Forte Minerals Corp. (CSE:CUAU, OTCQB:FOMNF) announced that its Environmental Impact Statement (DIA) for the Esperanza copper-molybdenum project in Peru has been approved by the Peruvian Ministry of Energy and Mines.
The company said the approval comes after more than two years of environmental baseline studies, archaeological assessments, social engagement, and government processing.
It authorizes the company to drill up to 40 platforms at the project over five years.
“The DIA approval for this project as well as our Pucarini high sulphidation epithermal gold project are significant milestones and we are thrilled for the opportunity to maiden drill test these highly prospective targets,” Forte CEO Patrick Elliott said in a statement.
“[Esperanza] is an outstanding untested porphyry copper-molybdenum project that shows all the indications of a large, well-preserved, mineralized porphyry complex situated in one of the most fertile mining jurisdictions in South America.”
The company’s exploration manager Manuel Montoya added that the Esperanza porphyry is interpreted to occur along the northwest extension of the Paleocene magmatic arc, which is known to host some of the largest porphyry copper-molybdenum deposits in Peru including Cerro Verde, Quellaveco, Cuajone, and Toquepala.
“Esperanza has a similar large hydrothermal alteration footprint and exhibits the scale and geological features needed for a Tier-1 discovery,” Montoya said.
Forte Minerals, 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 copper and gold assets in Peru.
The Esperanza project consists of 4,000 hectares of mineral concessions 100% owned by Forte’s Peruvian subsidiary, Amaru Resources S.A.C..