Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has announced significant progress at its Buen Retiro Copper Project in Copiapo, Chile, with ongoing drilling returning high-grade copper intercepts near surface. The company is currently operating three diamond drill rigs on site, with a reverse circulation rig expected to be added shortly. Due to continued success in intersecting shallow mineralization, Fitzroy has expanded its exploration and resource definition drill program to an estimated 22,000 meters in 2026.
The latest results from nine drill holes in the Southwest Area include standout intercepts: drill hole BRT-DDH052 returned 59.0 meters at 1.73% copper from 92.0 meters, including 12.0 meters at 5.39% copper from 136.0 meters. Drill hole BRT-DDH062 returned 76.0 meters at 0.74% copper from 69.0 meters, including 13.0 meters at 3.62% copper from 106.0 meters. These results underscore the potential for near-term copper production, as the mineralization is near-surface and leachable, located close to existing infrastructure in Chile.
Merlin Marr-Johnson, President and CEO of Fitzroy, commented: “I am delighted that we continue to see good results from Buen Retiro. This time the intersections close to surface at Buen Retiro include intercepts of 59 metres at 1.73% Cu in drill hole 52 and 76.0 m at 0.74% Cu in drill hole 62. Results of this calibre, news release after news release, are the hallmark of a well mineralized system. What makes it so valuable is that this is near-surface, leachable material, near infrastructure in Chile. We see a route to near-term copper cathode production with reduced capital requirements and reduced permitting timelines.”
The company is evaluating a plan to produce a soluble copper sulphate concentrate at site, which could then be trucked to one of three Electro-Win plants within a 90-kilometer radius to produce copper cathode. This approach could significantly reduce capital costs and permitting timelines compared to traditional mining operations.
Since the start of February 2026, Fitzroy has completed 67 drill holes totaling 10,583 meters, comprising 49 infill holes, 6 geotechnical holes, and 12 exploration holes. The work aimed at defining mineralization for a maiden mineral resource estimate continues to expand as new mineralization is discovered. Currently, two rigs are testing extensions of the Southwest Area with step-outs to the northwest and southeast.
To address slow laboratory turnaround times at ALS Global, which can reach up to three months, Fitzroy has entered into a contract with SGS Laboratories. All samples from the Pit Area are now being sent to SGS to ensure data integrity and reduce delays. The company is also using visual grade estimation for exploration holes to mitigate delays.
The high-grade intercepts from drill holes 22, 50, and 52 indicate a body of high-grade mineralization truncated at depth by a fault. Drill hole BRT-DDH022, previously reported, returned 110 meters at 1.94% copper from 62 meters, including 58 meters at 3.06% copper. Assays from drill hole 88 are pending.
Fitzroy's quality assurance and quality control procedures include inserting blanks, pulp duplicates, and certified copper standards at a rate of about 12% of samples. The company uses certified standards from Chilean company INTEM and has not identified any significant QA/QC issues. The Qualified Person for the technical information is Dr. Scott Jobin-Bevas, an independent geological consultant.
The expansion of the drill program and the consistent high-grade results highlight the potential of Buen Retiro to become a significant copper producer in the near term, leveraging existing infrastructure and favorable metallurgy. Fitzroy Minerals is focused on exploring and developing copper assets in the Americas, with its shares listed on the TSX Venture Exchange under FTZ and on the OTCQX under FTZFF.
