Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has released an exploration update from its 100%-owned Buen Retiro Copper Project in Chile, highlighting channel sample results averaging 2.96% copper from the historical open pit and continued drilling success. The company is advancing toward a Pre-Feasibility Study scheduled for completion in Q1 2027, with an Environmental Permit Application planned for October 2026.
A total of 21 one-metre channel samples collected from 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, drilled by Ptolemy Mining Ltd in 2024, intersected 7 metres at 2.78% Cu from 130 metres and 30 metres at 3.52% Cu from 141 metres downhole, located approximately 30-55 metres below the current pit floor. These results indicate significant copper mineralization remaining below historical production levels.
Drill hole BRT-DDH099, located 70 metres south of the pit, intersected 113 metres of tenorite (CuO) mineralization from 3.5 metres downhole, estimated to average approximately 1.0% Cu. The sample has been submitted for over-limit analysis as it exceeds regular exploration assay limits of 1% Cu. The company is currently operating three diamond drill rigs, with a reverse circulation rig to be added by June 20, 2026.
Merlin Marr-Johnson, President and CEO of Fitzroy, stated that 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 being targeted. He noted that historical production focused only on Cu-oxide material, leaving behind mixed and transition copper material that can be recovered through the planned chloride-leach process. The company plans to complete approximately 5,000 metres of drilling in the Pit Area for inclusion in the Project Development Plan.
Metallurgical test work is underway, with initial mini-column results expected in July 2026. The company is mitigating assay result delays caused by congestion at ALS Global laboratory by sending samples from the Pit Area to SGS Laboratories in Santiago, Chile, which offers shorter turnaround times. Fitzroy geologists have developed expertise in visually estimating copper grades, allowing them to request over-limit analysis for samples estimated at 0.9% Cu and above, saving up to two weeks per sample batch.
Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), a Qualified Person as defined by NI 43-101 and independent geological consultant, has reviewed and approved the technical information in this news release. The company notes that the Candelaria-type mineralization described has not been independently verified and is not necessarily indicative of mineralization on the Buen Retiro project.
Fitzroy Minerals is focused on copper projects in the Americas, including the Caballos Copper and Polimet Gold-Copper-Silver 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 the symbol FTZ and on the OTCQX under FTZFF.
For more information, visit the company's website at www.fitzroyminerals.com.
