Fitzroy Minerals Inc. (TSXV: FTZ, OTCQB: FTZFF) has provided an update on exploration at its Buen Retiro and Caballos copper projects in northern Chile, reporting drilling results that extend the oxide mineralization trend at Buen Retiro to 1.7 kilometers and intersect significant copper sulphide mineralization reminiscent of the nearby Candelaria deposit.
At Buen Retiro, Phase 2 drilling has been completed with 8,300 meters of diamond drill core across 29 holes. Results for holes 40 to 43 are reported, with assays pending for holes 44 and 45. Drill hole BRT-DDH041 intersected 108 meters at 0.41% copper and 156 ppm cobalt from 30 meters, including 48 meters at 0.77% copper and 241 ppm cobalt from 60 meters. Drill hole BRT-DDH043 returned 77 meters at 0.46% copper from 196 meters, including 20 meters at 0.97% copper and 139 ppm cobalt from 201 meters. These results validate the potential for Candelaria-style sulphide mineralization at shallow depths, with grades comparable to those reported by Lundin Mining for its Candelaria open pit.
Reverse circulation drilling also extended the oxide zone in the Southwest area. Hole BRT-RCD008, originally designed as a condemnation hole, intersected 213 meters at 0.19% copper and 199 ppm cobalt from 3 meters, including 85 meters at 0.33% copper from 17 meters. This extends the Southwest oxide target by 300 meters to a total strike length of 1.7 kilometers. Merlin Marr-Johnson, President and CEO, commented that even sterilisation drill holes intersected copper, indicating the strength of the mineralizing system.
Fitzroy has signed new drilling contracts for a twin exploration and infill program, with a minimum of 10,400 meters of diamond drilling and 3,000 meters of reverse circulation drilling planned for 2026. A ground geophysical survey using passive seismic is planned to assist with sulphide drill-targeting at depth. Discussions continue with Sociedad Punta del Cobre S.A. regarding a Heap Leach Joint Venture, and a Pre-Feasibility Study is planned for the project.
At the Caballos project, Phase 1 drilling has been completed with 3,154 meters across nine holes. Drill hole CAB-DDH009 returned 70 meters at 0.41% copper equivalent (0.18% Cu, 374 ppm Mo, 0.04 g/t Au) from 85 meters in the Estero Chincolco hydrothermal breccia. The drill core exhibits porphyry textures, alteration, and mineralization, suggesting a long-lived copper system. An airborne MobileMT geophysical survey is scheduled for Q1 2026 to map subsurface geology and guide Phase 2 drilling.
Dr. Scott Jobin-Bevans, the qualified person under NI 43-101, has reviewed and approved the technical information. The company is focused on copper exploration in the Americas, with additional projects in Argentina and Canada.
