Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has released results from a ground-based Deep Induced Polarization (IP) and resistivity survey at its Caballos Copper Project in the Valparaíso Region, Chile. The survey, conducted by Southernrock Geophysics S.A. (SRG), identified multiple chargeability and resistivity anomalies that are interpreted to be consistent with porphyry-style hydrothermal systems and are connected to mineralization previously intersected in 2025 diamond drilling.
The Deep IP survey covered four lines totaling 18.4 line-kilometers across the main conductive anomalies identified in an earlier heli-borne MobileMT survey. The anomalies, labeled C1, C2-A, C2-B, C3, and C4, are evident in both 2D and 3D inversion models. Notably, the C2-B anomaly spans approximately 3 kilometers in width and displays a classic porphyry cross-section, with a strongly conductive and chargeable outer shell surrounding an inner core. The C4 anomaly, approximately 1 kilometer wide, is a shallow and strong chargeable feature located on trend from existing mineralized drill hole intersections.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented, "We are delighted that the Deep IP survey has identified so many strong anomalies. In the Caballos geological setting, it is highly probable that the chargeability corresponds with sulphide mineralization - a view also held by the contractor, Southernrock Geophysics. Our prior drilling on the edge of the system, into a weak chargeability anomaly, has already intersected copper, molybdenum, and gold, demonstrating the fertility of this ground."
The IP chargeability anomalies align well with the conductivity anomalies from the prior MobileMT survey, which covered a much larger area. This correlation suggests that the ground IP survey has successfully confirmed and refined the targets. The largest anomaly, C2-B, is particularly promising as it exhibits a classic porphyry signature. At the Chincolco Creek target, mineralization intersected from surface in prior drilling has associated geophysical anomalies (C3) that could extend known mineralization along strike and at depth.
The survey was carried out at altitudes ranging from 1,700 to 3,000 meters above sea level. SRG used deep-penetration Pole Dipole Induced Polarization (PDIP) and Magnetotellurics (MT) methods, with the objective of characterizing chargeability and resistivity from near-surface down to approximately 1,500 meters for PDIP and nominally 3,000 meters for MT. SRG reported that the zones of induced polarization response are "presumably related to the presence of (disseminated) sulphide mineralization" and that they lie beneath layers of moderate-low resistivity probably related to a volcano-sedimentary sequence.
Fitzroy Minerals integrated the new geophysical data with existing MobileMT data and geological interpretation to create an updated geological model. The company has planned a compact drilling program of approximately 5,500 meters across five drill holes to test the key targets, with drilling anticipated to start in September 2026. The program will focus on extensions to mineralization at Chincolco Creek and the geophysical anomalies C2-B, C3, and C4.
In the northern part of the survey, lines L 8000 and L 7500 crossed the Pocuro Fault Zone (PFZ) and revealed chargeability anomalies at depth, with a clear horizontal break interpreted as the base of the unmineralized Farellones Formation. Below this, two major chargeability anomalies flank a moderate anomaly, a common feature in porphyry copper deposits where the moderate anomaly often hosts the main copper mineralization. The chargeability anomalies on these lines are over 3 kilometers in scale east-west.
In the southern part, lines L 5900 and L 5400 identified a distinctive chargeability anomaly approximately 1 kilometer wide and 1 kilometer deep directly below the Farellones Formation contact. This anomaly is situated near the junction of the north-south PFZ with an east-west structure hosting the Alicahue River, suggesting a structurally controlled setting.
Phase tensor analysis from the survey revealed a tendency for the long axes of phase tensor ellipses to align roughly north-south or southwest-northeast, indicating dominant structural trends that align with the PFZ. This information is being incorporated into the geological interpretation and exploration plan.
The results of the Deep IP survey materially enhance Fitzroy Minerals' understanding of the mineral potential at Caballos. 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 systematically targeting major copper discoveries in Chile, and this survey further de-risks several large targets at Caballos. The company plans to fund non-dilutive exploration drilling using future cash flow from the Buen Retiro Heap Leach operation.
