Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has announced the results of a ground-based Deep Induced Polarization (IP) survey at its Caballos Copper Project in the Valparaíso Region of Chile. The survey, conducted by Southernrock Geophysics S.A. (SRG), has identified multiple chargeability and resistivity anomalies that are interpreted to be consistent with porphyry-style hydrothermal systems and are directly linked to the mineralization intersected in the company’s 2025 diamond drilling program.
These findings are significant because they provide a clearer picture of the subsurface mineral potential at Caballos, which is located in a prolific geological setting. The survey covered four IP lines totaling 18.4 line-km, focusing on conductive anomalies previously identified by a heli-borne MobileMT survey. The results highlight several large targets, including the C2-B anomaly, which is 3 km wide and exhibits a classic porphyry cross-section, and the C4 anomaly, a 1 km wide shallow feature that is on trend with existing mineralized drill holes.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented, “We are delighted that the Deep IP survey has identified so many strong anomalies. In the Caballos geological setting, it is highly probable that the chargeability corresponds with sulphide mineralization – a view also held by the contractor, Southernrock Geophysics. 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.”
The IP chargeability anomalies align well with the conductivity anomalies from the earlier MobileMT survey, which covered a much larger area. This correlation suggests that the Caballos concessions have broader prospectivity than previously known. The largest anomaly, C2-B, is particularly compelling because it displays a classic porphyry signature: a strongly conductive and chargeable outer shell surrounding an inner core. This pattern is typical of porphyry copper deposits, where the core is often the site of copper mineralization.
The C4 anomaly, located in the southern part of the survey area, is a very strong, shallow chargeable feature with excellent access. It is situated near the junction of the major north-south Pocuro Fault Zone (PFZ) with a cross-cutting east-west structure that hosts the Alicahue River. This structural setting is favorable for mineralization.
Additionally, the Chincolco Creek target, where prior drilling intersected mineralization from surface, has associated geophysical anomalies (C3) that could potentially extend known mineralization along strike and at depth. Although the sulphide mineralization at Chincolco did not produce a strong conductivity anomaly due to its disseminated nature and the abundance of quartz and gypsum veining, there is a subtle anomalism that extends southward and at depth along the PFZ projection.
The survey also included Phase Tensor analysis, which revealed a dominant north-south or southwest-northeast alignment of conductive structures, consistent with the regional structural trends. This information is being incorporated into the geological interpretation and exploration plan.
Based on these results, Fitzroy Minerals has planned a compact drilling program of approximately 5,500 meters, with five drill holes designed to test the key targets. Drilling is anticipated to start in September 2026. The program will test extensions to mineralization at Chincolco Creek and the geophysical anomalies C2-B, C3, and C4.
Dr. Scott Jobin-Bevans, a Qualified Person under NI 43-101, has reviewed and approved the technical information in this news release. The company is systematically targeting major copper discoveries in Chile, and this IP survey further de-risks several large targets at Caballos. Future cash flow from the Buen Retiro Heap Leach operation is expected to fund non-dilutive exploration drilling.
