Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) provided an exploration update for its 100%-owned Buen Retiro Copper Project near Copiapo, Chile, reporting high-grade channel samples and continued drilling success. The company collected 21 one-metre channel samples from the historical open pit, returning an average grade of 2.96% copper, with a maximum of 10.68% Cu. These results underscore the potential for expanding mineralization beyond historical production, which focused solely on oxide material.
The company is advancing toward a Pre-Feasibility Study expected in Q1 2027, with a data cut-off for resource drilling set for the end of July. This will allow integration of assay results, metallurgical test work, and geological modelling into a Project Development Plan, which will underpin the Environmental Permit Application scheduled for October 2026. Fitzroy currently operates three diamond drill rigs, with a reverse circulation rig joining next week, targeting oxide and mixed copper mineralization for heap leach development.
Channel sampling highlights include 17 samples above 1.0% Cu and four exceeding 5.0% Cu, with the arithmetic average of all 21 samples at 2.96% Cu. Historical drill hole BRT-DDH-013, located 30-55 metres below the pit floor, returned intervals of 7 m at 2.78% Cu and 30 m at 3.52% Cu, demonstrating continuity of mineralization at depth. Additionally, drill hole BRT-DDH099, 70 metres south of the pit, intersected 113 metres of tenorite (copper oxide) mineralization from 3.5 metres downhole, with estimated grades averaging approximately 1.0% Cu, prompting immediate 'over-limit' analysis.
Fitzroy’s President and CEO, Merlin Marr-Johnson, emphasized the strategic advantages of the Buen Retiro project, including proximity to infrastructure, low elevation, no human habitation, and a brownfields site in a pro-mining jurisdiction. “Not all copper mineralization is equal, and the copper that Fitzroy is delineating at Buen Retiro has extraordinary advantages,” he stated. The company plans to complete around 5,000 metres of drilling in the Pit Area for inclusion in the Project Development Plan.
To mitigate delays at the ALS Global laboratory, Fitzroy is sending samples from the Pit Area to SGS Laboratories in Santiago for faster turnaround. The company is also using visual grade estimation to identify samples for immediate 'over-limit' analysis, saving time. Metallurgical test work is ongoing, with mini-column results expected in July and larger column test work in Q4 2026, which will feed into the Pre-Feasibility Study.
The company completed a Fleet Space Technologies ANT passive seismic survey in May, identifying zones of elevated fracturing and alteration. Fitzroy is also collaborating with Pucobre S.A. on engineering and commercial aspects of the Heap Leach Development Plan. The Qualified Person, Dr. Scott Jobin-Bevans, has reviewed and approved the technical information, confirming that sampling and QA/QC procedures meet industry standards.
