Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has reported significant copper mineralization from its Buen Retiro copper project in northern Chile, with drill hole BRT-DDH045 returning 384 meters at 0.22% copper from 4 meters depth, including a higher-grade interval of 94 meters at 0.33% copper from 30 meters. The company also provided an exploration update covering infill drilling, metallurgical test work, and geophysical surveys as it advances the project toward a maiden mineral resource estimate and prefeasibility study (PFS).
The results from the Phase 1 diamond drilling program highlight the potential scale of the copper system at Buen Retiro. Drill hole 45 intersected two distinct mineralizing styles: a stockwork zone in the first 100 meters, followed by a Candelaria-style stratiform system extending for an additional 284 meters. The mineralization consists mainly of chalcopyrite, with consistent copper grades throughout the hole. In contrast, drill hole BRT-DDH044 encountered lower grades, with the best interval being 10 meters at 0.30% copper from 142 meters.
Infill drilling is underway with two diamond rigs, targeting approximately 6,000 meters to support a maiden resource estimate. The program, which began in February, is drilling about 160 meters of HQ core per day, with holes 46 through 60 completed and samples being processed. Half-core from these holes is being aggregated to form a representative bulk sample of approximately 2,800 kilograms for metallurgical test work at SGS Laboratories, which is scheduled to commence in late March. The tests will evaluate the viability of heap leaching for the Buen Retiro project. Remaining half-core is quartered for assay and storage.
Geophysical surveys are also progressing. Fitzroy has contracted Fleet Space Technologies to conduct an Ambient Noise Tomography (ANT) passive seismic survey, which will aid in litho-structural interpretation and sulphide drill-targeting at depth. The survey will be conducted in two phases: a regional survey starting soon, followed by a potential infill survey to refine targets. At the Caballos copper project, an airborne MobileMT geophysical survey has been completed, with data interpretation ongoing. Phase 2 drilling at Caballos is planned for later in the year after integration of the geophysical data into the geological model.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, emphasized the significance of the results: “Drill hole 45 intersected copper in two distinct mineralizing styles on a large scale in the North area of the Buen Retiro property. Combined with large, coincident geophysical anomalies, there is now compelling evidence that Buen Retiro is a major copper system.” He also highlighted the project's favorable location, noting its low elevation, proximity to infrastructure such as the Pan-American Highway and high-voltage transmission lines, and access to the mining center of Copiapó. The company aims to leverage potential future cash flow from a heap leach operation to fund further exploration with minimal dilution.
The exploration drilling program will continue after infill drilling is complete, with a minimum of 8,000 meters planned, with flexibility to increase to 15,000 meters. The company is focused on defining the full extent of the copper system and advancing the project toward development.
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. The company's quality assurance and quality control procedures include the use of certified standards, blanks, and pulp duplicates, with no significant issues identified.
For more information on Fitzroy Minerals, visit the company's website at www.fitzroyminerals.com.
