Forte Minerals Corp (CSE:CUAU, OTCQB:FOMNF) has completed the acquisition of the Miscanthus high sulphidation epithermal gold-silver (Au-Ag) and porphyry copper-molybdenum-gold (Cu-Mo-Au) prospects in Peru from its strategic partner, Globetrotters Resource Group Inc.
The Miscanthus property spans 3,200 hectares and includes four concessions located approximately 390 km southeast of Lima at an elevation of 4,100 meters.
The property is regarded as highly prospective, with potential for large-scale discoveries of porphyry Cu-Mo-Au systems overprinted by high-sulphidation Au-Ag mineralization.
Under the terms of the acquisition, Forte made a one-time cash payment of $27,000 and issued 3 million common shares at $0.23 per share to Globetrotters. The agreement also grants Globetrotters a 1% net smelter return royalty on the concessions.
Miscanthus, previously owned by Sumitomo Metal Mining Perú, comes with an approved DIA environmental drilling permit, allowing for up to 40 platforms over 172 hectares, significantly reducing permitting risk. The property is easily accessible, 60 km inland from Nazca, and close to key infrastructure such as the Marcona port and the Mantaro-Southern Perú power grid.
The Miscanthus property has seen extensive geological mapping, geochemical sampling, and geophysical surveys conducted by both Sumitomo and Globetrotters. Advanced work has outlined a high-sulphidation epithermal Au-Ag target and identified a potential telescoped porphyry Cu-Mo-Au system at depth, positioning the project as a key asset for Forte’s exploration portfolio.
CEO Patrick Elliott called the acquisition “another strategic win” for Forte.
“The Miscanthus copper and gold prospects are coherent, well defined and the historical work and capital expended since 2018 by Sumitomo and Globetrotters have significantly de-risked the exploration potential for Forte,” Elliott said in a statement.
“Exploration projects of this calibre that have drill permits in hand are extremely hard to find let alone acquire. Recently, the DIA drill permitting process can take up to 3 years, so to have this in place is a real bonus which adds tremendous value and optionality to be able to mobilize and drill the targets at any time.”
Forte Minerals will continue to evaluate these targets as part of its broader strategy to expand its presence in Peru’s mining sector.