Forte Minerals Announces Pucarini Gold Project Exploration Plans for 2022
Update on Drill Permitting and New Concessions Awarded
VANCOUVER, BC, April 20, 2022 /PRNewswire/ - Forte Minerals Corp. ("Forte" or the "Company") (CSE: CUAU) (OTQB: FOMNF) (Frankfurt: 2OA), a junior mining exploration company has blended assets with GlobeTrotters Resources Perú SAC to build an attractive portfolio of high-quality copper and gold assets in Perú. The Company's portfolio combines early-stage and drill-ready targets with a historically discovered and drilled porphyry system that is strategically positioned for copper and gold resource development.
Forte Minerals Corp. is pleased to announce exploration plans for its 100% owned Pucarini Gold Project ("Pucarini"), a high sulphidation epithermal gold system located in the department of Puno, in Southern Perú. The Company also announces the awarding of full title to additional claims applications surrounding Pucarini that were staked in late 2020.
The original Pucarini property comprises 1000 hectares of prospective, high sulphidation epithermal gold mineralization. This property has been the Company's main exploration focus as outlined in the Company's 43-101 technical report and summarized in the Company's initial public offering prospectus dated November 12, 2021. In late 2020, the Company staked 10 satellite claims surrounding Pucarini, comprising 16,100 hectares (See figure 1). The Company is pleased to announce it has recently been awarded full title to these new claims. The awarded concessions cover prospects that exhibit a similar argillic-sericitic hydrothermal alteration signature to that of Pucarini. The area selection was influenced by knowledge gained at Pucarini and the expression of similar hydrothermal alteration signatures recognized in the ASTER satellite imagery as part of the Company's regional remote sensing exploration program. Following the successful surface exploration programs at Pucarini that identified anomalous gold on surface, it was determined a priority to control more prospective ground in the district. A regional exploration program will be deployed in 2022 with follow-up sampling and mapping programs on the recently awarded concessions.
The Company completed an extensive surface exploration program in 2021 at Pucarini which included geological mapping, geochemical sampling and geophysical surveys. The induced polarization (IP) geophysical survey lines were positioned over the strongest mineralization and alteration as recognized from preceding surface mapping and geochemical sampling programs. Four exploration targets (A-D) were interpreted from the exploration program which will require drilling as the next step in testing the potential for economic gold mineralization on the property. An initial 4 hole, core drill program (+1000m) is planned to test three of four exploration target areas (see Figure 2).
Drill holes will be positioned to test these geophysical anomalies coincident with elevated gold values from surface sampling. Locations of these drill holes may be modified following further interpretation of the exploration program's database by the Company's geologic staff.
The first hole, DH_P01, is designed to test the north end of the north-trending chargeability anomaly at target area A, where it coincides with a resistivity anomaly and a domain of strong demagnetization. This hole will be collared near outcrops of hydrothermal breccia containing ~5% fine-grained disseminated pyrite.
Drill hole DH_P02 is positioned to test a northwest-trending zone defined by abundant quartz veining, hydrothermal breccia veins and breccia dikes associated with an advanced argillic mineral assemblage in target area A. This hole will be located where the vein zone intersects the north-trending chargeability anomaly and coincident resistivity anomaly.
Drill hole DH_P03 is designed to test beneath the cluster of rock chip samples that returned anomalous gold values in target area B that coincide with advanced argillic alteration and a resistivity anomaly on the west flank of the north-trending chargeability anomaly.
Drill hole DH_P04 is positioned to test the large resistivity anomaly in target area C near the east flank of the north-trending chargeability anomaly where it intersects the northern margin of the northwest-trending zone of veining.
The CIRA Report, which is the first step in the permitting process, has been submitted and approval is expected shortly. The field studies and technical documents have been completed and the Company is in the process of finalizing the DIA Report which will be submitted to MINEM for approval of the drill permits. Forte is working with an experienced ESG consulting firm based in Perú to guide the exploration and permitting, with a goal of maintaining a positive working relationship with the communities near its projects.
Paul Johnston, P.Geo., is the Company's Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
Pucarini is an early-stage, high-sulfidation epithermal gold project located in Lampa Province, Department of Puno. The 1,000 ha concession is 43 km from Juliaca, the region's largest commercial centre and 830 km southeast of Lima. The property is 100% owned by Forte Copper Corp with a 1% Net Smelter Return royalty held by Globetrotters Resource Group Inc.
The Pucarini project is in the southern segment of the Miocene magmatic belt which is the host to large Miocene high-sulfidation gold deposits in northern Perú including Pierena, Yanacocha, and Alto Chicama.
Globetrotters Resources Perú SAC acquired the property through the Peruvian auction process in 2018 and transferred ownership to Forte Copper Corp in 2020 under a share purchase agreement. Prior to Globetrotters exploration activity, Teck Resources Perú SAC carried out preliminary mapping and sampling programs between 2011 and 2015 before relinquishing the property. No drilling has been completed to date. Forte Copper Corp continued exploration by completing magnetic, induced polarization and resistivity geophysical surveys and a soil geochemical survey.
The property is underlain by a thick volcanic succession comprised of Miocene andesite to dacite pyroclastic and lava assigned to the Sillapaca Formation. Geological mapping outlined extensive argillic hydrothermal alteration measuring approximately 3 x 4 km, which encloses smaller zones of advanced argillic alteration. Outcrop sampling indicates gold mineralization is associated with quartz veining, hydrothermal breccia veins and dikes, and advanced argillic alteration. Geological, geophysical, and geochemical evidence combine to establish drill targets at 100 to 250 metres below surface across the property.
The Company is committed to maximizing shareholder value through acquiring, exploring, discovering, and developing copper and gold projects in Perú. Moving rapidly along the line of opportunity towards a value maxima is very attractive to investors. Significant value growth is generated when early-stage exploration moves towards resource definition while zoning in on target development and eliminating the early-stage grassroots risk. All three of Forte's properties offer this opportunity, with tremendous upside considering their geological potential.
On behalf of FORTE MINERALS CORP.
(signed) "Patrick Elliott"
Chief Executive Officer
For further information, please contact:
Forte Minerals Corp.
office: 778-403-5807
[email protected]
www.forteminerals.com
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions, including the effects of COVID-19. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Forte Minerals Corp.
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