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Fidelity Minerals Receives Exchange Approval for the Acquisition of the Porphyritic Copper Project, Peru
(via TheNewswire) - Fidelity Minerals to proceed to complete the acqui...
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"Fidelity Minerals Receives Exchange Approval for the Acquisition of the Porphyritic Copper Project, Peru(via TheNewswire)\n \n \n\n\n- Fidelity Minerals to proceed to complete the acquisition of the Project.\n\n\n\n- Project expansion efforts underway to consolidate strategic footprint.\n\n\n\n \n \nVancouver, BC / TheNewswire / May 22, 2019 - Fidelity Minerals Corp. (TSX-V: FMN | FSE: S5GM | SSE: MNYC) (\"Fidelity Minerals\" or \"the Company\") is pleased to confirm Exchange approval for the acquisition of the Porphyritic Copper Project announced on April 29, 2019. \n\n \n \nThe Company will now proceed to complete the acquisition of a 100% interest in the Porphyritic Copper project located in the district of La Libertad, Northern Peru, by issuing 4,000,000 in consideration shares, and by making a payment of US$7,000 in cash. Further Milestone Payments of C$500,000 and C$250,000 are payable if, within 5 years, a NI 43-101 compliant resource of >500,000T of contained copper is published by Fidelity Minerals (Milestone 1), and/or a transaction exceeding C$5,000,000 is consummated (Milestone 2), respectively.\n\n \n \nThe Company is in the process of establishing a subsidiary to hold the 100% interest in the project, as well as any additional interests which will form part of the expanded project in order to facilitate the orderly introduction of a joint-venture partner into the project once project evaluation studies have advanced appropriately. \n\n \n \nThe Porphyritic Copper Project comprises three contiguous concessions covering 1,200Ha, located in an active mining and development district in La Libertad, Northern Peru. The project hosts near surface manifestations of visible copper mineralization, as well as small-scale artisanal workings developed for the purposes of producing small tonnages of gold bearing ore. A recent assessment of the \"Upper\" and \"Lower\" Zones has identified similarities in the type of mineralization hosted at the two zones that are situated approximately 4,000m apart. \n\n \n \nHistorical sampling at the project indicates grades of 0.36% - 0.66% Cu at the Upper Zone and higher grades at the Lower Zone including >1% Cu (refer News Release of April 29, 2019). \n\n \n \nAbout Fidelity Minerals Corp.\n\n \n \nFidelity Minerals Corp. is assembling a portfolio of high-quality mining assets in Peru ...