Forte Minerals (CSE: CUAU; US-oTC: FOMNF) will begin drilling in March at its high-sulphidation gold project in Peru’s Puno region, president and CEO Patrick Elliott told a London conference.
The 1,200-metre program intends to target two to three million oz. gold to a depth of 350 metres. Surface samples returned grades of up to 6 grams gold per tonne, averaging 1.5 grams gold.
“We’re ready to unlock substantial resources in a prolific region,” Elliott told The Northern Miner’s International Metals Symposium on Dec. 1. “We’ve assembled a strong portfolio without paying upfront costs.”
Forte acquired the site in 2013 after a major miner dropped its claim. Recent community agreements have resolved access issues. They stalled exploration for decades. The project is one of four in Forte’s Peruvian portfolio, which includes two copper porphyry and two gold systems.
With a $12.5-million market cap and $1.5 million in cash, Forte plans to drill its Esperanza copper porphyry too. The site spans a three-by-two km footprint near three of the world’s largest copper mines.
Forte’s strategy is to advance projects from past downturns. Peru’s untapped potential, rich minerals and tax breaks support this.
Watch below the full presentation:
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