Forte Minerals Receives Environmental Impact Statement (DIA) Approval for its Pucarini High Sulphidation Epithermal Gold Project, Southern Perú
VANCOUVER, BC , Sept. 29, 2023 /PRNewswire/ - Forte Minerals Corp. ("Forte" or the "Company") (CSE: CUAU) (OTCQB: FOMNF) (Frankfurt: 2OA) is pleased to announce receipt of the Environmental Impact Statement ("DIA") approval for its 100% owned Pucarini Gold Project ("Pucarini"), a high sulphidation epithermal Au system located in the department of Puno, in Southern Perú. The Company is delighted to be awarded the DIA approval by the Peruvian Ministry of Energy and Mines ("MINEM") after more than 2 years of environmental baseline studies, archeological assessments, social engagement, and government processing. The DIA is an extensive environmental authorization that enables the Company to drill up to 40 platforms over a 5-year timeline. The final drill permit will be delivered by MINEM upon completion of the prior consultation process (Consulta Previa) with the local indigenous communities.
Pucarini comprises 1000 ha of prospective ground for high sulphidation epithermal Au mineralization. This property has been the Company's primary focus for Au exploration (for additional information, please see the technical report prepared for the property with an effective date of February 15, 2021, as filed on the Company's SEDAR+ profile at www.sedarplus.ca). The project contains multiple Au bearing advanced argillic alteration zones within a larger 3.6 km x 1.8 km argillic alteration footprint. These zones coincide with anomalous Au in soil and rock geochemistry grading up to 6.89 g/t Au and 2.6 g/t Ag as well as a strong resistivity and chargeability IP geophysical anomaly.
Forte's President and CEO Patrick Elliott comments, 'This is an outstanding project with the key elements of a productive high sulphidation epithermal Au system. The DIA approval is a significant milestone, and we are thrilled to have an opportunity to maiden drill test this property.'
The argillic and advanced argillic alteration zones on the property were recognized by GlobeTrotters Resources Perú S.A.C. ("GlobeTrotters") as a high priority alteration target compiled from the in-house processing of ASTER satellite imagery for the entire Peruvian Cordillera. The ASTER processing proved highly effective at mapping out hydrothermal alteration mineral assemblages associated porphyry Cu and high sulphidation epithermal Au systems.
Forte's President and CEO Patrick Elliott comments, 'GlobeTrotters' project generation process is very intuitive and takes multiple years to explore and advance targets to the drill ready stage. It has been very effective in the discovery of several highly prospective projects, including our Pucarini Au project and Element 29's Elida porphyry Cu-Mo deposit.'
The Company completed an extensive surface exploration program in 2021 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 priority exploration targets were interpreted from the exploration program, which will be drilled as the next step in testing the sub surface for economic Au mineralization.
An initial 4-hole drilling program is planned to test these targets with a 1000+ metres of core drilling (Figure 1).
Drill hole DH_P01 is designed to test the north end of the north-trending chargeability anomaly at target area A where it coinides 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 hydrothermal breccias and vuggy silica ledges within zones of advanced argillic alteration 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 Au values in target area B that coincide with advanced argillic alteration and a resistivity anomaly on the west flank of the north-trending chargeabilit 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 alteration.
ESG and SUSTAINABILITY
Forte understands Perú's environmental and cultural nuances from years of experience operating in the country, setting us apart from our peers. The Company is working with an experienced environmental consulting firm supported by a dedicated in-house social engagement team to ensure that our exploration, permitting, and community outreach activities comply and foster mutual respect and beneficial synergies with local communities.
Our recent alliance with Social Suite, a specialized ESG software for Junior Exploration and Mining entities, simplifies data management and boosts ESG reporting. This initiative will heighten transparency, effective stakeholder communication, and a more significant investor impact.
Mike Carter's recent appointment as our Lead Energy Advisor elevates our ESG efforts. His seasoned insights will shape Forte's community-focused projects, synchronizing them with global norms and local expectations.
Forte's priority remains the exploration and discovery of essential new Cu and Au deposits, but it also aspires to redefine ESG and sustainability standards within the junior mining sector.
Pucarini is an early-stage, high sulfidation epithermal Au project located in Lampa Province, Department of Puno. The 1,000 ha concession is 43 km from Juliaca, the region's largest commercial centre. The property is 100% owned by Forte with a 1% Net Smelter Return royalty held by Globetrotters Resource Group Inc. ("GlobeTrotters").
Pucarini is situated in the southern segment of the Miocene Epithermal Gold Belt which is the host to large Miocene aged high sulfidation Au deposits in northern Perú including Pierina, Yanacocha, and Alto Chicama/Lagunas Norte (Figure 2).
Globetrotters acquired the property through the Peruvian auction process in 2018 and transferred ownership to Forte in 2020 under a share purchase agreement. Prior to Globetrotters, Teck Resources Perú SAC held the property and carried out preliminary mapping and sampling programs between 2011 and 2015. Teck relinquished the property in 2016 without completing a drill program. Forte continued exploration by completing detailed surface geological and alteration mapping, 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 rocks and lava flows assigned to the Sillapaca Formation. Geological mapping outlined extensive argillic hydrothermal alteration measuring approximately 3.6 km x 1.8 km, which encloses smaller zones of Au bearing advanced argillic alteration. Outcrop sampling returned up to 6.89 g/t Au and 2.6 g/t Ag associated with hydrothermal breccias and vuggy silica ledges within zones of advanced argillic alteration. Geological, geophysical, and geochemical evidence combine to establish drill targets at 100 to 250 metres below surface across the property.
Qualified Person and NI 43-101 Disclosure
Richard Osmond, P.Geo., is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.
ABOUT FORTE MINERALS CORP
Forte Minerals Corp., a junior exploration company that has blended assets in partnership with GlobeTrotters Resources Perú S.A.C., has built a robust portfolio of high-quality Cu and Au assets in Perú. The Company aims to generate significant value growth by strategically situating early-stage and drill-ready targets alongside a historically discovered and drilled porphyry system for Cu and Au resource development. Notwithstanding its resource focus, Forte is deeply committed to community engagement, environmental stewardship, and fulfilling its societal responsibilities.
On behalf of FORTE MINERALS CORP.
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 and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's latest management's discussion and analysis, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future.
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. 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.
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SOURCE Forte Minerals Corp.
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