Fitzroy Minerals Inc. has reported significant exploration progress at its Buen Retiro and Caballos copper projects in northern Chile, with drilling results extending mineralized zones and revealing new exploration targets. The company's latest drilling campaign has yielded substantial copper intersections, including a 108-meter interval averaging 0.41% copper at Buen Retiro, while condemnation drilling unexpectedly extended the Southwest oxide target to 1.7 kilometers in length.
At the Buen Retiro project, drill hole BRT-DDH041 intersected 108 meters at 0.41% copper from 30 meters depth, including a higher-grade section of 48 meters at 0.77% copper from 60 meters. Reverse circulation drill hole BRT-RCD008, originally designed as a sterilization hole for infrastructure planning, intersected 213 meters at 0.19% copper from just 3 meters depth, extending the Southwest oxide target by 300 meters to a total strike length of 1.7 kilometers. This extension has significant implications for project planning, as areas previously considered for infrastructure development now require further exploration.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented on the significance of these findings. "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. Another indication of the strength of the mineralizing system at Buen Retiro is that even our sterilisation drill holes in the Southwest area intersected copper and have extended the oxide trend by another 300 metres to 1.7 kilometres in length."
The company has completed Phase 2 drilling at Buen Retiro with 8,300 meters of diamond drilling across 29 holes and 9,822 meters of reverse circulation drilling. New drilling contracts have been signed for a minimum of 10,400 meters of diamond drilling and 3,000 meters of reverse circulation drilling planned for 2026. A ground geophysical survey using passive seismic methods is planned to assist with sulphide drill-targeting at depth. The company is also progressing discussions regarding a Heap Leach Joint Venture Copper Project with Sociedad Punta del Cobre S.A., with a Pre-Feasibility Study meeting National Instrument 43-101 requirements currently in development.
At the Caballos project, Phase 1 drilling has been completed with 3,154 meters of diamond drilling across nine holes. Drill hole CAB-DDH009 intersected 70 meters at 0.41% copper equivalent from 85 meters depth in the Estero Chincolco hydrothermal breccia. The company has commissioned an airborne Mobile MagnetoTellurics geophysical survey scheduled for completion in the first quarter of 2026, with Phase 2 drilling planned once the geophysical data is integrated into the geological model. The Caballos drill core exhibits porphyry textures, alteration, and mineralization consistent with economic porphyry copper deposits.
These developments have broader implications for the copper mining industry and global supply chains. As demand for copper continues to grow for electrification and renewable energy infrastructure, new discoveries and resource extensions in established mining jurisdictions like Chile become increasingly valuable. The extension of oxide mineralization at Buen Retiro could potentially impact project economics by increasing near-surface resources that may be amenable to lower-cost extraction methods. The identification of Candelaria-style mineralization suggests the potential for significant sulphide resources that could support larger-scale mining operations.
The company maintains rigorous quality assurance and quality control procedures for both projects. At Buen Retiro, samples undergo comprehensive testing with certified copper standards from Instituto Nacional de Tecnologia Estandarizacion y Metrologia Ltda., while Caballos samples are analyzed at Andes Analytical Assay Limitada laboratory in Santiago with check assays performed at ALS Global laboratory in Lima, Peru. All technical information has been reviewed and approved by Dr. Scott Jobin-Bevans, a Qualified Person as defined by NI 43-101. For more information on Fitzroy Minerals, please visit the Company's website: https://www.fitzroyminerals.com.
