Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) provided an exploration update on its Buen Retiro and Caballos copper projects in northern Chile, reporting significant drill results and progress toward a maiden mineral resource estimate. The company intersected 384 meters at 0.22% copper from 4 meters in hole BRT-DDH045, including 94 meters at 0.33% copper from 30 meters, demonstrating large-scale copper mineralization in two distinct styles.
The Buen Retiro project, located near Copiapo, benefits from low elevation, proximity to the Pan-American Highway, high-voltage transmission lines, and a proposed desalination plant with a seawater extraction license. This brown-fields site is close to mining services and a large labor pool, which could reduce development costs. CEO Merlin Marr-Johnson stated that the results, combined with large geophysical anomalies, provide compelling evidence that Buen Retiro is a major copper system. The company aims to leverage potential cash flow from a heap leach operation to fund further exploration with minimal dilution.
Infill drilling with two diamond rigs began in February, with approximately 160 meters of HQ core drilled per day. Holes 46 to 60 are completed and being processed. A 2,800 kg bulk sample from half-core has been aggregated for heap leach metallurgical test work at SGS Laboratories, starting in late March. The infill program of about 6,000 meters is expected to conclude in April, after which one rig will focus on exploration drilling (NQ core) for a minimum of 8,000 meters, with flexibility to increase to 15,000 meters. A passive seismic Ambient Noise Tomography (ANT) survey by Fleet Space Technologies will start soon to assist litho-structural interpretation for sulphide drill targeting.
At the Caballos copper project, an airborne MobileMT geophysical survey is complete, with data interpretation ongoing. Phase 2 drilling is scheduled for later in the year after integration into the geological model. Dr. Scott Jobin-Bevans, P.Geo., the qualified person under NI 43-101, has reviewed and approved the technical information.
The company's shares are listed on the TSX Venture Exchange under FTZ and on the OTCQX under FTZFF. For more information, visit www.fitzroyminerals.com.
