Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has announced results from a ground-based Deep Induced Polarization (IP) and resistivity survey at its Caballos Copper Project in Chile's Valparaíso Region. The survey, conducted by Southernrock Geophysics S.A. (SRG), identified multiple chargeability and resistivity anomalies interpreted to be consistent with porphyry-style hydrothermal systems, directly linked to mineralization intersected in 2025 diamond drilling.
The survey comprised four IP lines totaling 18.4 line-km, targeting conductive anomalies previously identified by a heli-borne MobileMT survey. These results have materially enhanced the company's understanding of the project's mineral potential, leading to a planned 5,500-meter diamond drilling program set to commence in September 2026.
Key highlights include the C2-B anomaly, a 3 km wide feature with a classic porphyry cross-section, and the C4 anomaly, a large, shallow chargeability feature along trend from existing mineralized drill holes. Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, noted that the chargeability anomalies likely correspond to sulphide mineralization, a view shared by the contractor. "Our prior drilling on the edge of the system, into a weak chargeability anomaly, has already intersected copper, molybdenum, and gold, demonstrating the fertility of this ground," he said.
The IP anomalies align well with conductivity anomalies from the earlier MobileMT survey, expanding the prospectivity of the Caballos concessions. The largest anomaly, C2-B, exhibits a strongly conductive and chargeable outer shell surrounding an inner core, a signature typical of porphyry copper deposits. The C4 anomaly is particularly attractive due to its strong, shallow chargeable response and excellent access.
SRG conducted deep-penetration Pole Dipole Induced Polarization (PDIP) and Magnetotellurics (MT) surveys at altitudes ranging from 1,700 to 3,000 meters, characterizing chargeability and resistivity down to approximately 1,500 meters for PDIP and 3,000 meters for MT. 2D and 3D inversions were performed, revealing anomalies labeled C1, C2-A, C2-B, C3, and C4.
The northern lines (L 8000 and L 7500) crossed the Pocuro Fault Zone (PFZ) and intersected drill holes CAB-DDH001 and CAB-DDH004A, respectively. The 2D inversion model for L 8000 shows a clear horizontal break at approximately 2,000 meters elevation, interpreted as the base of the unmineralized Farellones Formation. Below this, two major chargeability anomalies flank a moderate chargeability zone, a common feature in porphyry copper deposits where the central moderate zone is the main site of copper mineralization. The anomaly on L 8000 spans over 3 km east-west.
On L 7500, similar anomalies appear at greater depths, suggesting a potential plunge to the south-southeast. The southern lines (L 5900 and L 5400) revealed a distinctive chargeability anomaly approximately 1 km wide and 1 km deep directly below the Farellones contact, with a moderate resistivity profile. This anomaly is situated near the junction of the PFZ and an east-west structure hosting the Alicahue River.
Phase Tensor analysis indicated a dominant north-south to southwest-northeast structural trend, aligning with the PFZ. This information is being incorporated into the geological interpretation and exploration plan.
Five drill holes have been planned to test the key targets, including extensions to mineralization at Chincolco Creek and the C2-B, C3, and C4 anomalies. The drilling program is expected to start in September 2026. The company believes these geophysical results significantly de-risk the targets, and future cash flow from the Buen Retiro Heap Leach operation is intended to fund non-dilutive exploration drilling.
Dr. Scott Jobin-Bevans, a Qualified Person under NI 43-101, has reviewed and approved the technical information in this release.
