Fitzroy Minerals posts numerous step-out copper intercepts at Buen Retiro, Chile

Fitzroy Minerals Inc. [TSXV: FTZ; OTCQB: FTZFF] provided an exploration update from its ongoing 8,000- metre Phase 2 drilling program at the Buen Retiro Copper Project, Copiap├│, Chile.

Today’s release reports assay results from diamond drill holes 21, and 23 to 27 which are all located in the Southwest Area of the project. Copper mineralization was intersected in all drill holes and the extent of mineralization along strike has been increased to 985 m. In addition, definition of continuity has improved and the average distance between holes along strike has been reduced to approximately 100 metres.

Furthermore, as the trends of the Southwest and South Areas converge, wider zones of mineralization have been identified. Between holes 21 and 24, several zones of shallow mineralization are present over 360 metres of lateral extent. Oxide and mixed minerals in the Southwest Area are typically seen down to vertical depths of approximately 150 metres along the main trend.

Assays are pending for holes 28 to 33 and will be reported soon. Holes 29 and 31 are testing a further 300 metres of strike length in the Southwest Area. Reverse Circulation (RC) drilling in the North Area at Buen Retiro is anticipated to start soon. The RC program will target hanging-wall copper mineralization on a multi-kilometre geophysical anomaly that is interpreted to be shear zone related and oxidized down to a depth of approximately 90 metres. Previously reported intersections in this area include 59 metres at 0.39% copper from surface, in hole 16.

Highlights: Hole 27 intersected several mineralized zones from top of bedrock (at 49 m downhole) to a downhole depth of 314 metres, including 119 metres at 0.53% Cu in oxides from 49 metres, and 23 metres at 0.5% Cu in wall-rock sulphides from 245 metres.

Holes 10, 21, and 24, show several discrete mineralized intersections in a 360 metre-wide zone. Hole 25 returned 32 metres at 0.90% Cu from 2 metres, including 11 metres at 2.28 % Cu from 11 metres, confirming oxide and secondary sulphide mineralization at the northwestern extremity of the Southwest Area. The strike extent in the Southwest Area is at least 985 metres, and open along strike.

Merlin Marr-Johnson, CEO, commented: “Drilling at Buen Retiro continues to demonstrate good copper grades and thicknesses below the gravels in the Southwest Area, which is great news. Our drilling takes the proven strike length of the system to almost 1 km long, and the wide and shallow mineralization we are finding will increase the dimensions of any potential future pit.

“More holes are pending from the Southwest Area, and our focus is on stepping out to drill shallow material that we think will leach well. Our ongoing exploration of this major copper system will expand to include shallow reverse circulation drilling in the North Area and at regional targets, and diamond drilling to further test the sulphide potential at depth.

“These continued good results in shallow oxide and mixed material in the Southwest Area encourage us to accelerate ongoing resource delineation and technical de-risking work. Fitzroy aims to advance towards production at Buen Retiro as quickly as possible, while continuing exploration within the wider project area. Any development is likely to have capital efficiencies thanks to a mineral suite that is commonly treated in heap leach operations in Chile, as well as benefiting from existing infrastructure advantages. The infrastructure at Buen Retiro is excellent as it is close to the Pan-American highway, high voltage transmission lines, the mining centre of Copiap├│, and it is a brownfield site without any residents.”

Extensions to known mineralization in the Southwest Area were identified to the southeast by drill hole 27 and to the northwest by hole 26. In addition, a zone of shallow mineralization extending over 360 metres across strike was identified where the Southwest Area converged with the South Area across 21, 24, and hole 10 (drilled in Phase 1). Drill holes 28 to 33 have been completed and assays are pending.

Copper mineralization was intersected in all holes (23 to 27 and results from the lower part of hole 21) and the boundaries of known mineralization have been expanded. Mineralization is dominated by tenorite as fracture infill, veinlets and clusters, as well as chrysocolla and occasionally cuprite, chalcocite, and minor native copper.

Diamond drilling is ongoing in the Southwest Area, and RC drilling in the Northern Area at Buen Retiro is anticipated to start soon.

Diamond drilling continues at Buen Retiro with an emphasis on testing extensions and limits to known mineralization in the Southwest Area. Assays for holes 28 to 33 are pending and results will be released shortly.

In separate developments, the company is in the final stages of contract negotiations on a RC drilling program of at least 5,000 metres. As soon as the rig is mobilized, it will be deployed into the Sierra Fritis targets, followed by work in the North Area, targeting shallow hanging-wall copper oxide mineralization on a multi-kilometre geophysical anomaly that is interpreted to be shear zone related.

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