Business
Fidelity Agrees to Purchase 75% of Greensands Australia Pty Ltd
(TheNewswire) Vancouver, BC - TheNewswire - March 22, 2023 - Fidelity Miner...
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"Fidelity Agrees to Purchase 75% 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 \n \n \n \n \n \n \n Vancouver, BC -\n \n \n TheNewswire\n-\n \n \n March 22, 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 Company\n \n \n ”) is\npleased to announce that further to the news release from February 10,\n2023, where the Company announced a purchase fifty per cent (50%) of\nGreensands Australia Pty Ltd (GAL), the Company has agreed to increase\nits ownership to seventy-five percent (75%). On March 16, 2023, GAL\nreceived an exploration licence covering the Florina Greensand Project\nin the Northern Territory, Australia. The other 25 per cent is being\nacquired by Lions Bay Capital Inc. (“LBI”, “Lions Bay”), which\nis the largest 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 Jo...