Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has announced the results of a ground-based Deep Induced Polarization (IP) survey at its Caballos Copper Project in Chile's Valparaíso Region. The survey, conducted by Southernrock Geophysics S.A., identified multiple large chargeability and resistivity anomalies that are interpreted to be consistent with porphyry-style hydrothermal systems and that are directly connected to mineralization intersected in the company's 2025 diamond drilling program.
The survey comprised four IP lines totaling 18.4 line-kilometers, designed to characterize chargeability and resistivity down to depths of approximately 1,500 meters for the IP survey and nominally 3,000 meters for the simultaneous Magnetotellurics (MT) survey. The results have materially enhanced the company's understanding of the mineral potential at Caballos, with the largest anomaly, C2-B, spanning 3 kilometers and exhibiting a classic porphyry cross-section: a strongly conductive and chargeable outer shell surrounding a moderate chargeability core, which is the typical site of copper mineralization in such systems.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented, "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 the conductivity anomalies from the earlier MobileMT survey, which covered a much larger area, thus expanding the prospectivity of the entire Caballos concessions. The C4 anomaly, located in the southern part of the survey, is a shallow, 1-kilometer-wide chargeability feature with excellent access, situated near the junction of the major north-south Pocuro Fault Zone and an east-west structure that hosts the Alicahue River.
At the Chincolco Creek target, prior drilling intersected mineralization from surface, and the new geophysical data reveal a subtle anomaly (C3) that could extend known mineralization along strike and at depth. The survey also included Phase Tensor analysis, which showed a consistent north-south or southwest-northeast alignment of conductive structures, correlating with the Pocuro Fault Zone and influencing the geological interpretation and exploration plan.
Based on the integrated geophysical and geological data, Fitzroy Minerals has planned a compact drilling program of approximately 5,500 meters to test the main targets, with drilling anticipated to start in September 2026. The program will test extensions to mineralization at Chincolco Creek and the geophysical anomalies C2-B, C3, and C4. The upcoming drilling is expected to further de-risk the project, which is part of the company's systematic strategy to target major copper discoveries in Chile.
The results of this survey are particularly significant because they provide strong evidence of a large, porphyry-style hydrothermal system at Caballos, which has already yielded copper, molybdenum, and gold in drilling. The identification of multiple large anomalies, combined with the company's plan to fund exploration through cash flow from its Buen Retiro Heap Leach operation, positions Fitzroy Minerals to advance the project without dilutive financing.
