Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) provided an exploration update for its 100%-owned Buen Retiro Copper Project near Copiapo, Chile, reporting channel samples averaging 2.96% copper from the historical open pit and continued drilling success. The results underscore the potential for resource expansion and development of a heap leach operation.
Twenty-one one-metre channel samples collected throughout the historical Buen Retiro open pit returned an average grade of 2.96% Cu, with a maximum of 10.68% Cu. Historical drill hole BRT-DDH-013, located approximately 30-55 metres below the current pit floor, intersected 7 metres at 2.78% Cu from 130 metres and 30 metres at 3.52% Cu from 141 metres downhole. These intervals highlight the presence of mixed and transition copper mineralization that was left behind by historical mining focused solely on oxide material.
Drill hole BRT-DDH099, situated 70 metres south of the historical open pit, intersected 113 metres of tenorite (CuO) mineralization from 3.5 metres downhole, with visual estimates averaging approximately 1.0% Cu. The intercept has been submitted for over-limit analysis as it exceeds regular exploration assay limits. The company noted that its technical team tends to under-estimate higher-grade copper intercepts by 20-30%, based on comparisons of estimated versus actual grades from previous results.
Fitzroy currently operates three diamond drill rigs on site, with a reverse circulation rig expected to join by June 20. The company has drilled 10,048 metres in 2026, exceeding the original 7,000-metre plan due to continued shallow mineralization. A further 5,000-metre drilling program targeting the Pit Area is underway. Metallurgical test work is ongoing, with mini-column results expected in July, contributing to the Project Development Plan that will underpin the Environmental Permit Application scheduled for October 2026. The Pre-Feasibility Study remains on track for completion in Q1 2027.
Merlin Marr-Johnson, President and CEO of Fitzroy, commented: '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. Historical production focused on Cu-oxide material only, and our analysis of historical drill data shows that a meaningful amount of mixed and transition copper material was left behind, that can be recovered with our planned chloride-leach process.' He added that the company will complete around 5,000 metres of drilling in the Pit Area for inclusion in the Project Development Plan.
The company is mitigating assay delays from the ALS Global laboratory, which faces congestion and border issues between Chile and Peru, by sending Pit Area samples to SGS Laboratories in Santiago and using visual grade estimates to request over-limit analysis for samples exceeding 0.9% Cu. Fitzroy plans to publish drilling assay results in late June and regain a regular reporting cadence in July.
Fitzroy also completed a Fleet Space Technologies Ambient Noise Tomography passive seismic infill survey in May, which identified zones of elevated fracturing and host-rock alteration. The company continues to work with Pucobre S.A. on engineering and commercial aspects of the Heap Leach Development Plan under a Letter of Intent signed in April.
Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release. He has not independently verified the Candelaria-type mineralization described, which is not necessarily indicative of the mineralization on the Buen Retiro project.
Fitzroy Minerals is focused on exploring and developing copper-focused mineral assets in the Americas, with properties including Buen Retiro, Caballos Copper, Polimet Gold-Copper-Silver projects in Chile, the Taquetren Gold Project in Argentina, and the Caribou Project in Canada. The company's shares are listed on the TSX Venture Exchange under the symbol FTZ and on the OTCQX under FTZFF.
