Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has provided an exploration update on its Buen Retiro and Caballos copper projects in northern Chile, highlighting substantial progress and promising results that underscore the potential of these assets.
At the Buen Retiro project, drill hole BRT-DDH045 returned 384 meters at 0.22% copper from 4 meters, including 94 meters at 0.33% copper from 30 meters. This intercept is notable for its scale and for intersecting two distinct mineralizing styles: a stockwork zone near surface and a Candelaria-style stratiform system extending deeper. The hole is located three kilometers north-northeast of previously identified high-grade copper oxide mineralization, expanding the known mineralized footprint.
Infill drilling is underway with two rigs, targeting approximately 6,000 meters to support a maiden mineral resource estimate ahead of a prefeasibility study. Additionally, a 2,800-kilogram bulk sample has been prepared for heap leach metallurgical test work at SGS Laboratories, expected to commence in late March. A passive seismic survey by Fleet Space Technologies is also set to begin, aimed at imaging subsurface architecture for deeper sulphide targeting.
Merlin Marr-Johnson, President and CEO, emphasized the project's strategic advantages: "Buen Retiro is at low elevation, on a brown-fields site four kilometers from the Pan-American Highway and high-voltage transmission lines, close to the coast where a proposed desalination plant has a seawater extraction licence, and near the mining centre of Copiapo." This infrastructure is critical for potential future operations.
At the Caballos copper project, an airborne MobileMT geophysical survey has been completed, with data interpretation ongoing. Phase 2 drilling is planned later in the year once the geophysical data is integrated into the geological model.
The company's approach leverages potential cash flow from a proposed heap leach operation at Buen Retiro to fund continued exploration for major copper deposits in Chile, aiming to minimize dilution. With decreasing discovery rates in the industry, Fitzroy's strategy focuses on brown-fields sites with existing infrastructure to accelerate development.
Dr. Scott Jobin-Bevans, a qualified person under NI 43-101, has reviewed and approved the technical information. The company continues to implement rigorous QA/QC protocols, including standards, blanks, and duplicates, to ensure data reliability.
The positive drill results and ongoing technical studies position Buen Retiro as a significant copper system with near-term development potential, while Caballos offers additional upside through geophysical targeting.
