Fitzroy Minerals Inc. (TSXV: FTZ, OTCQB: FTZFF) provided an update on exploration progress at its Buen Retiro and Caballos copper projects in northern Chile, highlighting significant extensions to mineralization and accelerated drilling plans.
At the Buen Retiro project, recent diamond drilling (holes 28 to 35) has extended the zone of continuous mineralization in the Southwest Area to 1.4 km, a ~40% increase from the previously reported 985 m. Copper mineralization remains open along strike, with an additional 2,250 m of diamond drilling planned for 2026. Reverse-circulation (RC) drilling has completed 1,050 m in four holes, with 3,950 m more planned. Preliminary logging of RC chips identified intrusive rocks bearing chalcopyrite and pyrite mineralization several kilometers east of the Southwest Area. Initial RC assays are expected in October 2025. The company is investigating fast-track production potential and now aims to complete a maiden mineral resource estimate and a Preliminary Economic Assessment (PEA) on a heap leach project at Buen Retiro in 2026.
At Caballos, Fitzroy is expanding the drilling program to three rigs to accelerate testing of priority targets. The company is drilling an approximately 400 m hole (#3) at Caballos. Progress in a vertical hole (#2) from Pad 1 stalled when fault gouge was intersected at 350 m depth. Two additional rigs are being mobilized, and the company intends to complete at least 3,000 m of diamond drilling at Caballos in 2025, comprising approximately 2,000 m at the Chincolco Prospect and 1,000 m at the Mule Hill Prospect.
Highlights from Buen Retiro include hole BRT-DDH-028 intersecting 133 m at 0.46% Cu in oxides from top of bedrock, including 40 m at 0.53% Cu and 35 m at 0.77% Cu. Age-dating at Caballos identified a long-lived hydrothermal system (44 Ma to 25 Ma), matching the ages of well-known Eocene-Oligocene belts in Chile that host deposits such as Chuquicamata, Escondida, Quebrada Blanca, and Collahuasi. Mapping at Caballos identified expansion potential to the east under post-mineral cover.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, stated: "We have now extended Buen Retiro’s strike length by ~40%, proving both scale and continuity in the Southwest Area. Regional RC drilling is already delivering evidence of copper mineralization across a broader footprint. The Company is investigating the potential for fast-track production at Buen Retiro, starting with a PEA and associated maiden resource estimate to be completed in 2026. At Caballos, several breakthroughs have given us the confidence to add a second and a third rig to the drilling program."
At Buen Retiro, diamond drilling results from holes 28 to 35 are reported. The most noteworthy aspect is the extension of mineralization along strike to 1,400 m in the Southwest Area, still open at both ends. In the Southwest Area, holes 29 and 35 extended mineralization more than 400 m to the southeast under gravels. Holes 28 and 34 infilled and demonstrated continuation of widths and grades. Three holes were negative: hole 30 tested a potential parallel trend to the west, hole 31 remained in gravel, and hole 32 intersected a shear zone and could not be completed. In the South Area, hole 33 extended mineralization 150 m south, though grades are lower and narrower than the Southwest Area.
The company has commissioned a 5,000 m RC drilling contract at Buen Retiro. RC holes are testing blind geophysical targets in the wider Buen Retiro and Sierra Fritis areas. To date, 1,050 m has been drilled in four holes. Initial RC assays are expected in October 2025.
Fitzroy is investigating fast-track production at Buen Retiro due to significant infrastructure advantages, including the Pan-American highway, high-voltage transmission lines, proximity to the sea (~35 km) and Copiapó (~60 km) with mining and processing infrastructure. Environmental baseline monitoring has started for permitting. The company aims to complete a maiden resource estimate and PEA in 2026.
At Caballos, recent developments include Os-Re dating of molybdenite to 44 Ma, placing mineralization within a well-established porphyry belt. Re-logging of hole #1 confirms hydrothermal breccias contain clasts of mineralized porphyry. The company has bought 291 hectares in the Chincolco Valley, becoming a land-owner with access rights. Mapping shows barren volcanic rocks lie unconformably on mineralized breccias. These developments support Caballos as a large, fertile, and long-lived copper system.
Drill core sampling procedures follow strict QA/QC protocols, with blanks, standards, and duplicates inserted at a rate of about 12%. The qualified person, Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), has reviewed and approved the technical information.
