Soil Geochemistry Highlights Multi-Kilometre Mineralized Trends at Polimet Gold-Copper-Silver Project, Chile
September 12, 2024
Soil Geochemistry Highlights Multi-Kilometre Mineralized Trends at Polimet
Gold-Copper-Silver Project, Chile
VANCOUVER, BRITISH COLUMBIA, September 12, 2024 – FITZROY MINERALS INC. (TSXV: FTZ, OTCQB:
FTZFF) (“Fitzroy Minerals” or the "Company") is pleased to announce a significant expansion of the
copper-in-soil anomalies at the Polimet Gold-Copper-Silver Project, Chile (the “Project” or “Polimet”).
These soil geochemistry results delineate two continuous trends of 2.0 km and 1.9 km, respectively, plus
a further five other anomalies 400 m to 1,000 m in length. In total, the survey delineated 6.9 km of copper
anomalies, many of which are open along strike, including a 450 m wide zone with high copper
concentrations at the southern end of one grid, in an area where there is no prior indication of surface
mineralization. The soil survey expanded on the test grids previously reported by the Company May 14,
2024. A further soil survey is now being planned to follow up on high-potential areas. Copper is a direct
mineral indicator at Polimet, which hosts a high-grade gold-copper-silver epithermal system.
Highlights:
6.9 km total strike-length of copper-in-soil anomalies shows that Polimet hosts a large system.
Two continuous trends of copper-in-soil anomalies identified, each approximately 2 km-long.
Copper anomalies and mineralizing trend still open, with significant expansion potential.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented, "The Polimet Project continues
to deliver excellent results. The mineral potential of Polimet is really highlighted by the new copper-in-soil
anomalies, and these have barely been tested. Strong anomalies over multiple kilometres, and new and
unexpected trends being recognized are apparent. The copper anomalies are important because Polimet
is an Au-Cu-Ag system and the strongest copper anomalies are clearly direct indicators for where to drill
for gold. We plan to further 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 of the area, Polimet is shaping up to be a priority drill target.”
Polimet Gold-Copper-Silver Project, Chile
A geochemical soil survey was completed at the Polimet Gold-Copper-Silver Project in the El Bronce
Epithermal District. In total, 606 soil samples (approximately 2 kg each) were collected in seven grid areas
that expanded on the existing dataset, of 194 samples. The total number of soil samples taken by Fitzroy
Minerals is 800. In this round of sampling the highest sample assay was 993 ppm copper (0.1% Cu). Of the
800 samples, 24% are over 150 ppm Cu and 11% are over 200 ppm Cu.
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
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trends to assist with continued exploration. The survey used 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 concessions and soil geochemistry grid location map.
Observations
The soil survey picked up several continuous and discontinuous anomalies. Two continuous anomalous
trends are evident. One striking north-northeast measures 2.0 km-long, and a second, striking north-
northwest is 1.9 km-long. In addition, there are a further five minor trends that Fitzroy Minerals has
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identified, measuring between 400 m and 1,000 m in different directions. When added together, these
five discontinuous trends equate to a further 3.0 km of anomalies (with the same background and
threshold levels).
Figure 2. Polimet soil geochemistry trends and soil anomalies map.
Figure 2 shows that several anomalies are still open in different directions. These include a 1 km-long
anomaly in the northwest that is open to the west, a 400 m-parallel trend in the centre of the area that is
open to the north and to the south, and a 450 m-wide anomaly with high Cu values in the southeast of
the surveyed area. This southeast anomaly is in an area where there is no previous indication of surface
mineralization.
In addition to the raw copper data in soils, the geochemistry correlates well with colour anomalies
identified in the field and aerial images. Figures 3 and 4 show soil geochemistry versus recorded soil colour
and also albite anomalies from ASTER imagery. The colour of the soil samples are logged when the sample
is dry, using a reference colour sheet. Strong colour anomalies (white) represent more intense
hydrothermal alteration. The ASTER imagery albite anomalies also represent hydrothermal alteration.
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Figure 3. Soil colour anomalies vs geochemistry. Figure 4. ASTER albite vs geochemistry.
Discussion on the Importance of Elevation in the El Bronce Epithermal System
The El Bronce gold deposit is located about 13 km to the north of Polimet. A 1991 paper by Camus et al1
noted that El Bronce is an “epithermal vein system that contains 25 metric tons of gold, 105 metric tons
of silver and 16,000 metric tons of copper.” This critical paper contains a section on Mineral Zoning at El
Bronce, which informs the exploration strategy developed by Fitzroy Minerals at Polimet.
Camus et al. (1991), write that four mineral zones can be recognized in typical ore shoots at El Bronce
(Figure 5). The uppermost Zone A is characterized by stockwork zones with veinlets filled with barren
chalcedonic quartz and carbonates. Zone B consists of quartz, barite, carbonates, pyrite, base metals, and
sub-economic gold and silver. Zone C consists of quartz, pyrite, sphalerite, chalcopyrite, carbonates, and
economic values of gold and silver. Zone D is a lower zone with sub-economic gold and silver values, and
no base metals present.
At El Bronce, Zone C, which is the principal ‘ore interval’ according to Camus et al. (1991), ranges from
1,000 m to 1,600 m above sea level. Zone B, which contains base metals but sub-economic gold and silver
values according to Camus et al. (1991), ranges from 1,600 m to about 1,850 metres. Fitzroy Minerals is
1 Camus, F., Boric, R., Skewes, M.A., Castelli, J.C., Reichhard E., and Mestre, A., 1991. Geologic,
structural, and fluid inclusion studies of El Bronce epithermal vein system, Petorca, central Chile: in Econ.
Geol., v86, pp.1317-1345.
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working to establish the vertical controls on economic mineralisation at Polimet, a key factor in the
planning of future exploration programs.
Figure 5. Vertical zoning model of El Bronce epithermal system (Camus et al., 1991).
The working hypothesis used by Fitzroy Minerals is that copper mineralization will mark the presence of
a fertile gold-bearing epithermal system over a wide vertical range. It is also expected that gold and silver
values will be higher in the Zone C mineral zone, which is potentially 1,000 m to 1,600 m above sea level.
Drilling by Fitzroy Minerals will help to establish these boundaries more accurately. Soil samples taken by
Fitzroy Minerals show copper anomalies at elevations of above 1,900 metres.
The soil survey carried out by Fitzroy Minerals covers an elevation range from 1,350 m to 1,950 m above
sea level. In general, the area to the northwest is at lower elevation and the higher elevations are in the
central and southern areas. Figure 6 shows the survey area, with the 1,600 m contour marked in white,
and elevations below 1,600 m highlighted in blue green. Fitzroy Minerals notes that the old gold workings
(located within the red circle) are at elevations just under 1,600 m and that there are important copper
anomalies at elevations above 1,600 metres. The open anomaly in the south, for example, is at a height
of approximately 1,700 metres.
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Figure 6. Soil geochemistry and elevation (1,600 m contour marked in white, shaded blue green below).
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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.
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
On May 14, 2024, Fitzroy Minerals reported that the XRF soil geochemistry results had an average variance
of 8% from check ICP assays. Fitzroy Minerals continues to calibrate the XRF analyser to further reduce
variance in results. Fitzroy Minerals will carry out check assays on a selection of the 606 samples taken in
the most recent survey.
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.
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 and the
indications of a strong hydrothermal system, it is now anticipated that the first Fitzroy Minerals drilling
program will be at Polimet.
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Qualified Person
Dr. Scott Jobin-Bevans (P.Geo., Ph.D.), 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.
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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