Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has reported wide intervals of copper mineralization from drill hole BRT-DDH045 at its Buen Retiro copper project in northern Chile, as the company advances infill drilling and metallurgical test work toward a maiden mineral resource estimate and preliminary feasibility study (PFS).
Drill hole BRT-DDH045 intersected 384 meters at 0.22% copper from 4 meters, including 94 meters at 0.33% copper from 30 meters. The hole, located in the North area of the property, encountered two distinct mineralizing styles: an initial zone of stockwork and breccias transitioning into a Candelaria-style stratiform system for an additional 284 meters. Copper mineralization, primarily chalcopyrite, was consistent throughout the interval. Drill hole BRT-DDH044, also in the North area, returned a best interval of 10 meters at 0.30% copper from 142 meters.
The results reinforce the potential for a large-scale copper system at Buen Retiro, particularly when combined with coincident geophysical anomalies. The property is situated at low elevation on a brownfields site, four kilometers from the Pan-American Highway and high-voltage transmission lines, near the coast where a proposed desalination plant has a seawater extraction license, and close to the mining center of Copiapó.
Infill drilling, which began in February with two diamond drill rigs, is progressing at approximately 160 meters per day of HQ core. Drill holes 46 through 60 have been completed, with samples being logged, cut, and sent for assay. The infill program, expected to total about 6,000 meters, is anticipated to conclude in April. Afterward, one rig will continue exploration drilling (NQ core) for a minimum of 8,000 meters, with flexibility to increase to 15,000 meters.
A 2,800-kilogram bulk sample has been aggregated from half-core of the infill drill holes for heap leach metallurgical test work at SGS Laboratories, scheduled to start in late March. Remaining half-core is quartered for assay and storage. Additionally, a passive seismic Ambient Noise Tomography (ANT) survey by Fleet Space Technologies is about to begin, aiming to image subsurface architecture and support sulfide drill-targeting at depth.
At the Caballos copper-molybdenum-gold project, an airborne MobileMT geophysical survey has been completed, with data interpretation ongoing. Phase 2 drilling is planned for later in the year after integration of the geophysical data into the geological model.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented: “Drill hole 45 intersected copper in two distinct mineralizing styles on a large scale in the North area of the Buen Retiro property. Combined with large, coincident geophysical anomalies, there is now compelling evidence that Buen Retiro is a major copper system.” He added that the company aims to leverage potential future cash flow from a proposed heap leach operation to fund continued exploration with minimal dilution.
The technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), a Qualified Person as defined by NI 43-101 and independent geological consultant to the Company.
