Fitzroy Minerals Samples 2.46% Cu and Provides Exploration Update, Caballos Copper Project, Chile
Fitzroy Minerals Samples 2.46% Cu and Provides Exploration Update,
Caballos Copper Project, Chile
VANCOUVER, BRITISH COLUMBIA, 20 June 2024 – FITZROY MINERALS IN C. (TSXV: FTZ, OTCQB: FTZFF)
(“Fitzroy Minerals” or the "Company") is pleased to announce rock chip sample and mapping results from
the Caballos Copper Project (the “Project” or ‘Property”) in Ch ile. In the northern half of the Caballos
concession, grab and rock chip sample results demonstrate the presence of copper over at least four
kilometres of strike‐length within the Pocuro Fault Zone (“PFZ” ) corridor, mainly associated with veined
intrusive stocks, some of which exceed a kilometre in length (Figure 1). Assay results from the 83 rock chip
samples collected in the northern half of the Property returned a maximum of 2.46% Cu and 1.37 g/t Au
(Figure 1). Old workings were discovered in the far north area of the Project.
In the southern half of the Caballos concession, mapping and sampling has identified a large copper‐oxide‐
stained felsic intrusion outcrop associated with the PFZ, and a set of polymetallic veins to the west. The
felsic intrusion is approximately 500 m long by 70 m wide and trends north‐south within the fault zone. A
grab rock sample from this intrusion taken by the Project QP re turned 2.11% Cu, 1.10 g/t Au and 22 g/t
Ag (Figure 1). The polymetallic veins to the west are visible i n an extensive area approximately 2.0 x 1.2
km. The mineral assemblage in the vein sets is frequently quartz‐galena‐sphalerite‐pyrite with minor
chalcopyrite. Assay results from 94 samples in the southern half of the Caballos concession are pending.
Highlights:
Mineralised intrusions and old workings along the Pocuro Fault Zone host copper mineralisation.
Grab rock chip samples up to 2.46% Cu in old workings located i n a 1.3 km‐long dioritic stock.
New, large (500 m x 70 m) copper‐oxide‐stained felsic intrusion identified in south Caballos with a
grab rock sample grading 2.11% Cu, 1.10 g/t Au, and 22 g/t Ag.
Merlin Marr‐Johnson, President and CEO of Fitzroy Minerals commented, "Mapping at Caballos confirms
mineralisation along the Pocuro Fault Zone corridor, highlighted by positive results and the presence of old
workings. There is a clear association of copper mineralisation with felsic and dioritic intrusions in the main
Pocuro Fault Zone corridor at the Project. Three new veinlet‐be aring dioritic stocks, ranging from 600 to
1,300‐m long were identified in the northern part of the Project. The most recent discovery of a large,
copper‐stained felsic intrusion and the extensive polymetallic veins sets in the southern sector are yet more
signals that we are mapping out an extensive mineral system. Th e plan is to map out the extent of the
mineralised intrusions and nearby veins that are associated with the main north‐south structures.”
Caballos Copper Project, Chile
At Caballos, mapping and sampling was carried out in April and May‐June. In April, the focus was on the
northern part of the main Pocuro Fault Zone accessed via the Rio Sobrante valley. In May‐June, the focus
was on the southern part of the PFZ accessed via the Rio Alicahue valley. As of 14 June, 94 grab rock chip
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samples from the southern area have been collected and sent to the laboratory for analysis with assay
results pending. A preliminary Property‐scale geological map is provided in Figure 1.
Figure 1. Caballos Copper Project, grab and rock chip sampling assay results and general geology.
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Assay results have been returned from the 83 northern area grab and rock chip samples. Of the 83
samples, 29 samples had values above 0.1% Cu, 18 of the samples had values above 0.5% Cu, of which
seven were above 1.0% Cu with a maximum of 2.46% Cu. Gold values between 0.13 and 0.36 g/t Au
accompany copper in two of the intrusive stocks. Separately, gold grades up to 1.37 g/t Au, are associated
with gossanised zones in volcanic or intrusive rocks.
Copper mineralisation is mostly a ssociated with felsic intrusio ns (disseminated sulphide‐oxide
mineralisation) and dioritic intrusions (fracture and vein‐related mineralisation) along the main PFZ.
Copper oxides are prevalent on fra ctures, particularly on the c ontacts between the intrusive bodies and
the host rocks.
Old workings are evident close to the northern boundary in an a ltered dioritic stock that has a mapped
extent of 1,300 metres. Copper oxide staining is evident on the edges of the intrusion in fracture planes
and vein sets. Four samples from this intrusive, spaced 400 m a part returned values between 0.87% Cu
and 2.46% Cu.
Mapping to date has confirmed the PFZ as a structural corridor orientated roughly north‐south. The host
lithology is predominantly andesi tic volcanic rocks to the west , with largely unmineralized tuffs located
east of the PFZ. The PFZ structural corridor features dioritic and feldspathic porphyry intrusions into the
andesites, frequently elongated and aligned north‐south. The con t a c t s a r e o f t e n s h e a r e d w i t h m i n o r
breccia development. A subordinate southwest‐northeast fracture system has influenced the shape of the
intrusions and controlled some of the veining.
Zones of weak‐intermediate argillic and quartz‐sericite alterat ion feature in some sectors of the
feldspathic and dioritic porphyry bodies accompany copper mineralisation. The alteration and the copper
mineralisation in the mapped area is concentrated in and/or on contact zones around the intrusions.
The team is focusing on the PFZ which runs approximately north‐south across the western portion of the
Caballos concession area (Figure 1). Prior exploration also ide ntified hydrothermal breccias with copper,
zinc, and local molybdenum in the southern part of the concessi on area along the PFZ. Recent mapping
by Fitzroy Minerals has identified a mineralized felsic intrusion that extends approximately 500 m north‐
south within a hydrothermal breccia zone of 1.2 km along the PF Z. The felsic intrusion has copper‐oxide
staining along the majority of its width, with fresh disseminat ed chalcopyrite occasionally visible. A grab
rock sample taken by QP Scott Jobin‐Bevans from this intrusion in April returned 2.11% Cu and 1.10 g/t
Au.
When geological maps and assays from the southern portion are complete, Fitzroy Minerals will undertake
a review of the data prior to announcing future exploration plans at Caballos.
QA/QC and Rock Sampling
A total of 177 grab rock chip samples, 163 from outcrops and 3 from small fist‐sized pebbles, were
collected as part of the geological mapping program (83 from the north and 94 from the south), with rock
chip samples limited to vein widths and up to 2 m‐long. The 177 samples collected by the Company and
the one (1) grab sample collected by the QP were analyzed by Andes Analytical Assay (AAA) based in
Santiago, Chile, using ICP for 31 elements, including copper and silver, and AAS for gold. ICP copper results
>10,000 ppm were re‐analyzed using AAS and report as total copper (CuT). For the QA/QC, in addition to
the standards and blanks used by the laboratory, the Company in serted nine (9) blanks into the sample
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stream, along with one field duplicate sample. Rock grab samples are selective by nature and values
reported may not represent the true grade or style of mineralization across the Property.
Grant of Options
The Company also announces that it has granted 550,000 options (each, an “Option”) to purchase up to
550,000 common shares to an officer and certain consultants of the Company under the Company’s 10%
rolling stock option plan (the “Plan”). The Options are exercisable at the price of $0.15 per common share
until June 20, 2029, subject to any earlier termination in accordance with the Plan and the requirements
of the TSX‐V. All Options vested immediately on the date of grant.
Qualified Person
Scott Jobin‐Bevans, Ph.D., P. Geo., a Qualified Person as defined by National Instrument 43‐101, has
reviewed and verified the technical information provided in this news release.
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 the Valparaiso Region, 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
+1 604‐505‐4554
For more information on Fitzroy Minerals, please visit the Company's website: www.fitzroyminerals.com
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