Forte Minerals Corp (CSE:CUAU, OTCQB:FOMNF), under the leadership of CEO Patrick Elliott, has announced a landmark acquisition that could redefine its presence in the Peruvian mining landscape. At the PDAC 2024 conference, Elliott shared insights into the acquisition of the Alto Ruri project, located adjacent to the prolific Pierina mine, operated by Barrick Gold.
Proactive: We are on the floor of PDAC 2024, and I am here with Patrick Elliot, CEO of Forte Minerals. Patrick, it's great to have you with us today.
PE: Well, thanks very much for having us. It's a pleasure to be here.
We've been following the Forte story. Now, great news out today – you've just made an acquisition. Talk to us about that.
It's been 12 years of efforts and perseverance from our strategic project generator Globetrotters. Alto Ruri was a highly sought-after gold project next to Barrick's Pierina mine in central Peru. It was in competition with another major, got held up through negotiations with the government system for a while. But we came to a deal and now control 100% of the Alto Ruri project. The first hole drilled 131 metres of 2.55 grams (per ton) gold from surface, a phenomenal hole and a beautiful alteration zone that's a high sulfidation system similar to what Barrick has been mining for over 20 years. This acquisition is a testament to our ability to acquire high-quality assets.
You've been in Peru for many years. You're a Peru-focused explorer, correct?
Yes, I moved to Peru in 2005. I spent five years working on Zafranel, now going to production with Teck. This is another similar story whereby we're not trying to reinvent the wheel; we're just trying to follow what has worked in the past. Peru is heavily under-explored, and a lot of untapped mineral deposits remain to be found.
You've made the acquisition. What's in the plans for the next few months?
We’ll start the permitting process now. The social engagement and interaction with the community started last year with our team. It's communities that we can work with.
Barrick has had a phenomenal relationship over the last 25 years at Pierina. Barrick acquired Pierina from Arequipa Resources in 1997 for US$800 million. (Alto Ruri) is a very similar system to what they first encountered back in the 90s. We're thrilled to have acquired it and to move things forward.