Fitzroy Minerals posts drill results from Buen Retiro Copper Project, Chile

Fitzroy Minerals Inc. [TSXV: FTZ; OTCQB: FTZFF] reported that diamond drill hole BRT-DDH022, in the Southwest Area at the Buen Retiro Copper Project returned 110 metres at 1.94% copper in oxide mineralization starting at 62 metres.

Results from the ongoing drilling program support the large-scale and high-grade nature of the mineralizing system at Buen Retiro. Further drilling results from the North and South areas are reported below. The project covers 13,240 ha and is located 57 km southwest of Copiapó, Chile.

Highlights: Hole BRT-DDH022 intersected 110 metres at 1.94% Cu and 416 ppm Co from 62 metres, including 58 metres at 3.06% Cu and 502 ppm Co from 97 metres.

Target minerals in BRT-DDH022 are predominantly leachable green copper oxides, tenorite, cuprite, and chalcocite.

Drilling to date has intersected mineralization on several distinct trends within a 1 km-wide x 4 km-long corridor, highlighting the scale of the mineralizing system at Buen Retiro.

Merlin Marr-Johnson, President and CEO of Fitzroy Minerals commented, “I am excited by the wide and high-grade intersection seen in BRT-DDH022 as it highlights the intensity of the copper mineralizing events at Buen Retiro. Combined with historical holes BRT-DDH006, BRT-DDH008 and BRT-DDH012, an emerging trend in the Southwest Area has a strike length of several hundred metres, returning good width intersections grading over 1% copper in oxides and leachable minerals, from surface. In addition, the presence of very high-grade, near-massive, cuprite and chalcocite feeder structures enhances the depth potential of copper mineralization at Buen Retiro.

“Our near-term exploration efforts will continue to target near-surface copper mineralization within a 1 km-wide by 4 km-long corridor. The Buen Retiro Project is particularly well-suited to rapid development as the low-elevation, flat, desert area is the site of historical mining and it is located very close to significant infrastructure. In addition, the Company continues to test the Project’s potential for deeper copper mineralization.”

Nine holes have been completed in Phase 2 drilling at Buen Retiro, totalling 2,105 metres to date and averaging hole lengths of about 234 metres. A second rig has been mobilized to site and holes BRT-DDH024 and BRT-DDH025 are currently being drilled. Assay labs in Chile are extremely busy, with Fitzroy Minerals experiencing turnaround times of approximately six weeks. Full assay results have been returned for holes BRT-DDH015 to BRT-DDH020, and some assays are awaited from holes BRT-DDH021 and BRT-DDH022. No assays have been returned for drill hole BRT-DDH023.

Fitzroy Minerals aims to drill at least 8,000 metres in 2025 and is investigating a potential switch of one of the diamond drill rigs for a Reverse Circulation (RC) drill rig with the aim of accelerating exploration in the Central and Northern areas.

In the North Area, hole BRT-DDH016, drilled towards the west, intersected 59 metres at 0.39% Cu from surface (collared in mineralization, under a thin layer of gravel). The North and Central areas are open in most directions: along strike, at depth, and to the east. Holes BRT-DDH017 to BRT-DDH021 were drilled in the South Area and intersected variable copper mineralization along an 800 m north-south trend, with mineralized intercepts varying in thickness from 11 to 39 metres and grades ranging between 0.30% to 0.61% Cu.

At the far end of the South Area, hole BRT-DDH021 was located to the south of a magnetic anomaly. Partial assays have been returned for this hole to a length of 155 m, ending with 35 metres at 0.30% Cu.  Assays for the remainder of the hole are pending. The results from BRT-DDH021 suggest that the north-south trend in the South Area trend remains open toward the south.

Exploration in the Southwest Area, around hole BRT-DDH022, continues to extend the strike length of a northwest-southeast trend with promising intersections that average 0.5% to 1.9% Cu in oxides and leachable minerals from surface, along with several high-grade copper intervals. The main magnetic anomaly that defines the northwest-southeast geophysical signature in the Southwest Area extends for over 1.5 km along strike and more than 500 metres below the surface, close to the location of hole BRT-DDH022.

Considering only the strike-length between BRT-DDH006 and BRT-DDH008, there exists a 270-metre portion with considerable thicknesses that contain more than 1.0% Cu. In addition, the presence of very high-grade, almost massive cuprite and chalcocite feeder structures, enhances the depth potential of copper mineralization at Buen Retiro.

The true thickness of the mineralized intercept in BRT-DDH022 is interpreted to be 63% of the reported mineralized interval. Copper mineralization in the Southwest Area is accompanied by cobalt that is currently unlikely to be recovered in the processing of oxide material but which could be a value-add metal should a sulphide processing plant ever be developed.

In the Northern Area, BRT-DDH015 was an inclined hole drilled towards the east, and located about 750 metres north of the old mine pit. This hole was drilled sub-parallel to a shear zone that dips to the east and intersected largely weakly mineralized intrusive country-rock.

Hole BRT-DDH016 was drilled west towards the collar location of BRT-DDH015, confirming that the hanging wall of the east-dipping shear zone is mineralized. Using data from existing drill hole records and hole BRT-DDH016, it is interpreted that the disseminated, largely tenorite, oxide hanging wall mineralization in the Northern Area is approximately 60 to 80 metres wide and is open along strike to the northeast and down to the depth of oxides at approximately 80 metres.

Magnetic data suggests that the shear zone continues to the northeast for a further 2-3 km and systematic exploration along this structure will determine the extent of mineralization along-trend. The true thickness of the mineralized intercept in BRT-DDH016 is interpreted to be the full reported interval as the drill hole is estimated to be almost orthogonal to mineralization.

The Southern Area features a north-south magnetic anomaly that extends for over 1 km from the southern edge of the old pit to drill hole BRT-DDH021.

Drill holes BRT-DDH017, BRT-DDH018, and BRT-DDH019 were continued beyond the main oxide targets and into fresh country rock, terminating at lengths of 175 metres, 300 metres, and 175 metres, respectively.  All three holes intersected silicified, albitised, and brecciated volcanic andesites with varying amounts of disseminated pyrite and chalcopyrite.

BRT-DDH018 was collared further to the east than the main trend, and intersected mineralization from surface, raising the possibility of a new, sub-parallel trend. This upper portion of BRT-DDH018 returned 39 m @ 0.30% Cu, including 7 metres at 0.60% Cu. The true width of the mineralized intercept in holes BRT-DDH017 to BRT-DDH021 is interpreted to be 75% of the reported interval. BRT-DDH003 is located 100 metres further south and is projected northward onto this cross-section.

Drilling at Buen Retiro can continue year-round and Fitzroy Minerals aims to complete at least 8,000 metres in 2025. Exploration for the remainder of 2025 will largely focus on the Southwest and North areas. Exploration of the Southwest Area will aim to delineate extensions to mineralization along strike and at depth. Exploration in the extensive North Area will focus on shallow drilling under gravel cover; the company is investigating the use of an RC or DTH rig for this area. Several other areas, such as the Central and South, and wider step-out targets that warrant further attention, will also be explored in due course.

Fitzroy’s property portfolio includes the Buen Retiro Copper Project located near Copiapó, Chile, the Caballos Copper and Polimet Gold-Copper-Silver projects located in Valparaiso, Chile, the Taquetren Gold Project located in Rio Negro, Argentina, and the Cariboo Project in British Columbia, Canada.