Caballos Copper Project and Confirms that the Buen Retiro Copper Project is Analogous to Candelaria, Chile
January 13, 2026
Fitzroy Minerals Reports 176 m @ 0.47% CuEq1 (0.31% Cu, 249 ppm Mo, 0.04 g/t Au) at the
Caballos Copper Project and Confirms that the Buen Retiro Copper Project is Analogous to
Candelaria, Chile
Vancouver, British Columbia – January 1 3, 2026 – Fitzroy Minerals Inc. (TSXV: FTZ, OTCQB:
FTZFF) (“Fitzroy” or the “ Company”) is pleased to provide an update on exploration progress at
its Buen Retiro and Caballos copper projects (the “Copper Projects”) in northern Chile.
Highlights:
• Drill hole CAB-DDH004A intersected 176 m @ 0.31% Cu, 249 ppm Mo, 0.04 g/t Au (0.47%
CuEq1) from 156 m at the Caballos Copper Project, Chile.
• Airborne MobileMT , 716 line -km geophysical survey commi ssioned for Q1 2026, at the
Caballos Copper Project, Chile.
• SEG Visiting Lecturer Dr. Irene del Real Contreras considers that “the structural setting, the
geology and the mineralization seen at Buen Retiro is analogous to that of Candelaria , with
minor differences. ”
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented: “Fitzroy is intersecting
copper mineralization in two projects with scale in the world’s leading copper -producing country,
as copper prices reach record highs. I am confident that 2026 will be a transformative and hugely
exciting year for the Company as we meet our discovery and de-risking goals.
The latest results from Caballos show that we are onto a robust copper-molybdenum-gold system
with multiple phases of mineralization and many of the signature features of classic Chilean
porphyry copper deposits. The sulphides seen in drill hole 9, and the results from drill holes 1 and
4A show that the mineralized trend is more than 600 metres long, and we are still in the very early
stages of exploration . I am looking forward to the results of the deep -penetrating airborne
geophysics scheduled for Q1.
Separately, drilling at Buen Retiro continues to intersect sulphide mineralization and a site visit by
Dr. Irene del Real Contreras provided valuable insight . Dr. Real considers that the intersections
seen in drill holes 40 to 45 include mineralization preferentially hosted in an ‘Upper Pucobre
Formation’ volcanic breccia layer 20 to 50 metres thick that dips to the northwest and is open to
the northeast. This is important because the shallower portions of Candelaria mineralization are
also hosted in the Upper Pucobre Formation. I t is yet another similarity with Candelaria which
makes us even more optimistic about the overall potential at Buen Retiro, and we plan to initiate
1 CuEq calculated using assuming metal recovery metals of 85% for Cu, 85% for Mo, and 70% for Au. CuEq is
calculated using the formula CuEq % = 0.85 Cu % + (0.6808 * Au g/t) + (5.32 * Mo g/t /10,000) and three year trailing
average prices for 2022, 2023 and 2024: Cu $3.99/lb, Au $2,043/oz, Mo $21.37/lb.
deeper drilling for mineralization in the Lower Pucobre Formation once the geophysics is
completed and interpreted. We look forward to receiving all of the assays from the recent sulphide
drill holes as soon as they are delivered.
Finally, a decision to upgrade the Technical Report on the Heap Leach Joint Venture with Pucobre2
to a Pre-Feasibility Study underscores our confidence in the Project. I hope to be able to bring you
more detail on this Fitzroy-Pucobre Joint Venture plan in the coming weeks.”
Caballos Project
At Caballos, Phase 1 drilling was completed with a total of 3,154 met res of diamond drill core
across nine holes (Figure 1). An airborne geophysical survey (Mobile MT) has been commissioned
and is scheduled for completion in Q1 2026. Mapping is continuing ahead of the airborne
geophysical survey. Phase 2 drilling is scheduled for later in the year once the geophysical data is
integrated into our geological model.
Drilling Results
Diamond drilling in both Chincolc o (drill holes 4A and 9) and at Mule Hill ( drill holes 7 and 8)
intersected volcanic and intrusive rocks that have been overprinted by multiple tectonic,
hydrothermal, and mineralizing events. The core exhibits pervasive alteration and disseminated
chalcopyrite with lesser molybdenite, and later cross-cutting veining, particularly in drill holes 4A,
9, and 7 (Figure 2). The geology is consistent with a long-lived, structurally complex copper system.
In parts there is potassic alteration, veining, stockworks, and brecciation, which are hallmarks of
economic porphyry copper deposits.
Table 1. Drill core assay results* from CAB-DDH004A, CAB-DDH007 and CAB-DDH008, Caballos Copper Project,
Valparaiso, Chile
Drill Hole E (m)
(WGS84)
N (m)
(WGS84)
Azimuth
/ Dip
From
(m) To (m)
ŦInterval
(m)
1CuEq
(%) Cu (%) Mo
(ppm)
Au
(g/t)
CAB-
DDH004A 352235 6427560 270/-80 156 332 176 0.47 0.31 249 0.04
Including 195 219 24 0.90 0.70 267 0.10
Including 284 302 18 0.85 0.49 602 0.06
CAB-
DDH007 351174 6434237 270/-45 81 107 26 0.23 0.18 44 0.04
CAB-
DDH008 351153 6433450 267/-45 No significant results
CAB-
DDH009 352116 6428138 270/-80 Assays pending
* calculated based on a minimum thickness of 5 m and minimum average grade of 0.13% Cu
Ŧ estimated to be ~75% of true thickness
Drill hole 4A (CAB-DDH004A) intersected 176 m @ 0.31% Cu, 249 ppm Mo, 0.04 g/t Au (0.47%
CuEq1) from 156 m to 332 m downhole. Drill hole 7 (CAB-DDH007) intersected 26 m @ 0.18% Cu,
44 ppm Mo, and 0.04 g/t Au (26 m @ 0.23% CuEq 1) from 81 m downhole. Drill hole 8 (CAB -
2 Sociedad Punta del Cobre S.A.
DDH008) had no significant intersections. Drill hole 9 (CAB -DDH009) intersected sulphides in
varying quantities from 32 m to 158 m downhole with assays pending.
Figure 1. Map showing location of drill holes, Caballos, Chile
These results show that while both Chincolco and Mule Hill have many of the features of
established porphyry copper deposits, better grades are being intersected in Chincolco. Recent
mapping identified strongly altered hydrothermal breccia sub -crop (interm ittent exposure in
cross-cutting gullies) extending several hundred metres to the south of the main Chincolco surface
anomaly.
Geophysics
Fitzroy has signed a contract with Expert Geophysics to complete an airborne MobileMT (Mobile
MagnetoTellurics) geophysical survey. The survey aims to map sub -surface resistivity to a depth
of approximately 1km to 2km, dependent on the conductivity distribution of the local geology.
Complementary VLF (very low frequency) data, which provides near surface EM (electromagnetic)
information, will also be collected, when available and dependent on VLF signal strength.
The plan is to fly approximately 716 line-km spaced every 400 m and 4,000 m spaced tie lines
within the Caballos Project area. There is scope to add an additional 250 line-km of infill, to bring
the total to approximately 966 line-km.
Figure 2. Cross-Section of CAB-DDH004A, Caballos, Chile
Together the MMT and VLF -EM data should help to map subsurface geology, especially
conductive features like faults, fractures, and concentrations of sulphide mineralization. The next
availability for helicopters is likely to be in February, and it is anticipated that the survey can be
completed in Q1 2026.
Buen Retiro Project
At Buen Retiro, Phase 2 drilling is almost complete with approximately 8,000 met res of diamond
drill core across 29 holes. Assays are pending for drill holes 40 to 4 5, with delays reported from
the laboratory due to high demand. An 11,000 metre reverse circulation (“RC”) drilling campaign
is also nearing completion, which includes some condemnation drill holes (2,050 m) and testing
of proposed pad and lay-out areas. A ground geophysical survey is planned, to assist with sulphide
drill-targeting at depth.
Geological Interpretation
In the northern area of the Buen Retiro Project, drilling has identified a copper-mineralized trend
extending for approximately 1 kilometre north of the historical Manto Negro pit hosted within a
volcanic sequence dominated by andesitic rocks interbedded with volcanic breccias and tuffs
(Figure 3).
Copper mineralization clearly shows a stratigraphic control and is preferentially developed within
the more permeable volcanic breccias and tuffs, which act as favourable host horizons. These
units allow for enhanced fluid flow and copper deposition, and exhibit iron-rich alteration
characterized by abundant hematite and specularite which occur as matrix material and as infill
of open spaces within the breccias and tuffs . In contrast, the andesitic units have weaker
mineralization, primarily restricted to fractures and lithological contacts. Assays are pending for
drill holes 40 to 45 where intersections of 150 metres to 250 metres of disseminated chalcopyrite
were previously reported.
Results from earlier drilling highlight (see news release October 30, 2024) the way different
stratigraphic units affect copper-gold grade. For example, drill hole 3 returned 110 metres of
disseminated chalcopyrite mostly within the andesitic units (returning 110 m @ 0.23% Cu) , but
where the drill hole cut the volcanic breccia and tuffs the grade was 21 metres at 0.41% Cu and
0.11 g/t Au. Similarly in drill hole 9, which had several mineralized intersections, the best interval
(27 m @ 0.32% Cu , including 11 m @ 0.51% Cu ) occurs within the volcanic breccia and tuff unit.
The long section ( Figure 4) illustrates how mineralization is preferentially developed in the
sequence of hematitic breccias and tuffs. D rill holes 3 and 45 in the far north, which are close to
a major NE -SW-trending structure which is likely have contributed to a local increase in
hydrothermal fluid flow. Both of these holes were drilled toward the East and intersected several
hundred metres of sparsely disseminated chalcopyrite. Drill hole 16, drilled toward the West from
the same pad as drill hole 45, returned 58 m @ 0.38% Cu.
Renowned IOCG geologist and SEG Visiting Lecturer 2026 Dr. Irene del Real Contreras completed
a two -day site visit at Buen Retiro in December focused on reviewing the drill core from the
northern area. Dr. Real’s key observations were:
• Host lithologies can be assigned to the Upper Pucobre Formation
• Higher quantity of chalcopyrite is seen in the sequence of hematitic breccias and tuffs , a
key feature at Candelaria
• Interaction between mineralizing fluids and lithologies with high primary permeability
appears to have been a key factor in localizing mineralization, giving rise to tabular
(manto) or lenticular bodies controlled by both stratigraphy and structure.
• Primary regional controls are NNW-oriented structures and NNE-striking stratigraphy.
• Structural setting, the geology and the mineralization observed at Buen Retiro is
analogous to that of Candelaria, with minor differences.
Figure 4. Long-section (looking east) and drill hole results, Buen Retiro, Chile
Next Steps
New DD and RC drilling contracts for 2026 are being negotiated. The diamond holes will be split
between exploration drilling and larger diameter (HQ) infill / metallurgical sampling holes. Existing
geophysical data is being re-interpreted, and a deep-penetrating ground survey is being designed.
Discussions regarding a Heap Leach Joint Venture Copper Project with Sociedad Punta del Cobre
S.A. (“Pucobre”) continue, and a decision has been made that the associated Technical Report to
be completed by Fitzroy will be a Pre-Feasibility level (“ PFS”), meeting the requirements of
National Instrument 43-101 (“NI 43-101”) disclosure requirements.
Drill Core Preparation, Sampling and Assaying
Caballos d iamond drill core is collected from site by Fitzroy personnel and transported to the
Company's nearby sampling facilities where it is then processed for geological, geotechnical, and
geochemical data. All samples are collected as 1 metre sections. The core is cut into two halves
using an electric diamond brick (core) saw with half -core samples each allocated a unique
identifier code and bagged -tagged separately. Samples for each complete hole are transported
by Fitzroy personnel to Andes Analytical Assay Limitada (“ AAA”) laboratory in Santiago, Chile for
sample preparation (drying, weighing, crushing and grinding) and assay ing for Au (by 40 g fire
assay with AAS finish and a suite of 31 elements including Cu and Mo by Aqua Regia Digestion
and ICP-AES finish. One batch of pulps from AAA was sent to ALS Global laboratory in Lima, Peru
for check assays and rhenium assay by ICP-MS.
Sampling and assaying QA/QC protocols employed by the Company for this drill hole include
routine insertion of certified reference material (“CRM”), including certified standards and blanks.
Results for each CRM are assessed to monitor the accuracy and precision of the assay data for the
core samples. The Company did not identify any drilling, sampling, recovery, or other factors that
could materially affect the accuracy or reliability of the data disclosed in this press release.
The Company and Qualified Person (“ QP”) are independent of the laboratories disclosed in this
press release.
Grant of Options
The Company is pleased to announce that it has granted 3 00,000 stock options (each, an
“Option”) to purchase up to 3 00,000 common shares (“ Common Shares”) of the Company to a
director of the Company under the Company’s stock option plan (the “Plan”).
The Options are exercisable at the price of $0.58 per Common Share until January 1 3, 2031 ,
subject to any earlier termination in accordance with the Plan. All Options vested immediately on
the date of grant. All Options and the Common Shares underlying such Options are subject to a
hold period of four months and one day from the date of issuance. The grant of Options to the
director constitutes a related party transaction pursuant to Multilateral Instrument 61 -101 –
Protection of Minority Security Holders in Special Transactions (“ MI 61-101”). The Company is
exempt from the requirements to obtain a formal valuation and minority shareholder approval in
connection with the grant of Options to the related party in reliance on the exemptions contained
in sections 5.5(b) and 5.7(1)(a) of MI 61 -101, respectively, as the Company is not listed on a
specified market and the fair market value of the Options does not exceed 25% of the Company’s
market capitalization.
Qualified Person
Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), a QP as defined by National Instrument 43 -101 and
independent geological consultant to the Company, has reviewed and approved the technical
information provided in this news release and verified the data disclosed, including the sampling,
analytical and test data underlying the technical information contained in this news release.
Specifically, the QP verified selected laboratory assay results against the reported drill core
intervals as well as drill core logs against the geology, as supplied by the Company.
About Fitzroy Minerals
Fitzroy Minerals is focused on exploring and developing copper -focused mineral assets with
substantial upside potential in the Americas. The Company’s current property portfolio includes
the Buen Retiro Copper Project located near Copiapó, Chile, the Caballos Copper and Polimet
Gold-Copper-Silver projects located in Valparaiso, Chile, the Taquetren Gold Project located in Rio
Negro, Argentina, and the Cariboo Project in British Columbia, Canada. Fitzroy Minerals’ shares
are listed on the TSX Venture Exchange under the symbol FTZ and on the OTCQB under the symbol
FTZFF.
On behalf of the board of Fitzroy Minerals Inc.
Merlin Marr-Johnson
President and CEO
For further information, please contact:
Merlin Marr-Johnson
+447803712280
For more information on Fitzroy Minerals, please visit the Company's website:
www.fitzroyminerals.com
Neither Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain statements and information that constitute forward-looking
information within the meaning of applicable Canadian securities laws. All statements in this news
release, other than statements of historical facts are forward-looking statements. Such forward-
looking statements and forward-looking information specifically include, but are not limited to,
statements that relate to the potential mineralization on the Company’s mineral properties, future
exploration plans on the Company’s mineral properties and the timing and results of future
exploration.
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that involve various risks and uncertainty affecting the business of the Company. Such statements
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or that events or conditions "will", "would", "may", "could" or "should" occur. All statements that
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forward-looking statements under applicable securities laws. These statements address future
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so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with
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development and mining activities; actual exploration or development plans and costs differing
materially from the Company’s estimates; the ability to obtain and maintain any necessary