Fitzroy Minerals has reported substantial progress in its Chilean copper exploration programs, with drilling results extending known mineralization and revealing new exploration targets. The company's latest findings from the Buen Retiro and Caballos projects demonstrate significant potential for copper discoveries in northern Chile, a region crucial to global copper supply.
At the Buen Retiro Copper Project, reverse circulation drill hole BRT-RCD008 intersected 213 meters of 0.19% copper and 199 parts per million cobalt from 3 meters depth, extending the Southwest oxide target to 1.7 kilometers in length. This extension represents a 300-meter increase from previous estimates and was discovered through condemnation drilling originally intended to test areas for future infrastructure. The drill hole included a shallow interval of 85 meters averaging 0.33% copper from just 3 meters depth.
Separate diamond drilling at Buen Retiro has identified promising sulphide mineralization resembling Candelaria-style deposits. Drill hole BRT-DDH041 intersected 108 meters at 0.41% copper from 30 meters depth, including a higher-grade section of 48 meters at 0.77% copper from 60 meters. These intersections occur at relatively shallow depths and show grades comparable to those reported by Lundin Mining for its Candelaria open pit operation, which reported measured and indicated resources of 591.6 million tonnes at 0.37% copper in its 2024 annual report available at https://www.lundinmining.com.
President and CEO Merlin Marr-Johnson stated that drill holes 41 to 45 are defining a completely new exploration target of Candelaria-style mineralization at Buen Retiro. The company has completed Phase 2 drilling with 8,300 meters of diamond drill core across 29 holes and 9,822 meters of reverse circulation drilling. New contracts have been signed for a minimum of 10,400 meters of diamond drilling and 3,000 meters of reverse circulation drilling planned for 2026.
The significance of these discoveries extends beyond mere resource expansion. The extension of oxide mineralization into areas previously considered for infrastructure development alters project planning and indicates more extensive mineralization than anticipated. The identification of Candelaria-style sulphide mineralization represents a potential major discovery that could significantly increase the project's economic viability. Copper mineralization at Buen Retiro shows stratigraphic control, preferentially developing within permeable volcanic breccias and tuffs that act as favorable host horizons.
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 depth in the Estero Chincolco hydrothermal breccia. The core exhibits porphyry textures, alteration, and mineralization consistent with a long-lived, structurally complex copper system. Certain areas display potassic alteration, veining, stockworks, and brecciation, which are hallmarks of economic porphyry copper deposits.
An airborne Mobile MagnetoTellurics geophysical survey has been commissioned and is scheduled for completion in the first quarter of 2026. This survey should help map subsurface geology, especially conductive features like faults, fractures, and concentrations of sulphide mineralization. Once this information is integrated into the company's geological model, Phase 2 drilling will be planned.
The company is proceeding with a Pre-Feasibility Study for a potential Heap Leach Joint Venture Copper Project with Sociedad Punta del Cobre S.A., meeting the requirements of National Instrument 43-101 disclosure standards. Discussions regarding this joint venture continue as the company advances its technical understanding of both projects.
These developments occur against a backdrop of increasing global copper demand for electrification and renewable energy infrastructure. Chile remains the world's largest copper producer, and discoveries in established mining districts like those where Fitzroy operates can potentially extend production lifespans and contribute to supply security. The company's use of advanced exploration techniques, including planned passive ground magneto-telluric geophysics and seismic surveys, reflects the increasing sophistication required to discover new deposits in mature mining regions.
Quality assurance and quality control procedures were implemented throughout both drilling programs. At Buen Retiro, samples were transported to the ALS-Patagonia laboratory in Copiapó, while Caballos samples went to Andes Analytical Assay Limitada in Santiago. Certified reference materials, blanks, and duplicates represented approximately 12% of samples, with visual review of QA/QC results identifying no significant issues. The technical information has been reviewed and approved by independent qualified person Dr. Scott Jobin-Bevans, though he noted he has not been able to independently verify the Candelaria mineralization comparisons.
