Fitzroy Minerals plans Phase 1 Drilling at Polimet gold-copper-silver project, Chile
Fitzroy Minerals Inc. [TSXV: FTZ; OTCQB: FTZFF] reported that new geophysical results, paired with previously reported soil and rock results, and geologic mapping, have enhanced the understanding of the epithermal mineral system at the Polimet gold-copper-silver project, Chile.
An Induced Polarization (IP) geophysical survey showed a very good relationship between conductive zones and known historical workings, hydrothermal alteration, and elevated Au-Cu-Ag grades. In addition, a detailed ground magnetic survey confirmed the presence of a structural corridor at least 5 km long by 1.6 km that incorporates known mineralized zones, mapped veins, geochemical anomalies, and historical workings. This geophysical data has been integrated into the Phase 1 drilling program which will test the best targets based on a combination of structural setting, gold and copper assay results, hydrothermal alteration, and IP conductors. A 2,500 metre, minimum seven-hole diamond drilling program is due to start in February 2025.
Highlights: Newly identified 1,600 metre-long conductor, connecting the historical workings of Santo Domingo and La García that returned grades of 10.6 g/t Au and 6.5% Cu (Santo Domingo) and 23.3 g/t Au and 3.4 % Cu (La Garcia) from channel samples in the adits.
Newly identified 680 metre-long conductor around the historical San Pedro workings that returned grades of 43 g/t Au and 7.3% Cu from channel samples in adits.
A total geophysical conductor length of 4,700 m identified within the survey zone, with several anomalies open toward the north.
Merlin Marr-Johnson, CEO and President, commented, “There is no doubt that based on what we have seen to date, the Polimet Project hosts a significant epithermal gold system that has the potential to contain a high-grade gold-copper-silver deposit. We are very pleased with the geophysical results which correlate with previous mapping and sampling work. In particular, the four main vertical conductors have helped confirm several high priority drill targets that we look forward to testing in the coming weeks. As soon as the drilling at Caballos finishes we will move the rig and start the Phase 1 drill program at Polimet.”
The survey data highlighted a relationship between conductive zones and zones of hydrothermal alteration or geochemical anomalies of copper and/or gold.
Typically, the conductive zones appear as a strip at least 100-metre wide in the footwall of the known epithermal vein zones and they extend to the limit of the survey at a depth of about 300 metres. The survey also identified several horizontal conductors that are interpreted to relate to lithology and are therefore a lower priority target.
Fitzroy Minerals generated several drill targets that will be tested in the Phase 1 diamond drilling program due to start February 2025. Areas with strong vertical conductivity anomalies that correlate well to known or inferred vein trends and/or geochemical anomalies were prioritized in drillhole scheduling.
The proposed drillhole crosses a known mineralized structure and a strong conductivity anomaly. At least seven drillholes are planned to test these targets, and there will be additional scope to test horizontal conductivity anomalies.
Ground magnetic surveys were conducted along lines spaced 50 m apart and oriented east-west. A total of 329 line-km of continuous data was acquired, covering approximately 70% of the total concession area. The data highlights a structural corridor of 5.0 km x 1.6 km with a general NNW-SSE trend.
Fitzroy’s current property portfolio includes the Caballos Copper and Polimet Gold-Copper-Silver projects in Valparaiso, Chile, and the Taquetren Gold project in Rio Negro, Argentina, as well as the Cariboo project in British Columbia, Canada.