnetics suggests
structural control of the San Antonio and Cement erio porphyry zones (refer recent presentation,
https://www.fidelityminerals.com/latest-presentation ). The qualitative correlation of chargeability
with historical drill ing indicating copper mineralization is well illustrated in Figure 1 , which
supports future application of deep IP for effective drill targeting.
Figure 1: Historical mineralisation vs chargeability, Cementerio porphyry, Las Huaquillas
Section: 150m wide semi-transparent section showing general concordance between historical copper in drill core
results and recently re-modelled chargeability. North view through vertical section with dip azimuth on 045 o
Las Brujas Gold Project: The field team has demobilised from the Las Brujas project (Cajamarca
Peru), and will remobilize to the Porphyritic Copper project in early 2021. Since September the
team has collected a total of 730 samples at Las Brujas, of which 49 were field duplicates (6.7%
QA/QC). The results for 545 samples (including the samples for which initial results were released
on November 9 th, 2020) have been received from the laboratory, whilst results from 185 samples
remain to be received. Some 25% (n=134) of the received results are characterized by anomalous
Au concentrations (>0.1 g/t). A more detailed review of the program will be released once all the
sample data has been received.
Cerro Dorado Milestone Payment : The Company confirms receipt of the November 25th, 2020
Milestone Payment from the Sale of its Cerro Dorado Gold Mill and small Mine Complex , as
reflected in the schedule released on October 13th, 2020. The Company maintains 100% ownership
of Cerro Dorado until receipt of the final payment: US$730,000 remains to be received to complete
the US$1.43 million property and plant asset sale to the purchaser.
Annual Financial Statement filing: The Company has filed its annual audited financial statements
and MD&A (December 21st, 2020); these documents are available for review on SEDAR.
Director & CEO of Fidelity Minerals, Mr. Ian Graham commented: “The Company outlook for
2021 is compelling: we managed to advance our projects significantly in 2020, despite the COVID
pandemic, and will continue our focus on our medium-term objectives, including: to cost-effectively
delineate substantial gold, copper and silver resources from the existing project portfolio , to
opportunistically expand the project portfolio with accretive acquisitions and to define a >1 million-
ounce gold resource by 2023. We would like to thank all our stakeholder for helping us grow the
Company in 2020, and wish you all a happy, healthy and prosperous 2021.”
Luc Pigeon B.Sc., M.Sc., P.Geo., a Qualified Person in the context of National Instrumen t 43-101,
has read and approved the technical content of this News Release.
About Fidelity Minerals Corp.
Fidelity Minerals Corp. is assembling and advancing a portfolio of high -quality mining assets in
Peru through the implementation of our Strategic Project Generator (SPG) model. The project
generator model involves the identification and acquisition of appraisal stage opportunities with
near-term valuation catalysts, including potential for high-impact M&A. The company is backed by
an experienced management team with diverse technical, market, and commercial expertise and is
supported by committed and sophisticated investors focused on building long term value.
On behalf of the Board of Fidelity Minerals;
Ian Graham
CEO and Director
Tel: +1.604.671.1353
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS NEWS RELEASE.
Disclaimer & Forward -Looking Statements: This news release contains forward -looking statements.
Forward-looking statements are statements that relate to future events or future financial performance. In some
cases, you can identify forward-looking statements 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 or other comparable terminology. These statements speak only as of the date of this news
release. This news release may also contain inferences to future oriented financial information (“FOFI”) within
the meaning of applicable securities laws. The information in this news release has been prepared by our
management to provide a context for the project acquisition and to provide the reader with an outlook for our
future activities and anticipated key projects and may not be appropriate for other purposes. Forward -looking
statements in this announcement include, (but are not limited to) advancing certain key project activities that
could represent important milestones which the Company expects may represent material valuation catalysts,
such as the expectation that through the Strategic Project Generator model Fidelity Minerals is positioning itself
to be a beneficiary in this environment of increased appeti te for prospective projects in this region. Further,
forward-looking statements in this release include that Fidelity Minerals Corp. is assembling a portfolio of high-
quality mining assets in Peru through the implementation of our Strategic Project Generat or (SPG) model. The
project generator model involves the identification and acquisition of appraisal stage opportunities with near -
term valuation catalysts, including potential for high-impact M&A.