Fidelity Minerals Confirms Significant Gold Potential of El Ambique Prospect at Las Brujas Project, in the Northern Yanacocha gold district
Fidelity Minerals Confirms Significant Gold Potential of
El Ambique Prospect at Las Brujas Project,
in the Northern Yanacocha gold district
Vancouver, BC, November 9th, 2020 – Fidelity Minerals Corp. (TSX-V: FMN | FSE: S5GM | SSE:
MNYC) (“Fidelity Minerals” or the “Company”) is pleased to update surface sampling progress
at its Las Brujas gold project in Cajamarca, Peru. Since early September the Company has mobilized
a small sampling team into the project area, where the team has located and occupied on -property
accommodation. Since the previous project News Releases (on the 12th and 24th August 2020) the
Company has enlarged its concession holdings significantly, from 5,000ha to 8,400ha.
Background
The Las Brujas Project (FMN: 100%) has been expanded from the initial acquisition of 1,900ha
(June 2019) through 3,400ha (January 2020) and 5,000ha (August 2020) to 8,400ha. This expansion
has been driven by encouraging surface sampling results (to 5,000ha) and more recently by the
modelling of the geological relationships between regional epithermal gold systems and their
adjacent and related porphyry gold -copper systems ( interpreted to be geological analogues of
Tantahuatay – AntaKori / Cerro Corona). Expansion at Las Brujas is guided by remote sensing work
that indicates surficial evidence of alteration that may reflect intrusive and hydrothermal activity to
the east of the alteration observed in connection with the gold -bearing prospects described by the
Company on 24 August 2020 , and illustrated in the most recent presentation
(https://www.fidelityminerals.com/latest-presentation). These observations correlate with
circumstantial indicators and inferred area structure also derived from remote sensing imagery.
Initial Results
The geological mapping and samp ling projects were initiated September 9, 2020 within the Las
Brujas Gold 2 Concession where the Company holds certain permission from the land owners to
carry out prospecting work. The mapped area is mostly underlain by andesitic volcanic and sub -
volcanic rocks of the Calipuy Formation including porphyritic andesite and dacite as well as
volcanic agglomerate. Microdiorite intrusions and dykes are ubiquitous. The area is characterized
by moderate to intense pervasive hydrothermal argillic alteration along faults and fracture systems.
Units proximal to the mineralized zones show a localised zebra-like banding texture formed by rusty
orange iron oxide rich clay bands separated by light grey clay bands. The gold mineralization occurs
within breccia, stockwork and veinlet systems accompanied by iron oxides and silica. The
mineralization locally also contains disseminated pyrite as well as pyrite, quartz and jasper veinlets.
The gold mineralization shows a spatial correlation to the porphyritic andesite contacts and a NE-
trending fault systems.
To date 406 samples have been collected at the Las Brujas Gold 2 Concession (comprising the El
Alambique prospect ) where reco nnaissance sampling in February 2020 identified several gold
mineralized structures. The sample types include 326 channel, 56 rock chip and 24 saprolite profile
samples (collected using a gasoline-powered auger). The samples have been transported to the SGS
laboratories in Lima for major and trace elements determination (PRP93, FAA313 Au and ICP14B
analytical methods, with approximately 10% of samples comprising field duplicates ). To date 273
results have been received including 57 samples displaying anomalous gold concentrations ranging
from 0.101 to 0.632 g/t Au. Notably twelve contiguous 2m channel samples collected across an
iron oxide rich tectonic breccia returned a weighted average 0.22 g/t Au over 24m (Table 1). Further
sampling along the NW -trending structure’s strike direction suggest that the Au mineralization is
continuous for at least 100m , remaining open in both directions (refer, Figure 1). This
mineralization is also characterized by copper concentrations that vary from 72 to 158 ppm Cu.
Silver, lead an d zinc concentrations are negligible. Sulphur concentrations are mostly below the
detection limit of 0.01% S whereas iron concentrations vary from 3.70% to 9.13% Fe. These results
are consistent with the strong hydrothermal and meteoric fluid alteration that ha s oxidized the
sulphide and ferromagnesian minerals and leached the sulphur and mobile metals.
Sample Easting Northing Length Au Ag As Cu Fe Mn Pb S Sb Zn Mass Type
m m m ppm ppm ppm ppm % ppm ppm % ppm ppm g
C002246 736796 9253457 2.00 0.15 1.2 818 133 9.01 1689 39 -0.01 18 161 3940 Channel
C002247 736794 9253456 2.00 0.16 0.3 599 130 4.89 51 18 -0.01 16 59.9 3060 Channel
C002248 736792 9253456 2.00 0.15 0.4 1141 127 6.63 39 24 -0.01 18 50 3060 Channel
C002250 736791 9253457 2.00 0.19 -0.2 647 84.3 4.34 13 19 -0.01 16 21.6 2240 Channel
C002251 736789 9253458 2.00 0.11 0.3 664 80.9 3.81 14 11 -0.01 14 15.7 2740 Channel
C002252 736787 9253458 2.00 0.16 -0.2 754 72.1 3.91 20 21 -0.01 20 15.1 3000 Channel
C002253 736785 9253459 2.00 0.13 -0.2 807 57.3 3.7 18 15 -0.01 20 15.3 3560 Channel
C002254 736783 9253459 2.00 0.24 -0.2 891 72.2 4.55 9 11 -0.01 22 20.6 3120 Channel
C002255 736781 9253459 2.00 0.19 0.2 822 86.9 4.66 13 15 -0.01 25 16.8 3060 Channel
C002256 736779 9253459 2.00 0.21 0.2 746 104 4.11 113 14 -0.01 21 25.6 2480 Channel
C002257 736777 9253459 2.00 0.17 0.6 671 158 5.07 557 33 0.01 24 50.8 3020 Channel
C002258 736775 9253458 2.00 0.26 0.4 843 68.2 4.47 210 29 -0.01 25 37 2880 Channel
C002259 736773 9253458 2.00 0.25 0.5 961 117 5.02 762 37 0.01 29 56.8 2680 Channel
C002260 736771 9253457 2.00 0.34 1.6 1151 92.9 6.36 6083 37 0.01 30 93.5 3040 Channel
C002261 736769 9253456 2.00 0.58 0.2 1205 79 9.13 108 39 -0.01 27 116 3480 Channel
AVG: 0.22
Table 1: Assay results of 12 consecutive channel samples collected across a mineralized breccia
In order to further evaluate the prospectivity of the project area, a ground magnetic survey was
initiated on 19 October 2020, to survey the Las Brujas Gold 2 Concession. The survey is expected
to cover up to 1,000 hectares. To date over 580 hectares have been surveyed (refer, Figure 2). The
initial survey results indicate the presence of at least three magnetic bodies located near the
confirmed gold mineralization and appear to correlate with mapped andesitic volcanic and
subvolcanic rocks. The gold mineralization appears to be concentrated near the boundaries of the
magnetic features, though mineralization is also evident within certain of the magnetic features.
Director & CEO of Fidelity Minerals, Mr. Ian Graham commented:
“These initial results we are encountering at Las Brujas are highly encouraging. ” states Ian
Graham. “The expansion of the project land holding, and the measured steps we are taking to better
define and constrain the multiple new and archival gold showings at Las Brujas presents the
company with a number of opportunities to delineate substantial gold resources at Las Brujas ,
which is located within the world-class greater Yanacocha gold mining district that is rapidly
depleting its reserves.”
The Company will shortly update its online presentation to provide greater information regarding
its gold prospects at Las Brujas, and to delineate its expanded land holdings.
Figure 1: Las Brujas Sampling Map
Figure 2: Las Brujas Preliminary Magnetic Survey Results (TMI)
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. Mr. Pigeon has been present on
site at the project to assist and advise the team, and has also been in Lima supervising the delivery
of samples to the laboratory.
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]
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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.