Soil Geochemistry Highlights Copper Anomalies at Polimet, Chile
May 14, 2024
Soil Geochemistry Highlights Copper Anomalies at Polimet, Chile
VANCOUVER, BRITISH COLUMBIA, May 14, 2024 – FITZROY MINERALS INC. (TSXV: FTZ, OTCQB: FTZFF)
(“Fitzroy Minerals” or the "Company") is pleased to provide the results of a geochemical soil survey at
the Polimet Gold-Copper-Silver Project, Chile. Laboratory assay checks on the X-ray Fluorescence (“XRF”)
data collected from the soil survey show a good correlation with laboratory ICP analysis across low-
medium- and high-grade samples. The XRF data, recorded using a bench-mounted XRF analyser, slightly
under-reported copper ICP assays, indicating that the low-cost and time-efficient method of using an XRF
analyzer is conservative and appropriate for field exploration and drill hole-targeting. Results from the
XRF surveys showed clear copper anomalies in all three areas tested. Copper is a direct indicator element
in this Au-Cu-Ag epithermal system. Fitzroy Minerals will now extend the geochemical survey over
interpreted vein features which are mappable from float, outcrop, soil colour, and remote-sensing
lineation studies.
Highlights:
Laboratory ICP checks show XRF soil geochemistry data is conservative and reliable.
Test grids highlighted copper anomalies in Au-Cu-Ag epithermal system.
Geochemical soil survey using a bench-mounted XRF analyser is a low-cost, time-efficient
exploration tool.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented, "The fact that the XRF
geochemical soil survey has been shown to be both conservative and reliable is fantastic. Even better is
that the surveys picked out clear copper anomalies for targeting. Given that the high-grade mineralisation
is expected to be at altitude levels below 1,600 m, it is great to have a direct indicator at surface to help
with drill targeting. We will expand the soil survey grids to cover all priority areas on the concessions, and
we will back it up with geophysical surveys and mapping as well. Given these results, and the significant
infrastructure advantages offered by Polimet, it is now likely that Fitzroy Minerals will drill Polimet before
the Caballos Project.
Polimet Gold-Copper-Silver Project, Chile
A geochemical soil survey was completed by the Project vendor at the Polimet Gold-Copper-Silver Project
in the El Bronce Epithermal District. In total, 134 soil samples (approximately 2 kg each) were collected in
three grid areas measuring 600 m long x 260 m wide (NE grid), 300 m long x 200 m wide (SE grid), and 200
m long x 300 m wide (Santa Margarita “SM” grid). The sampling was carried out over interpreted vein
features mappable from float, outcrop, soil colour, and remote sensing lineation studies. The aim of the
soil sampling exercise was to identify geochemical trends to assist continued exploration. The survey used
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the vendor-owned, fully-equipped, sample preparation laboratory and a bench-mounted XRF analyser
that was worked in a controlled environment by a trained XRF operator.
Figure 1. Polimet concession and soil geochemistry test-grid location map.
Sample Preparation and XRF Process
Rigorous QA/QC procedures were followed during sample collection and preparation. The survey team
used trowels and bags when sampling, cleaning the equipment between sample collection. For each
sample, the location, date, time, depth, and other relevant information was recorded. For each sample a
photograph was taken showing the GPS coordinates, the bagged sample, and the sample site.
In the sample preparation procedure, the following steps were taken:
1. Log and record Sample ID.
2. Assess to see if sample is wet or dry.
3. Dry any wet samples by placing individually in a stainless-steel tray in an oven. Return dried
sample to sample bag.
4. Weigh dry sample.
5. Gently roll and check bagged samples to ensure soil lumps are broken down.
6. Transfer the sample to a stainless-steel tray.
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7. Pass the sample through a clean Riffle Splitter that feeds into two clean stainless-steel trays.
8. Return the contents of one of the two trays to the sample bag. Pass the other tray through the
Riffle Splitter again. Return the ¼ sample to the original sample bag and add the other ¼ sample
to a new bag.
9. Weigh the ¼ soil sample.
10. Add the ¼ sample to the vibrating screens and separate the size fractions, recording the time
required to separate.
11. Take multiple readings of the fine-fraction (<80#) using the XRF analyser, recording the average.
12. Carry out regular calibration checks of the XRF analyser using known reference materials.
XRF Analyser versus Laboratory ICP Results
A representative suite of low-, medium-, and high-grade soil samples were selected for check-assay by ICP
and Fire Assay at Andes Analytical Assay SpA (AAA Laboratories) based in Santiago, Chile (Table 1). AAA
Laboratories is an accredited laboratory
Table 1. Summary comparison between results collected by XRF Analyser and Laboratory ICP.
Cu (ppm) Mn (ppm) Zn (ppm)
Sample ID ICP XRF Var ICP XRF Var ICP XRF Var
SM LT 100-150 624 508 -19% >2000 2,098 509 403 -21%
SM LT 000-075 1356 967 -29% 1336 1,157 -13% 165 159 -4%
SM LT 050-150 239 214 -10% 1984 1,798 -9% 150 165 10%
SM LT 100-050 108 102 -5% 1333 1,380 4% 133 141 6%
SM LT 150-000 73 71 -2% 1564 1,511 -3% 133 148 11%
NE LT 00-050 73 75 2% >2000 2325 154 173 12%
NE LT 050-050 173 160 -7% >2000 2517 172 235 37%
NE LT 100-100 220 200 -9% 1986 1786 -10% 167 187 12%
NE LT 150-175 59 59 0% 1602 1460 -9% 95 143 51%
NE LT 250-125 1989 1,741 -12% 1958 1661 -15% 228 275 21%
NE LT 350-050 185 110 -40% 1728 1178 -32% 176 99 -44%
NE LT 450-125 80 92 15% >2000 1734 169 207 22%
NE LT 550-125 181 162 -10% 1843 1790 -3% 137 136 -1%
SE LT 000-175 197 196 -1% >2000 2322 181 182 1%
SE LT 050-050 87 90 3% 1192 1334 12% 83 115 39%
SE LT 100-250 44 55 26% 1552 1459 -6% 101 116 15%
SE LT 150-150 1759 1579 -10% >2000 2835 591 555 -6%
SE LT 200-100 356 337 -5% >2000 1944 147 164 12%
SE LT 250-000 151 99 -34% 1158 996 -14% 90 65 -28%
SE LT 350-175 73 70 -4% 1040 1064 2% 98 113 15%
Average: 401 344 -8% 1,560 1,717 -7% 184 189 8%
Table 1 provides the ICP results from the 20 check soil samples, the original XRF results, and the variance
between the ICP and XRF soil sample results. The sample numbers identify the soil grid, the line number,
and the distance along that line. The key observation is that the copper and manganese results are slightly
under-reported using the XRF analyser, and that zinc is slightly over-reported by XRF.
Using these ICP results, further calibration can be made to the XRF analyser to further reduce variance in
results. Fitzroy Minerals will continue to carry out check assays and ongoing calibration of the XRF
analyser.
Soil Anomalies
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Figures 2 to 4 below,, show that a geochemical soil anomaly with a threshold of 200 ppm broadly align
with the mapped epithermal vein occurrences. Subtle features such as a flexure in the anomalies in Figures
1 and 2 emerge. Note also that Figure 4 shows that the Santa Margarita soil survey may have picked up a
parallel structure that does not have a surface expression.
The maximum copper concentrations in each of the three survey areas are 1741 ppm Cu (Northeast), 1810
ppm Cu (Santa Margarita), and 1579 Cu (Southeast).
Figure 2. Northeast geochemical soil survey grid.
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Fitzroy Minerals sees significant time and cost advantages of continuing to use these established XRF
geochemical soil survey methods. The maps show that the method works well. Importantly,
mineralization at Polimet is expected to be best developed at elevations between 1,000 metres and 1,600
metres above sea level and concentrated in high-grade pay-shoots. Pay-shoots in the epithermal
mineralization of the El Bronce Epithermal District are structurally controlled. The surface elevations at
Polimet range from 1,600 metres up to 1,850 metres, which makes measurement of copper
concentrations in geochemical soil surveys a particularly useful tool.
Figure 3. Southeast geochemical soil survey grid.
In combination with geophysics and geology, Fitzroy Minerals will develop drilling targets over the coming
months. The planned geophysical program may include a selection of induced polarisation, spectral
analysis, and magnetometry surveys. In terms of geology, the focus will be detailed structural mapping.
The combined results of the structural mapping, the soil geochemistry, and the geophysics will guide the
drilling program at Polimet later in the year. Given the infrastructure benefits of Polimet over Caballos
and the fact that South America is entering winter, it is now anticipated that the first Fitzroy Minerals
drilling program will be at Polimet.
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Figure 4. Santa Margarita geochemical soil grid.
Qualified Person
Dr. Scott Jobin-Bevans (Ph.D., P.Geo.), a Qualified Person as defined by National Instrument 43-101 and
independent geological consultant to the Company, 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,
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.
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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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