Fidelity Minerals Confirms Significant Gold Potential of El Ambique Prospect at Las Brujas Project, in the Northern Yanacocha gold district

Vancouver, BC – TheNewswire – November 9th, 2020 Fidelity Minerals Corp. (TSXV:FMN) | (FSE:S5GM) | (SSE:MNYC) ("Fidelity Minerals" or the "Company") is pleased to update surface sampling progress at its Las Brujas gold project in Cajamarca, Peru. Since early September the Company has mobilized a small sampling team into the project area, where the team has located and occupied on-property accommodation. Since the previous project News Releases (on the 12th and 24th August 2020) the Company has enlarged its concession holdings significantly, from 5,000ha to 8,400ha.

Background

The Las Brujas Project (FMN: 100%) has been expanded from the initial acquisition of 1,900ha (June 2019) through 3,400ha (January 2020) and 5,000ha (August 2020) to 8,400ha. This expansion has been driven by encouraging surface sampling results (to 5,000ha) and more recently by the modelling of the geological relationships between regional epithermal gold systems and their adjacent and related porphyry gold-copper systems (interpreted to be geological analogues of Tantahuatay – AntaKori / Cerro Corona). Expansion at Las Brujas is guided by remote sensing work that indicates surficial evidence of alteration that may reflect intrusive and hydrothermal activity to the east of the alteration observed in connection with the gold-bearing prospects described by the Company on 24 August 2020, and illustrated in the most recent presentation (https://www.fidelityminerals.com/latest-presentation). These observations correlate with circumstantial indicators and inferred area structure also derived from remote sensing imagery.

Initial Results

The geological mapping and sampling projects were initiated September 9, 2020 within the Las Brujas Gold 2 Concession where the Company holds certain permission from the land owners to carry out prospecting work. The mapped area is mostly underlain by andesitic volcanic and sub-volcanic rocks of the Calipuy Formation including porphyritic andesite and dacite as well as volcanic agglomerate. Microdiorite intrusions and dykes are ubiquitous. The area is characterized by moderate to intense pervasive hydrothermal argillic alteration along faults and fracture systems. Units proximal to the mineralized zones show a localised zebra-like banding texture formed by rusty orange iron oxide rich clay bands separated by light grey clay bands. The gold mineralization occurs within breccia, stockwork and veinlet systems accompanied by iron oxides and silica. The mineralization locally also contains disseminated pyrite as well as pyrite, quartz and jasper veinlets. The gold mineralization shows a spatial correlation to the porphyritic andesite contacts and a NE-trending fault systems.

To date 406 samples have been collected at the Las Brujas Gold 2 Concession (comprising the El Alambique prospect) where reconnaissance sampling in February 2020 identified several gold mineralized structures. The sample types include 326 channel, 56 rock chip and 24 saprolite profile samples (collected using a gasoline-powered auger). The samples have been transported to the SGS laboratories in Lima for major and trace elements determination (PRP93, FAA313 Au and ICP14B analytical methods, with approximately 10% of samples comprising field duplicates). To date 273 results have been received including 57 samples displaying anomalous gold concentrations ranging from 0.101 to 0.632 g/t Au. Notably twelve contiguous 2m channel samples collected across an iron oxide rich tectonic breccia returned a weighted average 0.22 g/t Au over 24m (Table 1). Further sampling along the NW-trending structure’s strike direction suggest that the Au mineralization is continuous for at least 100m, remaining open in both directions (refer, Figure 1). This mineralization is also characterized by copper concentrations that vary from 72 to 158 ppm Cu. Silver, lead and zinc concentrations are negligible. Sulphur concentrations are mostly below the detection limit of 0.01% S whereas iron concentrations vary from 3.70% to 9.13% Fe. These results are consistent with the strong hydrothermal and meteoric fluid alteration that has oxidized the sulphide and ferromagnesian minerals and leached the sulphur and mobile metals.

Sample

Easting

Northing

Length

Au

Ag

As

Cu

Fe

Mn

Pb

S

Sb

Zn

Mass

Type

m

m

m

ppm

ppm

ppm

ppm

%

ppm

ppm

%

ppm

ppm

g

C002246

736796

9253457

2.00

0.15

1.2

818

133

9.01

1689

39

-0.01

18

161

3940

Channel

C002247

736794

9253456

2.00

0.16

0.3

599

130

4.89

51

18

-0.01

16

59.9

3060

Channel

C002248

736792

9253456

2.00

0.15

0.4

1141

127

6.63

39

24

-0.01

18

50

3060

Channel

C002250

736791

9253457

2.00

0.19

-0.2

647

84.3

4.34

13

19

-0.01

16

21.6

2240

Channel

C002251

736789

9253458

2.00

0.11

0.3

664

80.9

3.81

14

11

-0.01

14

15.7

2740

Channel

C002252

736787

9253458

2.00

0.16

-0.2

754

72.1

3.91

20

21

-0.01

20

15.1

3000

Channel

C002253

736785

9253459

2.00

0.13

-0.2

807

57.3

3.7

18

15

-0.01

20

15.3

3560

Channel

C002254

736783

9253459

2.00

0.24

-0.2

891

72.2

4.55

9

11

-0.01

22

20.6

3120

Channel

C002255

736781

9253459

2.00

0.19

0.2

822

86.9

4.66

13

15

-0.01

25

16.8

3060

Channel

C002256

736779

9253459

2.00

0.21

0.2

746

104

4.11

113

14

-0.01

21

25.6

2480

Channel

C002257

736777

9253459

2.00

0.17

0.6

671

158

5.07

557

33

0.01

24

50.8

3020

Channel

C002258

736775

9253458

2.00

0.26

0.4

843

68.2

4.47

210

29

-0.01

25

37

2880

Channel

C002259

736773

9253458

2.00

0.25

0.5

961

117

5.02

762

37

0.01

29

56.8

2680

Channel

C002260

736771

9253457

2.00

0.34

1.6

1151

92.9

6.36

6083

37

0.01

30

93.5

3040

Channel

C002261

736769

9253456

2.00

0.58

0.2

1205

79

9.13

108

39

-0.01

27

116

3480

Channel

AVG:

0.22

Table 1: Assay results of 12 consecutive channel samples collected across a mineralized breccia

In order to further evaluate the prospectivity of the project area, a ground magnetic survey was initiated on 19 October 2020, to survey the Las Brujas Gold 2 Concession. The survey is expected to cover up to 1,000 hectares. To date over 580 hectares have been surveyed (refer, Figure 2). The initial survey results indicate the presence of at least three magnetic bodies located near the confirmed gold mineralization and appear to correlate with mapped andesitic volcanic and subvolcanic rocks. The gold mineralization appears to be concentrated near the boundaries of the magnetic features, though mineralization is also evident within certain of the magnetic features.

Director & CEO of Fidelity Minerals, Mr. Ian Graham commented:

"These initial results we are encountering at Las Brujas are highly encouraging." states Ian Graham. "The expansion of the project land holding, and the measured steps we are taking to better define and constrain the multiple new and archival gold showings at Las Brujas presents the company with a number of opportunities to delineate substantial gold resources at Las Brujas, which is located within the world-class greater Yanacocha gold mining district that is rapidly depleting its reserves."

The Company will shortly update its online presentation to provide greater information regarding its gold prospects at Las Brujas, and to delineate its expanded land holdings.

Figure 1: Las Brujas Sampling Map


Click Image To View Full Size

Figure 2: Las Brujas Preliminary Magnetic Survey Results (TMI)


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Luc Pigeon B.Sc., M.Sc., P.Geo., a Qualified Person in the context of National Instrument 43-101, has read and approved the technical content of this News Release. Mr. Pigeon has been present on site at the project to assist and advise the team, and has also been in Lima supervising the delivery of samples to the laboratory.

About Fidelity Minerals Corp.

Fidelity Minerals Corp. is assembling and advancing a portfolio of high-quality mining assets in Peru through the implementation of our Strategic Project Generator (SPG) model. The project generator model involves the identification and acquisition of appraisal stage opportunities with near-term valuation catalysts, including potential for high-impact M&A. The company is backed by an experienced management team with diverse technical, market, and commercial expertise and is supported by committed and sophisticated investors focused on building long term value.

On behalf of the Board of Fidelity Minerals;

Ian Graham
CEO and Director
Tel: +1.604.671.1353
Email:
igraham@fidelityminerals.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

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 for the project acquisition and to provide the reader with an outlook for our future activities and anticipated key projects 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 the Strategic Project Generator model Fidelity Minerals is positioning itself to be a beneficiary in this environment of increased appetite for prospective projects in this region. Further, forward-looking statements in this release include that Fidelity Minerals Corp. is assembling a portfolio of high-quality mining assets in Peru through the implementation of our Strategic Project Generator (SPG) model. The project generator model involves the identification and acquisition of appraisal stage opportunities with near-term valuation catalysts, including potential for high-impact M&A.

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