Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) provided an update on exploration progress at its Buen Retiro and Caballos copper projects in northern Chile, highlighting significant drill results and advancing development plans for the Buen Retiro project.
At Buen Retiro, drill hole BRT-DDH045 intersected 384 meters at 0.22% copper from 4 meters, including 94 meters at 0.33% copper from 30 meters. This hole, located in the North area, encountered two distinct mineralizing styles: a stockwork zone transitioning into a Candelaria-style stratiform system. The company noted that the mineralization is consistent throughout the hole, confirming the potential for a large-scale copper system.
Infill drilling with two diamond rigs began in February, drilling approximately 160 meters per day. Holes 46 to 60 have been completed and are being logged and sampled. The infill program, totaling about 6,000 meters, is expected to finish in April and will support a maiden mineral resource estimate ahead of a preliminary feasibility study (PFS).
A 2,800 kg bulk sample has been prepared for heap leach metallurgical test work at SGS Laboratories, starting in late March. The bulk sample was aggregated from half-core of infill drill holes, with remaining half-core quartered for assay and storage.
Fleet Space Technologies has been contracted to conduct an Exosphere Ambient Noise Tomography (ANT) geophysical survey to image subsurface architecture and target sulphide mineralization at depth. The survey will begin with a regional phase, with potential infill targeting based on results.
At the Caballos Copper Project, an airborne MobileMT geophysical survey has been completed, and data interpretation is ongoing. Phase 2 drilling is planned for later in the year after integrating geophysical data into the geological model.
Merlin Marr-Johnson, President and CEO, emphasized the strategic advantages of Buen Retiro: low elevation, brownfields site, proximity to the Pan-American Highway, power lines, a proposed desalination plant, and the mining center of Copiapo. He stated, "In an industry with decreasing discovery rates, Fitzroy aims to leverage potential future cash flow from the proposed Buen Retiro Heap Leach copper operation to fund continued exploration for major copper deposits in Chile with minimal dilution."
Dr. Scott Jobin-Bevans, P.Geo., Ph.D., PMP, a Qualified Person under NI 43-101, reviewed and approved the technical information. The company follows strict QA/QC protocols, including standards, blanks, and duplicates, with no significant issues identified.
Fitzroy Minerals is focused on copper assets in the Americas, with additional projects in Chile, Argentina, and Canada. The company's shares trade on the TSXV under FTZ and OTCQX under FTZFF.
