Fitzroy Minerals Inc. has announced results from a ground-based Deep Induced Polarization (IP) survey at its Caballos Copper Project in Chile, identifying multiple large chargeability anomalies that are interpreted to be consistent with porphyry-style hydrothermal systems and are linked to mineralization intersected in 2025 diamond drilling.
The survey, conducted by Southernrock Geophysics S.A., comprised four IP lines totaling 18.4 line-km across the main conductive anomalies previously identified by a heli-borne MobileMT survey. The results highlight major discovery potential, with anomalies such as C2-B (3 km wide) exhibiting a classic porphyry cross-section, and C4 (1 km wide) being shallow and on trend with existing mineralized drill holes.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, noted that the chargeability anomalies match well with the conductivity anomalies from the prior MobileMT survey, opening up the prospectivity of the Caballos concessions. He stated, "In the Caballos geological setting, it is highly probable that the chargeability corresponds with sulphide mineralization."
The Deep IP survey was designed to characterize chargeability and resistivity from near-surface to depths of approximately 1,500 meters for the PDIP survey and 3,000 meters for the MT survey. Four lines were completed, with two crossing the Pocuro Fault Zone and the large C2-B anomaly, and two further south crossing the C4 anomaly.
SRG reported that the zones of induced polarization response are "presumably related to the presence of (disseminated) sulphide mineralization" and lie beneath layers of moderate-low resistivity likely related to a volcano-sedimentary sequence.
Fitzroy Minerals integrated the new geophysical data with existing geological data to update the interpretation for the Caballos area. Anomalies C1, C2-A, C2-B, C3, and C4 are evident in both 2D and 3D inversion models. The upcoming exploration program will test extensions to mineralization at Chincolco Creek and the geophysical anomalies C2-B, C3, and C4.
On lines L 8000 and L 7500, the 2D inversion models show a clear horizontal break at approximately 2,000 m elevation, interpreted as the base of the unmineralized Farellones Formation. Below this, there are two major chargeability anomalies surrounding a moderate anomaly, a common feature in porphyry copper deposits. The moderate anomaly is considered the main site of copper mineralization.
On lines L 5900 and L 5400, a distinctive chargeability anomaly approximately 1 km wide and 1 km deep is present directly below the Farellones Formation contact. This anomaly is close to the junction of the north-south Pocuro Fault Zone with an east-west structure hosting the Alicahue River.
Phase Tensor analysis from the survey indicated that conductive structures align roughly north-south or southwest-northeast, consistent with the Pocuro Fault Zone. This orientation is being incorporated into the geological interpretation and exploration plan.
The Deep IP survey results have materially enhanced Fitzroy Minerals' interpretation of the mineral potential at Caballos. Five drill holes have been planned, for a drilling budget of approximately 5,500 meters, with drilling anticipated to start in September 2026.
Dr. Scott Jobin-Bevans, a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.
Fitzroy Minerals is focused on exploring and developing copper-focused mineral assets in the Americas, including the Buen Retiro Copper Project, the Caballos Copper and Polimet Gold-Copper-Silver projects in Chile, the Taquetren Gold Project in Argentina, and the Caribou Project in Canada.
