Fitzroy Minerals Reports Wide Copper Mineralization Intervals from the Buen Retiro Copper Project, Chile, and Provides an Exploration Update
March 23, 2026
Fitzroy Minerals Reports Wide Copper Mineralization Intervals from the Buen Retiro
Copper Project, Chile, and Provides an Exploration Update
Vancouver, British Columbia – March 23, 2026 – Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF,
FSE: C3Y) (“Fitzroy” or the “Company”) is pleased to provide an update on exploration progress
at its Buen Retiro and Caballos copper projects (the “Copper Projects”) in northern Chile.
Buen Retiro Highlights:
Drill hole BRT-DDH045: 384 m @ 0.22% Cu from 4 m, including 94 m @ 0.33% Cu from 30 m.
Infill drilling underway to allow for a maiden mineral resource estimate ahead of a PFS.
A 2,800 kg bulk sample ready for heap leach metallurgical test work at SGS Laboratories.
Fleet Space Technologies passive seismic survey to start soon.
At the Caballos Copper Project, the airborne MobileMT geophysical survey is complete, with data
currently being interpreted.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented: “ Drill hole 45
intersected copper in two distinct mineralizing styles on a large scale in the North area of the Buen
Retiro property. It is also located three kilometres north-northeast of the high-grade copper oxide
mineralization in the Southwest area. Combined with large, coincident geophysical anomalies,
there is now compelling evidence that Buen Retiro is a major copper system.
Crucially, Buen Retiro is at low elevation, on a brown-fields site four kilometres from the Pan-
American Highway and associated high voltage transmission lines, close to the coast where a
proposed desalination plant has a seawater extraction licence, and close to the mining centre of
Copiapo with its mining services and large labour pool. In an industry with decreasing discovery
rates Fitzroy aims to leverage potential future cash flow from the proposed Buen Retiro Heap
Leach copper operation to fund the continued exploration for major copper deposits in Chile with
minimal dilution.”
Buen Retiro Cu-(Co) Project
At Buen Retiro, results from diamond drill holes 44 and 45 from the Phase 1 program are reported
in Table 1. Separately, infill drilling with two diamond drill rigs started in February and
approximately 160 m of HQ diamond core is being drilled per day. Drill holes 46 through 60 have
been completed and are being logged and cut, with samples sent for assay on an ongoing basis.
Half core from the infill drill holes is being aggregated to comprise representative bulk samples
defined on mineralogical characteristics and the target total weight of about 2,800 kg of
mineralized material for metallurgical test work has been reached. Metallurgical tests for the
Buen Retiro Heap Leach Project will be carried out by SGS Laboratories (“SGS”), starting in late
March. Remaining half core is quartered, with one quarter being sent for assay and the last
quarter being stored in core trays.
The infill drilling program, anticipated to be approximately 6,000 m of drilling, should be
completed in April. After the infill drilling is complete, one rig will focus on exploration drilling (NQ
core), and the other drill rig will be released. A passive seismic, Ambient Noise Tomography
(“ANT”) ground geophysical survey is about to start which will assist with the litho-structural
interpretation, supporting sulphide drill-targeting at depth. The exploration drilling program will
be a minimum of 8,000 m with flexibility to increase to 15,000 metres.
Drilling Results
As previously reported (news release January 13, 2026 ), in the North area of the Buen Retiro
Project, drilling has identified a copper-sulphide mineralized trend extending for approximately 1
kilometre north of the historical Manto Negro Mine open pit, hosted within a volcanic sequence
dominated by andesitic rocks, interbedded with volcanic breccias and tuffs (Figure 1).
Figure 1. Long-section (looking east) and diamond drill hole results, Buen Retiro, Copiapó, Chile.
Results from drill holes 44 and 45 are shown in Table 1. Drill hole BRT-DDH045 is particularly
interesting as the first 100 metres intersected a zone of stockwork intercalated with minor
breccias from the start of fresh rock at four metres.
Figure 2. Plan map with location of drill holes, Buen Retiro, Copiapó, Chile (UTM WGS 84 19S).
The drill hole then transitioned into a Candelaria-style stratiform system for a further 284 metres.
Copper mineralization (chalcopyrite) is very consistent throughout the hole, reflected in the
results of 384 metres @ 0.23% Cu from four metres, including 94 metres @ 0.33% Cu from 30
metres.
Drill hole BRT-DDH044 intersected a series of low-grade intersections, the best interval being 10
metres @ 0.30% Cu, from 142 metres.
Geophysics
Fitzroy Minerals has contracted Fleet Space Technologies to complete an Exosphere Ambient
Noise Tomography (ANT) geophysical survey. The survey is likely to be carried out in two stages:
an initial regional ANT survey (Phase 1) followed by a targeted infill survey (Phase 2), subject to
results obtained in Phase 1. The Phase 1 survey is about to start and aims to image the large-scale
subsurface architecture of the Project area, including basement geometry, major structural
corridors, and velocity contrasts potentially associated with IOCG mineral systems. Following
completion and interpretation of the regional survey it might be beneficial to advance to the
Phase 2 infill survey, which would focus on refining targets and increasing resolution in areas of
interest identified in Phase 1.
Table 1. Selected Phase 2 drill core assay results*, drill holes BRT-DDH044 and BRT-DDH045, 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-DDH044 345252 6923128 090/-45 142 152 10 0.30
BRT-DDH045 345379 6923390 090/-65 4 388 384 0.23
including 30 124 94 0.33
including 30 56 26 0.45
including 80 124 44 0.32
and 174 191 7 0.42
and 288 301 13 0.40
and 325 334 9 0.69
*Calculated on a minimum thickness of 5 m and minimum average grade of 0.20% Cu
**True thickness estimated to be 80% of down-hole intersection
Caballos Cu-Mo-Au Project
An airborne geophysical survey (Mobile MagnetoTellurics or MobileMT) has been completed and
interpretation is ongoing. Phase 2 drilling is scheduled for later in the year once the geophysical
data is integrated into the Company’s geological model.
Buen Retiro Core Sampling Procedures, Laboratory and QA/QC
Buen Retiro 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 (~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 Tecnología 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 put in place laboratory 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 and 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 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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