Fidelity Minerals Corp (CVE:FMN) told shareholders Friday that a sampling program on its Las Brujas project in Peru has returned gold grades of up to 15.3 grams per ton.
The company carried out its first sampling program on Las Brujas, including 85 grab samples targeting fresh road cuts located in underexplored concessions on the property.
Initial sampling identified zones of mineralization and assay results confirmed three distinct structures visible with concentrations of 15.3 grams per ton (g/t) gold.
READ: Fidelity Minerals updates on sale of Cerro Dorado and deferral of concession payments by Peru government
Further sampling from the program returned results of 1.6 g/t and 1.2 g/t gold. Twelve samples also showed anomalous gold contents ranging from 0.1 g/t to 0/3 g/t gold.
The exploration company has been combing through available data and historic exploration results on Las Brujas after it registered two additional concessions that increased the total project area to 3,400 hectares. The sampling undertaken was constrained to new roads, and did not sample the highest priority targets identified during desktop evaluation, Fidelity said in a statement.
Since acquiring the project a year ago, Fidelity moved to identify prospective areas based on new remote sensing technology, and to perform a maiden field sampling program, executive chair Bahay Ozcakmak told investors.
“We are pleased that we have already identified several new significant zones of gold-bearing altered structures in road cuts,” Ozcakmak said in a statement.
“These results confirm that gold is likely sporadically outcropping at numerous locations on the Property. Based on the recent findings, we believe the Las Brujas project provides Fidelity Minerals with a unique opportunity to be the first to delineate a gold resource on this property which is located in a world-class gold mining district that is rapidly running out of reserves."
Fidelity is preparing a second mapping and sampling program to begin once coronavirus-related restrictions are lifted for interprovincial travel in Peru.
Vancouver-based Fidelity is a project generator with a portfolio of assets in the South American country.
Contact Angela at firstname.lastname@example.org
Follow her on Twitter @AHarmantas