Fitzroy Minerals Inc. has reported significant copper mineralization intervals from its Buen Retiro copper project in northern Chile, with drilling revealing wide zones of mineralization that support the project's advancement toward a maiden mineral resource estimate. The company reported drill hole BRT-DDH045 intersected 384 meters at 0.22% copper from 4 meters, including a higher-grade interval of 94 meters at 0.33% copper from 30 meters. These results come as the company conducts infill drilling to support a preliminary feasibility study for a potential heap leach copper operation.
According to Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, drill hole 45 intersected copper in two distinct mineralizing styles on a large scale in the North area of the Buen Retiro property. The hole is located three kilometers north-northeast of high-grade copper oxide mineralization in the Southwest area. Combined with large, coincident geophysical anomalies, there is now compelling evidence that Buen Retiro represents a major copper system. The company aims to leverage potential future cash flow from a proposed Buen Retiro heap leach operation to fund continued exploration for major copper deposits in Chile with minimal dilution.
The strategic location of Buen Retiro enhances its development potential. The project sits at low elevation on a brown-fields site 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 with its established mining services and labor pool. This infrastructure advantage could significantly reduce development costs and timelines compared to more remote projects.
Infill drilling with two diamond drill rigs began in February, with approximately 160 meters of HQ diamond core being drilled daily. Drill holes 46 through 60 have been completed and are being logged and cut, with samples sent for assay on an ongoing basis. The infill drilling program, anticipated to be approximately 6,000 meters of drilling, should be completed in April. After completion, one rig will focus on exploration drilling with NQ core, while the other drill rig will be released. The exploration drilling program will be a minimum of 8,000 meters with flexibility to increase to 15,000 meters.
Metallurgical test work for the Buen Retiro Heap Leach Project will be carried out by SGS Laboratories, starting in late March. A 2,800 kilogram bulk sample has been prepared for heap leach metallurgical test work, with half core from infill drill holes aggregated to comprise representative bulk samples defined on mineralogical characteristics. The company has also contracted Fleet Space Technologies to complete an Exosphere Ambient Noise Tomography geophysical survey, which will assist with litho-structural interpretation and support sulphide drill-targeting at depth. More information about the company's operations can be found at https://www.fitzroyminerals.com.
At the separate Caballos Copper Project, an airborne Mobile MagnetoTellurics 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. The Buen Retiro project has established rigorous quality assurance procedures, with core samples transported to ALS-Patagonia laboratory in Copiapo for analysis. Quality assurance and quality control samples represent about 12% of total primary core samples, with certified copper standards acquired from Chilean company Instituto Nacional de Tecnología Estandarizacion y Metrología Ltda. used to evaluate laboratory analysis accuracy.
The technical information in the release was reviewed and approved by Dr. Scott Jobin-Bevans, a Qualified Person as defined by NI 43-101 and independent geological consultant to the company. He verified selected laboratory assay results against reported drill core intervals and drill core logs against the geology as supplied by the company. However, he noted he has not been able to independently verify the Candelaria mineralization, and as such the mineralization described is not necessarily indicative of the mineralization on the Buen Retiro Copper Project. Additional regulatory filings and disclosures are available at https://www.sedarplus.ca.
