Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has provided an exploration update on its Buen Retiro and Caballos copper projects in northern Chile, reporting significant drill intercepts and progress toward a maiden mineral resource estimate. The company said drill hole BRT-DDH045 returned 384 meters at 0.22% copper from 4 meters, including 94 meters at 0.33% copper from 30 meters, highlighting the scale of the copper system.
According to the company, the Buen Retiro project is located at low elevation on a brownfields site four kilometers from the Pan-American Highway and high-voltage transmission lines, near the coast where a proposed desalination plant has a seawater extraction licence, and close to the mining center of Copiapo. Merlin Marr-Johnson, President and CEO, stated that the project shows compelling evidence of being a major copper system, and the company aims to leverage potential future cash flow from a proposed heap leach operation to fund continued exploration with minimal dilution.
Infill drilling with two diamond drill rigs started in February, with approximately 160 meters of HQ diamond core being drilled per day. Drill holes 46 through 60 have been completed and are being logged and cut, with samples sent for assay. The infill program, anticipated to be about 6,000 meters, should be completed in April. After that, one rig will focus on exploration drilling, with a minimum of 8,000 meters planned, flexible to increase to 15,000 meters.
A 2,800 kg bulk sample has been prepared for heap leach metallurgical test work at SGS Laboratories, starting in late March. The company also contracted Fleet Space Technologies for an Exosphere Ambient Noise Tomography (ANT) geophysical survey, which will assist with litho-structural interpretation and support sulphide drill-targeting at depth.
At the Caballos Copper Project, an airborne MobileMT geophysical survey has been completed, with data currently being interpreted. Phase 2 drilling is scheduled for later in the year once the geophysical data is integrated into the company’s geological model.
Dr. Scott Jobin-Bevans, a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information. The company noted that the drill results demonstrate consistent copper mineralization in a Candelaria-style stratiform system, with drill hole BRT-DDH045 intersecting a stockwork zone transitioning into stratiform mineralization for a total of 384 meters. These results, combined with large coincident geophysical anomalies, reinforce the potential of Buen Retiro as a major copper system.
For more information, visit the company's website at www.fitzroyminerals.com.
