Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has announced the results of a ground-based Deep Induced Polarization (IP) and resistivity survey at its Caballos Copper Project in Chile. The survey, conducted by Southernrock Geophysics S.A. (SRG), identified multiple chargeability and resistivity anomalies interpreted to be consistent with porphyry-style hydrothermal systems and connected to mineralization intersected in 2025 diamond drilling.
The survey comprised four IP lines totaling 18.4 line-km, designed to characterize chargeability and resistivity down to depths of approximately 1,500 meters for the PDIP survey and up to 3,000 meters for the Magnetotellurics (MT) survey. The results highlight several targets, including the C2-B anomaly, which is 3 km wide and exhibits a classic porphyry cross-section, and the C4 anomaly, a 1 km wide shallow feature on trend from existing mineralized drill holes.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, noted: "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 IP chargeability anomalies align well with conductivity anomalies from the earlier MobileMT survey, expanding the prospectivity of the Caballos concessions. The largest anomaly, C2-B, shows a strongly conductive and chargeable outer shell surrounding an inner core, typical of porphyry systems. The C4 anomaly presents a very strong, shallow chargeable feature with excellent access. At the Chincolco Creek target, prior drilling intersected mineralization from surface, and associated geophysical anomalies (C3) suggest potential extension along strike and at depth.
SRG reported that the zones of induced polarization response are "presumably related to the presence of (disseminated) sulphide mineralization" and that the anomalies "lie beneath sub-horizontal intervals or layers of moderate-low resistivity probably related to a volcano-sedimentary sequence." Fitzroy Minerals integrated the new IP and MT data with existing geological information to create an updated interpretation, identifying anomalies C1, C2-A, C2-B, C3, and C4 as drill targets.
The planned drilling program, approximately 5,500 meters, is scheduled to start in September 2026 and will test the C2-B, C3, and C4 anomalies, as well as extensions at Chincolco Creek. Five drill holes have been designed based on the 2D and 3D inversion models. Dr. Scott Jobin-Bevans, a Qualified Person under NI 43-101, has reviewed and approved the technical information in this release.
Fitzroy Minerals is focused on copper exploration in the Americas, with projects in Chile, Argentina, and Canada. The company plans to use future cash flow from its Buen Retiro Heap Leach operation to fund non-dilutive exploration drilling at Caballos, further de-risking these large targets. For more information, visit Fitzroy Minerals' website.
