Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has reported results from a ground-based Deep Induced Polarization (IP) survey at its Caballos Copper Project in Chile's Valparaíso Region. The survey, conducted by Southernrock Geophysics S.A. (SRG), identified multiple chargeability and resistivity anomalies interpreted to be linked to porphyry-style hydrothermal systems and connected to mineralization intersected in the company's 2025 diamond drilling.
The IP survey comprised four lines totaling 18.4 line-km, designed to test conductive anomalies previously identified by a heli-borne MobileMT survey (see news release April 29, 2026). The company plans a diamond drilling program of approximately 5,500 meters starting in September to test four main targets. Highlights include a large conductivity and chargeability anomaly C2-B (3 km wide) with a classic porphyry cross-section, and a shallow anomaly C4 (1 km wide) on trend from existing mineralized drill holes.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented, "We are delighted that the Deep IP survey has identified so many strong anomalies. In the Caballos geological setting, it is highly probable that the chargeability corresponds with sulphide mineralization - a view also held by the contractor, Southernrock Geophysics. Our prior drilling on the edge of the system, into a weak chargeability anomaly, has already intersected copper, molybdenum, and gold, demonstrating the fertility of this ground."
The IP anomalies align well with the conductivity anomalies from the prior MobileMT survey, expanding the prospectivity of the Caballos concessions. The largest IP anomaly, C2-B, exhibits a classic porphyry signature with a conductive and chargeable outer shell surrounding an inner core. The C4 anomaly presents a very strong, shallow chargeable feature with excellent access. At the Chincolco Creek target, mineralization intersected from surface has associated geophysical anomalies (C3) that could extend known mineralization along strike and at depth.
SRG conducted a deep-penetration Pole Dipole IP (PDIP) and Magnetotellurics (MT) survey at altitudes ranging from 1,700 to 3,000 meters above sea level. The primary objective was to characterize chargeability and resistivity down to depths of approximately 1,500 meters for PDIP and 3,000 meters for MT. 2D and 3D inversions were performed. Four survey lines were completed: L 8000 and L 7500 in the north crossed the Pocuro Fault Zone (PFZ) and continued east across the C2-B anomaly, while L 5900 and L 5400 in the south crossed the PFZ and continued east across the C4 anomaly.
SRG reported that the zones of induced polarization response are "presumably related to the presence of (disseminated) sulphide mineralization" and lie beneath sub-horizontal layers of moderate-low resistivity likely related to a volcano-sedimentary sequence. Fitzroy Minerals integrated the new geophysical data with existing MobileMT data and geological information to create an updated interpretation, identifying anomalies C1, C2-A, C2-B, C3, and C4 in both 2D and 3D models.
On line L 8000, the 2D inversion section for the C2-B anomaly shows a clear horizontal break at approximately 2,000 meters elevation, interpreted as the base of the unmineralized Farellones Formation. Below this, two major chargeability anomalies flank a moderate chargeability anomaly, a common feature in porphyry copper deposits where the moderate anomaly is the main site of copper mineralization. The chargeability anomalies are over 3 km in scale east-west. Line L 7500 shows similar anomalies but at greater depths, suggesting a potential plunge to the south-southeast.
In the southern part, line L 5400 reveals a distinctive chargeability anomaly directly below the Farellones contact, approximately 1 km wide and 1 km deep, with a moderate resistivity profile. This anomaly is situated near the junction of the north-south PFZ with the east-west structure hosting the Alicahue River. The Chincolco Creek target, despite abundant sulphide mineralization, showed subtle anomalism extending south and at depth along the projection of the PFZ, likely due to disseminated mineralization and quartz-gypsum veining.
Phase Tensor analysis indicated a tendency for long axes of phase tensor ellipses to align roughly north-south or southwest-northeast, suggesting these are dominant structural trends. The north-south orientation aligns with the PFZ. This orientation is being incorporated into the geological interpretation and exploration plan.
Fitzroy Minerals has planned five drill holes totaling approximately 5,500 meters to test key targets, with drilling anticipated to start in September 2026. The Deep IP survey results materially enhance the company's interpretation of the mineral potential at Caballos, de-risking several large targets. The company is systematically targeting major copper discoveries in Chile, and future cash flow from the Buen Retiro Heap Leach operation is expected to fund non-dilutive exploration drilling.
