Forte Minerals Commences First-Ever Drilling at the Pucarini High-Sulfidation Gold Project, Puno, Peru

Core Insights - Forte Minerals Corp. has commenced its first-ever diamond drilling program at the Pucarini High-Sulfidation Gold Project in southern Peru, marking a significant milestone after years of geological work and community engagement [1][19][20] - The Pucarini Project is located within the Southern Peru Miocene Mineral Belt, known for its epithermal gold and porphyry copper-molybdenum deposits, and features a large-scale hydrothermal alteration footprint [2][11] - The initial drill program consists of five holes totaling 1,750 meters, targeting a potential large-scale high-sulfidation epithermal gold system, with assay results expected in early Q1 2026 [4][9][15] Financial Overview - As of May 31, 2024, the company reported total assets of $23.55 million, an increase from $23.13 million in the previous year [3] - Current assets increased to $19.18 million from $18.75 million, with cash and cash equivalents rising to $2.40 million from $2.13 million [3] - The company achieved net income of $330,837 for the three months ended May 31, 2024, compared to $53,406 in the same period of 2023, indicating a significant improvement in profitability [5][8] Project Development - The Pucarini Project has undergone extensive geological studies, including mapping, geochemistry, and geophysics, and has secured necessary drilling permits and community agreements [6][19] - The drilling targets were selected based on gold geochemistry, high-sulfidation alteration zones, and geophysical anomalies, creating a cohesive exploration model [7][14] - The project area features multiple advanced argillic alteration zones, consistent with high-sulfidation epithermal gold mineralization [11][14] Strategic Initiatives - The company has strengthened its balance sheet by attracting two new strategic investors, each contributing C$5.7 million, which will support development across its projects [20] - In addition to Pucarini, the company is advancing its Alto Ruri Gold Project, located near Barrick's Pierina Mine, which shows potential for near-surface gold discoveries [21][22]