Fidelity Minerals Corp said it has secured access to underground workings at the Socavones zone on its Las Huaquillas project in Peru.
Surface lands access agreements allow the company to clear access roads and access the three main adits, which provide access to the approximately 1,200 meters of underground development on three levels in the Los Socavones Zone. These surface adits provide ready access to the mineralized zone with an average true thickness of approximately 19 metres (m), which Fidelity says offers the potential for low-cost underground mining.
The company has engaged contractors to provide quotes to re-open the underground workings before Fidelity completes an underground sampling program as soon as possible this year. Fidelity will collect metallurgical test samples of the mineralization at the Socavones zone to better characterize the mineralogy and better define future process design and recovery options.
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The plan is to ultimately carry out a 5,000m drilling program mainly at Los Socavones, where historical drilling suggests significant gold mineralization occurs at depth, the company said. A similar amount of drilling should also be carried out at the Cementerio zone where Sulliden intersected significant copper mineralization.
The Los Socavones zone is a major northeast-southwest trending mineralized fault zone that extends for at least 2.5 kilometers and has a width of approximately 100m. The anomalous zone consists of two distinct gold-enriched pyrite-sphalerite-galena quartz stock-work zones surrounded by a low-grade gold zone composed of disseminated and narrow stringers of pyrite with minor sphalerite and chalcopyrite, the company said.
To date, 1,000m of its strike length has been drill tested and 1,200m of underground workings have been developed and sampled. Drilling has intersected the mineralization at a depth of approximately 200m. The mineralized zone's average true thickness is approximately 19 m with a maximum thickness of 65m within the zone’s center.
Fidelity Minerals has a portfolio of high-quality mining assets in Peru, where it hopes to delineate major deposits to attract the interest of mid-tier and major mining companies.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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