Business
Forte Minerals Stakes Ground and Inks Deal to Acquire an Additional 1300 ha of Prospective Ground at Esperanza Porphyry Cu-Mo Project, Perú
VANCOUVER, BC, March 3, 2023 /CNW/ - Forte Minerals Corp. ("Forte" or the "Company") (CSE: CUAU) (OTQB: FOMNF) (Frankfurt: 2OA) has finalized a property transfe
About this update from Forte Minerals Corp.
[{"type":"text","content":" VANCOUVER, BC, March 3, 2023 /CNW/ - Forte Minerals Corp. (\"Forte\" or the \"Company\") (CSE: CUAU) (OTQB: FOMNF) (Frankfurt: 2OA) has finalized a property transfer agreement with Compañía Minera Ares SAC, (\"Ares\") to acquire 300 ha contiguous with the existing concessions to protect the northern extension of the Esperanza porphyry system in that direction. The property was transferred to Forte Minerals' subsidiary Amaru Resources SAC, (\"Amaru\") with Ares retaining a 0.5% NSR royalty, subject to a buyback by Amaru for US$500,000. In conjunction, Forte, through Amaru, has staked an additional claim block of 1000 ha in the adjacent area to the northeast and contiguous with the main property to protect the possible northeastern extension of the porphyry system undercover. For the first time in a decade, Forte now controls the entire porphyry alteration area at the Esperanza project (\"Esperanza\") which encompasses 4000 ha. President and CEO Patrick Elliott comments, \"it has taken a while since the initial negotiations began with Ares, but perseverance has paid off. We are delighted to finalize a deal on this critical ground at Esperanza. In the end, our team was successful in closing a deal that was beneficial to both parties. The recent political conditions and the post-Covid situation in Perú have created a wealth of opportunity regarding acquisitions, negotiations, and re-negotiations that the Company embraces.\" Amaru successfully completed the social and environmental studies for the drilling application at Esperanza which was submitted to the Peruvian Mining Ministry (MINEM) in late 2022. Approval for drilling is expected by end of Q2 2023. The next exploration step at Esperanza is to deploy a magnetotellurics (MT) ground geophysical survey consisting of 68 stations of which 40 stations are separated by 250m over the core of the system and 28 stations are separated by 500m on the periphery. The objective of this survey is to explore for deeper conductive targets associated with porphyry hydrothermal alteration and secondary Cu enrichment below the Miocene post-mineral volcanic cover. The MT results will be integrated with the results from previous geological and geophysical evaluations to help guide the exploration drilling for a partially buried, well preserved porphyry Cu-Mo system. Explora...