15:28:26 EDT Wed 15 May 2024
Enter Symbol
or Name
USA
CA



Forte Minerals Corp
Symbol CUAU
Shares Issued 36,011,919
Close 2024-03-04 C$ 0.205
Market Cap C$ 7,382,443
Recent Sedar Documents

Forte Minerals acquires Alto Ruri, Cerro prospects

2024-03-04 16:08 ET - News Release

Mr. Patrick Elliott reports

FORTE MINERALS ACQUIRES THE ALTO RURI EPITHERMAL GOLD PROSPECT NEAR BARRICK'S PIERINA MINE IN CENTRAL PERU

Forte Minerals Corp. has finalized the acquisition of the Alto Ruri high-sulphidation epithermal gold (Au) prospect and the Cerro Quillo porphyry Au-copper-(Cu)-molybdenum (Mo) prospect from its strategic partner Globetrotters Resource Group Inc. Both are situated on a contiguous 4,700-hectare block of concessions that were initially acquired by Globetrotters from Compania Minera Ares SAC (Ares) in exchange for a 1.0-per-cent NSR (net smelter return) royalty interest. These concessions were transferred to Forte's Peruvian subsidiary, Cordillera Resources Peru SAC, in exchange for a one-time cash payment of $25,000 (U.S.).

The Alto Ruri prospect was drill tested by Compania de Minas Buenaventura in 1997 who completed a two-stage, 12-hole drill program that included eight NQ core and a four reverse circulation (RC) drill holes totalling 2,254.5 metres. GlobeTrotters' then subsidiary, Rio Maranon Minerals SAC, reanalyzed portions of the core from the eight diamond drill holes in 2011 with hole 001-97 returning significant Au values averaging 2.55 grams per tonne Au over 131 m starting from surface, including 54 m of 5.39 g/t Au. The Au mineralization is associated with the vuggy silica replacement of quartz-clay altered volcanoclastic rocks typical of high sulphidation epithermal Au alteration but true widths are unknown.

The Cerro Quillo prospect was drill tested by Anglo American Exploration Peru S.A. in 2004 who completed a nine-hole RC drill program for a total of 2,684.90 m. The holes were drilled in the vicinity of the Cerro Quillo porphyry complex located three kilometres to the west of Alto Ruri. The historical assay results from hole 003-Q returning 200 m of 0.49 g/t Au, 0.09 per cent Cu, and 0.007 per cent Mo but true widths are unknown. The Cerro Quillo porphyry complex is a series of mineralized diorite porphyry dikes intruding Miocene-aged intermediate to felsic volcanic and volcanoclastic rocks. The system is potassic altered with secondary biotite alteration, A-type and B-type veins, and local magnetite stringers overprinted by a larger 2.5 km by 1.5 km phyllic-argillic alteration zone comprising pervasive sericite-clay alteration, D-type veins and locally disseminated tourmaline.

The original source of the historical assay results in RC drill hole 003-Q is from a 2011 technical report prepared by Rio Maranon. The information suggests that porphyry Au-Cu-Mo mineralization may be present in this area. The rock chip and geochemical sample reject materials from 003-Q are no longer available for reassaying purposes. For that reasons, the historical Au assay results from RC drill hole 003-Q have not been verified by the company.

The project is located just 15 km due south of the Pierina Au mine owned by Barrick Gold Corp. in central Peru which has produced over eight million ounces (oz) of Au since commercial production in 1999. As with Pierina, these prospects are situated along the Cordillera Negra 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 Newmont's (Minas Buenaventura-Sumitomo) Yanacocha and Minas Congas 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 (First Quantum Minerals) La Granja deposits.

Patrick Elliott, president and chief executive officer, remarked: "This acquisition is a strategic win for Forte, thanks to the decade-long persistence and determination of our partner, Globetrotters, in securing these prospects. Both lie in the highly prospective Tertiary Volcanic Arc of north-central Peru. This region actively hosts some of South America's largest epithermal Au and porphyry Cu-Mo-Au deposits. Adding these assets to our portfolio enhances our copper and gold asset base. It significantly mitigates the risks associated with the early stages of exploration and discovery in a premier mining jurisdiction."

Exploration manager Manuel Montoya comments: "Both the Alto Ruri and Cerro Quillo prospects exhibit large zones of intense hydrothermal alteration and mineralization similar to other large Miocene-aged epithermal Au and porphyry Cu-Mo-Au deposits that occur in this prolific mineral belt. The results from the historical drilling on both prospects were very encouraging with significant Au values returned over sizeable widths. We are excited to hopefully continue advancing this project with further drilling."

Additionally, as GlobeTrotters is the beneficial owner of more than 10 per cent 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. As such, the acquisition of the Alto Ruri prospect and the Cerro Quillo prospect constitutes a related party transaction within the meaning of MI 61-101. The company has relied on exemptions from 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 transaction does not constitute more than the 25 per cent of the company's market capitalization.

Qualified person and National Instrument 43-101 disclosure

Richard Osmond, PGeo, 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.

We seek Safe Harbor.

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