Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has reported additional high-grade copper intersections from its Buen Retiro Copper Project in Copiapo, Chile, and provided an update on development activities that could position the project as a near-term producer of copper cathode. The company announced the results on October 5, 2026, highlighting drill holes that returned significant copper grades from surface and at depth.
Since February 2026, Fitzroy has completed 22,697 metres of diamond drilling and 2,780 metres of reverse circulation drilling at Buen Retiro. The current program aims to define Measured and Indicated Resources at the Tenorita area and Inferred Resources at Nativo, Ortuzar, and extensions of Tenorita. Drilling continues with two diamond rigs and one RC rig.
Key intercepts from the Nativo area include BRT-DDH110, which returned 30.5 metres at 2.48% copper from surface to the end of the hole, and BRT-DDH121, which intersected 18 metres at 2.50% copper from 163 metres, including 10 metres at 4.00% copper. BRT-DDH117 returned 166 metres at 0.37% copper from 81 metres, including 105 metres at 0.52% copper and 30 metres at 1.23% copper. These results, along with others, are available in the See 1 of 2 and 2 of 2 tables. Cross-sections detailing the geology are shown in Figure 2. Cross-section A-A’, including drill holes BRT-DDH110 and BRT-DDH121, Buen Retiro, Copiapo, Chile (UTM WGS84 19S). and Figure 3. Cross-section B-B’, including drill holes BRT-DDH117 and BRT-DDH136 Buen Retiro, Copiapo, Chile (UTM WGS84 19S).
Merlin Marr-Johnson, President and CEO, commented, “Buen Retiro continues to improve as our understanding of the scale and potential of the Project grows. In just 24 months of fieldwork, we have defined a remarkably continuous body of leachable copper mineralization and we are advancing multiple avenues of study in parallel.” He added that the project benefits from notable infrastructure advantages and could deliver low-capital-intensity, near-term copper production, contrasting with many new copper projects that require billions of dollars and a decade or more to reach production.
The company is advancing multiple workstreams supporting a potential heap-leach development, including geotechnical studies, sterilization drilling, environmental baseline studies, metallurgy, mineral processing, and engineering. In Q4 2026, Fitzroy plans to submit the statement of environmental impact (DIA) and publish a maiden Mineral Resource Estimate (MRE) and a Preliminary Economic Assessment (PEA). A Pre-Feasibility Study (PFS) with an updated MRE and maiden Mineral Reserve Statement is planned for Q2 2027.
This news is significant for the copper market, as it suggests a potential new source of copper cathode that could be developed quickly and at lower cost than traditional projects. With copper demand rising due to electrification and renewable energy, projects like Buen Retiro could help fill a supply gap. For investors, the upcoming MRE and PEA will provide crucial data to assess the project’s economics. Fitzroy’s shares trade on the TSX Venture Exchange under FTZ and on the OTCQX under FTZFF. More information is available on the company’s website at www.fitzroyminerals.com and in the original release on www.newmediawire.com.
