Gold mineralisation extended to 4 km strike – largest newly discovered epithermal vein to date, Taquetren Gold Project, Argentina
May 28, 2024
Gold mineralisation extended to 4 km strike – largest newly discovered
epithermal vein to date, Taquetren Gold Project, Argentina
VANCOUVER, BRITISH COLUMBIA, May 28, 2024 – FITZROY MINERALS INC. (TSXV: FTZ, OTCQB: FTZFF)
(“Fitzroy Minerals” or the "Company") is pleased to announce rock chip sample, soil geochemistry and
mapping results from the Taquetren epithermal Gold Project (the “Project”) in Argentina. At Irma West
positive rock chip results extend the strike-length of known gold mineralisation to 4 kilometres. At Irma,
in-fill soil geochemistry has increased the resolution of a gold anomaly approximately 1,500 metres long
and 500 m wide. In addition, other soil anomalies and sub-parallel trends from the soil geochemistry data
have emerged at Irma and Centro. At Irma West, reconnaissance mapping has identified the largest quartz
vein out-crop to date at the Project, approximately 133 m long by 4.5 m wide and trending northeast.
Highlights:
Irma West: rock chip sample of 5.68 g/t Au within 2.3 m @ 2.38 g/t Au
Irma West: new large (133 m long x 4.5 m wide) vein discovery with epithermal signature
Irma: in-fill soil geochemistry sampling confirms standalone gold anomaly at 1500 m x 500 m
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals commented, "Exploration at Taquetren
continues to deliver. The more we look, the more quartz vein sub-crop and outcrop we find. The northeast
-trending vein sets have shown to be both extensive and gold-bearing. The most recent large vein
discovery is yet another signal that we are onto a big system connecting Irma and Irma West. In addition,
veins and soil geochemistry anomalies at Centro also trend northeast-southwest and are gold-bearing.
The plan is to map out the extent of the system in parallel with advancing known targets further.”
Rock Chip Samples
As reported on 30 April 2024, reconnaissance mapping has discovered a quartz vein system approximately
three km southwest of Irma. The quartz veins strike NE-SW, dip to the NW and have similar characteristics
to those at Irma. The veins do not outcrop and are largely covered with soil. Small (1-2 cm) pieces of quartz
float are often the only identifiers of quartz vein sub-crop. The veins appear to be discontinuous along
strike and vary in thickness between 0.30 and 1.10 metres.
One 2.3 m section, including a fine-grained grey quartz vein, averaged 2.38 g/t Au (vein location shown
by the black box in Figure 1). A 40 cm sub-section, characterised by fine veinlets and strong argillic
alteration in the vein wall-rock, returned 5.68 g/t Au. The Taquetren Formation host rocks are volcano-
sedimentary rocks, most often fine-grained to porphyritic andesites.
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Figure 1. General Geology with Rock Chip Assay Results, Taquetren Gold Project, Argentina
In general, the contact between the veins and the host rocks in Irma West exhibit mild to moderate argillic
alteration and a degree of oxidation (limonite). Some quartz veins containing fine pyrite (< 3%) returned
low gold concentrations, in the order of 0.5 g/t Au. Samples from Irma West are low in trace elements
such as lead and arsenic relative to the results from Irma. In total, 203 rock chip samples have been
collected from Irma and Irma West, with 84 assaying above 0.01 g/t Au, 41 below detection limit, and 78
results pending.
Soil Geochemistry: in-fill grids at Irma and Centro
The in-fill soil survey consisted of sampling on lines spaced 100 m apart and taking samples every 25 m
over the main geochemical anomalies at the Irma and Centro prospects. The in-fill lines means that the
Irma and Centro prospects now have a soil sample grid on a 50 m x 25 m spacing. The lines at Irma were
700 m long and the lines at Centro were 300 m long. A total of 837 in-fill soil samples were taken at the
Irma and Centro prospects. The sampling methodology remains the same – namely, removal of the surface
layer to reduce dilution due to the accumulation of wind-swept sediments or volcanic ash. Samples are
sieved to <80 mesh (<0.18 mm particle size).
The results from Irma show the presence of at least 3 gold-mineralized corridors, each related to sub-crop
of what appear to be discontinuous quartz vein systems. The anomalies are open to the southwest
towards Irma West.
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Figure 2. Details of the Irma West Vein Sub-crop that Returned 2.38 g/t Au over 2.3 metres.
In the Centro area, a new and small notably anomalous Au zone has been detected trending NE-SW. This
area could be linked to a mineralized structure. Only a small area has been surveyed to date; however the
work suggests the possibility of a new target with similar characteristics to the Irma Zone. Fitzroy Minerals
is investigating the soil and ash cover thickness at Centro as it may have a masking effect on the underlying
geochemistry relative to Irma.
Figure 3. Irma Rock Chip and Soil Geochemical Survey Map – note the northeast trend.
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Figure 4. Centro Rock Chip and Soil Geochemistry Map – note the emerging northeast trend.
Epithermal Textures and New Veins
Geological reconnaissance in the Irma West area has discovered a significant new vein sub-crop trending
NE-SW Au (vein location shown by the blue box in Figure 1). The vein is approximately 133 m long and an
average thickness of 4.5 m, occasionally with wall-rock intercalated with the vein. The quartz vein, locally
massive, is characterised by fine disseminations of pyrite (2%) with coarser sulphides erratically
distributed and concentrated in areas with dark quartz. The dark silica (quartz) is currently interpreted as
representing fine disseminations of sulphides. Quartz vein structures include crustiform and colloform
quartz, subtle banding and incipient lattice development. Occasional boxwork structures and hematite
and jarosite formation indicate that leaching process have been active. See Figure 5 for photographs of
the rock textures. Some calcite veining is present, although at this time the relationships between calcite
and quartz veins have not been established. The host rock is a fine- to medium-grained andesite with
moderate argillic alteration, in contact with the vein. Occasionally the wallrock hosts fine quartz veinlets
(2-4 mm wide). Four lines of rock chip samples, 7-10 m long and about 40 m apart, were taken
perpendicular to the vein; assays are pending.
Numerous examples of epithermal textures have been found at Irma West, Irma, Centro, and at Martha.
As well as mapping grade and scale of the mineralised features, Fitzroy Minerals is also mapping the
epithermal mineralisation features and creating a structural and zonation model. Potential next steps may
include photogrammetry to assist with identifying vein sub-crop partially occluded by soil cover, additional
prospecting and trenching, as well as ground geophysics.
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Figure 5. Epithermal Quartz Vein Textures from New Sub- and Outcrop Vein Discovery, Irma West.
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 Valparaiso, Chile and the Taquetren Gold project located in Rio Negro,
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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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