Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has reported further 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 copper producer. The company has completed 22,697 metres of diamond drilling and 2,780 metres of reverse circulation drilling in 2026 as of September 30, with drilling ongoing using two diamond drill rigs and one RC rig. The current program focuses on defining Measured and Indicated Resources at Tenorita and Inferred Resources at Nativo, Ortuzar, and the extensions of Tenorita. This news release reports results from diamond drill holes BRT-DDH101 to BRT-DDH128.
Drilling highlights from the Nativo area include BRT-DDH110, which intersected 30.5 metres at 2.48% copper from surface to the end of the hole and ended in mineralization. BRT-DDH121 returned 18 metres at 2.50% copper from 163 metres, including 10 metres at 4.00% copper from 163 metres. BRT-DDH117 intersected 166 metres at 0.37% copper from 81 metres, including 105 metres at 0.52% copper from 92 metres and 30 metres at 1.23% copper from 144 metres. BRT-DDH115 intersected 43 metres at 0.83% copper from 115 metres, including 32 metres at 0.98% copper from 121 metres. All intersections were made in oxide and mixed zones, hosting leachable mineralization. For detailed assay results, see See 1 of 2 and 2 of 2.
In parallel with exploration, Fitzroy is advancing multiple workstreams supporting a potential near-term heap-leach development, including geotechnical studies, sterilization drilling, environmental baseline studies, metallurgy, mineral processing, and engineering. The company has expanded its environmental baseline studies and the scope of the proposed Buen Retiro Heap Leach development program as the potential scale of the project has increased. In Q4 2026, the statement of environmental impact (DIA) and the application for an environmental permit will be submitted, and a maiden Mineral Resource Estimate (MRE) and a Preliminary Economic Assessment (PEA) will be published. The PEA will incorporate Inferred Resources across the wider project area. In Q2 2027, Fitzroy plans to publish a Pre-Feasibility Study (PFS) with an updated MRE and maiden Mineral Reserve Statement based on the central portion of Tenorita.
Merlin Marr-Johnson, President and CEO of Fitzroy, 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. Thanks to the notable infrastructure advantages of the Project, we are confident that Buen Retiro has the potential to deliver the kind of low-capital-intensity, near-term copper production that the market urgently needs. At a time when many new copper projects require billions of dollars and a decade or more to reach production, Buen Retiro offers a very different proposition: a simple heap leach, in an established mining district, with the potential to produce copper cathode quickly and efficiently.”
The significance of these results lies in the potential for Buen Retiro to become a low-capital intensity copper producer at a time when the global copper market faces supply challenges. The project benefits from excellent infrastructure in an established mining district, which could enable rapid development. The maiden MRE and PEA in Q4 2026 are expected to quantify the project's scale and economics. Investors and industry observers will be watching these milestones closely, as they could demonstrate a pathway to production that is faster and less capital-intensive than many competing projects. For more information, visit the company's website at www.fitzroyminerals.com. The original release can be viewed at www.newmediawire.com.
