High grade copper samples at Caballos Copper Project, Chile
July 29, 2024
High grade copper samples at Caballos Copper Project, Chile
VANCOUVER, BRITISH COLUMBIA, July 29, 2024 – FITZROY MINERALS INC. (TSXV: FTZ, OTCQB: FTZFF)
(“Fitzroy Minerals” or the "Company") is pleased to provide an update on the Caballos Copper Project,
Chile (the “Project” or “Caballos”). Ongoing evaluation geological mapping and rock chip sampling in the
southern half of the concession area has significantly expanded a copper and molybdenum anomaly
associated with the Pocuro Fault Zone (“PFZ”). To the west of the PFZ, a new area of mineralized
polymetallic veins with high gold, silver, zinc and lead grades has been identified. Mapping and sampling
of the PFZ will continue once weather conditions improve (currently winter in Chile). Separately, a
technical report on the Caballos Copper Project has been completed by Caracle Creek Chile SpA and is
currently being reviewed in preparation for filing on SEDAR+. In addition, a Definitive Option Agreement
for the Caballos Copper Project in Chile was signed on June 26, 2024.
Highlights:
PFZ copper anomaly is about 1,150 m x 150 m with an average grade of 0.84% Cu.
Associated molybdenum anomaly is about 980 m x 50 m with an average grade of 897 ppm Mo.
Polymetallic vein sample #350559 returned 5.49 g/t Au, 106 g/t Ag, 7.13% Zn, and 14.06% Pb.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals commented, "Our exploration continues to
delineate strong anomalies and find encouraging new mineralized zones. The long and high-grade copper
anomaly at Caballos South now looks like a priority drill target. The initial evaluation of the Caballos Copper
Project is advancing well, with the mapping of the Pocuro Fault Zone almost complete. The discovery of
significant vein-sets to the west of the PFZ is also a pleasing new development. Some of the samples
returned excellent grades and the veins occur over a large area which is a further sign that the Caballos
Copper Project is in a metal-rich environment.
In addition, signing the Definitive Option Agreement on Caballos is a good milestone for Fitzroy Minerals.
The recent number of completed financings in the copper sector shows the market appetite for high quality
copper assets. It is the perfect time to consolidate premium copper acreage in a proven and trusted copper
mining jurisdiction. I look forward to seeing the results of the next phase of exploration at the Caballos
Copper Project.”
Caballos Copper Project, Chile
At Caballos, mapping and sampling was carried out April to June of this year. A property-scale geological
map is provided in Figure 1. In May-June, the focus was on the southern part of the PFZ accessed via the
Rio Alicahue valley. This news release provides a summary of the results from 99 grab rock and rock chip
samples that were taken from the southern area.
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Figure 1. Caballos Copper Project, grab rock and rock chip sampling geochemistry and geology
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Mapping established that there were two key zones of interest. The main area is a distinctive
hydrothermal breccia and alteration zone running approximately 1.2 km north-south along the PFZ,
containing within it a 500 m-long felsic intrusion. As previously reported, (Fitzroy Minerals news release
dated June 20, 2024) the felsic intrusion has copper-oxide staining along most of its width, with occasional
fresh disseminated chalcopyrite. Fitzroy Minerals today confirms that the entire 1.2 km of the breccia and
alteration zone has returned elevated assay results.
The hydrothermal breccia and associated alteration form an elongated feature related to the PFZ itself.
The hydrothermal breccia has a sharp, linear western contact indicative of a vertical or sub-vertical fault
plane. Much of the breccia is strongly leached, with sericitic alteration to the west and a moderately
gossanised zone to the east.
The copper and molybdenum anomalies overlap and extend north-south for approximately 1,150 m
(Figure 2), and widths can extend up to 200 metres. Of the 99 samples collected in the southern half of
Caballos, 56 were primarily investigated for copper. Of these 56 samples, 30 were within the mapped
hydrothermal breccia area, which covers an approximate surface extent of 125,000 m 2 and returned an
average grade of 0.84% Cu. Sixteen samples define the molybdenum anomaly of approximately 60,000
m2, with an average grade of 897 ppm Mo.
Figure 2. Copper and molybdenum anomalies associated with the PFZ, South Caballos, Chile
Another recently identified area of approximately 2.5 km x 1.1 km and west of the PFZ, comprises many
sub-parallel veins and vein sets within a general northeast-southwest trend. Most of the grab rock samples
came from these two broad areas and the results show two clear geochemical populations. The PFZ zone
is anomalous in copper and molybdenum with a minor zinc component, and the western vein sets exhibit
an anomalous gold-silver-lead-zinc assemblage.
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The vein-hosting area west of the PFZ consists of quartz veins ranging from centimetres to two (2) metres
in thickness. Within the dominant northeast-southwest trend of the veins there are subordinate veins
with north-south and northwest-southeast orientations. Mineralisation is that of a classic polymetallic
assemblage of intergrown sphalerite, galena and pyrite and minor chalcopyrite. There are abundant
boxwork textures indicating weathered-out sulphides, and the veins have intense argillic / sericitic
alteration halos.
Figure 3. Gold, silver, zinc, and lead anomalies from veins west of the PFZ, Southern Caballos, Chile
The host rocks are principally andesitic volcanic rocks. From the veins, 22 grab rock samples returned gold
values of 0.1 g/t Au and higher, with 9 results above 0.5 g/t Au and a maximum of 5.49 g/t Au in sample
#350559. This high-grade sample also returned 106 g/t Ag, 7.13% Zn, and 14.06% Pb. Five samples
returned silver grades above 50 g/t Ag, with the highest grade of 185 g/t Ag from a quartz vein (sample
#350583) that also returned 3.94 g/t Au, 1.7% Zn, and 30.1% Pb. Selected samples from the Vein area and
the PFZ area are shown in Table 1.
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Table 1. Selected samples from the Western Vein-set and PFZ anomalies, South Caballos, Chile
Sample ID Au Ag Cu Mo Pb Zn Cu-T Mo Pb Zn
Easting Northing (g/t) (ppm) (ppm) (ppm) (ppm) (ppm) (%) (%) (%) (%)
M-166 349160 6427605 0.04 6 123 18 460 222
M-165 349212 6427492 4.85 15 2019 10 904 4,327
M-164 349283 6427342 0.25 10 418 65 164 226
M-176 349445 6426884 <0.02 4 >10000 <5 235 3,875 2.02
M-159 349449 6426879 0.39 43 743 <5 570 658
M-171 349458 6427754 0.14 5 48 31 208 102
M-173 349460 6427771 0.32 62 434 146 861 441
M-172 349463 6427772 0.08 10 2068 66 3,746 >10000 4.85
M-177 349668 6428240 0.06 18 91 124 559 34
M-174 349716 6428183 0.06 40 406 15 >10000 153 2.87
M-158 349731 6426508 0.76 19 215 18 556 419
M-157 349743 6426465 0.14 15 233 <5 1,231 383
M-170 349817 6426678 0.57 <3 68 11 309 276
M-137 350194 6428177 0.03 5 926 44 4,829 3,105
M-139 350206 6428185 0.03 <3 5648 14 1,020 >10000 1.95
M-138 350213 6428195 0.12 28 271 10 >10000 129 1.17
M-144 350269 6428238 1.95 72 2431 10 >10000 5,381 18.98
M-145 350269 6428238 0.16 6 725 <5 >10000 >10000 1.86 2.49
M-152 350276 6428266 0.33 133 2259 <5 >10000 3,511 22.16
M-136 350305 6428215 0.86 17 349 48 >10000 711 1.68
M-146 350324 6428243 0.19 14 1825 13 >10000 6,097 2.38
M-179 350339 6428667 0.29 17 218 216 2,048 494
M-147 350356 6428278 0.21 7 452 67 2,586 430
M-162 350545 6428639 1.93 26 1311 23 >10000 952 3.03
M-154 350559 6428113 5.49 106 2870 23 >10000 >10000 14.06 7.13
M-155 350583 6428089 3.94 185 6802 6 >10000 >10000 30.05 1.70
M-175 350583 6427897 0.10 8 58 17 813 38
M-153 350711 6428031 2.51 10 2219 <5 >10000 >10000 1.04 1.36
M-156 350749 6428053 0.83 18 804 <5 6,493 1,639
M-135 351645 6428486 <0.02 <3 9329 7 57 446
M-132 351856 6428358 <0.02 <3 8726 8 22 643
M-129 351877 6428417 <0.02 5 >10000 <5 12 146 3.41
M-130 351984 6428482 0.11 4 422 5 2,414 183
M-101 352002 6427674 <0.02 <3 4428 <5 10 627
M-104 352004 6427532 <0.02 <3 1518 7 <5 434
M-126 352006 6428324 <0.02 <3 9460 9 25 687
M-96 352008 6428105 <0.02 <3 >10000 <5 12 1,148 1.82
M-99 352011 6428136 <0.02 <3 2063 6 6 485
M-125 352013 6428302 <0.02 <3 >10000 32 17 536 1.68
M-110 352043 6427666 <0.02 <3 7197 <5 13 1,148
M-93 352049 6428210 0.06 <3 1947 532 64 89
M-105 352049 6427530 <0.02 <3 1235 8 9 538
M-94 352050 6428212 0.43 <3 7756 8 13 225
M-95 352060 6428227 0.12 4 7160 13 28 415
M-102 352061 6427657 <0.02 <3 >10000 <5 38 2,155 1.45
M-108 352063 6427598 <0.02 <3 7551 <5 225 769
M-87 352080 6427470 <0.02 <3 1826 <5 13 407
M-107 352083 6427555 <0.02 <3 >10000 13 25 1,380 1.97
M-134 352083 6428270 <0.02 <3 1679 <5 10 116
M-112 352085 6427369 <0.02 <3 2113 <5 11 228
M-116 352085 6427866 <0.02 <3 917 <5 18 1,252
M-106 352089 6427526 <0.02 <3 1812 8 24 796
M-90 352091 6427444 <0.02 <3 1651 <5 116 533
M-86 352095 6427419 <0.02 <3 3118 <5 <5 1,996
M-88 352097 6427498 0.02 <3 478 230 14 50
M-89 352104 6427488 <0.02 <3 144 24 223 21
M-84 352106 6427769 0.06 8 571 140 19 28
M-113 352110 6427386 0.15 15 131 46 466 25
M-103 352113 6427662 0.03 <3 395 1304 <5 43
M-124 352129 6427949 <0.02 <3 >10000 33 80 261 2.10
M-115 352133 6427466 0.04 <3 138 182 34 43
M-123 352169 6427940 0.02 <3 >10000 12 14 164 2.06
M-122 352175 6427949 <0.02 <3 >10000 87 11 224 1.95
M-121 352187 6427954 <0.02 <3 >10000 28 25 228 1.52
M-117 352193 6427906 <0.02 <3 8367 144 39 961
M-118 352197 6427902 <0.02 <3 195 >10000 34 67 1.06
M-119 352242 6427876 <0.02 <3 69 80 25 38
ICP Atomic Absortion
Western Vein-set ZonePFZ Zone
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Discussion
The hydrothermal breccia on the PFZ is a strong and clearly defined anomaly. The average grade of 0.84%
Cu combined with the projected surface area of 125,000 m 2 is highly encouraging, as is the slightly
displaced associated molybdenum anomaly; these are excellent results.
The mapping of the PFZ is not yet complete, and a further mapping and sampling campaign will take place
in the remaining sectors once the snow cover at higher altitude has melted.
When the in-fill geological maps and assays from the next phase of work are returned, 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 182 grab rock and rock chip samples, 179 from outcrops and 3 from float were collected as part
of the geological mapping program (83 from the north and 99 from the south), with rock chip samples
limited to vein widths and up to 2 m-long. The 182 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
(1%) were re-analyzed using AAS and report as total copper (CuT%) or Zn%, Pb% and Mo%, depending on
the case. For its QA/QC protocol, in addition to the standards and blanks used by the laboratory, the
Company inserted nine (9) blanks into the sample 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.
Definitive Option Agreement and Technical Report
On June 26, 2024, Fitzroy Minerals signed the Definitive Option Agreement for the Caballos Copper
Project. The terms of the Definitive Option Agreement are as follows:
At least US$1 million of project work, including 3,000 m of drilling in Year One.
At least US$4 million of project work, with no consecutive 12-month period seeing less than US$
500,000 of project work, in Years Two-Four.
Subject to the requisite investment having been met, Fitzroy can exercise the option by making a US$2
million payment to the Vendors in Year Five. A further bullet payment to the Vendors is due at the point
of a construction decision being made, comprising US$2 per tonne of contained copper within compliant
NI 43-101 defined resources. In addition, the Vendors are granted a 3% NSR, of which 1.5% can be
purchased by Fitzroy for US$7.5 M at any point prior to a construction decision being made.
In addition, a National Instrument 43-101 Technical Report for the Caballos Copper Project Option was
completed with an Effective Date of June 21, 2024 and an Issuing Date of July 10, 2024.
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.
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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
+1 604-505-4554
For more information on Fitzroy Minerals, please visit the Company's website: www.fitzroyminerals.com
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