Fitzroy Minerals Inc. has reported significant copper mineralization intervals from its Buen Retiro copper project in northern Chile, with drilling revealing a 384-meter intersection grading 0.22% copper from near surface. The results, which include a higher-grade zone of 94 meters at 0.33% copper, provide compelling evidence that Buen Retiro represents a major copper system according to company leadership.
The importance of this development lies in its potential to contribute to global copper supply amid declining discovery rates in the mining industry. Copper is essential for electrification, renewable energy infrastructure, and technological advancement, making new discoveries critical for meeting future demand. The project's location enhances its significance, situated at low elevation just four kilometers from the Pan-American Highway and associated high-voltage transmission lines, close to the mining center of Copiapo with established infrastructure and labor pools.
President and CEO Merlin Marr-Johnson stated that drill hole 45 intersected copper in two distinct mineralizing styles on a large scale in the North area of the property. "Combined with large, coincident geophysical anomalies, there is now compelling evidence that Buen Retiro is a major copper system," Marr-Johnson said. The company aims to leverage potential future cash flow from a proposed heap leach copper operation to fund continued exploration for major copper deposits in Chile with minimal dilution.
Exploration progress continues with infill drilling underway using two diamond drill rigs, with approximately 160 meters of HQ diamond core being drilled daily. The infill program, anticipated to total approximately 6,000 meters, should be completed in April and will enable a maiden mineral resource estimate ahead of a preliminary feasibility study. A 2,800-kilogram bulk sample has been prepared for heap leach metallurgical test work at SGS Laboratories, with testing scheduled to begin in late March.
Additional exploration support will come from a passive seismic survey using Fleet Space Technologies' Exosphere Ambient Noise Tomography technology. This geophysical survey aims to image the large-scale subsurface architecture of the project area, including basement geometry and major structural corridors potentially associated with iron oxide copper-gold mineral systems. The survey will assist with litho-structural interpretation and support sulphide drill-targeting at depth.
At the separate Caballos Copper Project, an airborne Mobile MagnetoTellurics geophysical survey has been completed, with data interpretation ongoing. Phase 2 drilling is scheduled for later in the year once geophysical data is integrated into the company's geological model. The company maintains rigorous quality assurance and quality control procedures, with approximately 12% of samples dedicated to QA/QC measures using certified standards from Chilean company Instituto Nacional de Tecnología Estandarizacion y Metrología Ltda.
The technical information has been reviewed and approved by Dr. Scott Jobin-Bevans, a qualified person as defined by National Instrument 43-101. The exploration progress at Buen Retiro represents a strategic advancement in a mining-friendly jurisdiction with established infrastructure, potentially positioning the project to contribute to copper supply in a market facing increasing demand from global electrification trends.
