Fitzroy Minerals drills Caballos Copper Project, Chile

Fitzroy Minerals Inc. [TSXV: FTZ; OTCQB: FTZFF] reported results from its first ever drill hole at the Caballos Copper Project, Chile, with significant intercepts of copper-molybdenum-gold-rhenium mineralization.

Highlights: First hole CAB-DDH001 intersected 200 metres grading 0.46% Cu, 591 ppm Mo, 0.07 g/t Au, (0.83% CuEq), from a depth of 66 metres, including 98 metres at 0.78% Cu, 1071 ppm Mo, 0.12 g/t Au, (1.45% CuEq), from 151 metres, including 42 metres at 1.20% Cu, 1764 ppm Mo, 0.23 g/t Au, (2.31% CuEq) from 188 metres.

Mineralization is associated with a hydrothermal breccia controlled by the regional Pocuro Fault Zone with >10 km of strike with anomalous Cu and Mo results across the Caballos Project area.

Rhenium (Re) analysis of selected pulps (150-246 m) by ICP-MS method returned 85 metres at 0.38 ppm Re, with maximum value of 2.42 ppm Re, which are among the highest in Chile.

First drill hole ever on the property identifies new mineralization style, opening up significant new potential.  Additional drill holes being planned to accelerate advancement of the project.

Merlin Marr-Johnson, CEO and President, commented: “This remarkable intercept from our very first hole at Caballos identifies the potential of a new and significant copper-molybdenum-gold-rhenium system. The hole at Chincolco, Caballos, intersected a thick package of intensely hydrothermally altered, veined and mineralized breccias and felsic intrusions and is located at the centre of a significant Cu-Mo anomaly that extends for over one kilometre along strike. The Pocuro Fault Zone hosts other occurrences of interest along the 12 km of strike within the Caballos project area, notably the Mule Hill anomaly about 5 km north of Chincolco.

“Another stand-out feature of the drill hole is the mix of elements. The molybdenum and rhenium grades in this hole are significantly higher than that reported from several Chilean Cu-Mo-Re deposits. The molybdenum price is 4-5 times higher than the copper price, and rhenium is a strategic mineral essential for many military applications and predominantly produced in Chile. The gold content is significant as well.

“The prospects at Caballos are wide open. The geology shows a compelling mix of highly valuable metals plus significant scale potential.”

Chincolco and Mule Hill Anomalies: At the Caballos Copper Project, Fitzroy Minerals has advanced work at two distinct anomalies over the regional, deep-seated Pocuro Fault Zone (PFZ). Drill Hole CAB-DDH001 targeted the Chincolco Creek anomaly. Five kim further north is the Mule Hill anomaly which is similar in size and character to Chincolco.

Mule Hill is defined by a 1,300 m-long soil and rock Cu (Mo-Au) anomaly with results up to 2.0% Cu, 0.4 g/t Au, and 1,670 ppm Mo (0.17% Mo). Mineralization is associated with felsic intrusions and breccias and localised potassic alteration (K-feldspar and secondary biotite). Historical Induced Polarization (IP) geophysical surveys have shown a good correlation of the geological and geochemical anomalies with a subtle chargeability anomaly (>10 mV/V), which extends at least 300 m to the south, beyond the geochemical anomaly.

By way of comparison, the surface expression at Chincolco is a 1,200 m-long rock-chip Cu (Mo-Au) anomaly with results up to 2.1% Cu, 1.1 g/t Au and 1.2% Mo. The average of 30 samples collected in 2024 from the hydrothermal breccia at Chincolco was 0.84% Cu. Sixteen samples define the molybdenum anomaly, with an average grade of 897 ppm Mo.

Drill hole CAB-DDH001 is located in the centre of the Chincolco anomaly, drilling across it towards the west.

Assay results returned an interval of 200 metres at 0.46% Cu, 591 ppm Mo, and 0.07 g/t Au, from a down-hole depth of 66 metres.

Drill hole CAB-DDH001 is the first hole ever drilled at Caballos, located in the centre of the approximately 1.2 km-long Chincolco anomaly.

Next steps will include testing strike- and dip-extent of the Chincolco mineralization through step-out drilling. The strength of the mineralizing system and associated grades intersected in the first hole, increase the prospectivity of the entire Pocuro Fault Zone, including Mule Hill which is about 5 km to the north. The PFZ is a regional geological feature that is a broadly planar structure with vergence towards the west (dipping to the east).

Molybdenite samples have been submitted for Os-Re dating which, if successful, will help place the mineralization within a regional context. Drilling is anticipated to restart at Chincolco, Caballos Project, in April 2025.

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.