Overview

• The Core Las Huaquillas project has undergone extensive historically defined exploration since the late 1980’s.

• Five significant mineralized zones have been identified at the project as follows: (i) Los Socavones, (ii) El Huabo, (iii) Las Huaquillas, (iv) Cementerio and (v) San Antonio.

• A historical gold resource* was reported in 1998.

• Historical drilling has identified two copper porphyries with significant mineralization, and potential to define substantial resource.

• Fidelity Minerals is consolidating the ownership of the Greater Las Huaquillas Project. 

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The Greater Las Huaquillas (GLH) project consists of:  

• 9 concessions for approximately 3,600 Ha that host the historical mineralisation (Core Las Huaquillas) of which Fidelity Minerals Corp. has acquired a 50% interest.

• 9 concessions for approximately 3,800 Ha of contiguous mineral title, of which Fidelity Minerals has acquired a 100% interest.

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Strategic Interest

• The Greater Las Huaquillas project provides Fidelity Minerals with a strong foundation to establish substantial resource inventory in the northern Cajamarca district, of Northern Peru.​

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Historical Geological Resource

• In 1998, Sulliden estimated that a 500 m section of the 2,200 m long Los Socavones Zone hosts a geological resource* of 6.57 Mt grading 2.12 g/t Au and 25.2 g/t Ag; equivalent to 446,000 ounces of goldand 5.3 million ounces of silver at a 1 g/t Au cut-off. 

• The resource was reported to remain open at depth and along strike. This historic resource, based on 10 drill holes and 20 mineralized intercepts, was estimated by Sulliden to a depth of only 200m.

• A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. Fidelity is not treating the historical estimates as current mineral resources. The Company has not conducted any work to establish the relevance & reliability of the historical resource estimate. There has not been sufficient drilling and/or sufficient previous exploration at Las Huaquillas upon which to base a current mineral resource or mineral reserve estimate compliant to the standards of National Instrument 43-101. It should be noted that the historical resource related information outlined has been derived from: “NI 43-101 Technical Report on the Las Huaquillas Au, Ag, Cu Property, Cajamarca, Peru”, with an effective date of December 18, 2021, authored by Luc Pigeon, B.Sc., M. Sc., P. Geo, who is an independent and qualified person under National Instrument 43-101. The historical estimate is based upon Gariepy and Vachon (both registered in 1999) and the estimate was performed using the vertical longitudinal section method including seventeen mineralized intersections where a specific gravity of 2.8 g/cm3 and a cut-off grade of 1.0 g/t Au over a minimum width of 3 metres were applied. Gariepy & Vachon (1999) disclosed what they call a “geological resource” which is not a category accepted by prevailing disclosure standards, and at best corresponds to an Inferred Resource in today’s nomenclature. The work did not estimate the zinc, lead or copper contained within the Socavones zone. No more recent estimates or data is available to the issuer; at a minimum, several holes would need to be twinned, and certain historical intercepts re-assayed, to verify the historical estimate as a current mineral resource. For clarity, a qualified person has not done sufficient work to classify the historical estimate as a current mineral resources or mineral reserve, and the Company is not treating the historical estimate as a current mineral resource or mineral reserve.​

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NI 43-101 Technical Report

View and download the NI 43-101 document here