Fitzroy Minerals Inc. has provided an exploration update for its Buen Retiro and Caballos copper projects in northern Chile, reporting significant drill results that indicate a major copper system at Buen Retiro. The company is advancing infill drilling toward a maiden mineral resource estimate and preliminary feasibility study.
Drill hole BRT-DDH045 at the Buen Retiro project intersected 384 meters grading 0.22% copper from 4 meters depth, including a higher-grade interval of 94 meters at 0.33% copper from 30 meters. This hole intersected copper in two distinct mineralizing styles, transitioning from a stockwork zone into what the company describes as a Candelaria-style stratiform system. Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, stated the results provide compelling evidence that Buen Retiro is a major copper system, combining large-scale mineralization with coincident geophysical anomalies.
The strategic location of Buen Retiro enhances its development potential. The project sits at low elevation on a brown-fields site just four kilometers from the Pan-American Highway and associated high-voltage transmission lines. It is close to the coast where a proposed desalination plant has a seawater extraction license and near the mining center of Copiapo, which offers established mining services and a large labor pool. In an industry facing decreasing discovery rates, Fitzroy aims to use potential future cash flow from a proposed Buen Retiro heap leach copper operation to fund continued exploration for major copper deposits in Chile with minimal shareholder dilution.
Infill drilling with two diamond drill rigs began in February, with approximately 160 meters of HQ diamond core drilled per day. The program, anticipated to total approximately 6,000 meters, should be completed in April. A 2,800-kilogram bulk sample has been assembled for heap leach metallurgical test work, which will be conducted by SGS Laboratories starting in late March. Following infill drilling, one rig will focus on an exploration drilling program of at least 8,000 meters, with flexibility to increase to 15,000 meters.
The company has contracted Fleet Space Technologies to complete an Exosphere Ambient Noise Tomography (ANT) passive seismic survey to assist with litho-structural interpretation and support sulphide drill-targeting at depth. The Phase 1 survey is about to start. Detailed assay results for drill holes BRT-DDH044 and BRT-DDH045 are available in a table accessible via https://ibb.co/tT50fszT.
At the separate Caballos Copper Project, an airborne Mobile MagnetoTellurics (MobileMT) geophysical survey is complete, with data interpretation ongoing. Phase 2 drilling at Caballos is scheduled for later in the year once the geophysical data is integrated into the geological model.
The company detailed its rigorous quality assurance and quality control procedures for the Buen Retiro core sampling. Samples are prepared and transported to the laboratory by the project team, with QA/QC samples representing about 12% of the total. A visual review of QA/QC results identified no significant issues. The technical information in the release was reviewed and approved by Dr. Scott Jobin-Bevans, a Qualified Person as defined by NI 43-101, who verified the data disclosed. Dr. Jobin-Bevans noted he has not been able to independently verify the Candelaria-style mineralization, meaning the described mineralization is not necessarily indicative of mineralization on the Buen Retiro project.
