Fitzroy Reports 2.96% Cu Channel Samples at Buen Retiro, Chile

Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF) has released an exploration update for its 100%-owned Buen Retiro Copper Project in Chile, highlighting high-grade copper results from channel sampling and ongoing drilling. The company reported that 21 channel samples from the historical open pit averaged 2.96% Cu, with individual samples reaching up to 10.68% Cu. Historical drill hole BRT-DDH-013 returned intervals of 7 meters at 2.78% Cu and 30 meters at 3.52% Cu, located 30-55 meters below the pit floor, indicating potential for additional mineralization. Drill hole BRT-DDH099, 70 meters south of the pit, intersected 113 meters of tenorite mineralization from 3.5 meters downhole, estimated at approximately 1.0% Cu. Fitzroy is currently operating three diamond drill rigs and will add a reverse circulation rig next week, with a total of 15,000 meters planned for 2026. The company is focusing on resource definition and a Heap Leach Development Plan, with a data cut-off in July to support an Environmental Permit Application in October 2026. Metallurgical test work is underway, with initial column results expected in July and a Pre-Feasibility Study targeted for Q1 2027. Despite delays at the ALS Global laboratory, Fitzroy is mitigating by using SGS Laboratories in Santiago and implementing visual grade estimation for over-limit analysis. CEO Merlin Marr-Johnson emphasized the advantages of the Buen Retiro project, including proximity to infrastructure, low elevation, and a pro-mining jurisdiction in Chile, with production targeted for 2028. The company also completed a passive seismic survey and is collaborating with Pucobre S.A. on engineering and commercial aspects of the development plan.

The high-grade channel samples and historical drill results underscore the potential for copper mineralization in the Pit Area, where historical mining focused only on oxide material. Fitzroy plans to recover mixed and transition copper using a chloride-leach process. The company is adjusting its drilling strategy based on visual estimates, such as the 113-meter intercept in BRT-DDH099, which prompted increased drill density in the southern pit area. Results from the Fleet Space Technologies Ambient Noise Tomography survey will be integrated into future work. Fitzroy is also managing assay delays by sending samples to alternative labs and prioritizing over-limit analysis for high-grade intervals. The company expects to regain monthly reporting cadence by July. With four rigs on site, the drilling program aims to complete 5,000 meters in the Pit Area for inclusion in the Project Development Plan. The company’s QA/QC procedures include blanks, standards, and duplicates, with no significant issues identified. The technical information has been reviewed by Dr. Scott Jobin-Bevans, the Qualified Person under NI 43-101.