Fitzroy Minerals Inc. has reported results from a ground-based Deep Induced Polarization (IP) and resistivity survey at its Caballos Copper Project in Chile's Valparaiso Region. The survey, conducted by Southernrock Geophysics S.A. (SRG), identified multiple chargeability and resistivity anomalies consistent with porphyry-style hydrothermal systems, directly linked to mineralization previously intersected in 2025 diamond drilling.
The survey covered four IP lines totaling 18.4 line-km, targeting conductive anomalies from an earlier helicopter-borne MobileMT survey. SRG performed Pole Dipole Induced Polarization (PDIP) and Magnetotellurics (MT) surveys to characterize chargeability and resistivity down to depths of approximately 1,500 meters for PDIP and 3,000 meters for MT. 2D and 3D inversions were completed, revealing significant anomalies labeled C1, C2-A, C2-B, C3, and C4.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, stated, “We are delighted that the Deep IP survey has identified so many strong anomalies. In the Caballos geological setting, it is highly probable that the chargeability corresponds with sulphide mineralization - a view also held by the contractor, Southernrock Geophysics. Our prior drilling on the edge of the system, into a weak chargeability anomaly, has already intersected copper, molybdenum, and gold, demonstrating the fertility of this ground.”
The largest anomaly, C2-B, spans approximately 3 km wide and exhibits a classic porphyry cross-section with a conductive and chargeable outer shell surrounding an inner core. The C4 anomaly, about 1 km wide, is a shallow, strong chargeability feature with excellent access. These anomalies align well with the conductivity anomalies from the MobileMT survey, expanding the prospectivity of the Caballos concessions.
In the northern part of the survey, lines L 8000 and L 7500 crossed the Pocuro Fault Zone (PFZ) and intersected anomalies associated with drill holes CAB-DDH001 and CAB-DDH004A. The chargeability sections show a clear horizontal break at approximately 2,000 meters elevation, interpreted as the base of the unmineralized Farellones Formation. Below this, two major chargeability anomalies flank a moderate chargeability zone, a pattern typical of porphyry copper deposits where the central moderate zone often hosts copper mineralization.
In the southern part, lines L 5900 and L 5400 crossed the PFZ and the C4 anomaly. On L 5400, a distinctive chargeability anomaly about 1 km wide and 1 km deep lies directly below the Farellones contact, with a moderate resistivity profile. This anomaly is situated near the junction of the PFZ and an east-west structure hosting the Alicahue River.
Phase Tensor analysis revealed a dominant north-south or southwest-northeast alignment of conductive structures, consistent with the PFZ trend. This structural information is being incorporated into the geological interpretation and exploration plan.
The survey results have materially enhanced Fitzroy Minerals' understanding of the Caballos project, leading to a planned 5,500-meter diamond drilling program starting in September 2026. Five drill holes will test extensions to mineralization at Chincolco Creek and the geophysical anomalies C2-B, C3, and C4. The company aims to systematically target major copper discoveries in Chile, with future cash flow from the Buen Retiro Heap Leach operation potentially funding non-dilutive exploration drilling.
Dr. Scott Jobin-Bevans, a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this release. Fitzroy Minerals is focused on copper-focused mineral assets in the Americas, including the Caballos Copper Project and others in Chile, Argentina, and Canada.
