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The Project is located within the Districts of San Ignacio and Nambelle, Province of San Ignacio,
The Los Socavones zone is a major NE-SW trending mineralized fault zone that extends for at least 2.5km and has a width of approximately 100m. The anomalous zone consists of two distinct Au-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. To date, 1,000m of its strike length has been drill tested and 1,200m of underground workings have beendeveloped and sampled. Drilling has intersected the mineralization at a depth of approximately 200m. The mineralized zone average true thickness is approximately 19 m with a maximum thickness of 65m within the zone’s centre.
The most recent historical resource estimate completed on the Project was prepared by Sulliden’s geologists Gariepy & Vachon (1999), who disclose what they call “geological resource” which is not a category accepted under section 2.2 of NI 43-101. It best corresponds to an Inferred Resource in today’s nomenclature. The estimate was performed using the vertical longitudinal section method using seventeen (17) mineralized intersections obtained through drilling. The parameters used were 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. Gariepy & Vachon (1999) estimated that the Los Socavones zone hosts 6,570,000 metric tonnes grading 2.12 g/t Au and 25.2 g/t Ag; equivalent to 446,000
ounces of gold and 5.3 million ounces of silver. 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.
Fidelity is currently executing an exploration program at Las Huaquillas that includes the following;
Ximena Mining Group S.A.C is completing the environmental monitoring for the Declaracion de Impacto Ambiental (DIA), water use permit, CIRA archaeological report, and all other activities to obtain the license required to conduct drilling operations at the Project. It is anticipated that permits will be available for drilling during Q3 2022.
Community relations program and obtain surface access to the drill pads. Fidelity is supporting a Peruvian Energy and Mines Education Initiative in the local communities scheduled for
June 29, 2022 . Fidelity will provide a venue for this meeting and will supply food and beverages. The purpose of this Government meeting is to educate and inform the local communities on the modern process of mining and exploration, and the benefits that mining and mineral exploration provide.A 5,000m drilling program will be carried out mainly at Los Socavones, where historical drilling suggests significant gold mineralization occurs at depth. A similar amount of drilling should also be carried out at the Cementerio zone where Sulliden intersected significant Cu mineralization; however, Fidelity’s current priority is the gold mineralized Los Socavones zone. The drilling project consists of twenty (20) platforms, nineteen (19) located within the Los Socavones zone and one (1) within the Cementerio zone. The Los Socavones main zone proposed drilling includes sixteen (16) platforms with seventeen (17) DDH totalling 4560m to confirm the best historical results and also to confirm the lateral and down dip continuity of the mineralization. The main zone drilling is designed to allow carrying out an inferred resource estimate once the drilling is completed. Three (3) platforms containing three (3) DDH total of 580m will also be drilled to confirm the Los Socavones mineralization’s northwest continuity.
Issuance of a mineral resource estimate and an updated NI 43-101 Technical report at the conclusion of the phase one exploration program reporting results from the exploration activities and drilling. This updated technical report will include an inferred resource estimate compliant with NI 43-101. SGS will author this report.
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Email:dean@fidelityminerals.com
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Disclaimer & Forward-Looking Statements:This news release contains forward-looking statements. Forward-looking statements are statements that relate to future events or future financial performance. In some cases, you can identify forward-looking statements by the use of terminology such as “may”, “should”, “intend”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “project”, “predict”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements speak only as of the date of this news release. This news release may also contain inferences to future oriented financial information (“FOFI”) within the meaning of applicable securities laws. The information in this news release has been prepared by our management to provide a context to provide the reader with an outlook for our future activities and anticipated key milestones and may not be appropriate for other purposes. Forward-looking statements in this announcement include, (but are not limited to) advancing certain key project activities that could represent important milestones which the Company expects may represent material valuation catalysts, such as the expectation that through theassembling of a portfolio of high-quality mining assets in
There has not been sufficient drilling and/or sufficient previous exploration at Las Huaquillas upon which to base a 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
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