- Fidelity Minerals (TSXV:FMN) has entered into an option agreement with Standard Drilling & Engineering to increase its stake in the El Toro East Project
- Located in B.C.’s Omineca Mining Division, the project includes several B.C. Minfile occurrences that reflect porphyry copper-molybdenum-gold mineralization
- The project also comprises 24 mineral claims totalling 10,317 hectares
- Shares of Fidelity Minerals are up 62.50 per cent to C$0.065 as of 10:46 a.m. ET
Fidelity Minerals (TSXV:FMN) has entered into an option agreement with Standard Drilling & Engineering to increase its stake in the El Toro East Project.
In a news release, the company stated it will acquire 50 per cent interest in the project in British Columbia’s Omineca Mining Division and has the right to increase its option to 100 per cent.
“Our consistent search for copper-gold assets to supplement the Las Huaquillas porphyry-epithermal Cu-Au project in Peru has borne fruit. We are very pleased with the comprehensive land position aggregated around the multi-phase and spatially extensive mineralization developed around the very large quartz-monzonite Sunsets Stock,” Dean Pekeski, president of Fidelity, said in a statement.
Under the terms of the agreement, Fidelity can acquire 100 per cent of the Sunsets Project in two stages.
Through the first stage, Fidelity can acquire an initial 50 per cent stake by paying standard an aggregate of C$300,000 and incurring $1 million in exploration expenditures by Sept. 30, 2025. Under the second stage, the company will issue to 5 million shares of Fidelity to Standard by Dec. 15, 2024.
The project covers several areas of known mineralization associated with and adjacent to/distal from the Bulkley plutonic suite Sunsets Stock.
The project, also known as the Sunsets Project, includes several B.C. Minfile occurrences that reflect porphyry copper-molybdenum-gold mineralization and comprises 24 mineral claims totalling 10,317 hectares.
Fidelity Minerals has a portfolio of high-quality mining assets in Peru and is currently focused on progressing its most advanced project – Las Huaquillas.
Shares of Fidelity Minerals (TSXV:FMN) are up 62.50 per cent to C$0.065 as of 10:46 am ET.
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