Fitzroy Minerals Inc. (TSXV: FTZ, OTCQB: FTZFF) has released an update on its exploration progress at the Buen Retiro and Caballos copper projects in northern Chile, reporting drilling results that extend the oxide zone at Buen Retiro to 1.7 kilometers and identify a new Candelaria-style sulphide target.
At Buen Retiro, Phase 2 drilling has been completed with 8,300 meters of diamond core across 29 holes. Results for holes 40 to 43 were reported, with assays pending for holes 44 and 45. 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 intersected 77 meters at 0.46% copper from 196 meters, including 20 meters at 0.97% copper and 139 ppm cobalt from 201 meters. These intersections validate the potential of the Candelaria-style sulphide target, with grades similar to those reported by Lundin Mining for the Candelaria open pit (M&I: 591.6 Mt @ 0.37% Cu).
Reverse circulation drilling in the Southwest area extended the oxide trend by 300 meters to 1.7 km. Drill hole BRT-RCD008, originally a condemnation hole, intersected 213 meters at 0.19% copper and 199 ppm cobalt from 3 meters, including 85 meters at 0.33% copper and 111 ppm cobalt from 3 meters, with a higher-grade interval of 17 meters at 0.70% copper from 17 meters. Drill hole BRT-RCD011 intersected 19 meters at 0.21% copper and 282 ppm cobalt from 11 meters. The company noted that the area has unusually high cobalt, though recovery is not currently feasible.
President and CEO Merlin Marr-Johnson commented: “Drill holes 41 to 45 are defining a completely new exploration target of Candelaria-style mineralization at Buen Retiro. These sulphide intersections are relatively shallow and with some results similar to the Candelaria open pit grades. Another indication of the strength of the mineralizing system is that even our sterilisation drill holes in the Southwest area intersected copper and have extended the oxide trend by another 300 metres to 1.7 kilometres.”
New drilling contracts have been signed for a minimum of 10,400 meters of diamond drilling and 3,000 meters of reverse circulation drilling planned for 2026. A ground geophysical survey (passive seismic) is planned to assist with sulphide drill-targeting at depth. Discussions regarding a Heap Leach Joint Venture with Sociedad Punta del Cobre S.A. continue, and a Pre-Feasibility Study is being prepared to meet NI 43-101 requirements.
At the Caballos project, Phase 1 drilling was completed with 3,154 meters across nine holes. Drill hole CAB-DDH009 intersected 70 meters at 0.41% copper equivalent (0.18% Cu, 374 ppm Mo, 0.04 g/t Au) from 85 meters in the Estero Chincolco hydrothermal breccia. The core exhibits pervasive alteration and disseminated chalcopyrite with lesser molybdenite, consistent with a long-lived, structurally complex copper system. An airborne MobileMT geophysical survey has been commissioned and is scheduled for completion in Q1 2026 to map subsurface geology and conductive features associated with sulphide mineralization.
The company’s qualified person, Dr. Scott Jobin-Bevans, has reviewed and approved the technical information. Fitzroy Minerals is focused on exploring and developing copper assets in the Americas, with properties including the Buen Retiro and Caballos projects in Chile, the Taquetren Gold Project in Argentina, and the Cariboo Project in Canada.
For more information, visit the Company's website: www.fitzroyminerals.com.
