Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has announced significant progress at its Buen Retiro Copper Project in Copiapo, Chile, including definition drilling results, the start of metallurgical test work for a Pre-Feasibility Study (PFS), and completion of a geophysical survey. These developments bring the company closer to delivering a maiden mineral resource estimate and an initial economic study for the heap leach operation.
Drill hole BRT-DDH048 returned 92.5 metres at 0.53% copper from 3.5 metres, including 46.0 metres at 0.82% copper from 36.0 metres. Drill hole BRT-DDH049 returned 83.0 metres at 0.57% copper from 95.0 metres, including 43.0 metres at 0.90% copper from 95.0 metres. These intercepts are part of a two-rig definition drilling program targeting oxide, mixed, and supergene mineralization down to 150 metres depth, aimed at delineating Measured and Indicated Resources for the PFS.
Merlin Marr-Johnson, President and CEO, noted that many samples exceeded the 1% copper limit for exploration assay methods, requiring re-assay but indicating high-grade copper in the system. The company has also started metallurgical test work at SGS Laboratories on a 2,900 kg representative sample, focusing on three geo-metallurgical domains: higher-grade oxide (≥0.5% Cu), lower-grade oxide (0.1-0.5% Cu), and mixed supergene transition zones. This testing will evaluate acid consumption, leach cycles, and potential for enhanced recoveries.
Additionally, Fleet Space Technologies’ passive seismic Ambient Noise Tomography (ANT) geophysical survey has been completed across a 5 km x 5 km area, with data processing underway. This survey aims to identify sulphide mineralization targets for future exploration. The company plans to use potential cash flow from the heap leach operation to fund further exploration with minimal dilution.
To date, 32 new diamond drill holes totaling 5,143 metres have been completed in the southwest area, with assays pending for 11 holes. The drilling confirms a consistent copper-mineralized package about 80-90 metres thick, dipping 75 degrees east-northeast. High-grade zones are centered along a dominant structural corridor, with oxidation depths typically 60-100 metres.
Dr. Scott Jobin-Bevans, a Qualified Person under NI 43-101, has reviewed and approved the technical information. The company’s QA/QC procedures include blanks, standards, and duplicates, with no significant issues identified.
Fitzroy Minerals is focused on copper projects in the Americas, including the Buen Retiro, Caballos, and Taquetren properties. The company trades on the TSX Venture Exchange under FTZ and on the OTCQX under FTZFF. For more information, visit the company's website at https://www.fitzroyminerals.com.
This news release contains forward-looking information subject to risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements. The company disclaims any obligation to update such statements except as required by law.
