Definitive Option Agreement signed at Polimet, Chile
May 22, 2024
Definitive Option Agreement signed at Polimet, Chile
VANCOUVER, BRITISH COLUMBIA, May 22, 2024 – FITZROY MINERALS INC. (TSXV: FTZ, OTCQB: FTZFF)
(“Fitzroy Minerals” or the "Company") is pleased to announce that a Definitive Option Agreement for the
Polimet Gold-Copper-Silver Project in Chile has been signed. Fieldwork including geochemistry, geological
mapping and sampling, and geophysics on the project is currently in development.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals commented, "Signing the Definitive Option
Agreement on Polimet is a great milestone for Fitzroy Minerals. With gold and copper prices reaching all-
time or inter-year highs, it is the perfect time to be consolidating ownership of a high-grade gold-copper
asset. I look forward to seeing the results of the geochemical soil surveys and advancing the project to
drilling later in the year.”
Definitive Option Agreement
The terms of the Polimet Gold-Copper-Silver project are as follows
● Make a cash payment of US$ 30,000* on signing of a definitive option agreement, with a further
US$80,000 on the first anniversary thereof;
● Incur exploration expenditures of at least US$2.25 million over a three year period, with no
consecutive 12 month period seeing less than US$500,000 of exploration expenditures.
Subject to the requisite investment having been met, Fitzroy Minerals can exercise the Polimet Option by
making a US$1.2 million payment to the Vendor in Year Four. In addition, the Vendor is granted a 2% NSR,
of which 1% can be purchased by Fitzroy Minerals for US$3 million at any point prior to commercial
production. The acquisition of the Polimet Option is an arm’s length transaction.
*US$ 50,000 was previously advanced to the Project Vendor under an amendment to the Heads of
Agreement.
Update Regarding January Private Placement
The Company announces that the final amount of the non-brokered private placement which closed on
January 9, 2024 was reduced to 12,365,000 units for aggregate proceeds of $1,236,500. This is due to a
clerical error which resulted in the issuance of 250,000 additional units, which have now been cancelled
and returned to treasury.
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About Fitzroy Minerals
Fitzroy Minerals is focused on exploring and developing mineral assets with substantial upside potential
in the Americas. The Company’s current property portfolio includes the Caballos Copper and Polimet Gold-
Copper-Silver projects located in Valparaiso, Chile and the Taquetren Gold project located in Rio Negro,
Argentina, as well as 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 Fitzroy Minerals Inc.
Merlin Marr-Johnson
President and CEO
For further information, please contact:
Merlin Marr-Johnson
+1 604-505-4554
For more information on Fitzroy Minerals, please visit the Company's website: www.fitzroyminerals.com
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in the United States. The securities have not been and will not be registered under the United States
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This news release includes certain statements and information that constitute forward-looking
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other than statements of historical facts are forward-looking statements. Such forward-looking
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