Fitzroy Minerals Inc. has reported significant exploration progress at its Buen Retiro and Caballos copper projects in northern Chile, with drilling results extending known mineralization and identifying new targets. The company's latest drilling campaign has yielded substantial copper and cobalt intersections, with particular implications for resource expansion and project development planning.
At the Buen Retiro Copper-Cobalt Project, reverse circulation drill hole BRT-RCD008 intersected 213 meters at 0.19% copper and 199 parts per million cobalt from 3 meters to 216 meters, including 85 meters at 0.33% copper from 17 meters. This result has extended the Southwest oxide target to 1.7 kilometers in length, representing a 300-meter extension from previous estimates. The discovery of copper mineralization in areas initially considered for infrastructure development has forced a reconsideration of facility placement, with the flat land west of the historical open pit now identified as mineralized ground requiring further exploration.
Diamond drilling at Buen Retiro has also identified promising sulphide mineralization. Drill hole BRT-DDH041 intersected 108 meters at 0.41% copper from 30 meters, including 48 meters at 0.77% copper from 60 meters. Drill hole BRT-DDH043 returned 77 meters at 0.46% copper from 196 meters, including 20 meters at 0.97% copper and 139 ppm cobalt from 201 meters. Company President and CEO Merlin Marr-Johnson noted that these sulphide intersections are relatively shallow and show results similar to Candelaria open pit grades as reported by Lundin Mining, suggesting the potential for Candelaria-style mineralization at Buen Retiro.
The company has signed new drilling contracts for a twin exploration and infill program totaling a minimum of 10,400 meters of diamond drilling and 3,000 meters of reverse circulation drilling planned for 2026. A ground geophysical survey using passive seismic methods is planned to assist with sulphide drill-targeting at depth. Discussions regarding a Heap Leach Joint Venture Copper Project with Sociedad Punta del Cobre S.A. continue, with Fitzroy planning to complete a Pre-Feasibility Study meeting National Instrument 43-101 disclosure requirements.
At the Caballos Copper-Molybdenum-Gold Project, Phase 1 drilling has been completed with 3,154 meters of diamond drill core across nine holes. Drill hole CAB-DDH009 intersected 70 meters at 0.41% copper equivalent from 85 meters in the Estero Chincolco hydrothermal breccia. The core exhibits porphyry textures, alteration, and mineralization consistent with a long-lived, structurally complex copper system. An airborne Mobile MagnetoTellurics geophysical survey has been commissioned and is scheduled for completion in the first quarter of 2026, with Phase 2 drilling planned once geophysical data is integrated into the geological model.
The technical information in the release was reviewed and approved by Dr. Scott Jobin-Bevans, a Qualified Person as defined by NI 43-101. Quality assurance and quality control protocols included routine insertion of certified reference materials, blanks, and pulp duplicates, with approximately 12% of total primary core samples representing QA/QC samples. The company reported no significant issues with the analytical data.
These developments come as global copper demand continues to grow, driven by electrification and renewable energy infrastructure. Chile remains the world's largest copper producer, and discoveries in established mining districts like the Atacama region where Fitzroy operates carry significant implications for supply security. The extension of oxide mineralization at Buen Retiro suggests potential for near-term development, while the identification of Candelaria-style sulphide targets indicates deeper exploration potential. The presence of cobalt as a byproduct adds further strategic value given its importance in battery technologies.
