Fidelity Minerals Updates on Las Huaquillas Security Incident
News related to:Fidelity Minerals Corp · 3 min read
Fidelity Minerals Corp. (TSX-V: FMN | FSE: S5GM | SSE: MNYC) (the "Company") has provided an update on its Las Huaquillas gold-copper project in northern Peru. The project, which is the Company's principal focus, is a 44.5%-owned (with a right to earn 50%) brownfield project. The Company is currently preparing a new NI 43-101 compliant mineral resource estimate for the Las Huaquillas project.
On a recent visit to the site, the Company encountered a security incident that resulted in injuries to Mr. Manuel Delfin, the Operations Manager for the Las Huaquillas Project. Mr. Delfin is currently recovering and is coordinating with Peruvian authorities regarding the incident. Meetings have been arranged with senior government officials and other relevant stakeholders to discuss enhanced security measures for personnel and lawful exploration and mining activities in the region.
The Company has confirmed that the incident has not affected the validity of the permits and authorizations applicable to the current activities being undertaken at Las Huaquillas. Prior to the incident, the project team had successfully reopened two historical adits, providing access to the Los Socavones area of the Las Huaquillas project. Importantly, the underground workings were not damaged during the incident. Damage was confined to surface facilities and certain vehicles and equipment, all of which are easy to replace.
Subject to the implementation of appropriate security arrangements, management has recommended that activities at Las Huaquillas resume as soon as practicable. The Company continues to cooperate with the relevant Peruvian authorities investigating the incident and is reviewing appropriate measures intended to reduce the risk of similar incidents occurring in the future.
The principal focus of the Company remains the Las Huaquillas project, which is a 44.5%-owned (with a right to earn 50%) brownfield project. The Company is currently preparing a new NI 43-101 compliant mineral resource estimate for the Las Huaquillas project. The project offers potential for both gold and copper exploration, with the Los Socavones area being the focus. The Company's objective is to confirm previous underground sampling results and prepare for drilling to support the preparation of a new NI 43-101 compliant mineral resource estimate.
In addition to the Los Socavones brownfield gold opportunity, Las Huaquillas offers copper upside potential through exploration of the two confirmed porphyry systems flanking the Los Socavones epithermal gold zone. The Company is run by an experienced management team with diverse technical, market, and commercial expertise and is supported by committed, sophisticated investors focused on building long-term value. Fidelity's founder, John Byrne, has over 50 years' experience in the minerals sector with a track record of developing brownfield sites into profitable mines.
The Company is run by an experienced management team with diverse technical, market, and commercial expertise and is supported by committed, sophisticated investors focused on building long-term value. Fidelity's founder, John Byrne, has over 50 years' experience in the minerals sector with a track record of developing brownfield sites into profitable mines.
The Company continues to cooperate with the relevant Peruvian authorities investigating the incident and is reviewing appropriate measures intended to reduce the risk of similar incidents occurring in the future. The project team has successfully reopened two historical adits, providing access to the Los Socavillas area of the Las Huaquillas project, and damage was confined to surface facilities and certain vehicles and equipment, all of which are easy to replace. The Company has confirmed that the incident has not affected the validity of the permits and authorizations applicable to the current activities being undertaken at Las Huaquillas. Management has recommended that activities at Las Huaquillas resume as soon as practicable, subject to the implementation of appropriate security arrangements.