Fitzroy Minerals Inc. has reported significant copper mineralization intervals from its Buen Retiro Copper Project in northern Chile, with drilling revealing wide zones of copper mineralization as the company advances toward a maiden mineral resource estimate. The results come as the company conducts infill drilling and prepares for metallurgical testing, positioning the project for potential development in a region with established mining infrastructure. Drill hole BRT-DDH045 intersected 384 meters at 0.22% copper from 4 meters depth, including a higher-grade interval of 94 meters at 0.33% copper from 30 meters. According to Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, the drill hole intersected copper in two distinct mineralizing styles on a large scale in the North area of the property. The hole is located three kilometers north-northeast of previously identified high-grade copper oxide mineralization in the Southwest area.
The company has initiated an infill drilling program with two diamond drill rigs, with approximately 160 meters of HQ diamond core being drilled daily. The program, anticipated to total approximately 6,000 meters, should be completed in April. This drilling will support the preparation of a maiden mineral resource estimate ahead of a preliminary feasibility study. Half core from these infill drill holes has been aggregated to create a 2,800-kilogram bulk sample for heap leach metallurgical test work at SGS Laboratories, with testing scheduled to begin in late March. Fitzroy Minerals has contracted Fleet Space Technologies to complete an Exosphere Ambient Noise Tomography geophysical survey to assist with litho-structural interpretation and support sulphide drill-targeting at depth. The Phase 1 survey is about to start and aims to image the large-scale subsurface architecture of the project area. Following completion of infill drilling, one rig will focus on exploration drilling with a minimum program of 8,000 meters, with flexibility to increase to 15,000 meters.
The strategic location of the Buen Retiro project represents a significant advantage, according to company statements. The property is at low elevation on a brown-fields site four kilometers from the Pan-American Highway and associated high voltage transmission lines. It is close to the coast where a proposed desalination plant has a seawater extraction licence and near the mining centre of Copiapo with its established mining services and labor pool. In an industry with decreasing discovery rates, Fitzroy aims to leverage potential future cash flow from a proposed Buen Retiro heap leach copper operation to fund continued exploration for major copper deposits in Chile with minimal dilution. At the separate Caballos Copper Project, an airborne Mobile MagnetoTellurics geophysical survey has been completed, with data currently being interpreted. Phase 2 drilling at Caballos is scheduled for later in the year once the geophysical data is integrated into the company's geological model. The company has implemented comprehensive quality assurance and quality control procedures for its sampling program, with approximately 12% of total primary core samples dedicated to QA/QC measures.
Dr. Scott Jobin-Bevans, a Qualified Person as defined by NI 43-101 and independent geological consultant to the company, has reviewed and approved the technical information provided in the news release and verified the data disclosed. The technical verification included checking selected laboratory assay results against reported drill core intervals and reviewing drill core logs against the geology as supplied by the company. The reported mineralization at Buen Retiro occurs within a volcanic sequence dominated by andesitic rocks, interbedded with volcanic breccias and tuffs, extending approximately one kilometer north of the historical Manto Negro Mine open pit.
