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Porphyritic Copper - Overview

Overview
  • Large-Scale Copper Target – (ownership 100% FMN)

  • Porphyritic copper mineralization identified at two key mineralized zones approximately 4,000m apart.

  • Historical sampling at the project indicates peak mineralization grades of: 

    • between 0.36% - 0.66% Cu at the Upper Zone

    • and higher grades of >1% Cu at the Lower Zone

  • Potential that the two mineralised zones represent exposed sections of a typical Cu-Mo Porphyry system.

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Porphyritic Copper Project 

The Porphyritic Copper Project comprises three contiguous concessions covering 1,200Ha, located in an active mining and development district in La Libertad, Northern Peru. The project hosts near surface manifestations of visible copper mineralisation (Figure 1), as well as small-scale artisanal workings developed for the purposes of producing small tonnages of gold bearing ore. A recent assessment of the “Upper” and “Lower” Zones has identified similarities in the type of mineralisation hosted at the two zones that are situated approximately 4,000m apart. Both the zones of interest are in each case located immediately adjacent to a major regional (+60km) fault structure that is regionally associated with known copper projects. Encouragingly, at both the project and the regional copper projects, the mineralization is associated with variably altered monzodiorite(s) displaying copper sulphide (including bornite) and copper oxide mineralization.

 

Historical sampling at the project indicates grades [1] of 0.36% - 0.66% Cu at the Upper Zone and higher grades at the Lower Zone including >1% Cu.

 

Selected sampling results are outlined below.
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During due-diligence activities relating to the acquisition of the project, Fidelity Minerals identified additional prospective geological features that extend beyond the current project area. In order to secure a larger footprint surrounding the project, the Company is in the process of acquiring adjoining concessions. Until such time that the Company has secured the adjoining concessions, additional details including the name of the project or the specific location will not be released.
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Figure 1: Porphyritic Copper Project - Sampling Photos

In 2018 the project vendor commissioned a QP based in Canada to prepare a geological report [2] in order to summarise the geological prospectivity of the project. The data relating to the project presented in this release has been largely taken from this geological report with the consent of the vendor.

 

In the geological report, the QP states that, "There is the distinct possibility that the two mineralized locations at the Project represent two exposed areas of mineralization that form part of a typical Cu-Mo Porphyry Copper System.  The mineralogy, host rock type and texture, plus the presence of a skarn-type mineralized zone at the Lower Location, are very much the same characteristics to be seen at the Magistral Cu-Mo-Ag Porphyry Deposit in Ancash Province."

Fidelity Minerals considers the similarities of the Porphyritic Copper Project to the Magistral project to be highly encouraging as the Magistral project owned by Minera Milpo hosts significant mineralisation with published mineral resources of 232 Mt @0.55% Cu, 0.05% Mo, 3.2g/t Ag.

Next Steps

The Company intends to perform an initial assessment of the prospectivity of the project by commencing with detailed geological mapping and a systematic surface sampling program to better define the extent of the surface manifestations of the interpreted zones of mineralisation.

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Acquisition Conditions

The acquisition of the Porphyritic Copper Project remains subject to the satisfaction of customary conditions before closing, including exchange approval for the issuance of Consideration Shares.

[1] ALS Method Code ME-MS41. The laboratory location, chain of custody record, use of blanks and standards by the Vendor is not recorded or independently verified by a Qualified Person. The Certificate of Assay / Analysis has not been independently verified for Fidelity Minerals Corp.

[2] Draft NI43-101 Report: not finalized or published.