High-Resolution MobileMT Survey Links Multiple Large Conductive Anomalies to Copper- Molybdenum-Gold Drill-Intercepts at The Caballos Copper Project, Chile
April 29, 2026
High-Resolution MobileMT Survey Links Multiple Large Conductive Anomalies to Copper-
Molybdenum-Gold Drill-Intercepts at The Caballos Copper Project, Chile
Vancouver, British Columbia – April 29, 2026 – Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE:
C3Y) (“Fitzroy Minerals” or the “Company”) is pleased to announce the results of the helicopter-borne
MobileMT airborne electromagnetic and magnetic survey (“ MobileMT”) completed by Expert
Geophysics Services Inc. (“EGS”) over the Caballos Project, Valparaiso Region, Chile (“Caballos” or the
“Caballos Project ”). The survey has identified multiple conductivity and resistivity anomalies,
interpreted to be consistent with porphyry-style hydrothermal systems and that are connected to the
mineralization intersected in 2025 diamond drilling by Fitzroy Minerals (Figure 1).
Highlights
694 line-km flown over the main Caballos concession block covering approximately 194 km²,
including a 200 m spacing infill survey completed over the Central Target area.
Recognition of a large circular strongly conductive feature (~5 km diameter), interpreted as a
porphyry-related hydrothermal system that is directly connected to copper-molybdenum-
gold-rhenium mineralization identified by drilling at the Chincolco Prospect, Caballos in 2025.
Identification of linear conductive anomalies directly connected to Chincolco mineralized drill
hole intercepts and potential southwards continuation for 2.5 kilometres.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented: “ The MobileMT survey
shows that Caballos hosts the type of plumbing architecture and conductive anomalies that are often
associated with world-class mineral systems in Chile. The standout anomaly is a huge circular feature
about five kilometres across that connects to the sulphide mineralization we intersected in drilling last
year. There are also conductive anomalies that suggest the Chincolco sulphide mineralization might
continue for several kilometres to the south, just below the surface. We will follow up with further
integrated data-processing, and a ground Deep IP survey to gain chargeability information and
improve target ranking, ahead of drilling.
Fitzroy Minerals aims to make major copper discoveries in Chile, and this round of geophysics at
Caballos has identified large targets that will be drilled soon. The plan is that future cash flow from the
Buen Retiro Heap Leach operation will fund non-dilutive exploration drilling.”
Expert Geophysics Surveys Inc.
The survey was completed by EGS using the proprietary Expert Geophysics Limited airborne
MobileMT™ broadband electromagnetic system, designed to resolve deep crustal-scale conductive
features associated with mineralized systems. EGS is a geophysical consulting company specializing in
airborne geophysical surveys worldwide with advanced electromagnetic systems with combined or
separate magnetic field measurements and VLF-EM.
Conductive Anomalies Linked to 2025 Chincolco Breccia Cu-Mo-Au Drill Hole Intercepts
The MobileMT survey identified several conductive zones spatially associated with the Chincolco
Creek Breccia, where copper-molybdenum-gold sulphide mineralization was intersected during
drilling in 2025.
Figure 1. MobileMT 175 Hz (approximately 500 m depth-slice) plan view.
A strong conductive feature dips eastward for approximately 1.5-2.0 km before merging into a larger
circular conductive body (Figure 2) measuring approximately 5 km in diameter and interpreted as part
of a broader hydrothermal system. Overlying Miocene Farrellones Formation volcanoclastic rocks
appear as a resistive cap above this conductive domain. The anomaly retains a strong cylindrical aspect
at depth, with roots extending beyond the penetration of the MobileMT survey (>2 km deep).
EGS interprets the anomaly as representing a structurally controlled zone of hydrothermal alteration
and sulphide development, consistent with a porphyry-related mineralizing environment.
Closer to the north-south axis of the Chincolco Prospect, a linear conductive anomaly approximately
1.5 km long is evident. Diamond drill hole CAB-DDH004A was the southernmost drill hole along the
breccia (Figure 1), and the anomaly continues to the southeast from that drill hole which intersected
176 m @ 0.31% Cu, 249 ppm Mo, 0.04 g/t Au (0.47% CuEq 1) from 156 metres [ News Release dated
January 13, 2026 ]. Drill hole CAB-004A intersected a weak portion of the anomaly and the deeper,
stronger portion of the anomaly remains untested (Figure 2).
The linear Chincolco conductive anomaly is interrupted by a cross-cutting fault and then resumes
again, reaching a distance of 2.5 kilometres to the southeast of drill hole CAB-DDH004A. The southern
extension of the Chincolco Creek Breccia Anomaly is covered by a low plateau of flat-lying Miocene
volcaniclastic rocks of the Farrellones Formation. The anomaly is evident in shallow images, suggesting
that the overlying Miocene volcanic rocks may represent thin cover.
Figure 2. MobileMT Resistivity 2D Inversion Section for Line 4180, through drill hole CAB-DDH004A.
Deep-Rooted Conductive Corridor Identified Along the Pocuro Fault Zone
The MobileMT survey identified a prominent north-south conductive corridor extending
approximately 14 km across the Caballos Project area, spatially coincident with the mapped trace of
the regional Pocuro Fault Zone (Figure 1). Interpretation by EGS indicates that the anomaly represents
1 CuEq calculated using assuming metal recovery metals of 85% for Cu, 85% for Mo, and 70% for Au. CuEq is
calculated using the formula CuEq % = 0.85 Cu % + (0.6808 * Au g/t) + (5.32 * Mo g/t /10,000) and three year
trailing average prices for 2022, 2023 and 2024: Cu $3.99/lb, Au $2,043/oz, Mo $21.37/lb.
a major crustal-scale permeable structure, interpreted as a potential pathway for mineralizing
magmatic fluids. Such deep-seated structures are commonly associated with porphyry copper systems
and related hydrothermal alteration corridors.
Porphyry-Style Resistivity Patterns Identified to the North
Further north within the survey block, MobileMT inversion results identified resistivity patterns
interpreted by EGS to be characteristic of hydrothermal breccia-associated porphyry systems,
comparable to those observed at El Teniente (Cu-Mo-Au-Ag) and La Huifa (Cu-Mo) in Chile. According
to EGS technical interpretation, two Caballos anomalies display responses similar to those observed
over these major deposits, supporting the interpretation of a district-scale mineralizing system.
The conductive responses are interpreted to represent combinations of conductive alteration halos,
sulphide-bearing fracture networks, pyrite-rich hydrothermal zones, and structurally controlled
feeder pathways. These conductive zones are variably associated with magnetic highs and lows,
consistent with differing intensities of hydrothermal overprint and alteration styles typically observed
in porphyry environments.
Fitzroy Minerals will target further delineation of these anomalies in due course.
Survey Provides Framework for Next-Stage Drill Targeting
All planned survey lines were completed successfully and passed field and office-based quality control.
The MobileMT survey produced high-quality broadband electromagnetic, VLF-EM, and magnetic
datasets, providing a robust geophysical framework for exploration targeting across the Caballos
property.
The results materially enhance Fitzroy Minerals’ understanding of the structural architecture and
hydrothermal footprint of the Caballos system and will be integrated with geology, geochemistry and
drilling results to define priority drill targets for upcoming exploration programs.
Next Steps
EGS has been commissioned to complete a 3D inversion of the key areas mentioned above, with the
aim of resolving the relief complexity and providing higher resolution results. The whole Caballos
dataset will be added to the MobileMT data and interrogated using advanced techniques proprietary
to EGS. The combination of the MobileMT data plus drilling results, structural interpretation,
alteration mapping, and geochemical datasets, through AI-enhanced processing should refine high-
priority porphyry-style drill targets across the Caballos Project area. A deep Induced Polarization
(“Deep IP”) survey is planned in Q2 2026 (Figure 1), to gain information on sulphides and alteration
mineralogy, in addition to the structure and resistivity information gained through the MobileMT
survey. The aim is to upgrade conductivity anomalies into ranked drill targets. Deep IP measures
chargeability, which responds strongly to disseminated sulphides, stockwork mineralization,
alteration halos, and porphyry-style systems.
Grant of Stock Options
The Company is also pleased to announce that it has granted 5,770,000 stock options (each, an
“Option”) to purchase up to 5,770,000 common shares (“Common Shares”) of the Company to certain
directors, officers, and consultants of the Company under the Company’s stock option plan (the
“Plan”).
The Options are exercisable at the price of $0.50 per Common Share until April 29, 2031, subject to
any earlier termination in accordance with the Plan. All Options vested immediately on the date of
grant. All Options and the Common Shares underlying such Options are subject to a hold period of
four months and one day from the date of issuance. The grant of Options to certain directors and
officers constitutes a related party transaction pursuant to Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is exempt
from the requirements to obtain a formal valuation and minority shareholder approval in connection
with the grant of Options to related parties in reliance on the exemptions contained in sections 5.5(b)
and 5.7(1)(a) of MI 61-101, respectively, as the Company is not listed on a specified market and the
fair market value of the Options does not exceed 25% of the Company’s market capitalization.
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 any 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.
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
For an accompanying video discussing the news release, see here.
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