Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has reported channel sampling results from its 100%-owned Buen Retiro Copper Project near Copiapo, Chile, averaging 2.96% copper across 21 one-metre samples collected from the historical open pit. The results highlight high-grade copper mineralization that the company aims to incorporate into its resource definition and heap leach development plan.
The channel samples, distributed throughout the pit, returned a maximum of 10.68% Cu, with 17 samples exceeding 1.0% Cu and four above 5.0% Cu. Historical drill hole BRT-DDH-013, located 30-55 metres below the current pit floor, intersected 7 metres at 2.78% Cu and 30 metres at 3.52% Cu, indicating significant mineralization at depth that was not previously mined.
Drill hole BRT-DDH099, situated 70 metres south of the pit, encountered 113 metres of tenorite (CuO) mineralization from 3.5 metres downhole, estimated to average approximately 1.0% Cu. The sample has been submitted for over-limit analysis due to exceeding regular assay limits. This intercept, along with high-grade channel samples, has prompted the company to increase drill density in the area.
Fitzroy currently operates three diamond drill rigs at site, with a reverse circulation rig expected to join by June 20, 2026. The drilling campaign aims to complete approximately 5,000 metres in the Pit Area for inclusion in the Project Development Plan, which will support the Environmental Permit Application scheduled for October 2026. The Pre-Feasibility Study remains on track for completion in Q1 2027.
Metallurgical test work is underway, with initial mini-column results expected in July. These results will be integrated into the Project Development Plan. The company is also conducting a passive seismic infill survey with Fleet Space Technologies, which has identified zones of elevated fracturing and alteration.
To mitigate delays at ALS Global laboratories, Fitzroy is sending samples to SGS Laboratories in Santiago, Chile, and utilizing in-field visual grade estimations to prioritize over-limit analysis. The company’s technical team has demonstrated a tendency to under-estimate higher-grade intercepts by 20-30%, allowing for faster turnaround on key samples.
“Channel sample results averaging around 3.0% Cu and historical drill results of 30 metres at 3.52% Cu showcase the type of copper mineralization that Fitzroy is targeting in the Pit Area,” said Merlin Marr-Johnson, President and CEO. “Historical production focused on Cu-oxide material only, and our analysis shows that a meaningful amount of mixed and transition copper material was left behind, recoverable with our planned chloride-leach process.”
The Buen Retiro project benefits from proximity to processing and transport infrastructure, low elevation, no human habitation, and a pro-mining jurisdiction in Chile. Fitzroy expects to publish drilling assay results in late June and regain a regular reporting schedule thereafter.
