Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has provided an update on exploration progress at its Buen Retiro and Caballos copper projects in northern Chile, revealing promising drill results and advancing toward a maiden mineral resource estimate.
At the Buen Retiro project, drill hole BRT-DDH045 intersected 384 meters at 0.22% copper from 4 meters, including 94 meters at 0.33% copper from 30 meters. This hole, located in the North area, encountered two distinct mineralizing styles: a stockwork zone with breccias transitioning into a Candelaria-style stratiform system. The results underscore the project's potential as a major copper system, according to President and CEO Merlin Marr-Johnson.
Infill drilling with two diamond rigs commenced in February, achieving approximately 160 meters per day. Holes 46 through 60 have been completed, with samples sent for assay. The infill program, totaling about 6,000 meters, is expected to finish in April, paving the way for a preliminary feasibility study and a maiden resource estimate. Additionally, a 2,800-kilogram bulk sample has been collected for heap leach metallurgical test work at SGS Laboratories, starting in late March.
Fitzroy has contracted Fleet Space Technologies to conduct an Ambient Noise Tomography (ANT) geophysical survey, which will aid in litho-structural interpretation and sulphide drill-targeting at depth. The survey will be carried out in two phases, with Phase 1 starting soon.
At the Caballos Copper Project, an airborne MobileMT geophysical survey has been completed, and data interpretation is ongoing. Phase 2 drilling is scheduled for later in the year, integrating geophysical results into the geological model.
Marr-Johnson emphasized the strategic advantages of Buen Retiro: low elevation, proximity to the Pan-American Highway, high-voltage transmission lines, a proposed desalination plant, and the mining center of Copiapo. These factors support the potential for a low-cost heap leach operation, with cash flow funding further exploration for major copper deposits in Chile.
The company plans to continue exploration drilling with one rig after infill drilling, targeting a minimum of 8,000 meters with flexibility to increase to 15,000 meters. The focus remains on delineating the copper-sulphide mineralized trend extending approximately 1 kilometer north of the historical Manto Negro Mine open pit.
Qualified Person Dr. Scott Jobin-Bevans has reviewed and approved the technical information. For more details, visit the company's website at www.fitzroyminerals.com.
