Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF) has reported extensive copper mineralization intervals from its ongoing drilling program at the Buen Retiro copper project in northern Chile, reinforcing the project's potential as a major copper system. The company also provided an exploration update on its Caballos copper project.
Drill hole BRT-DDH045 returned 384 meters at 0.22% copper from 4 meters depth, including a higher-grade interval of 94 meters at 0.33% copper from 30 meters. This hole, located in the North area of the property, intersected copper mineralization in two distinct styles: an initial stockwork zone followed by a Candelaria-style stratiform system extending for 284 meters. The results highlight the large-scale nature of the mineralization, with consistent copper grades across the entire intersection.
Infill drilling with two diamond rigs is underway, targeting approximately 6,000 meters to support a maiden mineral resource estimate and a prefeasibility study (PFS). As of the update, holes 46 through 60 have been completed and are in various stages of logging and sampling. The program uses HQ diamond core, with half-core samples sent for assay and the remaining half-core aggregated for metallurgical test work. A 2,800 kg bulk sample has been collected and will be tested by SGS Laboratories for heap leach amenability, starting in late March.
Fleet Space Technologies has been contracted to conduct an Exosphere Ambient Noise Tomography (ANT) passive seismic survey to image subsurface architecture, identify structural corridors, and refine targets for deeper sulphide exploration. The survey will be conducted in two phases, with the regional Phase 1 starting shortly. Exploration drilling, using NQ core, is planned for a minimum of 8,000 meters after infill drilling concludes.
At the Caballos copper-molybdenum-gold project, an airborne MobileMT geophysical survey has been completed, and data interpretation is ongoing. Phase 2 drilling is expected later in the year, pending integration of geophysical results with the geological model.
Fitzroy Minerals is positioning Buen Retiro as a low-cost development opportunity due to its brownfields location near existing infrastructure. The project sits at low elevation, 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 Copiapó. The company aims to leverage potential cash flow from a heap leach operation to fund further exploration with minimal dilution.
Drill hole BRT-DDH044, also in the North area, intersected lower-grade intervals, with the best result of 10 meters at 0.30% copper from 142 meters. The company noted that true thickness is estimated at 80% of down-hole intersection. All drill core samples undergo rigorous quality assurance and quality control procedures, including insertion of blanks, standards, and duplicates at a rate of 12% of total samples.
The technical information in this release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), an independent qualified person as defined by NI 43-101. Fitzroy Minerals holds a portfolio of copper and gold projects in Chile, Argentina, and Canada. More information is available at www.fitzroyminerals.com.
