Forte Minerals to
Acquire the Miscanthus Epithermal Gold and Porphyry Copper
Prospects in Central Perú
with Environmental
Drilling Permit (DIA)
VANCOUVER, British
Columbia, October 23, 2024 -- InvestorsHub NewsWire -- Forte
Minerals Corp. ("Forte" or the
"Company") (CSE:
CUAU) (OTCQB:
FOMNF) (Frankfurt:
2OA),
has finalized the acquisition of the Miscanthus
high sulphidation epithermal gold-Ag
("Au-Ag") and porphyry copper-molybdenum-gold
("Cu-Mo-Au") prospects
("Miscanthus" or the "Property") from its strategic partner
Globetrotters Resource Group Inc. ("GlobeTrotters"). Key details include:
Property
Details: Miscanthus consists of 4 concessions totaling
3,200 hectares.
Previous
Ownership: Initially acquired by Globetrotters in 2022
from Sumitomo Metal Mining Perú S.A.
("Sumitomo").
Transfer: The concessions are to be transferred
to Forte's Peruvian subsidiary, Cordillera Resources Perú
S.A.C.
Acquisition Terms
under the Mineral Asset Purchase
Agreement dated October 21, 2024 between the
Company and Globetrotters
-
One-time cash payment of
US
$27,000.00
-
Issuance of 3,000,000 common
shares of Forte at deemed price of $0.23 per
share.
-
1.0% net smelter return royalty ("NSR")
interest on the concessions to Globetrotters.
Environmental
Approval: Miscanthus has an approved
DIA environmental
drilling permit, allowing for up to
40 platforms
of drilling over 172
hectares, significantly reducing permitting
risk.
Property
Highlights
-
Location: Approximately 390 km
southeast of Lima at 4,100 meters elevation.
-
Access: Via a network of paved
and gravel roads, 60 km inland from Nazca.
-
Proximity to
Infrastructure: 120 km from Marcona port and
near the Mantaro-Southern Perú power grid.
Exploration
Potential: Miscanthus is considered highly prospective,
with the potential for the discovery of a large, telescoped
porphyry Cu-Mo-Au system, overprinted by high-sulphidation
epithermal Au-Ag mineralization. (See
Figure 1
for more details.)
Previous Exploration
Work: Sumitomo acquired the Property in 2018 and
carried out detailed geological mapping, geochemical sampling, and
geophysical surveys outlining an untested high-sulphidation
epithermal Au-Ag target. Upon receiving environmental approval
("DIA") and successfully negotiating an
agreement with the local community for the drill permit
application, Sumitomo transferred ownership to the Property, along
with the approved DIA, to GlobeTrotters in 2022. GlobeTrotters then
conducted further detailed geological mapping, geochemical sampling
and geophysical surveys on the Property confirming the
high-sulphidation epithermal Au-Ag target and identifying a
potential large, telescoped porphyry Cu-Mo-Au system at
depth.
Geological
Features
The Property is situated on the Western
Cordillera and associated with Miocene-aged volcanic and
volcanoclastic rocks forming part of the Tertiary Volcanic Arc
which is known to host several large Miocene-aged epithermal Au
deposits including Barrick's Pierina deposit and Newmont's
Yanacocha and Minas Conga deposits as well as several large
Miocene-aged porphyry Cu-Mo-(+Au) deposits including Chinalco's
Toromocho, Southern Copper's Michiquillay and Rio Tinto's La Granja
deposit.
High-Sulphidation
Epithermal Au-Ag Target
The high-sulphidation epithermal Au-Ag target
is characterized by several multidirectional, structurally
controlled silica ledges and vuggy silica altered outcrops within
an extensive 1,000 metre x 500 metre advanced argillic alteration
zone (Figure 2). This advanced argillic alteration is characterized
by intense quartz-alunite-kaolinite alteration, hosted
within weakly deformed, locally brecciated
Miocene-aged volcanic and volcanoclastic rocks of andesitic to
dacitic composition.
This alteration aligns with anomalous surface
rock geochemistry, with up to 183 ppb Au and 8.9 ppm Ag, and
notable anomalies in Ba, Mo, Pb, As, Sb, and Hg. Furthermore, this
target correlates with a sizeable, coincident low magnetic
susceptibility and high chargeability - high resistivity
geophysical anomaly.
Sumitomo obtained DIA environmental approval
for 172 hectares surrounding this target, allowing for up to 40
platforms of drilling.
Copper East
Target
Recent exploration on the eastern side of the
Property identified a 3-kilometre x 1-kilometre Cu-Mo surface rock
geochemistry anomaly, named the Copper East target (Figure 3). This
Cu-Mo target is also hosted within Miocene-aged volcanic and
volcaniclastic rocks which seem more deeply eroded into the roots
of the high-sulphidation system.
Here, alunite-pyrophyllite-diaspore forms wormy
and patchy alteration textures (Figure 4) within more pervasive
sericite-clay alteration, accompanied locally by porphyry-related
D-type veining (Figure 5). These features indicate the transition
to the upper part of a telescoped porphyry Cu-Mo-(Au)
system.
Copper SW
Target
Detailed mapping and surface rock geochemistry
have outlined a second large 3-kilometre x 1-kilometre Cu-Mo
surface rock geochemistry anomaly, known as the Copper SW target.
This Cu-Mo target is adjacent to and overlaps with the
high-sulphidation epithermal Au-Ag target and correlates with a
large IP high chargeability geophysical anomaly. Further
exploration work is planned to evaluate these Cu-Mo targets,
potentially outlining a cluster of large, telescoped porphyry
Cu-Mo-(Au) systems overprinted by high-sulphidation epithermal
Au-Ag mineralization on the Property. A qualified person for the
Company has not done sufficient work on the Property to verify the
work completed by others and the historical results presented in
this release should not be relied upon.
Permit and Land
Rights
Sumitomo conducted an environmental baseline
study and an archaeological study as part of the drill permitting
process. In March 2022, they received DIA environmental approval,
valid for five (5) years, to drill 40 platforms over 172 hectares
to test the high-sulphidation epithermal Au-Ag target. This
approval was transferred to GlobeTrotters upon obtaining title to
these concessions and will be transferred to Cordillera Resources
SAC as part of the acquisition. The property land rights are
controlled by a local indigenous community and several private
landowners, who have provided access for the early exploration work
completed to date.
CEO
Remarks
Patrick Elliott, President, and CEO,
remarked, "This acquisition is another
strategic win for Forte. The Miscanthus copper and gold prospects
are coherent, well defined and the historical work and capital
expended since 2018 by Sumitomo and Globetrotters have
significantly de-risked the exploration potential for
Forte.
This is a true testament to
the strategic partnership between Globetrotters and Forte to
generate and deliver high quality, drill ready targets in a highly
prospective region of Perú. Forte would like to acknowledge the
persistence and determination of our partner, Globetrotters, in
securing these prospects. It significantly mitigates the risks
associated with the early stages of exploration, discovery and
drill permitting in a premier mining jurisdiction.
Exploration projects of this
calibre that have drill permits in hand are extremely hard to find
let alone acquire. Recently, the DIA drill permitting process can
take up to 3 years, so to have this in place is a real bonus which
adds tremendous value and optionality to be able to mobilize and
drill the targets at any time. "
Related Party
Transaction
Additionally, as GlobeTrotters is the
beneficial owner of more than 10% of Forte's outstanding shares, it
is a "related party" to the Company within the meaning of
Multilateral Instrument 61-101- Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). As such, the
acquisition of the Property constitutes a "related party
transaction" within the meaning of MI 61-101.
The Company intends to rely on exemptions from
the formal valuation and the minority shareholder approval
requirements of MI 61-101 found in sections 5.5(a) and 5.7(1)(a) of
MI 61-101 as the fair market value of the Property and
consideration payable therefore does not constitute more than the
25% of the Company's market capitalization. The Company expects to
complete the acquisition within 5 business days. All securities
issuable in the acquisition will be subject to a four month and one
day hold period pursuant to applicable securities laws and the
rules and policies of the CSE.
Qualified
Person and NI 43-101 Disclosure
Richard Osmond, P.Geo., is the Company's
Qualified Person ("Qualified
Person") as defined by National Instrument 43-101 and
has reviewed and approved the 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.
(signed)
"Patrick Elliott"
Chief Executive Officer
For further information,
please contact:
Glen Watson,
Investor Relations
1-844-863-3622
gwatson@forteminerals.com
Forte Minerals
Corp.
office: 604-983-8847
info@forteminerals.com
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
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Figure 2:
Alteration map outlining the high-sulphidation epithermal Au target
areas with anomalous surface rock Au geochemistry. Source:
Globetrotters Resource Group 2023 and 2024, author: Manuel
Montoya
Figure 3:
Alteration map outlining the Copper East and Copper SW target areas
with anomalous surface rock Cu geochemistry. Source: Globetrotters
Resources Group 2023 and 2024, Author: Manuel Montoya
Figure 4:
Outcrop from the Copper East target area with intense
alunite-pyrophyllite alteration as wormy and patchy alteration
textures anomalous in surface rock Cu geochemistry with grade of up
to 133 ppm Cu.
