FMN.V · 2021-02-02 12:00:00

Progress Update for Las Brujas Gold & Porphyritic Copper

Corporate Updates

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

MNYC) (“ Fidelity Minerals ” or the “ Company”) is pleased to provide an update regarding

development of its 100% owned Las Brujas Gold and Porphyritic Copper projects in northern Peru,

including:

• receipt of further high-grade gold results from the Las Brujas Gold project, with adjacent

channel samples returning encouraging grades in the order of +6g/t Au over a metre , all

within the kilometer scale El Alambique prospect; and

• mobilization of reconnaissance work at the Porphyritic Copper project.

Las Brujas Gold Project: The Company continues to make significant progress at the Las Brujas

Gold project, where activities are focused on defining Yanacocha style gold prospects. To date 730

samples have been collected at the Las Brujas Gold project, with 645 samples having been collected since

September. Most sample sites lie within the Las Brujas Gold 2 Concession. The sample types include 459

channel, 118 rock chip and 24 using a gasoline -powered auger to sample saprolite. A total of 44 field

duplicate samples were also added for QAQC purposes. The samples were shipped to the SGS laboratories

in Lima for major and trace elements determination (PRP93, FAA313 Au and ICP14B analytical methods).

Results for a ll samples have now been re ceived, including 136 samples displaying anomalous gold

concentrations ranging from 0.1 to 6.14 g/t Au.

The surface sampling has isolated a notable 50m by 100 m area comprising a tectonic breccia rock that is

gold anomalous (refer Figure 1). One hundred and five channel samples (n=105) were co llected within the

anomalous area of which 24 samples are characterized by Au concentrations above 0.2 g/t Au. Notably a

5m true width channel sample (n=78) returned 2.8 g/t Au near the southern contact with a porphyritic andesite

unit (Table 1).

Table 1

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

C002460 736843 9253398 1.00 1.415 -0.2 1493 63.0 3.89 17 13 -0.01 11 6.0 1410 Channel

C002461 736843 9253399 1.00 0.729 -0.2 1263 98.6 3.56 14 20 0.02 18 10.1 1060 Channel

C002462 736843 9253400 1.00 3.841 -0.2 3146 57.6 3.07 12 25 -0.01 16 2.6 1050 Channel

C002463 736843 9253401 1.00 6.098 0.9 5375 34.2 3.29 11 31 -0.01 19 2.6 2200 Channel

C002464 736843 9253402 1.00 6.139 1.0 5590 36.0 3.84 13 30 -0.01 20 3.5 1330 Channel

C002465 736844 9253402 1.00 1.011 -0.2 876 57.7 2.98 12 13 0.01 11 4.3 2070 Channel

C002466 736845 9253402 1.00 0.236 -0.2 624 35.3 2.72 14 14 0.01 7 2.3 2520 Channel

AVG: 2.78

The mineralization is also characterized by copper concentrations that vary from 19 to 411 ppm Cu.

Silver, lead and zinc concentrations are negligible. Sulphur concentrations are mostly below the

detection limit of 0.01% S whereas Iron concentrations vary from 2.5% Fe to above the 15% Fe

detection limit. Arsenic concentrations reach up to 5,590 ppm within the Au -enriched samples

whereas the antimony concentrations remain low with most results below 66 ppm.

Figure 1: Las Brujas Sampling at the El Alambique Prospect to end -2020

Porphyritic Copper Project: The Company mobilized its field geological team to commence a

reconnaissance and preliminary sampling exercise at its 100% owned Porphyritic Copper project

that comprises 4,000 Ha (expanded from 1,200 Ha in August, 2020) , located in La Libertad,

Northern Peru.

The project hosts near surface manifestations of visible copper mineralization as well as small-scale

historical artisanal workings developed for the purposes of producing small tonnages of gold bearing

ore.

A previous assessment of the “Upper” and “Lower” Zones has identified similarities in the type of

mineralization hosted at the two zones that are situated approximately 4,000m apart. Both the zones

of interest are in each case located immediately adjacent to a major regional (+60km) fault structure

that is regionally associated with known copper projects. The mineralization is associated with

variably altered monzodiorite(s) displaying copper sulphide (including bornite) and copper oxide

mineralization.

Historical sampling at the project indicates grades (historical, not confirmed previously by Fidelity)

of 0.36% - 0.66% Cu at the Upper Zone and higher grades at the Lower Zone including >1% Cu.

Selected sampling results are outlined below.

Area Sample # Ag

(ppm)

Upper

Zone

221 1.49 <0.2 3,640 1,600.0

222 8.81 1.3 6,620 17.7

223 1.42 0.2 4,070 306.0

Lower

Zone 224 >100 3.7 >10,000 270.8

Infrastructure proximal to Porphyritic Copper excludes any significant towns or villages, and the

team undertook initial reconnaissance based out of a mobile tent camp.

Peru has declared a period of restricted in -country travel owing to the COVID -19 pandemic, and

the Company has returned the reconnaissance team to their homes until the travel restrictions are

lifted. It is anticipated that work will again be feasible from mid-February.

“Our confidence in the p rospectivity of the Las Brujas Gold project continues to rise with each

round of evaluations. Several of the prospects we have identified are already demonstrating ea rly

signs of large mineralized gold systems, which is very encouraging given the world-class geological

setting of the project.

The Company is also pleased to have conducted a field reconnaissance visit to Porphyritic Copper”

said CEO Ian Graham “We are mobilizing community initiatives so as to determine a perm itting

track for ongoing sampling, geophysical surveys and drilling at Las Brujas, and for underground

sampling, 3D IP surveying and drilling at Greater Las Huaquillas”.

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. 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 appr aisal 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 ADEQU ACY 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 re lease 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 appetite 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 Generator (SPG) model. The

project generator model involves the identification and acquisition of appraisal stage opportunities wit h near-

term valuation catalysts, including potential for high-impact M&A.

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