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The NI 43-101 technical report summarizes Project’s Location, Ownership, Geological Setting, Mineralization, Historical Exploration, Historical Resource Estimates, Conclusions, and Recommendations for future work. Confirmatory rock grab sampling, as reported in a press release issued by the Company on
The Project features extensive historical exploration completed by
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.
Location and Ownership
The Project is located within the Districts of San Ignacio and Nambelle, Province of San Ignacio,
Significant Mineralised Zones – Historical
The Los Socavones anomaly 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 been developed 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 Cementerio Cu-Au porphyry system is located 1,000m south of the Los Socavones zone. It comprises extensive argillic, phyllic and hematitic alteration partly visible along the road leading to the Las Huaquillas village. A 600m by 900m sub-circular multi-phase diorite intrusion characterized by equigranular and porphyritic textures is spatially related with the mineralization.
The
The El Huabo Au-Ag anomaly is located near the Los Socavones structure within altered plagioclase porphyritic volcanic rocks members of the Oyotún Formation.
The Las Huaquillas anomaly is located some 850m to the NE of the El Huabo anomaly. The mineralization is hosted in strongly sericitized and argillic altered Oyotún Formation rocks that are crosscut by narrow quartz veins and accompanied by fine quartz vug filling. The geological similarities between the Las Huaquillas and the El Huabo anomalies indicate that both are part of the same low-sulphidation epithermal system developed along the Los Socavones structure.
The Author reported that the Project has the requisite characteristics to host one or more structurally hosted
gold and/or copper-gold porphyry deposits. Fundamentally, these deposit types require appropriate host rocks, largescale structures, evidence of large-scale hydrothermal activity and evidence for concentration mechanisms for the minerals of interest. Historic mapping and exploration on the Project have demonstrated that these conditions exist. Various levels of structurally-controlled gold mineralization and porphyry-related copper mineralization are exposed. Intermediate level stockwork mineralization (potentially the roots of an epithermal system) are described in the Los Socavones zone within the Socavones structure. Elsewhere along the same Socavones structure, higher level epithermal targets have been identified. Historic drilling and underground sampling indicate that the Los Socavones surface mineralization continues at depth; however, new drilling within the main mineralized zones is required in order to confirm historical drilling data, build a computerized 3D deposit model, and to prepare a resource estimate to NI43-101 compliance.
Significant Intercepts– Historical
Historical drilling at the
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Fig 1: Significant Mineralised Zones at Las Huaquillas
Historical Resource Estimates
Two historical resource estimates have been completed by others on the project.
The first historical resource estimate was written by Stephan (1992) and commissioned by
(ii) stockwork-hosted mineral. The structure-hosted mineral resource estimate includes results from the S1, S2, and Caterina/Pilar structures. A true width of 2.41 m was assigned to the S2 structure whereas a true width of 1.26 m was used for structure S1. A true width of 2.65 m was used for the Caterina/pilar structure.
The total mass estimated by CMPA is 2,600,000 metric tonnes with weighted average grades of 2.69 g/t Au, 27 g/t Ag, 0.18 % Cu, 0.34 % Pb and 1.09 % Zn.A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. Fidelity is nottreating the historical estimates as current mineral resources. The Company has not conducted any work to establish the relevance & reliability of the historical resource estimate.
In 1999 Sulliden revised the CMPA historical resource with another historical resource (Gariepy and Vachon, 1999). Both Gariepy and Vachon are experienced registered Canadian geologists and/or engineers and therefore the historical resource given was considered relevant and most likely reliable. Gariepy & Vachon (1999) disclose what they call “geological resource” which is not a category accepted by the
Conclusions and Recommendations
Both the CPMA and Sulliden exploration campaigns, including diamond drilling, were successful in finding significant mineralization on the Project. To date, a significant structurally-controlled gold zone and two prospective porphyry targets have been identified.
A historical resource of 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 has been estimated by Sulliden, using a 1 g/t gold cut-off, in the Los Socavones zone to a depth of 200 meters.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.Base metal potential within this zone was not included in this historic resource estimate.
The Author conducted a site visit during 2021 and indicated that field observations are consistent with the occurrence of a large hydrothermal system in this area and are consistent with the epithermal Au-Ag-Cu mineralization information given in Gariepy & Vachon (1999) and with the porphyry Cu ± Mo ± Au deposit model. The Author is not aware of any other significant risks and uncertainties that could reasonably be expected to affect the reliability or confidence in the exploration information disclosed in the NI 43-101 technical report. The Author concludes that further exploration work is needed on the Project in order to verify and upgrade historical results to NI 43-101 standards.
The author recommended that a phase one exploration program be completed that includes the following activities;
Community relations program and obtain surface access to exploration areas
In-fill soil sampling surveys over anomalous areas
IP geophysical survey over the Property with a focus on Cementerio and
San Antonio zones.The historic underground workings within the Los Socavones zones are recommended to be re-opened by an experienced mining engineering company to allow safe sampling. The new sampling should be precisely surveyed to 10cm accuracy using WGS84 17S coordinate system. Metallurgical test samples should also be performed to support a future resource estimate.
A 5000m drilling program is recommended to be carried out at Los Socavones where historical drilling suggest that significant gold mineralization occurs at depth. A similar amount of drilling should also be carried out at the Cementerio zone where significant Cu mineralization was intersected by Sulliden 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 580m will also be drilled to confirm the Los Socavones mineralization’s northwest continuity.
Issuance of an updated NI 43-101 Technical report at the conclusion of the phase one exploration program reporting results from the exploration activities and drilling. An inferred resource estimate compliant with NI 43-101 would be included in this updated technical report.
As reported on
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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 tofuture 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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