Forte Minerals Corp (CSE:CUAU, OTCQB:FOMNF) announced that it has finalized the acquisition of Peru's Alto Ruri high sulphidation epithermal gold prospect and the Cerro Quillo porphyry gold-copper-molybdenum prospect.
The company said the concessions were transferred to its Peruvian subsidiary Cordillera Resources Perú SAC, in exchange for a one-time cash payment of US$25,000 to its strategic partner Globetrotters Resource Group.
It noted that both prospects are located on a contiguous 4700-hectare block of concessions initially acquired by Globetrotters from Compañía Minera Ares SAC in exchange for a 1% net smelter returns royalty interest.
The project is located 15 kilometers south of Barrick Gold Corp's (TSX:ABX, NYSE:GOLD) Pierina gold mine, which has produced more than eight million ounces of gold since it began commercial production in 1999.
Forte Minerals CEO Patrick Elliot said the acquisition of these prospects was a strategic win for the company.
“Both lie in the highly prospective Tertiary Volcanic Arc of north-central Perú. This region actively hosts some of South America's largest epithermal gold and porphyry copper-molybdenum-gold deposits,” Elliot said.
“Adding these assets to our portfolio enhances our copper and gold asset base. It significantly mitigates the risks associated with the early stages of exploration and discovery in a premier mining jurisdiction."
Forte Minerals exploration manager Manuel Montoya added that both the Alto Ruri and Cerro Quillo prospects exhibit large zones of intense hydrothermal alteration and mineralization similar to other large Miocene-aged epithermal gold and porphyry copper-molybdenum-gold deposits that occur in this mineral belt.
“The results from the historical drilling on both prospects were very encouraging with significant gold values returned over sizeable widths,” Montoya commented. “We are excited to hopefully continue advancing this project with further drilling.”
Forte Minerals, a junior exploration company that has blended assets in partnership with GlobeTrotters Resources Perú, has built a robust portfolio of high-quality copper and gold assets in Perú.