Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has released an exploration update for its 100%-owned Buen Retiro Copper Project near Copiapo, Chile, highlighting high-grade copper results from channel sampling in the historical open pit and ongoing drilling that continues to intersect extensive visible copper mineralization. The company is advancing toward a Project Development Plan and Environmental Permit Application, with a Pre-Feasibility Study targeted for completion in Q1 2027.
The company collected 21 one-metre channel samples from locations throughout the historical Buen Retiro open pit, which returned an average grade of 2.96% copper, with a maximum of 10.68% Cu. Seventeen samples graded above 1.0% Cu, and four exceeded 5.0% Cu. These results are significant because historical production at Buen Retiro focused only on copper oxide material, leaving behind mixed and transition copper mineralization that Fitzroy plans to recover using its chloride-leach process.
Drilling continues to support this potential. Historical drill hole BRT-DDH-013, drilled by Ptolemy Mining Ltd in 2024, intersected 7 metres at 2.78% Cu from 130 metres and 30 metres at 3.52% Cu from 141 metres downhole, located approximately 30-55 metres below the current pit floor. More recently, drill hole BRT-DDH099, located 70 metres south of the historical pit, intersected 113 metres of tenorite (CuO) mineralization from 3.5 metres downhole, with an estimated average grade of approximately 1.0% Cu. This intercept has been submitted for 'over-limit' analysis as it exceeds regular exploration assay limits of 1% Cu.
Fitzroy currently has three diamond drill rigs on site, and a reverse circulation rig will be added next week, bringing the total to four rigs by June 20. The company has drilled 10,048 metres at Buen Retiro in 2026, exceeding its original 7,000-metre plan, and is now targeting an additional 5,000 metres in the historical Pit Area. The drilling program aims to delineate copper oxide and mixed material for inclusion in the Heap Leach Development Plan, which will form the basis for the Environmental Permit Application scheduled for October 2026.
Merlin Marr-Johnson, President and CEO of Fitzroy, said: "Channel sample results averaging around 3.0% Cu and historical drill results of 30 metres at 3.52% Cu showcase the type of copper mineralization that Fitzroy is targeting in the Pit Area. Historical production focused on Cu-oxide material only, and our analysis of historical drill data shows that a meaningful amount of mixed and transition copper material was left behind, that can be recovered with our planned chloride-leach process."
The company is also working to mitigate delays in assay results caused by congestion at ALS Global laboratory and customs issues at the Chile-Peru border. Fitzroy is now sending samples from the Pit Area to SGS Laboratories in Santiago, which offers shorter turnaround times, and is using in-field visual estimation to prioritize samples for 'over-limit' analysis, saving up to two weeks per sample batch.
Metallurgical test work is underway, with mini-column results expected in July and one-metre and three-metre column results in Q4 2026. These will be incorporated into the Project Development Plan and the Pre-Feasibility Study. The company also completed an Ambient Noise Tomography survey with Fleet Space Technologies in May, which identified zones of elevated fracturing and host-rock alteration.
The Buen Retiro project benefits from its location in a pro-mining jurisdiction with existing infrastructure, low elevation, and no human habitation on site. Fitzroy is targeting production in 2028, and the ongoing work is designed to de-risk the project and demonstrate its high-value potential.
Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release. For more information, visit the company's website at www.fitzroyminerals.com.
