Fitzroy Minerals Inc. has reported substantial progress in its Chilean copper exploration programs, with drilling results extending mineralized zones and revealing new targets at both its Buen Retiro and Caballos projects. The company's latest findings demonstrate significant resource potential in a region critical to global copper supply, with implications for mining development and strategic mineral sourcing.
At the Buen Retiro Copper Project in northern Chile, reverse circulation drill hole BRT-RCD008 intersected 213 meters at 0.19% copper and 199 parts per million cobalt from 3 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 expansion from previous estimates. The extension occurred during what was intended as condemnation drilling for potential infrastructure sites, indicating unexpectedly widespread mineralization.
Separately, diamond drill hole BRT-DDH041 intersected 108 meters at 0.41% copper from 30 meters, including a higher-grade interval of 48 meters at 0.77% copper from 60 meters. These sulphide intersections, described by company President and CEO Merlin Marr-Johnson as "Candelaria-style mineralization," occur at relatively shallow depths with grades comparable to those reported by Lundin Mining for its Candelaria open pit operations. The identification of this new exploration target represents a significant development in understanding the property's geology and economic potential.
The company has signed new drilling contracts for 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 magneto-telluric methods is also planned to improve resolution on deeper targets. Discussions regarding a Heap Leach Joint Venture Copper Project with Sociedad Punta del Cobre S.A. continue, with a decision made 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 geology exhibits characteristics consistent with economic porphyry copper deposits, including potassic alteration, veining, stockworks, and brecciation. 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 the 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. The company maintains rigorous quality assurance and quality control protocols, with samples from Buen Retiro processed at the ALS-Patagonia laboratory in Copiapó and Caballos samples analyzed at Andes Analytical Assay Limitada in Santiago, with check assays performed at ALS Global in Lima, Peru.
These developments are significant as Chile represents the world's largest copper producer, accounting for approximately 28% of global copper output. The extension of known mineralization and identification of new exploration targets at Buen Retiro and Caballos could contribute to future copper supply at a time when demand is projected to increase substantially due to electrification and renewable energy transitions. The presence of cobalt as a byproduct in some intercepts adds potential strategic value, though the company notes there is no evidence at this stage that the cobalt could be economically recovered.
The exploration results indicate that both projects contain mineralized systems with substantial dimensions and continuity. The Buen Retiro project now shows mineralization extending over multiple kilometers, while Caballos exhibits geological features characteristic of productive porphyry systems. As global copper demand continues to grow, particularly for electric vehicles and renewable energy infrastructure, successful development of these projects could contribute to supply security and provide economic benefits to the local mining regions in Chile.
