Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) provided an update on exploration at its Buen Retiro and Caballos copper projects in northern Chile, highlighting significant drill results and progress toward a maiden mineral resource estimate.
At the Buen Retiro copper-cobalt project, drill hole BRT-DDH045 intersected 384 meters at 0.22% copper from 4 meters depth, including 94 meters at 0.33% copper from 30 meters. The hole encountered two distinct mineralization styles: stockwork and breccia in the first 100 meters, transitioning into a Candelaria-style stratiform system for the remaining 284 meters. Copper mineralization, primarily chalcopyrite, was consistent throughout the interval. Drill hole BRT-DDH044 returned lower grades, with the best interval being 10 meters at 0.30% copper from 142 meters.
Infill drilling commenced in February with two diamond rigs, achieving approximately 160 meters of HQ core per day. Holes 46 through 60 have been completed and are being logged and sampled. The infill program, totaling about 6,000 meters, is expected to conclude in April. This drilling is designed to support a maiden mineral resource estimate ahead of a preliminary feasibility study (PFS).
A 2,800-kilogram bulk sample has been collected from half-core for heap leach metallurgical test work at SGS Laboratories, scheduled to start in late March. Remaining half-core is quartered for assay and storage. Following infill drilling, one rig will continue with exploration drilling of at least 8,000 meters, with flexibility to increase to 15,000 meters.
A passive seismic Ambient Noise Tomography (ANT) survey by Fleet Space Technologies is about to begin, aiming to image subsurface architecture and identify IOCG mineral system targets. The survey will be conducted in two phases: a regional survey followed by infill if warranted.
At the Caballos copper-molybdenum-gold project, an airborne MobileMT geophysical survey has been completed, and data interpretation is ongoing. Phase 2 drilling is planned for later this year after integrating geophysical results into the geological model.
Merlin Marr-Johnson, President and CEO, commented that drill hole 45 intersected large-scale copper mineralization in two styles, located three kilometers north-northeast of high-grade copper oxide in the Southwest area. He emphasized that Buen Retiro is a low-elevation, brown-fields site near the Pan-American Highway, high-voltage transmission lines, a proposed desalination plant, and the mining center of Copiapo. The company aims to leverage potential cash flow from a heap leach operation to fund further exploration for major copper deposits with minimal dilution.
The company employs rigorous QA/QC procedures, including certified standards, blanks, and pulp duplicates representing about 12% of samples. The Qualified Person, Dr. Scott Jobin-Bevans, has reviewed and approved the technical information.
Fitzroy Minerals is focused on copper assets in the Americas, including the Buen Retiro and Caballos projects in Chile, the Taquetren Gold Project in Argentina, and the Caribou Project in Canada. The company's shares trade on the TSX Venture Exchange under FTZ and on the OTCQX under FTZFF.
