Ownership in the mining industry can change hands frequently, with companies acquiring and transferring concessions to advance their exploration efforts. In 2022, Globetrotters acquired the Miscanthus property from Sumitomo Metal Mining Perú S.A., only to transfer it to their Peruvian subsidiary, Cordillera Resources Perú S.A.C. The acquisition terms included a cash payment of US $27,000.00 and the issuance of 3,000,000 common shares of Forte at a deemed price of $0.23 per share, along with a 1.0% net smelter return royalty interest to Globetrotters. The property’s environmental approval allows for up to 40 drilling platforms over 172 hectares, significantly reducing permitting risk.
Property Highlights:
- Location: Approximately 390 km southeast of Lima at 4,100 meters elevation.
- Access: Accessible via paved and gravel roads, 60 km inland from Nazca.
- Proximity to Infrastructure: Located 120 km from Marcona port and near the Mantaro-Southern Perú power grid.
- Exploration Potential: Miscanthus shows promise as a highly prospective site for the discovery of a large porphyry Cu-Mo-Au system, overlaid by high-sulphidation epithermal Au-Ag mineralization.
Geological Features:
The property is linked to Miocene-aged volcanic and volcanoclastic rocks within the Western Cordillera, known for hosting significant mineral deposits. These deposits include large epithermal Au sites and porphyry Cu-Mo-(+Au) systems, hinting at the potential of Miscanthus.
High-Sulphidation Epithermal Au-Ag Target:
The high-sulphidation epithermal Au-Ag target on the property is characterized by intense alteration zones and anomalous surface rock geochemistry, indicating the presence of valuable mineralization.
Copper East and Copper SW Targets:
Recent exploration has identified Cu-Mo surface rock anomalies on the property, showcasing the potential for large porphyry Cu-Mo-(Au) systems in the region. Detailed mapping and geochemical studies have highlighted these targets for further evaluation.
Permit and Land Rights:
Sumitomo’s environmental studies and archaeological assessments facilitated the process of obtaining drilling permits. The company received environmental approval valid for five years, allowing for extensive drilling to test the high-sulphidation epithermal Au-Ag target.
CEO Remarks:
Patrick Elliott, President, and CEO of Forte Minerals Corp., expressed optimism about the strategic acquisition of the Miscanthus property. He emphasized the collaborative efforts of Forte and Globetrotters in securing valuable prospects, highlighting the enhanced exploration possibilities and minimized risks associated with the project.
Conclusion:
The acquisition of the Miscanthus property by Forte Minerals Corp. represents a significant milestone in their exploration journey. With promising geological features, exploration potential, and strategic partnerships, the company is well-positioned to unlock the value of this mineral-rich site. As they advance their drilling efforts and further evaluate the targets, Forte is poised for growth and success in the mining sector.
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