Fitzroy Minerals drilling Caballos Copper Project, Chile
Fitzroy Minerals Inc. [TSXV: FTZ, OTCQB: FTZFF] reported that diamond drilling has started at the Caballos Copper Project, Chile. A drilling program at the main southern anomaly will test targets across the Pocuro Fault Zone (PFZ) and test the grade and dimensions of the mineralized intrusive body and associated hydrothermal breccia.
This southern anomaly comprises a distinctive hydrothermal breccia and alteration zone running approximately 1.2 km north-south along the PFZ, containing within it a 500-metre-long mineralized felsic intrusion.
The felsic intrusion has copper-oxide staining along most of its width, with occasional fresh, disseminated chalcopyrite, and an average grade of 0.84% copper from rock chip samples. There is also an associated molybdenum anomaly over approximately 980 m x 50 m, with an average grade of 897 ppm Mo from rock chip samples.
The Caballos drilling program is a proof-of-concept exercise of approximately 500 metres in one or two holes from the same drill pad. Results will be announced once the core has been logged and assayed.
At Polimet, geophysical results are being incorporated into the final drill hole plan. After drilling is finished at Caballos, the drill rig will move to the Polimet Gold-Copper-Silver Project for a drilling program of approximately 2,500 metres. Drilling at Polimet is anticipated to start in February 2025.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented, “Ever since the BRGM reported high-grade copper-gold results from stream sediment samples below the intrusion, breccia and alteration zone in the 1960s, this Caballos anomaly has been a stand-out drill target. Subsequent exploration over the years consistently reinforced the view that the anomaly should be drilled, and our mapping and sampling has again confirmed this. We look forward to announcing the drilling results soon.”
Fitzroy’s current property portfolio includes the Caballos Copper and Polimet Gold-Copper-Silver projects located in Valparaiso, Chile, and the Taquetren Gold Project located in Rio Negro, Argentina, as well as the Cariboo Project in British Columbia, Canada.