Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has provided an update on exploration progress at its Buen Retiro and Caballos copper projects in northern Chile, highlighting a significant drill intercept that underscores the scale of the copper system at Buen Retiro and the company's progress toward a maiden mineral resource estimate.
Drill hole BRT-DDH045 returned 384 meters at 0.22% copper from 4 meters, including 94 meters at 0.33% copper from 30 meters. The hole intersected two distinct mineralizing styles: a stockwork zone in the first 100 meters, followed by a Candelaria-style stratiform system for the remaining 284 meters. This intercept is located three kilometers north-northeast of the high-grade copper oxide mineralization in the Southwest area, providing compelling evidence that Buen Retiro is a major copper system, according to president and CEO Merlin Marr-Johnson.
Infill drilling with two diamond drill rigs commenced in February, with approximately 160 meters of HQ diamond core being drilled per day. Drill holes 46 through 60 have been completed and are being processed. The infill program, anticipated to total about 6,000 meters, is expected to be completed in April. After that, one rig will focus on exploration drilling (NQ core), with a minimum of 8,000 meters planned and flexibility to increase to 15,000 meters.
A 2,800 kg bulk sample has been aggregated for heap leach metallurgical test work at SGS Laboratories, starting in late March. The metallurgical tests will evaluate the viability of a heap leach operation, which could provide early cash flow to fund further exploration with minimal dilution, as noted by Marr-Johnson.
Fitzroy has also contracted Fleet Space Technologies to conduct an Exosphere Ambient Noise Tomography (ANT) geophysical survey. The Phase 1 regional survey is about to start, aiming to image the large-scale subsurface architecture, including basement geometry and structural corridors. A Phase 2 infill survey may follow to refine targets in areas of interest.
The Buen Retiro project benefits from its location at low elevation on a brown-fields site, four kilometers from the Pan-American Highway and high-voltage transmission lines, close to the coast where a proposed desalination plant has a seawater extraction license, and near the mining center of Copiapo with its services and labor pool.
At the Caballos Copper Project, an airborne MobileMT geophysical survey has been completed, and data interpretation is ongoing. Phase 2 drilling is scheduled for later in the year once the geophysical data is integrated into the geological model.
Drill hole BRT-DDH044 intersected a series of low-grade intervals, with the best being 10 meters at 0.30% copper from 142 meters. All drill core samples are subject to rigorous QA/QC protocols, including certified standards, blanks, and duplicates, with no significant issues identified.
The qualified person for the technical information is Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), an independent geological consultant to the company. He has reviewed and approved the technical data disclosed.
Fitzroy Minerals is focused on exploring and developing copper-focused mineral assets in the Americas, with properties including Buen Retiro, Caballos, and Polimet in Chile, Taquetren in Argentina, and Caribou in Canada. The company's shares trade on the TSX Venture Exchange under the symbol FTZ and on the OTCQX under FTZFF.
