Fitzroy Minerals Reports Channel Samples Averaging 2.96% Cu from Buen Retiro Historical Open Pit; Drilling Continues to Return Extensive Visible Copper Mineralization, Buen Retiro Copper Project, Chile
June 15, 2026
Fitzroy Minerals Reports Channel Samples Averaging 2.96% Cu from Buen Retiro Historical
Open Pit; Drilling Continues to Return Extensive Visible Copper Mineralization, Buen Retiro
Copper Project, Chile
Vancouver, British Columbia – June 15, 2026 – Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF,
FSE: C3Y) (“Fitzroy” or the “Company”) is pleased to provide an exploration update from its 100%-
owned Buen Retiro Copper Project (the “Project” or “Buen Retiro”), located near Copiapó, Chile.
Drilling continues to intersect additional oxide and mixed (oxide-sulphide) copper mineralization
that is expected to be incorporated into resource definition and the Heap Leach Development
Plan. Three diamond drill (“DD”) rigs are at site and a Reverse Circulation (“RC”) rig will be added
next week. Metallurgical test work is underway and initial column results are expected to be
delivered in July. The Company will apply a “data cut-off” to resource drilling from the end of July
to allow time for assaying, modelling, integration with metallurgical results, and inclusion in a
Project Development Plan that will provide the basis of the Environmental Permit Application
(scheduled for October 2026). The Pre-Feasibility Study is on track for completion in Q1 2027. The
delivery of assay results from the laboratory continues to be disrupted and delayed. Results from
channel sampling in the historical Buen Retiro Open Pit (“Pit Area”) are reported here.
Key Takeaways from this News Release:
21 one-metre channel samples collected from locations distributed throughout the historical
Buen Retiro open pit returned an average grade of 2.96% Cu, with a maximum of 10.68% Cu.
Historical drill hole BRT-DDH-013 returned 7 m @ 2.78% Cu from 130 m, and 30 m @ 3.52%
Cu from 141 m downhole in intervals that are approximately 30-55 metres below the current
pit floor.
Drill hole BRT-DDH099, located 70 m south of the historical Buen Retiro open pit, intersected
113 m of tenorite (CuO) mineralization from 3.5 m downhole which has been submitted
directly to the lab for ‘over-limit’ analysis as the intercept is estimated to average
approximately 1.0% Cu and exceed regular exploration assay limits of 1% Cu.
Exploration with three DD rigs continues to intersect wide zones of copper oxide and copper
sulphide mineralization, and a RC rig will join soon. Fresh data will be incorporated into the
Project Development Plan to enable the submission of the Environmental Permit Application
to be made in October 2026.
Merlin Marr-Johnson, President and CEO of Fitzroy, commented: "Channel sample results
averaging around 3.0% Cu and historical drill results of 30 metres at 3.52% Cu showcase the type
of copper mineralization that Fitzroy is targeting in the Pit Area. Historical production focused on
Cu-oxide material only, and our analysis of historical drill data shows that a meaningful amount
of mixed and transition copper material was left behind, that can be recovered with our planned
chloride-leach process. The drilling campaign in the Southwest Area is finishing up, and our
attention is now turning to the Pit Area where recent drilling has intersected highly encouraging
and newly identified mineralized zones. With four rigs on site as of June 20 th, we will complete
around 5,000 m of drilling in the Pit Area for inclusion into the Project Development Plan ahead of
submission of the Environmental Permit Application.
Not all copper mineralization is equal, and the copper that Fitzroy is delineating at Buen Retiro has
extraordinary advantages such as proximity to processing and transport infrastructure, low
elevation, no human habitation, and being located at a brownfields site in Chile, which has a pro-
mining legislation and a copper industry looking for new production. As Fitzroy takes Buen Retiro
through the study phases and into production in 2028 we look forward to showcasing the high
value nature of the development plan to the market.”
Channel Sampling Results, Historical Pit Area, Buen Retiro
The Company has completed a program of 21 channel samples collected from mineralized
outcrop within the historical Buen Retiro open pit. The arithmetic average of all 21 results is 2.96%
Cu1. Seventeen of the samples returned above 1.0% Cu, and four were more than 5.0% Cu (see
Table 1, below).
Table 1. Results from 21 one-metre channel samples from the historical open pit, Buen Retiro
Sample ID
Weight
(kg)
Length
(m) 1 Cu (%) Sample ID
Weight
(kg)
Length
(m) 1 Cu (%)
BRT-RJ-001 4.66 2.0 5.68 BRT-RJ-012 3.29 4.0 2.04
BRT-RJ-002 4.48 2.0 2.23 BRT-RJ-013 3.02 2.0 6.25
BRT-RJ-003 3.83 3.0 2.21 BRT-RJ-014 3.72 2.0 0.97
BRT-RJ-004 4.24 3.0 2.66 BRT-RJ-015 3.27 3.0 1.11
BRT-RJ-005 3.95 2.0 2.78 BRT-RJ-016 3.60 3.0 1.79
BRT-RJ-006 4.78 7.0 10.68 BRT-RJ-017 2.89 2.0 1.85
BRT-RJ-007 3.58 2.0 2.94 BRT-RJ-018 2.41 4.0 4.32
BRT-RJ-008 2.86 4.0 1.37 BRT-RJ-019 2.73 3.0 5.78
BRT-RJ-009 3.55 2.0 4.66 BRT-RJ-020 2.63 3.0 0.17
BRT-RJ-010 3.82 3.0 0.45 BRT-RJ-021 2.40 4.0 0.66
BRT-RJ-011 3.11 2.0 1.54
In addition to the channel samples, Fitzroy has access to the historical drill data collated by
Pucobre S.A and Ptolemy Mining Ltd. Data shows that mining stopped at the base of
predominantly Cu-oxide mineralization but that well-mineralized rock continues at depth in
mixed, transitional material. For example, historical drill hole BRT-DDH-013 (drilled by Ptolemy
Mining Ltd in 2024, see Table 2), intersected two high-grade intervals of typically leachable
minerals: 7 m @ 2.78% Cu from 130-137 m, and 30 m @ 3.52% Cu from 141-171 m downhole
which are located approximately 30-55 metres below the current open pit floor.
1Channel samples are selective in nature and may not be representative of the average grade or
continuity of mineralization within the deposit.
Table 2. Results from historical drill hole BRT-DDH-013, Buen Retiro*
From (m) To (m) **Interval (m) Cu (%)
BRT-DDH-013 130.00 137.00 7.00 2.78
Including 133.00 137.00 4.00 4.81
and 141.00 171.00 30.00 3.52
Including 156.00 168.00 12.00 4.96
*see National Instrument 43-101 Technical Report for the Buen Retiro Copper Project, 30 October 2024, filed on SEDAR+; **reported
intervals are core length and are not true width
Drilling, Assay Laboratories, and Drilling Results Update
Fitzroy has drilled 10,048 m at Buen Retiro to date in 2026, principally targeting Cu-oxide and
mixed (Cu-oxide and sulphide) material for inclusion in the Heap Leach Development Plan. The
original plan for 7,000 metres of drilling (infill, sterilization and geotechnical) has increased to
10,000 metres as Fitzroy continued to intersect shallow mineralized material, expanding the
envelope of known mineralization. A further 5,000 m drilling program, targeting Cu-oxide and
mixed material in the historical Pit Area, is underway.
The ALS Global laboratory is still experiencing severe congestion, resulting in turnaround times
for samples of 60-70 days. A further complication has arisen at the border between Chile and
Peru. Sample preparation is done in Copiapó, Chile and the pulps are sent to Lima, Peru for
assaying. Some pulp shipments have been stalled at the border by Peruvian customs, which
means that not only are Fitzroy samples late, but their delivery is irregular.
Fitzroy is mitigating the assay result delays in two ways. Firstly, samples from drilling in the Pit
Area will be sent to SGS Laboratories in Santiago, Chile that has offered much shorter turnaround
times. Secondly, the team of Fitzroy geologists have now built-up considerable experience in
characterizing the Buen Retiro copper mineralization, and plans drill holes and requests ‘over-
limit’ analysis (>1.0% Cu) based on visual estimates of grade. Comparison of estimated grade
versus actual grade (from the results to date) shows that the Fitzroy technical team tends to
under-estimate intercepts of higher-grade copper by about 20-30%. On this basis Fitzroy can
advise assay laboratories to send runs of mineralized samples with visual grade estimation
averaging 0.9% Cu and above directly to ‘over-limit’ copper analysis, saving upwards of two
weeks’ of time.
Diamond drill hole BRT-DDH099, drilled 70 m south of the historical Buen Retiro open pit, is a
good example of in-field copper grade estimation. Here, Fitzroy geologists recorded a core Quick
Log estimate of 113 m with an average of almost 1.0% Cu (visual) from 3.5 m downhole. These
results, plus the high tenor channel samples from the southern half of the historical pit, meant
that the drilling plan was immediately adjusted to increase the drill hole density in this area.
Furthermore, a large proportion of the 113 m intersection has been selected for immediate ‘over-
limit’ analysis, corresponding with samples estimated to be 0.9% Cu and above.
Fitzroy will publish drilling assay results in late June, but the mid-monthly routine of reporting will
be regained for July and beyond.
Figure 1. Pit Area, channel sample and drill holes, Buen Retiro, Chile (UTM WGS84 Z19S).
Geophysics, Metallurgical Test Work, Other Work Streams
The Fleet Space Technologies Ambient Noise Tomography (“ ANT”) passive seismic infill survey
was completed in May. The ANT technique identified zones of elevated fracturing and host-rock
alteration, and these results will be integrated into our work and news-flow program.
Since signing the Letter of Intent with Pucobre S.A. in April, Fitzroy continues to work on
engineering and commercial aspects of the Heap Leach Development Plan, and data is being
shared in a two-way process.
Metallurgical test work is ongoing. Mini-column results will be ready in July and incorporated into
the Project Development Plan that will be the basis of the Environment Permit Application. One-
metre and three-metre columns test work results will be available in Q4 2026 and will be
incorporated into the Pre-Feasibility Study.
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 (“ QA/QC”) 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
Tecnología Estandarización y Metrología Ltda. (“ INTEM”), have international standard
certification. The Certified Reference Material (“ CRM”) is 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 stored in boxes and in shelves
inside a container separated for this purpose. Both are located in the same Company warehouse
facility 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,
from time to time, the QP verifies 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-type
mineralization described herein and as such it is not necessarily indicative of the mineralization
found 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 Caribou 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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