Fitzroy Minerals Intersects Highest Grade Copper to Date and Extends the Strike Length of the Main Mineralized Trend to 1.9 km at the Buen Retiro Copper Project, Chile
August 20, 2026
Fitzroy Minerals Intersects Highest Grade Copper to Date and Extends the Strike Length of the
Main Mineralized Trend to 1.9 km at the Buen Retiro Copper Project, Chile
Vancouver, British Columbia – August 20, 2026 – Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF,
FSE: C3Y) (“Fitzroy” or the “ Company”) is pleased to provide an update on drilling at the Buen
Retiro Copper Project , Copiapó, Chile (“Buen Retiro” or the “ Project”). Drilling is ongoing with
three diamond drill (“ DD”) rigs and a Reverse Circulation (“ RC”) rig at site. The Company is on
track to complete 22,000 metres of drilling in 2026. Results from drill holes BRT-DDH081 to BRT-
DDH100 are reported here.
Highlights
• Drill hole BRT-DDH094 returned 105.0 m @ 0.74% Cu from 58.0 m, including 12.0 m @
3.01% Cu from 75.0 metres.
• Drill hole BRT-DDH095 returned 8.8 m @ 3.70% Cu from 30.0 m, including 2.8 m @ 11.35%
Cu from 36.0 metres, and 1.0 m @ 21.84% Cu from 37.0 m, the highest grade recorded to
date at Buen Retiro.
• Drill hole BRT -DDH099 returned 83.0 m @ 0. 46% Cu from 69.0 m, including 49.0 m @
0.68% Cu from 72.0 metres.
Merlin Marr -Johnson, President and CEO of Fitzroy, commented: “ Drill hole BRT-DDH095
intersected the highest grade recorded on the Project to date, almost 22% Cu, at approximately
26 metres vertical depth below surface. The drill hole ended in 5.81% Cu mineralization (on hitting
a void) at 38.8 metres, within a wider interval grading 3.70% Cu from 30 metres. This drill hole was
part of a short-hole program to define the grade of material in the upper portions of the Tenorita
zone.
Elsewhere, it is worth noting that the other standout results are not simply from ‘infill’ drilling. Drill
hole BRT-DDH094 was a 100-metre extension to known mineralization in the northeast of the
Tenorita area, and drill holeBRT-DDH099 is a newly identified area of mineralization between the
Manto Negro and Nativo areas. RC drill hole BRT-RCD020 intersected native copper and chalcocite
at 239 metres depth, extending the main Tenorita trend by 200 metres to 1.9 kilometres along
strike. The mineralizing system at Buen Retiro is strong, with many new exploration targets being
identified as drilling progresses.
Fitzroy has chosen to focus most efforts towards defining Measured and Indicated resources that
can support a robustly profitable development plan. With that in mind, the team aims to complete
the drill-out of the Tenorita area in August, to stay on track with our stated aim of production in
early 2028.”
Overview
Fitzroy has completed 92 diamond drill holes for a total of 16,376 metres since the start of
February 2026. Drilling with four drill rigs at the Project is ongoing. Currently one DD rig is drilling
copper sulphides in the Ortuzar area, another DD rig is testing a zone of copper oxide
mineralization in the Manto Negro area, the third DD rig is drilling the northeast extension of the
Tenorita area, and the RC rig is drilling regional exploration targets.
Fitzroy is on track to complete a further 6,000 m of drilling in 2026. Two of the DD rigs are
expected to leave site in September having reached a data cut -off to allow time for logging,
assaying, and inclusion in the maiden Mineral Resource Estimate (“MRE”).
In Q4 2026, Fitzroy will run two drill rigs at Buen Retiro. The RC rig will be primarily dedicated to
regional exploration work testing shallow targets. The DD rig will be primarily dedicated to
exploration work testing deep targets.
Drilling, Assaying, and Geology Update
Of the 20 drill holes from BRT-DDH081 to BRT-DDH100, 5 are geotechnical drill holes and do not
have any significant intersections. The numbers of the geotechnical drill holes are BRT-DDH #81,
#83, #85, #87, and #88.
Drill hole #89 was a step -out exploration drill hole targeting the southeastern extension of the
Tenorita area. It was aborted at a depth of 232 metres after failing to pass through a fault zone,
although subsequent re-targeting of the zone with the RC rig (BRT-RCD020) passed the fault zone
and intersected target mineralization showing native copper and chalcocite at a depth of 239
metres. Results for RC drill hole BRT-RCD020 are pending but the drill hole confirms the extension
of the main mineralized trend within Tenorita by an additional 200 metres.
Highlights from the remaining 14 drill holes are shown in Table 1, below.
Drill hole 94 was drilled at an angle of 45o to the west, to target mineralization above BRT-DDH005,
an historical hole with three intervals of mineralization reported in the NI 43 -101 Technical
Report, issue date 10 September 2024. Drill hole 94 returned 105.0 metres at 0.74% Cu from 58.0
metres depth, including 12 metres @ 3.01 % Cu from 75 metres; 8 metres at 0.99% Cu from 114
metres; and 8 metres at 0.95% Cu from 152 metres. The mineralization in drill hole 94 extends
the eastern part of the Tenorita area 100 metres to the north. Drill hole 122 (assays pending) was
collared to the west of drill hole 94 (see Figure 1), but it intersected little visible mineralization,
(see Figure 2).
Figure 1. Plan map with location of drill holes, Buen Retiro, Copiapó, Chile (UTM WGS 84 19S).
Table 1. Definition drilling core assay results* for drill holes BRT-DDH082 to BRT-DDH100, Buen Retiro, Copiapó, Chile (UTM
WGS84 19S).
Drill Hole UTM East (m) UTM North
(m)
Azimuth / Dip From (m) To (m) **Interval
(m)
Cu (%)
BRT-DDH082 345179 6920737.75 250 / -65.55 82 105 23 0.36
including 89 98 9 0.56
BRT-DDH084 345294.05 6920671.98 250 / -55 96.7 119 22.3 0.15
and 142 147 5 0.16
BRT-DDH086 345307.32 6920782.53 250 / -45 95 168 73 0.38
including 106 134 28 0.54
129 134 5 1.11
164 168 4 1.20
BRT-DDH090 344899 6921330 250 / -45 103 148 45 0.23
BRT-DDH091 345379 6921403 270 / -45 55 80 25 0.10
and 99 107 8 0.18
162 175 13 0.20
181 201 20 0.13
BRT-DDH092 344860 6921262 250 / -42 0 23 23 0.24
and 61 88 27 0.33
BRT-DDH093 345255 6921003 90 / -60 25 57 32 0.20
BRT-DDH094 345310 6921153 270 / -45 58 163 105 0.74
including 75 87 12 3.01
114 122 8 0.99
152 160 8 0.95
BRT-DDH095 344956 6921092 250 / -43 30 38.8 8.8 3.70
including 36 38.8 2.8 11.35
Including 37 38 1 21.84
BRT-DDH096 345345 6921303 270 / -78 33 42 9 0.39
and 117 154 37 0.20
BRT-DDH097 344927 6921145 250 / -36 57 90 33 0.24
BRT-DDH098 345278 6921303 270 / -45 16 47 31 0.96
including 16 21 5 1.81
29 36 7 2.28
BRT-DDH099 345247 6921653 270 / -62 69 152 83 0.46
including 72 121 49 0.68
104 118 14 1.15
BRT-DDH100 344926.2 6921242.1 250 / -36 76 86 10 0.13
and 99 129 30 0.20
*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 95 was part of the shallow infill program to better define resources that will be extracted
early in the mine plan. From a depth of 30 metres downhole (approximately 21 metres below
surface) it intersected 8.8 metres at 3.70% Cu (see Figure 3). The hole ended when it hit a void
created by artisanal miners. The 1-metre interval from 37 metres graded 21.84% Cu, which is the
highest recorded sample from drilling to date at Buen Retiro.
Drill hole 99 is located on the boundary between the Manto Negro area to the north and the
Nativo area to the south. The hole was drilled at an angle of 62 o to the southwest, underneath
BRT-DDH011, which included an intersection of 112 m @ 0.25% Cu from 57 metres, including 69
m at 0.54% Cu from 57 metres 1. Drill hole 99 intersected 83 metres at 0. 46% Cu, including 49
metres at 0.68% Cu from 72 metres.
Figure 2. Cross-section B-B’, including drill holes BRT-DDH005, BRT-DDH094 and BRT-DDH122 Buen Retiro, Copiapó,
Chile (UTM GS84 19S).
1 See National Instrument 43-101 Technical Report for the Buen Retiro Copper Project issued 10
September 2024.
Figure 3. Cross-section A-A’, including drill holes BRT-DDH012, BRT-DDH049, and BRT-DDH095 Buen Retiro, Copiapó,
Chile (UTM WGS84 19S).
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 possib le
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 (“QP”)
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 has verified selected laboratory assay results against reported drill core intervals , as well as
drill core logs against the geology, as supplied by the Company.
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
Neither Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain statements and information that constitute forward -looking
information within the meaning of applicable Canadian securities laws. All statements in this news
release, other than statements of historical facts are forward -looking statements. Such forward-
looking statements and forward -looking information specifically include, but are not limited to,
statements that relate to the potential mineralization on the Company’s mineral properties, future
exploration plans on the Co mpany’s mineral properties and the timing and results of future
exploration.