Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has provided an update on its definition drilling, metallurgical test work, and geophysical survey at the Buen Retiro Copper Project in Copiapo, Chile, as the company progresses toward a maiden mineral resource estimate and an initial economic study. The company reported significant copper intercepts from its two-rig drilling program, including 92.5 meters at 0.53% copper from 3.5 meters in hole BRT-DDH048 and 83.0 meters at 0.57% copper from 95.0 meters in hole BRT-DDH049.
The definition drilling program, which aims to delineate Measured and Indicated Resources under National Instrument 43-101, has completed 32 new diamond drill holes totaling 5,143 meters in the southwest area. Assays are pending for many samples, with some exceeding the laboratory's 1% copper maximum for exploration methods, requiring re-assay using ore-grade methods. The company noted that the mineralized package is approximately 80-90 meters thick, dipping about 75 degrees to the east-northeast, with a central higher-grade core.
Metallurgical test work has commenced at SGS Laboratories in Santiago on a 2,900-kilogram representative sample. Fitzroy has defined three primary geo-metallurgical domains: a higher-grade oxide domain (≥0.5% Cu), a lower-grade oxide domain (0.10-0.5% Cu), and a mixed supergene transition domain. The test work will evaluate copper extraction kinetics, acid consumption, leach cycle duration, and potential for enhanced recoveries from higher-grade material.
Additionally, Fleet Space Technologies' passive seismic Ambient Noise Tomography (ANT) geophysical survey has been completed across a 5 km x 5 km area, with processing and interpretation underway. A higher-resolution survey over a central 2 km x 3 km area will follow. The company aims to use potential future cash flow from the heap leach operation to fund exploration for major sulphide deposits.
President and CEO Merlin Marr-Johnson commented, 'The resource definition drilling is advancing quickly and has intersected many samples that exceed the ALS laboratory 1% Cu maximum limit for exploration assay methods in the southwest area. Although these samples have to be re-assayed using ore grade assay methods, and many results are pending, it shows there is plenty of copper in the system. The start of metallurgical test work for the PFS is a milestone event.'
The drilling program is expected to be completed in May, after which one drill rig will begin a minimum of 8,000 meters of Phase 3 exploration drilling for sulphide mineralization and ANT targets, while the other will execute a 2,000-meter geotechnical program. Fitzroy's shares are listed on the TSX Venture Exchange under the symbol FTZ and on the OTCQX under the symbol FTZFF.
