Fitzroy Minerals has reported substantial progress in its Chilean copper exploration programs, with drilling results extending the oxide mineralization trend at its Buen Retiro project to 1.7 kilometers in length. The company's latest drilling campaign has revealed both shallow sulphide intersections comparable to established mining operations and unexpected copper mineralization in areas initially designated for infrastructure development. At the Buen Retiro Copper-Cobalt Project, reverse circulation drill hole BRT-RCD008 intersected 213 meters at 0.19% copper and 199 parts per million cobalt from 3 meters to 216 meters, including 85 meters at 0.33% copper from 17 meters. This result extended the Southwest oxide target by 300 meters to a total strike length of 1.7 kilometers.
The area west of the historical open pit, originally considered for potential crushing and agglomeration facilities, will now require further exploration after multiple drill holes intersected copper mineralization. President and CEO Merlin Marr-Johnson noted that even sterilization drill holes designed to test areas for future infrastructure encountered copper, indicating the strength of the mineralizing system. "Drill holes 41 to 45 are defining a completely new exploration target of Candelaria-style mineralization at Buen Retiro," Marr-Johnson stated. "These sulphide intersections are relatively shallow and with some results that are similar to the Candelaria open pit grades as reported by Lundin Mining." Diamond drill hole BRT-DDH041 intersected 108 meters at 0.41% copper from 30 meters, including 48 meters at 0.77% copper from 60 meters.
Drill hole BRT-DDH043 returned 77 meters at 0.46% copper from 196 meters, including 20 meters at 0.97% copper and 139 ppm cobalt from 201 meters. The company has signed new drilling contracts for a minimum of 10,400 meters of diamond drilling and 3,000 meters of reverse circulation drilling planned for 2026, along with ground geophysical surveys to assist with deeper sulphide targeting. At the Caballos Copper-Molybdenum-Gold Project, drill hole CAB-DDH009 intersected 70 meters at 0.41% copper equivalent from 85 meters in the Estero Chincolco hydrothermal breccia. The core exhibits porphyry textures, alteration, and mineralization consistent with a long-lived, structurally complex copper system.
An airborne Mobile MagnetoTellurics geophysical survey has been commissioned and is scheduled for completion in the first quarter of 2026, with Phase 2 drilling planned once the data is integrated into the geological model. The company continues discussions regarding a Heap Leach Joint Venture Copper Project with Sociedad Punta del Cobre S.A., with a decision made that the associated technical report will be a Pre-Feasibility Study meeting National Instrument 43-101 disclosure requirements. Additional information about the company's operations can be found at https://www.fitzroyminerals.com. The technical information in the release was reviewed and approved by Dr. Scott Jobin-Bevans, a Qualified Person as defined by NI 43-101.
These exploration results demonstrate the expanding potential of both projects, with Buen Retiro showing both oxide and sulphide mineralization across multiple zones and Caballos revealing characteristics of economic porphyry copper deposits. The extension of known mineralization and identification of new exploration targets positions the company for continued discovery and potential resource development in one of the world's premier copper mining jurisdictions.
