Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has reported additional high-grade copper intersections from its ongoing drilling program at the Buen Retiro Copper Project in Copiapo, Chile. The company also provided an update on development activities, including plans for a maiden Mineral Resource Estimate (MRE) and a Preliminary Economic Assessment (PEA) in the fourth quarter of 2026.
As of September 30, 2026, Fitzroy has completed 22,697 metres of diamond drilling and 2,780 metres of reverse circulation (RC) drilling. Drilling continues with two diamond drill rigs and one RC rig, focusing on defining Measured and Indicated Resources at Tenorita and Inferred Resources at Nativo, Ortuzar, and the extensions of Tenorita.
Key drill results from the Nativo area include hole BRT-DDH110, which intersected 30.5 metres at 2.48% copper from surface to end of hole, ending in mineralization due to technical issues. Hole BRT-DDH121 returned 18 metres at 2.50% copper from 163 metres, including 10 metres at 4.00% copper. Hole BRT-DDH117 intersected 166 metres at 0.37% copper from 81 metres, including 105 metres at 0.52% copper and 30 metres at 1.23% copper. Hole BRT-DDH115 returned 43 metres at 0.83% copper from 115 metres, including 32 metres at 0.98% copper. These intersections are primarily in oxide and mixed zones, hosting leachable mineralization.
In parallel with exploration, Fitzroy is advancing multiple workstreams to support a potential near-term heap-leach development. These include geotechnical studies, sterilization drilling, environmental baseline studies, metallurgy, mineral processing, and engineering. The company has expanded its environmental baseline studies and the scope of the proposed heap leach program as the potential scale of the project has increased.
In Q4 2026, Fitzroy plans to submit the statement of environmental impact (DIA), the application for an environmental permit, and publish a maiden MRE and a PEA that will encompass the Tenorita, Nativo, and Ortuzar areas. A Pre-Feasibility Study (PFS) with an updated MRE and maiden Mineral Reserve Statement is planned for Q2 2027, based on the central portion of Tenorita.
Merlin Marr-Johnson, President and CEO of Fitzroy, commented, “Buen Retiro continues to improve as our understanding of the scale and potential of the Project grows. In just 24 months of fieldwork, we have defined a remarkably continuous body of leachable copper mineralization and we are advancing multiple avenues of study in parallel.” He added that the project benefits from notable infrastructure advantages and has the potential to deliver low-capital-intensity, near-term copper production, contrasting with many new copper projects that require billions of dollars and a decade or more to reach production.
Recent drilling at Nativo demonstrates the scale and quality of the broader mineralized system, and the company expects to quantify this through the upcoming MRE and PEA. For more details, see the original release on NEWMEDIAWIRE.
Geologically, three distinct domains have been identified at Buen Retiro: Tenorita, Nativo, and Ortuzar. Tenorita strikes north-northwest and dips steeply east, while Nativo strikes north-south and is subvertical. Both are centered on ferric breccias with a width of approximately 70 metres. Ortuzar is more variable and complex, with manto-style mineralization dipping about 30 degrees to the northwest. The mineralization at Tenorita and Nativo is predominantly copper oxide and mixed, down to depths of 120-150 metres.
The drilling results are supported by rigorous QA/QC procedures, with samples analyzed at ALS and SGS laboratories in Chile and Peru. Dr. Scott Jobin-Bevans, an independent Qualified Person, has reviewed and approved the technical information.
Fitzroy Minerals is focused on exploring and developing copper assets in Chile. Its shares trade on the TSX Venture Exchange under FTZ and on the OTCQX under FTZFF. For more information, visit the company’s website at www.fitzroyminerals.com.
This news matters because it highlights the potential for a low-capital-intensity copper project at a time when global copper demand is rising and new supply is constrained. The upcoming MRE and PEA could provide a clearer picture of the project’s economics and scalability, potentially attracting further investment and accelerating development. If successful, Buen Retiro could contribute to the global copper supply chain, which is critical for renewable energy technologies and electrification.
