Overview
When it comes to mining deposits, there’s no denying the potential output Peru has to offer. In 2022, Peru produced 2.2 million metric tons of copper, making it the world’s second-largest producer of copper. Peru was also one of the largest gold producers in 2022, ranking 9th in the world.
The mining-friendly country’s appeal has attracted the likes of several major mining companies, including Southern Copper (NYSE:SCCO), Freeport-McMoRan (NYSE:FCX), Hudbay Minerals (NYSE:HBM,TSX:HBM), Barrick Gold (TSX:ABX,NYSE:GOLD), Teck Resources (TSX: TECK.A and TECK.B, NYSE: TECK), Rio Tinto (NYSE:RIO), and many more. As a result, mineral exploration companies with projects in Peru may provide investors with an exciting opportunity for investments into a resource-rich country.
Forte Minerals (CSE:CUAU,FSE:2OA,OTCQB:FOMNF) controls assets acquired from its strategic project generative partner GlobeTrotters Resources Peru SAC and an Alta Copper (ATXV: ATCU) option deal to form an attractive portfolio of high-quality copper and gold assets in Peru. The company’s portfolio combines early-stage and drill-ready targets with a historically discovered and drilled porphyry system that is strategically positioned for copper and gold resource development.
Forte Minerals Portfolio
Forte Minerals has a strong land position of 12,000 hectares in Peru, including the Pucarini, Don Gregorio and Esperanza projects. The Don Gregorio project is a 900-hectare copper and gold porphyry project with gold and copper mineralization occurring on the subsurface. This project is under option by Forte Minerals from Alta Copper (previously Candente Copper), whereby Forte Minerals can acquire a 60-percent interest in Don Gregorio by cash payments of US$500,000 over three years, and 10,000-meter diamond drilling over three years upon receipt of drill permits.
The company’s 100-percent-owned Pucarini project is a gold project with a high sulfidation epithermal gold target located in Puno, Peru. The Pucarini project consists of 1,000 hectares of primary target claims and 6,100 hectares of regional concessions. The project also has an NI 43-101 Technical Report from February 2021.
The company’s fully owned Esperanza project is a 4,000-hectare copper and molybdenum porphyry project located in the prolific and mining-friendly Paleocene belt of Southern Peru. The Paleocene belt hosts many of the largest existing porphyry copper mines and recent discoveries. The Esperanza project has not yet been tested by drilling but holds exciting exploration potential.
The team at Forte Minerals boasts deep-seated roots within Peru’s mining and exploration community. With a combined experience surpassing 215 years in exploration and mining throughout the Americas, the company’s standing is anchored by its profound community relationships and consistent track record of exploration successes.
Among the company’s esteemed cohort is a former principal geologist and general manager for Teck Resources in Peru, Manuel Montoya, who now champions Forte Minerals’ projects, ensuring every stage aligns with the highest standards. This addition solidifies the company’s commitment to blending international expertise with local understanding.
Understanding the complexities of exploration, Forte Minerals also incorporated a full-time in-house social team. This team is more than just a nod to corporate responsibility – it’s a testament to the company’s foundational belief that community ties are as vital as geological prospects and exploration.
In pursuing holistic growth and sustainability, Forte Minerals recently collaborated with Social Suite, signaling the commencement of an insightful ESG (environmental, social and governance) reporting journey. This partnership underscores Forte’s vision to set industry benchmarks, especially in community engagement, environmental stewardship and its broader societal obligations.
Forte Minerals isn’t just exploring terrains; it’s also pioneering a future where its mission amplifies ESG initiatives. The company’s promise remains unshaken: to strengthen community bonds, champion environmental conservation, and uphold societal commitments with unparalleled vigor.
The company hopes to take advantage of near-surface and underexplored metal endowments that are rich in copper and gold in Peru. Forte Minerals plans to leverage unique targeting methods and an effective alteration identification process. The company also aims to advance its projects with the anticipation of drilling permits and additional exploration and thousands of meters of drilling on its properties.
Company Highlights
Forte Minerals has a strong land position of 12,000 hectares in Peru, including the Pucarini, Don Gregorio and Esperanza projects.Pucarini is a high-sulfidation epithermal gold project in Puno, Peru with an NI 43-101 Technical Report from February 2021.Don Gregorio is a copper and gold porphyry project with a historically discovered and drilled porphyry system.The 100-percent-owned Esperanza project is a copper and molybdenum porphyry asset located in the prolific and mining-friendly Paleocene belt of Southern Peru.Forte Minerals has a strong history of engagement with local communities. The company’s team has a combined 215 years of experience in exploration and mining in the Americas and a combined 60 years of successfully managing public companies.The company is finalizing drilling permits and preparing for a drilling campaign.
Key Projects
Don Gregorio
The Don Gregorio project is a 900-hectare copper and gold porphyry asset located in Peru.
The property features the historic exploration of 13 relatively shallow diamond drill holes completed on one section corridor since 1977. Both copper and gold mineralization was found in all 13 historical holes. The Don Gregorio project features enrichment grades of up to 0.8 percent copper and primary grades of up to 0.04 percent copper and 0.15 grams per ton (g/t) of gold.
The property is under option by Forte Minerals from Candente Copper Corp. Forte can acquire a 60-percent interest in Don Gregorio subject to cash payments of $US500,000 over three years and a total of 10,000 meters of diamond drilling over three years upon receipt of drill permits.
In 2021, the company began permitting and community engagement on the property. Going forward, Forte Minerals plans to begin phase 1 of a target evaluation drilling program consisting of 5,000 meters as well as preliminary metallurgical studies. The company believes the Don Gregorio project hosts excellent exploration potential to develop into a world-class porphyry copper-gold deposit.
The Esperanza project is a 5,000-hectare copper and molybdenum porphyry project located in the prolific and mining-friendly Paleocene belt of Southern Peru. The Paleocene belt hosts existing porphyry copper mines and recent discoveries.
The project is fully owned by Forte Minerals. It is currently untested by drilling but remains prospective for copper sulfide mineralization. In 2021, the company conducted permitting and target development, including geophysics. Going forward, the company plans to begin phase 1 of its drilling program consisting of 2,000 meters in 2023.
Pucarini
The Pucarini project is a gold project located in Puno, Peru. The property consists of 1,000 hectares of claim and 6,100 hectares of regional concessions. The Pucarini project is accessible by airport and road with proximity to a highway network and electricity. The project features multiple gold-bearing advanced argillic alteration zones within a 3.6 by 1.8-kilometer argillic alteration footprint. The project also contains a Miocene high sulfidation epithermal gold target.
The project has an NI 43-101 Technical Report from February 2021. To date, the targets on the property have not been tested by drilling. In 2021, Forte Mineral initiated drill permitting, community engagement and drill permits are expected shortly. The maiden drill program will test a phenomenal coincident geophysical and geochemical anomaly that boosts tremendous high sulphidation alteration. In 2022, an extensive regional follow-up program around Pucarini identified three new discoveries of epithermal mineralization in the Miocene Arc similar to Pucarini. More surface work and geophysics are being undertaken in 2022-23 to further understand these prospects.
Board of Directors and Management Team
Patrick Elliott – President, CEO and Director
Patrick Elliott has more than 18 years of experience in the mining industry. Elliott has a Master of Science in mineral economics and an MBA in mining finance from the Curtin University of Technology in Perth, Australia. He is currently the President & CEO of Lexore Capital Corp., the vice-president of strategy for GlobeTrotters Resource Group and a director of E29 Resources and MLK Gold. He completed his undergraduate Bachelor of Science in geology at the University of Western Ontario. Elliott has spent over 10 years in copper and gold exploration in South America and the United States of America.
Richard Osmond – Chairman
Richard Osmond has over 25 years of experience in the mining sector, including experience with INCO (VBNC), Falconbridge and Anglo American. He was involved in exploration discoveries at Vale’s Voisey’s Bay deposit and Glencore’s Raglan mine. He was later hired as a senior technical leader with Anglo American. At Anglo American, Osmond was responsible for nickel exploration in Northern Canada, Alaska and Scandinavia as well as IOCG and porphyry Cu-Mo exploration in Mexico and Alaska. Osmond is currently the president and CEO of GlobeTrotters. Osmond holds an Honors Bachelor of Science from Memorial University.
Stephanie Ashton – Director
Stephanie Ashton has more than 25 years of experience in the mining industry and natural resources sector. Specifically, Ashton’s experience is in the exploration and development of mining projects. In Latin America, she served on the boards of junior mining companies and as an officer in the capacity of CFO and the vice president of corporate development. Ashton holds a Bachelor of Science in international business from California Polytechnic State University, a master’s in business from the HEC School of Management and a master’s in mineral economics from the Universidad de Chile.
Douglas Turnbull – Director
Douglas Turnbull is a consulting geologist with over 30 years of experience in diamond, precious and base metal exploration. He holds an Honors Bachelor of Science degree in geology and is a Qualified Professional Geoscientist recognized by the Engineers and Geoscientists of British Columbia. Turnbull has managed or served on the boards of a number of junior exploration and mining companies with assets ranging from early- to advanced-stage projects worldwide. Turnbull holds an Honors Bachelor of Science in geology from Lakehead University.
Richard Leveille – Director
Richard Leveille has an accomplished career that spans over 40 years. He attended the University of Utah, graduated with a B.Sc. in geology, and later completed his master’s in geology from the University of Alaska. His work experience progressed through companies such as AMAX, Kennecott, Rio Tinto and Phelps Dodge. Leveille was also the senior vice-president of exploration for Freeport Copper & Gold, where he managed the team that helped add significant copper to reserves and made the Chukarui Peki discovery in Serbia, which shared the 2016 PDAC Thayer Lindsley International Mineral Discovery Award. Since his retirement at Freeport in 2017, Leveille has been working as a consulting geologist focusing on mineral exploration projects in Australia, South America and the United States.
Jasmine Lau – Chief Financial Officer
Jasmine Lau has an extensive background in the resource sector and has served as CFO of several public exploration companies with international projects. Lau previously worked at Teck Resources and Deloitte & Touche LLP’s Vancouver Assurance & Advisory group, where she focused on audits of public mining companies. She holds a Bachelor of Commerce from the University of British Columbia.
Manuel Montoya – Exploration Manager and General Manager of Peru
Manuel Montoya is a founder and general manager of GlobeTrotters, Element 29 and Forte Minerals. Montoya is a highly respected exploration professional with more than 43 years of experience in the mining and petroleum industries of Peru. He discovered the Zafranal Cu-Mo porphyry deposit in Peru for Teck. He has also successfully built and led teams exploring for copper, gold and zinc in a wide variety of deposit types throughout the Andes of South America for Teck.
Anna Dalaire – VP of Corporate Development and Corporate Secretary
Anna Dalaire has 15 years of capital markets experience specializing in compliance and corporate communications. During her career, she has worked extensively with junior exploration companies in various corporate capacities. Dalaire’s background is in marketing with a focus on digital communications. Dalaire obtained her executive assistant and paralegal certificates.
Mike Carter – Lead Energy Advisor
Mike Carter has been a significant figure in renewable energy for over 25 years. As a founding partner at First Green Energy, Carter helped push forward new developments in renewable energy. He has led essential mineral exploration projects in Chile and Peru and has taken charge of significant initiatives in solar energy, energy storage and hydroelectric projects. His strong leadership at First Green Energy and experience in sectors like mining, manufacturing, agriculture and the automotive industry speak for themselves. Carter highlighted the benefits of combining renewable energy with traditional mining at the World Bank’s Climate Smart Mining conference. He’s known for working with top mining companies providing expertise in adding solar energy to their operations. He helped develop and secure over $15 million in grant funding to demonstrate new viable technologies at a significant profit. This served as a template resulting in successful exits from follow-on projects which bid Canadian record-breaking rates into the Province of Alberta’s call for power. His work in agrivoltaics – combining solar projects with farming – is an excellent example of his ongoing innovative approach towards energy development.
Tom Henricksen – Technical Advisor
Tom Henricksen has more than 35 years of experience in the mining industry. Henricksen is an exploration geologist with many discoveries, including Constancia, Corani and Ollachea while consulting Rio Tinto. He was instrumental in the resource development of Zafranal for AQM Copper and the discovery of Franke in Chile for Centenario Copper (Quadra) and Hot Maden in Turkey. Henricksen is a recipient of the 2018 Colin Spence Award.
Ricardo Labó – Mineral Economist Advisor
Ricardo Labó is a Peruvian mineral economist with more than 22 years of industry experience in Peru, Latin America and Africa, both in the public and private sectors. He is currently the country manager in Peru for Element 29 (TSXV: ECU), a partner at LQG Energy and Mining Consulting, General Manager of LQG Ambiental and Executive Director of the Australia Peru Chamber of Commerce.
He has held several high-level positions in the Ministry of Energy and Mines of Peru including Vice Minister of Mines, advisor to the Minister of Energy and Mines as well as director of mining promotion and development where he successfully promoted responsible mining exploration and development investment in the country. In the private sector, he held several senior positions at Rio Tinto, Roche, Phelps Dodge and Grupo Apoyo, provided strategic advisory and consultancy services to several international mining companies and institutions, and was a board member of several private and state-owned mining and energy companies.
Peter Espig – Financial Advisor
Since November 2013, Peter Espig has been the president and CEO of Nicola Mining (TSX-V: NIM). He has been active in the turnaround of mining projects and has functioned in management and director roles for numerous mining companies. He is experienced in the analysis of investment opportunities, raising capital, deal sourcing, financial structuring, and corporate turnaround.
Espig served as vice-president of the Principal Finance and Securitization Group and Asia Special Situations Group for Goldman Sachs Japan. Prior to joining Goldman Sachs, Espig was vice-president of Olympus Capital, a New York private equity firm, where he participated in corporate restructurings, investment analysis and financing negotiations for both domestic and international investments.