Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF) has reported encouraging drill results from its Buen Retiro copper project in northern Chile, highlighting wide intervals of copper mineralization that underscore the project's potential as a major copper system. The company also provided an update on exploration activities at both Buen Retiro and the Caballos copper project.
Drill hole BRT-DDH045 returned 384 meters grading 0.22% copper from 4 meters depth, including a higher-grade interval of 94 meters at 0.33% copper from 30 meters. This hole, located in the North area of the property, intersected two distinct styles of copper mineralization: a stockwork zone in the first 100 meters followed by a Candelaria-style stratiform system extending for an additional 284 meters. The consistency of chalcopyrite mineralization throughout the hole is considered significant. In contrast, drill hole BRT-DDH044 yielded a best interval of 10 meters at 0.30% copper from 142 meters.
Fitzroy is currently conducting infill drilling with two rigs, targeting approximately 6,000 meters to support a maiden mineral resource estimate and a preliminary feasibility study (PFS). The company has also collected a 2,800-kilogram bulk sample for heap leach metallurgical test work at SGS Laboratories, which is scheduled to begin in late March. Once infill drilling is complete in April, one rig will transition to exploration drilling, with a minimum of 8,000 meters planned and flexibility to extend to 15,000 meters.
To enhance geological understanding, Fitzroy has contracted Fleet Space Technologies for an Exosphere Ambient Noise Tomography (ANT) passive seismic survey. The survey will be conducted in two phases: a regional survey to image large-scale subsurface architecture, followed by a targeted infill survey to refine drill targets at depth.
At the Caballos copper-molybdenum-gold project, an airborne Mobile MagnetoTellurics (MobileMT) geophysical survey has been completed, with data interpretation ongoing. Phase 2 drilling is anticipated later in the year once the geophysical data is integrated into the company's geological model.
Merlin Marr-Johnson, President and CEO, emphasized the strategic advantages of Buen Retiro, including its low elevation, proximity to infrastructure such as the Pan-American Highway and high-voltage transmission lines, access to a proposed desalination plant with a seawater extraction license, and closeness to the mining center of Copiapó. He noted that the company aims to leverage potential cash flow from a heap leach operation to fund further exploration with minimal dilution.
The company reported that drill cores are processed at a facility in Copiapó, with rigorous QA/QC protocols including blanks, standards, and duplicates representing about 12% of samples. Certified copper standards from INTEM are used to ensure analytical accuracy. No significant QA/QC issues were identified.
Dr. Scott Jobin-Bevans, P.Geo., an independent qualified person under NI 43-101, has reviewed and approved the technical information in this release. He verified selected assay results and drill core logs but noted that the Candelaria-style mineralization described is not necessarily indicative of mineralization on the Buen Retiro project.
