Fidelity Announces Sampling Results from QP’s Site Visit at the Las Huaquillas Project, Northern Peru including 9.653 g/t Au, 126 g/t Ag and 1.08 % Pb From a Grab Sample

Fidelity Announces Sampling Results from QP’s Site Visit at the Las

Huaquillas Project, Northern Peru including 9.653 g/t Au, 126 g/t Ag and

1.08 % Pb From a Grab Sample

Vancouver, BC, December 2nd, 2021 – Fidelity Minerals Corp. (TSX-V: FMN | FSE: S5GM | SSE: MNYC)

(“Fidelity” or the “Company”) is pleased announce results from confirmatory sampling of nine (9) rock and

outcrop exposures at the highly prospective Core Las Huaquillas precious and base metal property (the

“Project” or “CLH”) in northern Peru, and for which Fidelity holds a 44.5% interest and holds an option to

acquire an additional 5.5%. The confirmatory sampling was completed as part of a site visit by Luc Pigeon

B.Sc., M.Sc., P.Geo (the “Author”), a Qualified Person in the context of National Instrument 43-101 who is

authoring a new NI 43-101 technical report on the Project as announced by the Company on October 7, 2021.

The best result obtained was a sample collected from quartz veins exposed at the entrance of one of the

underground working portals within the Los Socavones zone that returned a result of 9.653 g/t Au, 126 g/t

Ag and 1.08 % Pb.

The CLH Project features extensive historical exploration completed by Sulliden Exploration Inc.

(“Sulliden”) and others through 1999. This work included soil sampling, geophysics and over 5,700m of

diamond drilling (26 drill holes), and the excavation of approx. 1,200m of underground development on three

levels in the Los Socavones Zone. This work defined five ( 5) mineralised zones, consisting of four ( 4)

mineralisation types including epithermal Au-Ag (Los Socavones), and porphyry Cu style mineralisation

(Cementerio and San Antonio) at the Project.

The confirmatory sampling was completed by the Author as part of a site visit required to support the writing

of the new NI 43 -101 technical report. This included limited verification of geologic mapping, alteration,

and geochemical sampling completed by Sulliden in 1999. The Author collected a total of nine (9 ) grab

samples: three (3) north of the San Antonio zone, four (4) along road cuts within the Los Socavones and

SanAntonio zones, and two (2) from exposed veins at the entrance portal of two (2) underground workings

within the Los Socavones zone. The Author had previously visited the Cementario zone in 2011 and verified

the geology and alteration at that time for another issuer. The Author confirms the following:

• Significant alteration occurs within both the Cementerio and San Antonio zones. Furthermore, the

location of the diorite and alteration mapped by the Author concurs with the historical geological

mapping.

• Two (2) underground working portal locations were measured using a hand-held GPS with a reported

accuracy of 2m. The PSAD56 portal locations reported in the historical maps and reports are accurate

with their transformed WGS84 X, Y values falling within the GPS error radius. This confirms that

the locations reported by Sulliden were of excellent quality and must have been acquired by a sub -

metre accuracy differential GPS or surveyed using benchmarks and a total station.

• Grab samples C001437 and C001438 collected from quartz veins exposed at two (2) underground

working portals within the Los Socavones zone returned 1.062 g/t Au and 9.653 g/t Au respectively.

Sample C001438 is also characterized by 126 g/t Ag and 1.08 % Pb.

• Sample C001437 is composed of dark grey quartz with 6-7 percent disseminated and veinlet pyrite.

A minor amount of iron oxides are also present.

• Sample C001438 is composed of a milky quartz matrix cross -cut by grey quartz veinlets. The rock

contains approximately 6% disseminated pyrite and up 15% fracture- and vug-controlled iron oxides.

• Sample C001436 collected within the San Antonio zone is characterized by an anomalous Au content

of 0.504 g/t Au and with an elevated Cu content reaching up to 0.547 % Cu.

Table 1 presents the results from all nine samples collected as part of the Authors site visit.

Table 1: Geochemical sample results from the CLH Project

The project has not been the subject of a current resource estimate compliant with NI43-101. As announced

on October 7, 2021 and as a result of a disclosure review by the British Columbia Securities Commission

(“BCSC”), Fidelity has commenced work on writing a NI 43 -101 technical report for the Las Huaquillas

property. The NI 43 -101 technical report will report on the current status of the property and all historical

work performed including any historical, non NI 43-101 compliant resources. Additional work will need to

be done to classify any historical mineral resources on the Las Huaquillas property as current. The report is

expected to be completed by mid-December, subject to regulatory review and comment. Once completed,

the Company will file the current and compliant NI 43-101 technical report on SEDAR.

Significant Mineralised Zones – Historical

The Los Socavones anomaly is a major NE -SW trending mineralized fault zone that extends for at least

2.5km and has a width of approximately 100m. The anomalous zone consists of two distinct Au -enriched

pyrite-sphalerite-galena quartz stock -work zones surrounded by a low -grade gold zone composed of

disseminated and narrow stringers of pyrite with minor sphalerite and chalcopyrite. To date, 1,000m of its

strike length has been drill tested and 400m underground workings including 100m vertical development has

been carried out. Drilling has intersected the mineralization at a depth of approximately 200m. The

mineralized zone average true thickness is approximately 19 m with a maximum thickness of 65m within the

zone’s centre.

The Cementerio Cu-Au porphyry system is located 1,000m south of the Los Socavones zone. It comprises

extensive argillic, phyllic and hematitic alteration partly visible along the road leading to the Las Huaquillas

village. A 600m by 900m sub -circular multi -phase diorite intrusi on characterized by equigranular and

porphyritic textures is spatially related with the mineralization.

The San Antonio porphyry system is located 1,000m NW of the Los Socavones zone. It coincides with a

prominent copper- gold soil geochemical anomaly and is hosted in a calc -alkaline quartz diorite intrusion

measuring 500m x 900m. The host rock is massive, homogeneous and is composed of 15% well -formed 2-

mm plagioclase phenocrysts lying in a finer groundmass composed of amphibole feldspar -quartz-chlorite-

biotite-magnetite-sericite.

The El Huabo Au -Ag anomaly is located near the Los Socavones structure within altered plagioclase

porphyritic volcanic rocks members of the Oyotún Formation.

The Las Huaquillas anomaly is located some 850m to the NE of the El Huabo anomaly. The mineralization

is hosted in strongly sericitized and argillic altered Oyotún Formation rocks that are crosscut by narrow quartz

veins and accompanied by fine quartz vug filling. The geolo gical similarities between the Las Huaquillas

and the El Huabo anomalies indicate that both are part of the same low -sulphidation epithermal system

developed along the Los Socavones structure.

Sample Datum Easting Northing Elev Au Ag As Cu Fe Mn Mo Pb S Sb W Zn

m ppm ppm ppm % % ppm ppm % % ppm ppm ppm

C001430 WGS84-17s 714131 9435488 1441 0.01 0.9 15 0.004 2.23 579 -1 0.001 0.01 16 -10 76.7

C001431 WGS84-17s 714034 9435575 1469 0.35 6.1 318 0.031 6.83 >10000 6 0.029 0.05 8 -10 874

C001432 WGS84-17s 713944 9435439 1479 0.81 0.7 157 0.003 14.4 175 -1 0.013 0.35 5 -10 23.1

C001433 WGS84-17s 713295 9437146 1041 0.1 0.8 -3 0.068 4.71 516 -1 0.000 0.01 -5 -10 46.3

C001434 WGS84-17s 713255 9437109 1040 0.05 0.6 3 0.014 5.81 232 1 0.000 0.09 -5 -10 12.2

C001435 WGS84-17s 713481 9436699 1134 0.02 0.5 4 0.037 5.89 70 14 0.000 0.04 -5 -10 11.7

C001436 WGS84-17s 713667 9436138 1333 0.5 2.5 -3 0.547 2.87 917 -1 0.001 0.04 -5 -10 37.9

C001437 WGS84-17s 714333 9435656 1337 1.06 12.1 842 0.005 5.36 85 -1 0.050 3.19 8 -10 151

C001438 WGS84-17s 714385 9435651 1313 9.65 126 245 0.069 4.62 106 2 1.08 1.00 34 11 309

Fig 1: Significant Mineralised Zones at Las Huaquillas

Significant Intercepts

Historical drilling at the Los Socavones Zone report significant mineralized intercepts, the best of which is

Sulliden DDH intersection (LH97-08): 67.5m core length (approximately 53m true width) grading 2.7 g/t Au

and 15.3 g/t Ag. Hole LH -97-04, which returned 0.47% Cu, 0.11 g/t Au and 4.5 g/t Ag over 99.5m (drill

length), demonstrated the size potential of Cementerio’s phyllic ring. Similarly, San Antonio drilling (LH97-

17) also intersected significant mineralization; up to 0.32% Cu, 0.45 g/t Au and 3.0 g/t Ag over 69.0 m (drill

length), including an interval grading 0.46 % Cu, 0.74 g/t Au and 4.9 g/t Ag over 21.0m.

Luc Pigeon B.Sc., M.Sc., P.Geo., a Qualified Person in the context of National Instrument 43-101, has read

and approved the technical content of this News Release.

Rial Minera Update

As announced on July 21, 2021, Fidelity acquired an option for an additional 5.5% interest in Rial Minera

which owns the Core Las Huaquillas Property by completing the following;

• Total cash consideration of $500,000 US payable in instalments.

• Fund up to $3,000,000 US in underground sampling and exploratio n drilling to underwrite the

publication of a new NI 43 -101 technical report aimed at declaring inferred resources and to be

completed within 18 months following receipt of drilling permit approvals.

100% FMN

100% FMN (new)

50% FMN

3rd Party

Mineralised Zone

Fidelity has now paid the $500,000 US consideration. The Company has also finalized with its joint venture

partners the $3,000,000 US exploration plan and budget for 2021 and 2022 and has commenced the

permitting program to support drilling activities. Fidelity continues to support permitting initiatives by

maintaining its community relations program which has been operating on the Project since early 2021.

Luc Pigeon B.Sc., M.Sc., P.Geo., a Qualified Person in the context of National Instrument 43-101, has read

and approved the technical content of this News Release.

About Fidelity Minerals Corp.

Fidelity Minerals Corp. has assembled a portfolio of high-quality mining assets in Peru and aims to delineate

major deposits on these properties that could attract the interest of mid -tier and major mining companies.

Fidelity has a portfolio of four key assets in Peru and is currently focused on progressing its two most

advanced projects – Greater Las Huaquillas (GLH) and Las Brujas. Fidelity is also looking to

opportunistically expand its project portfolio with accretive acquisitions. 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.

Dean Pekeski

CEO, President and Director

Tel: +1.778.828.9724

Email: [email protected]

For more information, please visit the corporate website at http://www.fidelityminerals.com or contact:

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 releas e 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 releas e 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 to provide the reader with an ou tlook for our

future activities and anticipated key milestones 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 mat erial

valuation catalysts, such as the expectation that through the assembling of a portfolio of high-quality mining

assets in Peru, the Company aims to delineate major deposits on these properties that could attract the

interest of mid-tier and major mining companies. Further, forward-looking statements in this release include

that Fidelity Minerals Corp. is also looking to opportunistically expand its project portfolio with accretive

acquisitions.

There has not been sufficient drilling and/or sufficient previous exploration at Las Huaquillas upon which to

base a mineral resource or mineral reserve estimate compliant to the standards of National Instrument 43 -

101. It should be noted that the historical resource related information outlined has been derived from: NI

43-101 Technical Report (the “Technical Report”) on the Las Huaquillas Au, Ag, Cu Property, Cajamarca,

Peru (15 August 2011).The historical estimate is based upon Gariepy and Vachon (both registered in 1999)

and the estimate was performed using t he vertical longitudinal section method including seventeen

mineralized intersections where a specific gravity of 2.8 g/cm3 and a cut -off grade of 1.0 g/t Au over a

minimum width of 3 metres were applied. Gariepy & Vachon (1999) disclosed what they call a “geological

resource” which is not a category accepted by prevailing disclosure standards, and at best corresponds to

an Inferred Resource in today’s nomenclature. The work did not estimate the zinc, lead or copper contained

within the Socavones zone. No more recent estimates or data is available to the issuer; at a minimum, several

holes would need to be twinned, and certain historical intercepts re-assayed, to verify the historical estimate

as a current mineral resource. For clarity, a qualified person ha s not done sufficient work to classify the

historical estimate as a current mineral resources or mineral reserve, and the Company is not treating the

historical estimate as a current mineral resource or mineral reserve.