Fitzroy Minerals Inc. has provided an exploration update for its Buen Retiro and Caballos copper projects in northern Chile, reporting significant drill results and outlining ongoing technical programs. At the Buen Retiro project, diamond 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. This hole revealed two distinct mineralizing styles, transitioning from a stockwork zone into what the company describes as a Candelaria-style stratiform system over 284 meters.
President and CEO Merlin Marr-Johnson stated the drill results provide compelling evidence that Buen Retiro represents a major copper system. The project's location offers strategic advantages, situated at low elevation on a brown-fields site just four kilometers from the Pan-American Highway and associated high-voltage transmission lines. Its proximity to the coast near a proposed desalination plant with a seawater extraction license, and closeness to the mining center of Copiapo with established services and labor pools, positions it favorably for potential development.
The company is currently conducting an infill drilling program with two diamond drill rigs, anticipated to total approximately 6,000 meters and scheduled for completion in April. This drilling aims to support a maiden mineral resource estimate ahead of a preliminary feasibility study. Approximately 2,800 kilograms of mineralized material has been aggregated for heap leach metallurgical test work at SGS Laboratories, with testing scheduled to begin in late March.
Fitzroy has contracted Fleet Space Technologies to conduct an Exosphere Ambient Noise Tomography geophysical survey to assist with litho-structural interpretation and support sulphide drill-targeting at depth. Following the infill program, one drill rig will focus on exploration drilling with a minimum program of 8,000 meters, with flexibility to increase to 15,000 meters.
At the Caballos Copper Project, an airborne Mobile MagnetoTellurics geophysical survey has been completed, with data interpretation currently underway. Phase 2 drilling at Caballos is scheduled for later in the year once geophysical data is integrated into the geological model. The company's exploration approach 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.
The technical information in the release was reviewed and approved by Dr. Scott Jobin-Bevans, a Qualified Person as defined by NI 43-101. The company maintains rigorous quality assurance and quality control procedures, with approximately 12% of samples dedicated to QA/QC measures. Certified copper standards from Chilean company Instituto Nacional de Tecnologia Estandarizacion y Metrología Ltda. are used to evaluate analytical accuracy. Detailed assay results from drill holes BRT-DDH044 and BRT-DDH045 are available in the company's technical disclosure at https://ibb.co/tT50fszT.
These developments occur within an industry context of decreasing discovery rates for copper deposits globally. The identification of extensive copper mineralization at Buen Retiro, combined with its favorable infrastructure position, suggests potential for contributing to future copper supply. Copper remains essential for electrification and renewable energy technologies, making discoveries in stable mining jurisdictions like Chile particularly significant for global supply chains.
