Fitzroy Minerals Reports 200 m at 0.83% CuEq, Including 42 m at 2.31% CuEq in New Copper-Molybdenum-Gold-Rhenium, Mineralizing System Identified at the Caballos Copper Project, Chile
March 27, 2025
Fitzroy Minerals Reports 200 m at 0.83% CuEq, Including 42 m at 2.31% CuEq in
New Copper-Molybdenum-Gold-Rhenium, Mineralizing System Identified at the
Caballos Copper Project, Chile
VANCOUVER, BRITISH COLUMBIA, March 27, 2025 – FITZROY MINERALS INC. (TSXV: FTZ, OTCQB: FTZFF)
(“Fitzroy Minerals” or the "Company") is pleased to announce the results from its first ever drill hole at
the Caballos Copper Project (the “Project” or the “Property”) in Chile, with significant intercepts of copper-
molybdenum-gold-rhenium mineralization.
Highlights:
• First hole CAB-DDH001 intersected 200 m 1 grading 0.46% Cu, 591 ppm Mo, 0.07 g/t Au, (0. 83%
CuEq2), from a depth of 66 metres:
o including 98 m1 @ 0.78% Cu, 1071 ppm Mo, 0.12 g/t Au, (1.45% CuEq2), from 151 m.
o Including 42 m1 @ 1.20% Cu, 1764 ppm Mo, 0.23 g/t Au, (2.31% CuEq2) from 188 m.
• Mineralization is associated with a hydrothermal breccia controlled by the regional Pocuro Fault
Zone with >10 km of strike with anomalous Cu and Mo results across the Caballos Project area.
• Rhenium (“Re”) analysis of selected pulps (150 m - 246 m) by ICP-MS method returned 85 m @
0.38 ppm Re, with maximum value of 2.42 ppm Re, which are among the highest in Chile3.
• First drill hole ever on the Property identifies new mineralization style, opening up significant new
potential.
• Additional drill holes being planned to accelerate advancement of the Project.
Merlin Marr -Johnson, CEO and President of Fitzroy Minerals, commented: " This remarkable intercept
from our very first hole at Caballos identifies the p otential of a new and significant copper-molybdenum-
gold-rhenium system. The hole at Chincolco, Caballos , intersected a thick package of intensely
hydrothermally altered, veined and mineralized breccias and felsic intrusions and is located at the centre
of a significant Cu -Mo anomaly that extends for over one kilometre along strike. The Pocuro Fault Zone
hosts other occurrences of interest along the 12 km of strike within the Caballos project area, notably the
Mule Hill anomaly about 5 km north of Chincolco.
1 True thickness estimated to be 75% of drill hole intercept.
2 Copper Equivalent (“CuEq”) calculated using metals reported in situ (100% basis). CuEq is calculated using the
formula CuEq % = Cu % + (7467.1029 * Au g/t /10,000) + (5.3559 * Mo g/t /10,000) and three year trailing average
prices for 2022, 2023 and 2024: Cu $3.99/lb, Au $2,043/oz, Mo $21.37/lb
3 By-Products of Porphyry Copper and Molybdenum Deposits, David A. John, and Ryan D. Taylor, SEG 2016,
Reviews in Economic Geology, v. 18, pp. 137–164.
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Another stand-out feature of the drill hole is the mix of elements. The molybdenum and rhenium grades in
this hole are significantly higher than that reported from several Chilean Cu -Mo-Re deposits 3. The
molybdenum price is 4-5 times higher than the copper price, and rhenium is a strategic mineral essential
for many military applications and predominantly produced in Chile. The gold content is significant as well.
All in all, the prospects at Caballos are wide open. The geology shows a compelling mix of highly valuable
metals plus significant scale potential. I would like to thank that the entire team that has worked on th e
Project to date, with special thanks to Gilberto Schubert who has explored this area with tenacity since
first reviewing historical stream sediment data in 2005 , to the first drill hole in 2025. We are planning a
series of additional holes that should start in April.”
Caballos Copper Project, Chile
Chincolco and Mule Hill Anomalies
At the Caballos Copper Project, Fitzroy Minerals has advanced work at two distinct anomalies over the
regional, deep-seated Pocuro Fault Zone (“ PFZ”). Drill Hole CAB-DDH001 targeted the Chincolco Creek
anomaly (“Chincolco”). Five kilometres further north is the Mule Hill anomaly (“Mule Hill”), which is similar
in size and character to Chincolco (Figure 1).
Mule Hill is defined by a 1,300 m-long soil and rock Cu (Mo-Au) anomaly with results up to 2.0% Cu, 0.4
g/t Au, and 1,670 ppm Mo (0.17% Mo). Mineralisation is associated with felsic intrusions and breccias and
localised potassic alteration (K-feldspar and secondary biotite ). Historic al Induced Polarization (IP)
geophysical surveys have shown a good correlation of the geological and geochemical anomalies with a
subtle chargeability anomaly (>10 mV/V) , which extends at least 300 m to the south, beyond the
geochemical anomaly.
By way of comparison, the surface expression at Chincolco is a 1,200 m -long rock-chip Cu (Mo -Au)
anomaly with results up to 2.1% Cu, 1.1 g/t Au and 1.2% Mo. The anomaly is strongly fault-controlled and
associated with a sericite-limonite-tourmaline breccia. This mineralized zone is approximately 160 m wide
and historical IP surveys indicate that it is associated with a subtle chargeability anomaly (>10 mV/V). The
average of 30 samples collected in 2024 from the hydrothermal breccia at Chincolco was 0.84% Cu. Sixteen
samples define the molybdenum anomaly, with an average grade of 897 ppm Mo.
Drill hole CAB -DDH001 is located in the centre of the Chincolco anomaly, drilling across it towards the
west (Figure 1).
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Figure 1. Location map of the Caballos Project and the Mule Hill and Chincolco anomalies.
Drill Hole CAB-DDH001
As reported on 10 February 2025, the drill hole at Caballos was oriented with an azimuth of 260 degrees
and a dip of 70 degrees. The hole was collared in the Breccia Zone and completed to a length of 350.0 m,
ending in unmineralized andesitic volcanic rocks.
The rocks are strongly controlled by the PFZ and show varying degrees of structural deformation and
development of tectonic fabrics. From surface to a depth of 65 m, the drill hole intersected a barren
breccia (Bx1), which is then followed by altered and mineralised andesites to a depth of 108 metres. From
108 m, a hydrothermally altered and mineralized breccia (Bx2) with felsic intrusions and multiple phases
of veining and deformation is the dominant lithology down to a depth of 251 metres. Within this lar ger
unit there are a few xenoliths or megaclasts and a bleached dacitic unit with some pyrite and no value
minerals is evident from 127 m to 150 metres. After a faulted contact at 251 m, the dominant lithologies
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are altered andesitic volcanics with minor hydrothermal breccia intercalations and veining, decreasing
away from the PFZ.
Figure 2. Drill hole CAB-DDH001 cross-section, Chincolco anomaly, Caballos Copper Project, Chile.
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Assay Results and Mineralization
Assay results returned 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.
Mineralization is characterized by a lower grade section at the top of the hole and a higher grade section
below the barren dacitic unit. The upper mineralization zone returned 54.0 m @ 0.21% Cu, 209 ppm Mo,
and 0.03 g/t Au (0.34% CuEq) from 66 metres. The lower intercept returned 98.0 m @ 0.78 % Cu, 1,071
ppm Mo, and 0. 12 g/t Au (1.45% CuEq) from 151 metres. Within this interval , there is a zone of more
intense mineralization that returned 42.0 m @ 1.20% Cu, 1,764 ppm Mo, 0.23 g/t Au (2.31% CuEq) from
187 metres. Sporadic values of silver (up to 613 g/t Ag) and zinc (up to 1.4% Zn) are also observed in the
hole.
Table 1. Drill hole CAB-DDH001 selected results, Chincolco anomaly, Caballos Copper Project, Chile
Lat / Lon: -32.2751375; -70.5690144
From (m) To (m) Interval (m) Cu (%) Mo (ppm) Au (g/t) CuEq (%)1
66.0 266.0 200.0 0.46 591 0.07 0.83
Including:
151.0 249.0 98.0 0.78 1071 0.12 1.45
Including:
187.0 229.0 42.0 1.20 1,764 0.23 2.31
1 Copper Equivalent (“CuEq”) calculated using metals reported in situ (100% basis). CuEq is calculated using
the formula CuEq % = Cu % + (7467.1029 * Au g/t /10,000) + (5.3559 * Mo g/t /10,000) and three year
trailing average prices for 2022, 2023 and 2024: Cu $3.99/lb, Au $2,043/oz, Mo $21.37/lb
As previously reported, there are varying amounts of chalcopyrite, molybdenite and pyrite throughout
the majority of the PFZ breccia. The breccia is highly altered, with clasts often rich in a mixture of silica,
tourmaline, albite, K-feldspar, cut by carbonates and gypsum veinlets. The chalcopyrite content typically
increases with the presence of tourmaline clusters. Molybdenite occurs as disseminations associated with
chalcopyrite and occasionally as discrete veinlets.
Field measurements and the down-hole intersection of footwall contact show that the breccias have a dip
of approximately 70 degrees to the east. True widths of the intercepts are approximately 75% of down-
hole intervals. The lower (western) contact of the hydrothermal breccia with andesitic volcanic rocks is
characterized by chlorite-epidote alteration.
Discussion and Next Steps
Drill hole CAB-DDH001 is the first hole ever drilled at Caballos, located in the centre of the approximately
1.2 km-long Chincolco anomaly. It is important to note that the tenor of the mineralization identified
down-hole was similar to the grade of the surface sampling and that the hydrothermal breccia unit
associated with the Cu-Mo anomaly covers a surface area of approximately 140,000 m2.
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Next steps will include testing strike - and dip-extent of the Chincolco mineralization through step -out
drilling. The strength of the mineralizing system and associated grades intersected in the first hole,
increase the prospectivity of the entire Pocuro Fault Zone, including Mule Hill which is about 5 km to the
north. The PFZ is a regional geological feature that is a broadly planar structure with vergence towards
the west (dipping to the east).
Molybdenite samples have been submitted for Os -Re dating which, if successful, will help place the
mineralization within a regional context. Drilling is anticipated to restart at Chincolco, Caballos Project, in
April 2025.
Molybdenum and Rhenium
Molybdenum (“moly”) is a 260,000 tonnes per year (tpa) market, with China producing 110,000 tpa. Chile
is the second largest moly producer in the world, reaching 53,000 t in 2023 (USGS data) 4. Chilean copper
porphyries often show a negative correlation between moly and gold, but here there is a positive
correlation. Moly is a valuable by -product in c opper porphyries in Chile even though grades can be
relatively low ( e.g., Los Pelambres 150 ppm Mo, El Teniente 190 ppm Mo, Los Bronces 200 ppm M o,
Collahuasi 400 ppm, Chuquicamata 400 ppm) 3. The moly grades from drill hole CAB-DDH001 are
noteworthy. The moly price is currently US$20.9/lb and the three year trailing average price is US$19.7/lb.
Rhenium (Re) is a 45,000 kg annual market and is one of the scarcest elements in the Earth’s crust. It is a
dense metal with very high melting and boiling points. The metal never fractures and helps prevent brittle
fracture in super-alloys. It is used in the aerospace and high tech and military sectors. USGS data indicates
that 40,000 kg of the global production of Rhenium is associated with molybdenite in Chilean porphyries.
The rhenium grades from drill hole CAB-DDH001 are noteworthy. Rhenium is worth about US$90/oz. The
Re content at Caballos has the potential to add value to the mineralized material and to be a strategically
important source of the material as in other areas of Chile.
Core Preparation, Sampling and Assaying
The Caballos Project diamond drill core is collected from site by FTZ staff and transported to the
Company's nearby sampling facilities where it is then processed for geological, geotechnical, and
geochemical data. Sampling intervals were all of 1 metre. The core is cut into two halves using an electric
diamond brick (core) saw with half -core samples each allocated a unique identifier code and bagged -
tagged separately. Samples for each complete hole are transported by Fitzroy Minerals personnel to AAA
laboratories in Santiago, Chile for sample preparation (drying, weighing, c rushing and grinding) and
assayed for Au (by 40 g fire assay with AAS finish method) plus a suite of 31 elements including Cu and
Mo (by aqua regia digestion and ICP-AES finish). One batch of pulps from AAA was sent to ALS laboratories
in Lima, Peru for check assays and rhenium assay by ICP-MS.
Sampling and assaying Quality Assurance-Quality Control (“QAQC”) protocols employed by the Company
for this drill hole include routine insertion of certified reference materials (“ CRM”) including standards
and blanks. Results for each CRM is assessed to monitor the accuracy and precision of the assay data for
the core samples.
4 https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-molybdenum.pdf
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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 , including the sampling, analytical and test data underlying the technical
information contained in this news release. Specifically, the QP verified laboratory assay certificates
against the 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 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
+44 7803712280
For more information on Fitzroy Minerals, please visit the Company's website: www.fitzroyminerals.com
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Exchange) accepts responsibility for the adequacy or accuracy of this release.
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