Fitzroy Minerals Intersects 78.0 m at 1.70% Cu from 58.0 m, including 40.0 m at 3.02% Cu from 92.0 m at the Buen Retiro Copper Project, Chile
May 13, 2026
Fitzroy Minerals Intersects 78.0 m at 1.70% Cu from 58.0 m, including 40.0 m at 3.02% Cu from
92.0 m at the Buen Retiro Copper Project, Chile
Vancouver, British Columbia – May 13, 2026 – Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF,
FSE: C3Y ) (“Fitzroy” or the “ Company”) is pleased to provide an update on drilling and the
Ambient Noise Tomography ( “ANT”) geophysical survey at the Buen Retiro Copper Project,
Copiapó, Chile (“Buen Retiro” or the “Project”). Results from seven resource definition drill holes
in the Southwest Area are reported here.
Highlights
• Drill hole BRT -DDH059 returned 78.0 m @ 1.70% Cu from 58.0 m, including 4 0.0 m @
3.02% Cu from 92.0 metres.
• Drill hole BRT-DDH058 returned 75.0 m @ 0.82% Cu from 9.0 m, including 8.0 m @ 3.77%
Cu from 12.0 metres.
• Fleet Space Technologies’ passive seismic ANT regional survey confirmed architecture of
main geological structures of the project and a detailed, infill survey is in progress.
Merlin Marr-Johnson, President and CEO of Fitzroy, commented: “ Fitzroy continues to intersect
good grades close to surface at Buen Retiro, underscored by the drill intercept of 78 metres at
1.70% copper in drill hole 59. A third drill rig is being added at Buen Retiro, as we widen the search-
space in this large copper system. In parallel we continue to work on the Pre-Feasibility Study
which should showcase the value of leachable material near infrastructure in one of Chile’s mining
hubs.
Through its exploration at Buen Retiro and Caballos, Fitzroy remains focused on making large-
scale copper discoveries in Chile. And through the potential development of the Buen Retiro Heap
Leach project and its partnership with Pucobre , Fitzroy sees a possible route to near -term cash
flow to fund exploration across the wider portfolio.”
Overview
Fitzroy has completed 39 drill holes for a total of 6, 885 metres since the start of February 2026,
comprising 35 infill drill holes and four geotechnical drill holes. The twin-rig program, aiming to
define mineralization that will contribute to a maiden mineral resource estimate in the Southwest
Area, is now approaching the final stage. One rig continues geotechnical drilling for the proposed
pit area, and a smaller rig has been brought in to drill shallow holes in the Southwest Area and in
the historical pit. Fitzroy is evaluating the potential inclusion of mineralized material in the base
of the old pit to the Pre-Feasibility Study mine plan. The third diamond drill rig is now dedicated
to copper sulphide exploration. Fitzroy has an initial drilling plan of 3,000 metres and it anticipates
expanding the program as the results of the ANT geophysical survey are incorporated into the
target ranking.
Figure 1. Plan map with location of drill holes, Buen Retiro, Copiapó, Chile (UTM WGS 84 19S).
In addition, Fitzroy is currently finalizing a 5,000 metre Reverse Circulation (“RC”) drilling contract
that is expected to start next month. The RC drill will complete sterilization drilling around the old
pit prior to switching to regional exploration across the 13,400 hectare concession area.
Laboratory turnaround times continue to be slow. Results from seven drill holes are reported
here, adding to results from four drill holes in the previous release. Results from a further 24 drill
holes are awaited and will be reported on a rolling monthly-basis going forward.
ANT Survey
Results of the regional Fleet Space Technologies ’ passive seismic Ambient Noise Tomography
(ANT) survey at Buen Retiro confirmed the architecture of main geological structures of the
Project. The survey depth identified structures and zone s interpreted to represent intense
alteration and brecciation at depths of 1-2 kilometers, covering an area of approximately 5 km x
5 km. Several of the large alteration anomalies coincide with areas of interest identified by Fitzroy
through geological and geophysical interpretation. A detailed, infill survey covering 2 km x 3 km
is in progress, aiming to vector towards preferential hydrothermal conduits in the upper 800
metres.
Drilling, Assaying, and Geology Update
Results from seven drill holes BRT -DDH050 to 5 9 are shown here, with drill holes 52 to 54 still
pending assays.
Table 1. Definition Drilling core assay results* for drill holes BRT-DDH046 to BRT-DDH049, Buen Retiro, Copiapó, Chile (UTM
GS84 19S).
Drill Hole UTM East
(m)
UTM North
(m)
Azimuth /
Dip
From
(m)
To
(m)
**Interval
(m)
Cu
(%)
BRT-DDH050 344960 6921191 250 / -45 103 132 29 0.56
BRT-DDH051 344916 6921283 250 / -60 165 174 9 0.31
BRT-DDH052 assays pending
BRT-DDH053 assays pending
BRT-DDH054 assays pending
BRT-DDH055 344941 6921237 250 / -45 89 153 64 0.61
including 130 151 21 1.21
BRT-DDH056 345007 6921048 250 / -45 43 143 100 0.46
including 102 123 21 1.08
BRT-DDH057 344943 6921238 250 / -66 119 181 62 0.38
including 150 181 31 0.61
including 166 179 13 1.22
BRT-DDH058 345068 6920964 250 / -45 9 84 75 0.82
including 12 20 8 3.77
BRT-DDH059 344953 6921136 250 / -70 58 136 78 1.70
including 92 132 40 3.02
*Calculated on a minimum thickness of 5 m and minimum average grade of 0.20% Cu
**Estimated to be 80-90% of true thickness
Drill hole 59 returned 78 metres at 1.70% Cu, including a lower portion of 40 metres grading 3.02%
Cu. Drill hole 56 returned a long intercept of 100 metres at 0.46% Cu from a depth of 43 metres.
Elsewhere, drill holes 55 and 57 provide a relatively representative section of the mineralization
in the Southwest area. Drill hole 55 returned 64.0 m at 0.61% Cu from 89.0 m, with a lower portion
of 21.0 m returning 1.21% Cu, from 130.0 metres. Drill hole 57 returned an intercept of 62.0 m at
0.38% Cu from 119 .0 m, of which the lower portion is much better than the upper portion,
culminating in 13.0 m at 1.22% Cu, from 166.0 metres.
Drill holes such as 50 (29.0 m @ 0.56% from 103.0 m) and 51 (9.0 m @ 0.31% Cu, from 165.0 m)
are drilled at the edges of the system. The main mineralized package dips approximately 75 o to
the east-northeast and is truncated at depth by a bounding fault oriented northwest-southeast.
Figure 2. Cross-Section of Drill Holes BRT-
DDH059 & 61 (assays pending), Buen Retiro,
Copiapó, Chile.
Figure 3. Cross-Section of Drill Holes BRT-
DDH055 & 57, Buen Retiro, Copiapó, Chile.
Buen Retiro Core Sampling Procedures, Laboratory and QA/QC
Buen Retiro HQ drill core, in labelled and secured wooden core trays, is picked up from the drilling
site by Company personnel and transported by truck from the drill rig to the core processing
facility in Copiapó. Core lengths are checked, after which geotechnical logging is performed.
Using an electric core cutting diamond blade saw, primary half-core samples are collected from
HQ- or NQ-sized drill core with the remaining half- core stored in the original wooden core trays
at the rented core storage warehouse in Cuesta Cardones, south of Copiapó.
A silica blank is inserted every 20 samples (approximately every 20 m); a blank is always inserted
immediately after a section that contains native copper. Pulp duplicates are randomly selected in
proportion to the number of samples from each drill hole and inserted into the sample stream
along with high-, medium-, and low-grade copper standards. Sample identifications are changed
and coded by the Company.
The Quality Assurance (QA) and Quality Control (QC) samples prepared by the Company represent
about 12% of the total primary core samples. The three certified copper standards (both oxide
and sulphide), acquired from Chilean company Instituto Nacional de T ecnología Estandarización
y Metrología Ltda. (“ INTEM”), have international standard certification. The certified standards
are used to evaluate the accuracy (approximation versus true value) of the laboratory analysis.
Blanks are used to evaluate the quality of the laboratory preparation and identify possible
contamination. Pulp duplicates are used to test analytical accuracy (repeatability). No secondary
laboratory (referee lab) samples were completed in this round of drilling; however, the next stage
and subsequent stages of drilling will see a secondary laboratory introduced to replicate
procedures.
Once prepared, the core samples are bagged, tagged, and transported to the laboratory by the
project team. At the laboratory reception, the samples and their identification codes are verified
and accepted once the physical inventory matches the assay request form.
The pulps and rejects of crushed samples are collected from the ALS- Patagonia laboratory in
Copiapó every 3 months. The rejects are stocked in closed drums, identified with the
corresponding batches and sample ranges, while the pulps are stocked in boxes a nd in shelves
inside a container separated for this purpose. Both are located in the same Company warehouse
facilities in Copiapó.
A visual review of the QA/QC results from the standards and blanks inserted by the Company and
the laboratory’s internal QA/QC information was completed by the Company and no significant
issues were identified.
The Company and Qualified Person are independent of the assay laboratories disclosed in this
news release.
Qualified Person
Dr. Scott Jobin -Bevans (P.Geo., Ph.D., PMP), a QP as defined by NI 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.
Dr. Scott Jobin -Bevans has not been able to independently verify the Candelaria mineralization
and as such the mineralization described is not necessarily indicative of the mineralization on the
Buen Retiro Copper Project.
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 Caribo u Project in British Columbia, Canada. Fitzroy Minerals’ shares
are listed on the TSX Venture Exchange under the symbol FTZ and on the OTCQX 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
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the Exchange) accepts responsibility for the adequacy or accuracy of this release.
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