Fidelity Minerals Corp has outlined the recommendations of the author of an NI 43 101 technical report, as previously reported, for its Las Huaquillas project in Peru ahead of a potential resource update for the asset, which includes 5,000 metres (m) of drilling.
In a statement, the company said that it had now filed the report, which was authored by Luc Pigeon, on January 4, 2022 with an effective date of December 18, 2021.
The NI 43-101 report summarizes the project’s location, ownership, geological setting, mineralization, historical exploration and resource estimates and recommends future work.
As reported in December, 2021, confirmatory rock grab sampling was completed by the author as part of a site visit, which included a highlight of 9.7 grams per tonne (g/t) gold, 126 g/t silver, and 1.1% lead.
In the report, Pigeon has recommended that a phase one exploration program be completed to include a community relations program and obtain surface access to exploration areas and in-fill soil sampling surveys over anomalous areas.
READ: Fidelity Minerals reveals high-grade gold and silver sample results from the Core Las Huaquillas project in Peru
The 44.5%-owned precious and base metals project features extensive historical exploration completed by Sulliden Exploration Inc and others through 1999, which included soil sampling, geophysics and over 5,700m of diamond drilling.
Previous work has defined five mineralized zones, consisting of four mineralisation types including epithermal gold-silver (Los Socavones), and porphyry copper-style mineralisation (Cementerio and San Antonio) at the project.
Pigeon also recommended a geophysical survey over the property be carried out with a focus on the Cementerio and San Antonio zones, while the historic underground workings within the Los Socavones zones are recommended to be re-opened to allow safe sampling.
A 5,000m drilling program should be carried out at Los Socavones where historical drilling suggests that significant gold mineralization occurs at depth, while a similar amount of drilling should also be carried out at the Cementerio zone, said Pigeon.
This drilling project consists of 20 platforms, 19 of which are located within the Los Socavones zone and 1 within the Cementerio zone.
An updated NI 43-101 report will be issued at the conclusion of the phase one exploration program and an NI 43 101 inferred resource estimate will be included, noted Fidelity.
The Las Huaquillas Core Group consists of nine concessions owned by Rial Minera S.A.C. for which Fidelity has secured a 44.5% interest.
As reported in July last year, Fidelity acquired an option for an additional 5.5% interest in Rial Minera S. A. C. by agreeing to a total cash consideration of US$500,000 and funding up to US$3 million in underground sampling and exploration drilling to underwrite the publication of a new NI 43-101 technical report aimed at declaring inferred resources and to be completed within 18 months following receipt of drilling permit approvals.
Fidelity has now paid the US$500,000 consideration and has finalized the US$3 million exploration plan and budget for 2022 with its joint venture partners.
As reported on November 3, 2021, the company began the exploration program by engaging Peruvian consultant Ximena Mining Group to permit an exploration drilling program on the project.
Contact the author at giles@proactiveinvestors.com