FTZ.V · 2024-11-27 12:00:00

Fitzroy Minerals Exploration Update

Exploration Programs

November 27, 2024

VANCOUVER, BRITISH COLUMBIA, November 27, 2024 – FITZROY MINERA LS INC. (TSXV: FTZ, OTCQB:

FTZFF) (“Fitzroy Minerals” or the "Company") is pleased to provide an exploration update on its copper

and gold‐copper‐silver projects portfolio in Chile.

Highlights:

 Rock chip samples from newly mapped veins at the Polimet Gold‐Copper‐Silver Project, Chile

(“Polimet”), returned: 11.51 g/t Au and 0.93% Cu, 3.40 g/t Au a nd 2.65% Cu, and 3.38 g/t Au and

1.65% Cu.

 IP and ground magnetic geophysical surveys underway at Polimet to assist with final drill‐targeting.

 Logistics preparation for drilling is underway at the Caballos Copper Project, Chile (“Caballos”) and

at Polimet.

At Polimet, rock chip sampling returned grades up to 11.51 g/t A u a n d 6 . 1 0 % C u ( F i g u r e 1 ) . M a p p i n g

continues to discover new vein outcrops and an ongoing soil geo chemistry survey continues to expand

existing, and find new, soil anomalies (Figures 2 to 5). Induced‐polarisation (“IP”) geophysical and ground

magnetic surveys are underway, ahead of the planned drilling program (Figure 5).

At Caballos, additional mapping and sampling have expanded the polymetallic vein zone in the western

area of the concessions. Rock chip samples returned grades up to 14.68 g/t Au and 14.78% Pb (Figure 6).

A mineralised felsic intrusion, emplaced along the Pocuro Fault Zone (“PFZ”), is the main target and is

associated with a 1.1 km‐long rock chip geochemistry anomaly in the southern part of the concessions. A

scout drilling program will start imminently.

The Taquetren Gold Project, Argentina and related exploration programs are under review.

Merlin Marr‐Johnson, President and CEO of Fitzroy Minerals, com mented, "Fitzroy Minerals has a

dynamic few months ahead in Chile, even before the Ptolemy Mining acquisition closes.

Regional work at Polimet has identified a variety of mineralisi ng styles, indicating that there are multiple

phases of mineralisation and that this is a metal‐rich environment. The main focus is Au‐Cu‐Ag epithermal

mineralisation that is largely h osted in veins and shoots, supp orted by high‐grade rock chip samples and

expanding soil anomalies. It is encouraging that mapping continues to identify new veins rich in both

copper and gold in the main target area. Unlike El Bronce, the million‐ounce deposit 13 km along strike to

the northwest, Polimet has an important copper component conten t in addition to silver and gold.

Geophysical surveys are in progress, and we are rapidly advancing to Phase 1 diamond drilling on the

central epithermal gold‐copper‐silver targets.

A scout diamond drilling program at Caballos will test the mine ralised intrusive that is present along the

P o c u r o F a u l t Z o n e . U s i n g a n e x i s t i n g t r a c k , w e c a n g e t a d r i l l r i g t o t h e c e n t r e o f t h e m a i n s o u t h e r n

anomaly which grades 0.84% Cu at surface and put in some proof‐ of‐concept drill holes to test the grade

and dimensions of the intrusive at depth. We look forward to an nouncing the results of the geophysical

surveys and the start of drilling soon.”

Polimet Gold‐Copper‐Silver Project, Chile

Background and New Concessions

At Polimet, mapping and site visits to surrounding properties h ave shown that a variety of mineralising

styles are present, indicating that the region is metal‐rich an d that it has experienced multiple phases of

mineralisation (Figures 1 to 5). Within three kilometres of the Polimet concession boundaries there are

several small private mines extracting barite from veins, copper from mantos, and gold from veins. At one

site to the southwest of Polimet, epithermal‐gold mineralisatio n is overprinted by copper‐manto

replacement style mineralisation.

Fitzroy Minerals is focused on the main Au‐Cu‐Ag epithermal mineralisation that is largely hosted in veins

and associated plunging shoots in the central and southern portions of the Project area. In general terms,

geological mapping and sampling continues to corroborate soil geochemistry results, with mineralised

veins and fractures returning good grades when outcrop is visible.

The trend of copper mineralisation has been mapped to the south east, continuing up to and potentially

beyond the Polimet concession boundary. In September, Fitzroy M inerals licenced two freely available

concession areas adjacent to the southeast corner of the Polimet Property. The new licence areas are 187

ha in size, taking the total Project area to 2,290 hectares. Th e current Project boundaries are shown in

Figure 1.

Geology, Mapping and Sampling

Rock chip samples returned gold grades as high as 11.51 g/t Au from a newly mapped vein in the

southwest area at Polimet (Figure 2) with copper grades as high as 6.10% Cu from a vein in the southeast

(Figure 1).

Mapping and sampling have identified a pair of parallel veins i n the southwestern portion of the

mineralised area (Figure 2). The veins were opened up by an art isanal miner. Rock chip sampling from

these two veins returned samples with grades of 11.51 g/t Au an d 0.93% Cu (sample ID: PN‐06), 3.40 g/t

Au and 2.65% Cu (sample ID: PN‐04), and 3.38 g/t Au and 1.65% Cu (sample ID: PN‐05).

The western vein is located within a 500 m long copper‐in‐soil anomaly and a coincident 300 m long gold‐

in‐soil anomaly. The eastern vein is located within a discontinuous copper‐in‐soil anomaly (Figure 2), and

the pulps from this section have not yet been analysed for gold.

To the west, northwest, east, and southeast of the central area , mapping has identified numerous veins

and fractures stained with copper oxides that do not exhibit strong epithermal geological textures. Further

work is required to determine if some of these copper zones are distal expressions of deeper epithermal

systems or if they are later copper mineralisation that has used the same structural architecture for

emplacement.

Figure 1. Geological map and rock chip sample results, Polimet Gold‐Copper‐Silver Project.

Geochemistry

W o r k a t P o l i m e t c o n t i n u e s t o a d v a n c e t h e P r o j e c t . P r e v i o u s l y ( Fi t z r o y M i n e r a l s n e w s r e l e a s e d a t e d

September 12, 2024), Fitzroy Minerals announced soil geochemistry results, with a dataset of 800 sample

points. Since then, a further 121 soil samples have been taken, expanding the dataset to 921 samples

(Figure 3).

The aim of the sampling was to better define the limits to the soil anomalies. The new sample results have

expanded the anomalies in the north and in the south. Although the copper‐in‐soil anomaly is now largely

closed in the north there are trends in the central and southern areas that remain open (Figures 3 and 4).

Mapping and sampling will continue along open trends.

Figure 2. Detail of newly mapped parallel veins, Polimet Gold‐Copper‐Silver Project.

Fitzroy Minerals notes that the main target at Polimet is an epithermal Au‐Cu‐Ag system. As such, copper

is a direct indicator for epithermal gold mineralisation at depth. The Company uses a bench‐mounted XRF

analyser to provide low‐cost and quick copper‐in‐soil concentration results.

Fitzroy Minerals also reports gold‐in‐soil geochemistry results. From the pulps retained from the in‐house

copper‐in‐soil XRF analysis, Fitzroy Minerals selected 488 pulp samples to be analysed for gold. The

selected pulps were sent to the AAA Laboratory, for analysis vi a ICP which has a lower detection limit of

1 ppb gold. The gold‐in‐soil geochemistry shows the gold and the copper soil anomalies largely occur

together and are related to mapped veins.

Figure 3. Copper‐in‐soil anomalies and expansion of the soil grid survey area, Polimet Gold‐

Copper‐Silver Project.

One area where gold is not linked to copper is a large open gol d anomaly in the south (Figure 4, centre

bottom) that may be controlled by lithology. Follow‐up work including detailed mapping, rock chip

sampling, and continued soil‐geochemistry sampling is underway; assay results are pending.

First pass mapping noted that the area of the broad gold anomal y is largely characterized by unaltered

porphyritic andesite. There are increased levels of silicification and epidotization to the southwest of this

southern area. Current work aims to assess the relationship of the anomaly with gold disseminated in or

associated with a preferential rock type or lithology.

Figure 4. Gold‐in‐soil geochemistry (also copper‐in‐soil 150 pp m contours),

Polimet Gold‐Copper‐Silver Project.

Geophysics

Geophysical surveys are currently underway at Polimet, ahead of the planned drilling. The objective of

the surveys is to outline epithermal gold‐copper‐silver mineral isation hosted primarily in north‐striking

veins and structures.

Based on knowledge of the area, well marked conductivity anomal ies are expected over the

mineralisation. Strong magnetic features related to deeper intrusive rocks may be present. Both resistivity

and magnetic data may outline structures and faults. A ground m agnetic survey, consisting of

approximately 315 km of east‐west lines with 50 m line spacing will be completed. In parallel, an Induced

Polarisation (“IP”) survey will be completed. The survey will u se a pole‐dipole array and a dipole spacing

of 50 m expanded though 8 separations (n=1 to 8). The survey wi ll provide a depth penetration of about

250 m and it will be conducted on 9 lines, totalling approximately 20 line‐km of survey (Figure 5).

Figure 5. Soil geochemistry and IP grid location map, Polimet G old‐Copper‐Silver

Project (for soil assay results see Legend in Figure 4).

Drilling

At Polimet, a draft Phase 1 drilling plan of approximately 2,500 m is complete and logistics for drilling are

being prepared. The drill hole locations will be finalised once the results and interpretation from the

geophysical surveys are available.

Caballos Copper, Chile

At the Caballos Copper Project, mapping has identified that the main area of interest within a corridor

parallel with the Pocuro Fault Zone (“PFZ”) (Figure 6).

A s p r e v i o u s l y r e p o r t e d , t h e r e i s a d i s t i n c t i v e h y d r o t h e r m a l b r eccia and alteration zone running

approximately 1.2 km north‐south along the PFZ ( see Figure 6), containing within it a 500 m‐long felsic

intrusion (Fitzroy Minerals news release dated July 29, 2024). The felsic intrusion has copper‐oxide

staining along most of its width, with occasional fresh dissemi nated chalcopyrite, and an average grade

of 0.84% Cu. There is also an associated molybdenum anomaly of about 980 m x 50 m, with an average

grade of 897 ppm Mo.

Figure 6. Southern Pocuro Fault Zone corridor and western vein samples, Caballos Copper Project.

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