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Fidelity Minerals confirms $100K Cerro Dorado payment receipt, touts sampling at Peru projects in corporate update

Last updated: 16:47 22 Dec 2020 EST, First published: 16:43 22 Dec 2020 EST

Peru landscape
Fidelity said its field team has demobilised from the Las Brujas project in Cajamarca, Peru, and will remobilize to the Porphyritic Copper project in early 2021

Fidelity Minerals Corp (CVE:FMN) released a corporate update Tuesday, confirming the receipt of a $100,000 milestone payment from the sale of its Cerro Dorado project and providing guidance regarding its Greater Las Huaquillas and Las Brujas operations in Peru.

The company maintains 100% ownership of Cerro Dorado until it receives the final milestone payment. Currently, $730,000 remains to be received to complete the US$1.43 million property and plant asset sale

At the Greater Las Huaquillas project, Fidelity recently acquired and reprocessed historical induced polarization and ground magnetic data, which the company said showed remarkable correlation between the modelled chargeability and disseminated copper mineralization known from 1997 historical drilling. 

READ: Fidelity Minerals sees “significant gold potential” from samples at its Las Brujas gold project in Peru

Fidelity also said its field team has demobilized from the Las Brujas project in Cajamarca, Peru, and will remobilize to the Porphyritic Copper project in early 2021. 

The company has collected 730 samples at Las Brujas, 49 of which (6.7%) were field duplicates. The results for 545 samples have been received from the laboratory, 134 of which (25%) contain anomalous silver concentrations of greater than 0.1 grams per ton. A more detailed review of the program will be released once all the sample data has been received, the company said.

“The company outlook for 2021 is compelling,” CEO Ian Graham said in a statement. “We managed to advance our projects significantly in 2020, despite the COVID pandemic, and will continue our focus on our medium-term objectives, including to cost-effectively delineate substantial gold, copper and silver resources from the existing project portfolio, to opportunistically expand the project portfolio with accretive acquisitions and to define a >1 million-ounce gold resource by 2023.”

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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