Fitzroy Minerals Exploration Update
April 29, 2024
Fitzroy Minerals Exploration Update
VANCOUVER, BRITISH COLUMBIA, April 29, 2024 – 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 Argentina and Chile. At the Caballos Copper Project in Chile, a field-camp is
in place and a geological team are mapping and sampling along a 1,200 m prospective structure within
the larger Pocuro Fault corridor. At the Polimet Gold-Copper-Silver Project in Chile, Fitzroy Minerals is
undertaking check assays as part of a QA/QC process on a soil geochemistry survey that was previously
completed by the Project vendor. At the Taquetren Gold Project in Argentina, in-fill soil sampling at the
Irma and Centro gold prospects is almost complete. In addition, geological reconnaissance mapping has
discovered a continuation of the Irma gold-bearing vein system up to three kilometres away to the
southwest. Assays from both the soil sampling and the reconnaissance mapping program are awaited.
Highlights:
Mapping and sampling underway ahead of drilling at the Caballos Copper Project (Chile).
QA/QC checks underway on an XRF-based soil geochemical survey at the Polimet Au-Cu-Ag
Project (Chile) to validate a low-cost and time-efficient exploration tool.
New discovery extends the Irma gold-bearing vein system to a strike length of four kilometres, at
the Taquetren Gold Project (Argentina).
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals commented, "Our geologists are at Caballos
in the search for the next great copper-gold discovery. The team is mapping the geology around the 1.2
km long soil geochemistry and IP anomaly that was worked up historically to be a drill-ready target by
Vale. At the epithermal Polimet gold-copper-silver project we are completing final QA/QC checks on a
previously completed soil geochemistry survey which should give us an effective and very low-cost
exploration tool.
Meanwhile, in Argentina the work at the Taquetren Gold Project is beginning to show real potential. Under
the leadership of Daniel Bussandri, what was originally a conceptual target is now emerging to be a large-
scale vein system. Irma itself has a large anomalous footprint and the discovery of the continuation of the
Irma gold-bearing vein system three kilometres to the southwest is excellent news. Vein systems typically
need grade, scale, and continuity to be commercially viable. Sampling at Taquetren last year showed that
Centro and Irma had the grade component, and this significant extension to the southwest shows that the
system has scale as well."
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Caballos Copper Project, Chile
At Caballos, mapping and sampling are underway, ahead of a planned drilling program in H2 2024. The
team is focusing on the Pocuro Fault Zone which runs north-south across the western portion of the
Caballos concession area. Prior exploration has identified a significant coincident geological, geochemical
and geophysical anomaly at Cerro Las Mulas.
Historical soil and rock sampling indicates a copper anomaly, partially mirrored in molybdenum and gold
chemistry, along 1,200 m of strike. The geological anomaly is present as a felsic intrusive, with potassic
alteration, stockworks and copper mineralization. The geophysical anomaly is evident in a chargeability
feature that was present in both of the previous induced-polarisation (IP) surveys.
Current mapping and sampling aims to better characterize the geology and the controls on surface
mineralization at Cerro Las Mulas and within the much larger Pocuro Fault Zone trend. Additional zones
of interest, north and south along the Pocuro Fault Zone will be worked up as potential drilling targets.
Polimet Gold-Copper-Silver Project, Chile
A soil geochemistry survey was completed by the Project vendor at the Polimet Gold-Copper-Silver Project
in the El Bronce epithermal district. In total, 134 soil samples were taken in three grid areas measuring
600 m long x 260 m wide, 300 m long x 200 m wide, and 200 m long x 300 m wide. The sampling was
carried out over interpreted vein features mappable from float, outcrop, soil colour, and remote sensing
lineation studies. The aim of the soil sampling exercise was to identify geochemical trends to assist
continued exploration. The survey used the vendor-owned, fully-equipped sample preparation laboratory
and a bench-mounted XRF analyser that is worked in a controlled environment by a trained operator.
Fitzroy Minerals sees significant time and cost advantages of continuing to use these established XRF soil
geochemistry methods. Accuracy limits to an XRF analyser means that Fitzroy Minerals will be looking for
copper or indirect pathfinder element anomalies in the data. As previously reported (see Company news
release February 6, 2024) certificates of sales of ore to third parties from small-scale development in the
Santa Maria adit at Polimet returned average grades of 9.3 g/t Au, 2.0% Cu, and 17 g/t Ag. Fitzroy Minerals
will use copper geochemical anomalies as a pathfinder for gold and silver mineralisation.
Fitzroy Minerals and Fitzroy Minerals’ Qualified Person, Dr. Scott Jobin-Bevans, are reviewing the
methodology of the soil survey, including QA/QC protocols. A representative suite of check-assays has
been submitted to an accredited laboratory in Chile. If the check assays yield results within acceptable
statistical norms, Fitzroy Minerals will publish the results of the XRF-based geochemical survey.
Next steps will include geochemistry, geophysics and geology. The geochemistry will focus on soil surveys,
hopefully using low-cost and time-efficient XRF methods. The geophysical program may include a
selection of induced polarisation, spectral analysis, and magnetometry surveys. In terms of geology, the
focus will be detailed structural mapping. Mineralization at Polimet is expected to be best developed at
elevations between 1,000 metres and 1,600 metres above sea level and concentrated in high-grade pay-
shoots. Pay-shoots in the epithermal mineralization of the El Bronce District are structurally controlled.
The combined results of the structural mapping, the soil geochemistry, and the geophysics will guide the
drilling program at Polimet later in the year.
Taquetren Gold Project, Argentina
In the news release dated September 19, 2023, it was noted that a potentially significant NE-SW
mineralized system has been identified at Taquetren and that soil geochemistry was a good, low-cost
exploration tool. Recent activity at the Taquetren Gold Project has focused on two work streams: infill soil
sampling within the area of known mineralization, and geological reconnaissance mapping looking to
expand the known footprint of mineralization.
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The infill soil survey consisted of sampling on lines spaced 100 m apart and taking samples every 25 m
over the main geochemical anomalies at the Centro and Irma prospects. The infill lines means that the
Centro and Irma prospects now have a soil grid on a 50 m x 25 m spacing. The final results are anticipated
in the coming weeks.
Figure 1. Proposed in-fill grid, Irma, Taquetren Figure 2. Proposed in-fill grid, Centro, Taquetren
Geological reconnaissance was carried out to the southwest of Taquetren, following up on features seen
in scout mapping. The work has discovered a vein system approximately three kilometres southwest of
Irma. The veins have similar characteristics to those at Irma and are also hosted by the Taquetren
Formation, although with a slightly higher content of disseminated sulphides. The quartz veins host pyrite
and lesser arsenopyrite. The veins strike in the same NE-SW direction and dip to the NW. The veins, which
do not outcrop and are largely covered with soil, are discontinuous along strike and vary in thickness
between 0.30 and 1.10 metres.
A few of the quartz veins are composed of “milky” to saccharoidal quartz and with grey silica, associated
with sulphides (2% pyrite +/- arsenopyrite), and occasionally banded texture. NNW-SSE trending veins of
crystalline and massive calcite are common in the Irma West area. In the centre of some of these calcite
veins, what is interpreted as a later pulse of white silica is present. Lattice-bladed textures are present in
some cases. Soil depths in Irma West are usually 50-60 cm, occasionally up to 1 metre. The soil profile is
shallower in Irma.
In summary, the geological characteristics in Irma West and Irma suggest that the veins in both areas
represent a single vein system. This possibly represents a very significant increase in the size of the
mineralized area. Assay data from the rock chip samples and from the soil surveys from Irma West is
awaited.
Results dependent, potential next steps may include geological reconnaissance to the north of Irma West
and to the west of Centro. This work would investigate whether the vein set seen at Centro also extends
to the southwest, or not.
Qualified Person
Scott Jobin-Bevans, Ph.D., P. Geo., a Qualified Person as defined by National Instrument 43-101, has
reviewed and verified the technical information provided in this news release.
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Figure 3. Taquetren map of gold prospects and quartz veins identified at Irma and Irma West
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
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For more information on Fitzroy Minerals, please visit the Company's website: www.fitzroyminerals.com
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