Fidelity Minerals Corp (CVE:FMN) (FRA:S5GM) announced an update Tuesday on its 100% owned Las Brujas Gold and Porphyritic Copper projects in northern Peru, including new high-grade gold results.
The company reported adjacent channel samples that returned encouraging grades of more than 6 grams per tonne (g/t) gold over a meter, all within the kilometre scale El Alambique prospect.
Fidelity said it continues to make significant progress at the Las Brujas Gold project, where its work is focused on defining Yanacocha-style gold prospects. In total, 730 samples have been collected at the project to date, including 645 samples since September.
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Most sample sites lie within the Las Brujas Gold 2 Concession, and sample types include 459 channel, 118 rock chip and 24 using a gasoline-powered auger to sample saprolite. Results for all samples have now been received, including 136 samples displaying anomalous gold concentrations ranging from 0.1 to 6.14 g/t Au.
The mineralization is also characterized by copper concentrations that vary from 19 to 411 parts per million (ppm), the company said. Silver, lead and zinc concentrations are negligible. Sulphur concentrations are mostly below the detection limit of 0.01%, whereas iron concentrations vary from 2.5% to above the 15% detection limit.
“Our confidence in the prospectivity of the Las Brujas Gold project continues to rise with each round of evaluations,” CEO Ian Graham said in a statement. “Several of the prospects we have identified are already demonstrating early signs of large mineralized gold systems, which is very encouraging given the world-class geological setting of the project.”
Porphyritic Copper Project
Fidelity also mobilized its field geological team to undergo a reconnaissance and preliminary sampling exercise at its 4,000-hectare Porphyritic Copper project located in La Libertad, Peru.
The project hosts near surface manifestations of visible copper mineralization as well as small-scale historical artisanal workings developed for the purpose of producing small tonnes of gold bearing ore, the company said.
A previous assessment of the upper and lower zones identified similarities in the type of mineralization hosted at the two zones located approximately 4,000 meters apart. Both zones are adjacent to a major regional (60+ km) fault structure that is regionally associated with known copper projects, the company said. Historical unconfirmed sampling at the project indicates grades of 0.36% - 0.66% copper at the upper zone and higher grades at the lower zone including >1%.
Peru has declared a period of restricted in-country travel owing to the COVID-19 pandemic, and Fidelity said it has returned the reconnaissance team to their homes until the travel restrictions are lifted. It is anticipated that work will be feasible again in mid-February.
“The company is also pleased to have conducted a field reconnaissance visit to Porphyritic Copper” Graham said. “We are mobilizing community initiatives so as to determine a permitting track for ongoing sampling, geophysical surveys and drilling at Las Brujas, and for underground sampling, 3D IP surveying and drilling at Greater Las Huaquillas.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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