Business
Fidelity Agrees to Purchase 50% of Greensands Australia Pty Ltd
(TheNewswire) Vancouver, BC - TheNewswire - February 10, 2023 - Fidelit...
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"Fidelity Agrees to Purchase 50% of Greensands Australia Pty Ltd\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, BC -\n \n \n TheNewswire -\n \n \n February 10, 2023 -\n \n \n Fidelity Minerals Corp.\n \n \n (TSX-V:FMN\n \n \n )\n \n \n (\n \n \n FSE:S5GM\n \n \n )\n \n \n (\n \n \n SSE:MNYC)\n \n \n (“\n \n \n Fidelity\n \n \n ” or the\n“\n \n \n Company\n \n \n ”) is pleased to announce that it has entered into an\nagreement dated February 9, 2023, to purchase fifty per cent (50%) of\nGreensands Australia Pty Ltd (GAL) which has applied for an\nexploration licence covering the Florina Greensand Project in the\nNorthern Territory, Australia. The other 50 per cent is being acquired\nby Lions Bay Capital Inc. (“LBI”, “Lions Bay”), which is the\nlargest shareholder of Fidelity.\n \n \n \n \n The Florina Greensand Project is comprised of a large,\nsurficial deposit of the mineral glauconite, located 70 km west of the\nregional town of Katherine, a regional centre 260 km SSE of the port\ncity of Darwin that services well-developed horticulture, agriculture\nand cattle ranching. Katherine is serviced by major highway and\nrailway infrastructure connecting the state capitals of Darwin and\nAdelaide.\n \n \n \n \n Previous test work has shown the project to contain\nsignificant concentrations of potassium and phosphorous, the major\nchemical elementals for the production of potash and phosphate\nfertilizers. Greensands Australia has also filed patent applications\ncovering a process to “activate” glauconite, which has the effect\nof greatly increasing glauconite solubility. The Company believes this\nprocess has high strategic potential to render glauconite as feedstock\nfor the production of organic potassium and phosphate fertilizers.\n \n \n \n \n The Company is pleased to acquire the Florina\nGreensands project and will endeavour to accelerate Fidelity’s entry\ninto the rapidly growing organic, low chloride regional and global\nfertilizer market in collaboration with Lions Bay.\n \n \n \n \n \n \n Under the terms of the\nagreement with GAL, and the vendors (Mr John Canaris and Tracker\nGeoservices Pty Ltd), Fidelity will:\n \n \n \n \n \n \n Issue 2 million ordinary common shares at $0.06 per\...