Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) provided an exploration update from its 100%-owned Buen Retiro Copper Project near Copiapo, Chile. The company reported channel sample results averaging 2.96% copper (Cu) from 21 one-metre samples collected within the historical Buen Retiro open pit, with a maximum grade of 10.68% Cu. These results highlight the potential for high-grade copper mineralization in the Pit Area, which Fitzroy plans to incorporate into its Heap Leach Development Plan.
Drilling continues with three diamond drill (DD) rigs on site, and a reverse circulation (RC) rig will be added next week. The company has drilled 10,048 metres in 2026, exceeding the original 7,000-metre plan due to the expansion of shallow mineralized zones. An additional 5,000 metres of drilling is underway in the Pit Area. Historical drill hole BRT-DDH-013, located 30-55 metres below the current pit floor, returned 7 metres at 2.78% Cu and 30 metres at 3.52% Cu, demonstrating the continuation of mineralization at depth.
Drill hole BRT-DDH099, 70 metres south of the pit, intersected 113 metres of tenorite (CuO) mineralization from 3.5 metres downhole, with an estimated average grade of approximately 1.0% Cu. This intercept has been submitted for 'over-limit' analysis due to exceeding regular assay limits of 1% Cu. The company is mitigating assay delays from ALS Global by sending Pit Area samples to SGS Laboratories in Santiago, offering shorter turnaround times.
Metallurgical test work is ongoing, with initial mini-column results expected in July. These results will be integrated into a Project Development Plan, which will form the basis of an Environmental Permit Application scheduled for October 2026. The Pre-Feasibility Study remains on track for completion in Q1 2027.
Merlin Marr-Johnson, President and CEO, commented: "Channel sample results averaging around 3.0% Cu and historical drill results of 30 metres at 3.52% Cu showcase the type of copper mineralization that Fitzroy is targeting in the Pit Area. Historical production focused on Cu-oxide material only, and our analysis shows that a meaningful amount of mixed and transition copper material was left behind, recoverable with our planned chloride-leach process."
The company also completed a Fleet Space Technologies Ambient Noise Tomography (ANT) passive seismic infill survey in May, identifying zones of elevated fracturing and host-rock alteration. These results will be integrated into ongoing work. Additionally, Fitzroy continues to collaborate with Pucobre S.A. on engineering and commercial aspects of the Heap Leach Development Plan.
The Qualified Person, Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), has reviewed and approved the technical information. The company's QA/QC procedures include the insertion of blanks, standards, and duplicates, representing about 12% of total samples, with no significant issues identified.
Fitzroy Minerals is focused on copper projects in the Americas, including the Buen Retiro project, which benefits from proximity to infrastructure, low elevation, no human habitation, and a pro-mining jurisdiction in Chile. The company expects to publish drilling assay results in late June and regain a regular reporting schedule for July onwards.
