Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has provided an exploration update on its Buen Retiro and Caballos copper projects in northern Chile, highlighting significant drill results and progress toward a preliminary feasibility study (PFS). The company reported that drill hole BRT-DDH045 at Buen Retiro intersected 384 meters at 0.22% copper from 4 meters, including 94 meters at 0.33% copper from 30 meters. This intersection, located in the North area, extends three kilometers north-northeast of high-grade copper oxide mineralization in the Southwest area, supporting the interpretation of a large-scale copper system.
Infill drilling is underway with two diamond drill rigs, averaging 160 meters per day of HQ core. Holes 46 through 60 have been completed and are being logged and sampled. The infill program, totaling approximately 6,000 meters, is expected to be completed in April, enabling a maiden mineral resource estimate ahead of a PFS. A 2,800-kilogram bulk sample has been prepared for heap leach metallurgical test work at SGS Laboratories, starting in late March. Additionally, a passive seismic survey using Fleet Space Technologies' Ambient Noise Tomography (ANT) is about to commence, aiming to image subsurface architecture and support sulphide drill-targeting at depth.
Merlin Marr-Johnson, President and CEO, emphasized the strategic advantages of Buen Retiro: low elevation, brownfield site four kilometers from the Pan-American Highway and high-voltage transmission lines, proximity to the coast where a proposed desalination plant has a seawater extraction license, and closeness to the mining center of Copiapo with its services and labor pool. He noted that in an industry with decreasing discovery rates, Fitzroy aims to leverage potential cash flow from a heap leach operation to fund further exploration with minimal dilution.
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 geophysical data is integrated into the geological model. The company also reported that drill hole BRT-DDH044 intersected 10 meters at 0.30% copper from 142 meters, among other low-grade intervals.
The exploration drilling program will be a minimum of 8,000 meters with flexibility to increase to 15,000 meters. Fitzroy Minerals is focused on copper assets in the Americas, with projects including Buen Retiro, Caballos, Polimet Gold-Copper-Silver, Taquetren Gold, and Caribou. Dr. Scott Jobin-Bevans, a qualified person under NI 43-101, has reviewed the technical information. For more details, visit the company's website: www.fitzroyminerals.com.
