Fitzroy Minerals Drilling Update
May 8, 2025
Fitzroy Minerals Drilling Update
VANCOUVER, BRITISH COLUMBIA, May 8, 2025 – FITZROY MINERALS INC. (TSXV: FTZ, OTCQB: FTZFF)
(“Fitzroy Minerals” or the "Company") is pleased to provide an update on the exploration activities within
its portfolio of properties in Chile. At the Caballos Copper Project, a 2,700 m, Phase 2 drilling program is
underway. Drilling will focus on depth and strike extensions to the mineralization successfully identified
in CAB-DDH001 at the Chincolco anomaly (news release dated March 27, 2025). At the Buen Retiro Copper
Project, a two-rig 8,000 m drilling program is progressing, with six holes already completed and core
samples submitted for assay. Drilling is principally focused on stepping-out from known copper oxide
mineralization in the top 150 m from surface. At the Polimet Au-Cu-Ag Project, 12 Phase 1 drill holes
comprising 2,486 m, have been completed and core samples submitted for assay. Initial assay results from
the Buen Retiro and Polimet projects are expected shortly.
Highlights:
A 2,800 m Phase 2 drilling program underway at the Caballos Copper Project.
A 8,500 m drilling program underway at the Buen Retiro Copper Project; six drill holes completed
and assays from initial holes are imminent.
A 2,500 m Phase 1 drilling program at the Polimet Au-Cu-Ag Project is complete and assays are
imminent.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals commented, "The first hole at Caballos
opened up a new mineral frontier, by identifying a previously unrecognized Cu-Mo-Au-Re mineralizing
system. We now hope to add scale to the mineralization in this round of drilling. Specifically, we will drill
the down-dip extension to the successful first hole, CAB-DDH001 and then as many step-outs along the 1.2
km-long Chincolco anomaly as possible before the snow sets in.
At Buen Retiro a Phase 2 drilling program with two rigs is well underway, expanding the footprint of IOCG
mineralization around the historical Manto Negro open pit mine. A striking feature of this Project is the
predominance of the highly friable and soluble copper mineral, tenorite in the oxide zone. Oxide resources
typically offer low capital-intensity development options, and many IOCG deposits in the Chilean coastal
belt are currently being developed. Buen Retiro is 43 km southwest of Candelaria, 35 km from the coast,
and 5 km from the Pan American Highway and high voltage transmission lines.”
Caballos Copper Project, Chile
As announced on March 27, 2025, CAB-DDH001 at the Chincolco anomaly in the Caballos Project (Figure
1) was successful. The hole intersected an interval of 200 m @ 0.46% Cu, 591 ppm Mo, and 0.07 g/t Au,
from a down-hole depth of 66 metres. Following up on that success, Fitzroy Minerals has started a 2,800
m Phase 2 drilling program. Drilling will focus on depth and strike extensions to the mineralization
successfully identified in CAB-DDH001 at the Chincolco anomaly (Figure 2).
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April activities included securing access rights and installing a portacabin camp in the Chincolco valley to
accommodate the geological team and drillers for the expanded 2025 program. Snow is expected to
interrupt the drill program as winter progresses, forecast in late June through to September.
Figure 1. Caballos location and highlights map, Chile Figure 2. Chincolco anomaly, Caballos
Buen Retiro Copper Project, Chile
As announced on March 31, 2025, the acquisition of Ptolemy Mining Limited that is the legal and beneficial
holder of options to acquire the Buen Retiro Project was completed.
In late March a two-rig 8,000 m drilling program at Buen Retiro was started. The drilling contract has the
flexibility to include some Reverse Circulation (“RC”) and Down The Hole (“DTH”) meterage. DTH drilling
is a rotary air blast technique used in Chile to penetrate gravels and take 1-3 m of bedrock sample.
The main mineralized trends around the historical Manto Negro open pit mine that have been identified
by Fitzroy Minerals are shown in Figure 3 (below). The Northern Trend has geophysical and
geomorphological signatures that extend for over three kilometers to the north of the open pit, and it is
almost entirely covered by gravels. Previous DTH holes identified an area that is anomalous in copper and
Fitzroy Minerals intends to continue the DTH grid to test the extensions of mineralization to the north and
east. Should a large anomaly be identified, this area is well suited for RC drilling.
Drilling is principally focused on testing continuity of known oxide mineralization in the top 150 m from
surface. Five diamond drill holes are already completed and submitted for assay (Figure 3). Two holes BRT-
DDH015 and BRT-DDH016 have been completed in the Northern Trend area, and three holes, BRT-
DDH017, BRT-DDH018, and BRT-DDH019 have been completed in the Southern Trend area. Holes BRT-
DDH020 and BRT-DDH021 are ongoing.
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Figure 3. Main mineralizing trends and Phase 2 drill hole traces at Buen Retiro Copper Project
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Polimet Gold-Copper-Silver Project, Chile
A 12-hole, 2,486 m Phase 1 drilling program was completed at Polimet. As previously announced on
January 27, 2025, the drilling was designed to test a series of targets based on a combination of structural
setting, gold and copper assay results, hydrothermal alteration, and IP geophysical conductors.
All twelve holes have been logged, and submitted for assay. Several of the holes intersected quartz veins
and associated epithermal features and results are due in the coming weeks.
Qualified Person
Dr. Scott Jobin-Bevans (P.Geo., Ph.D.), a Qualified Person as defined by National Instrument 43-101 and
independent geological consultant to the Company, has reviewed and verified the technical information
provided in this news release.
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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United States Securities Act) unless registered under the U.S. Securities Act and applicable state securities
laws or an exemption from such registration is available.
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