Fitzroy Minerals Inc. (TSXV: FTZ, OTCQB: FTZFF) provided an update on exploration at its Buen Retiro and Caballos copper projects in northern Chile, highlighting the extension of the oxide mineralization trend at Buen Retiro to 1.7 kilometers and the identification of Candelaria-style sulphide mineralization.
At Buen Retiro, Phase 2 drilling completed 8,300 meters of diamond core across 29 holes. Drill hole BRT-DDH041 intersected 108 meters at 0.41% copper and 156 ppm cobalt from 30 meters, including 48 meters at 0.77% copper and 241 ppm cobalt from 60 meters. Drill hole BRT-DDH043 returned 77 meters at 0.46% copper from 196 meters, including 20 meters at 0.97% copper and 139 ppm cobalt. These results, along with those from holes 40 and 42, validate the potential for Candelaria-style sulphide mineralization in the northern area, with grades comparable to Lundin Mining's Candelaria open pit (591.6 Mt at 0.37% Cu).
Reverse circulation drilling extended the Southwest oxide target by 300 meters to 1.7 kilometers. Condemnation hole BRT-RCD008 intersected 213 meters at 0.19% copper and 199 ppm cobalt from 3 meters, including 85 meters at 0.33% copper. This area, previously considered for infrastructure, will now be further explored due to significant copper mineralization.
At Caballos, drill hole CAB-DDH009 returned 70 meters at 0.41% copper equivalent (0.18% Cu, 374 ppm Mo, 0.04 g/t Au) from 85 meters within the Estero Chincolco hydrothermal breccia. The core exhibits porphyry textures, alteration, and mineralization, indicating a long-lived copper system. An airborne MobileMT geophysical survey is scheduled for Q1 2026 to refine drill targets.
Fitzroy has signed contracts for a minimum of 10,400 meters of diamond drilling and 3,000 meters of reverse circulation drilling in 2026. A ground passive seismic survey will assist in targeting deeper sulphide zones. Discussions with Sociedad Punta del Cobre S.A. for a heap leach joint venture continue, and a pre-feasibility study will be completed to meet NI 43-101 requirements.
Dr. Scott Jobin-Bevans, P.Geo., the qualified person under NI 43-101, has reviewed and approved the technical information. The company cautions that Candelaria mineralization is not necessarily indicative of mineralization at Buen Retiro.
