Fitzroy Minerals Advances Buen Retiro Copper Project with Strong Drilling Results and Metallurgical Studies

Fitzroy Minerals Inc. has provided an update on definition drilling, metallurgical test work, and geophysical surveys at its Buen Retiro Copper Project in Copiapó, Chile. The company reported that drill hole BRT-DDH048 returned 92.5 meters at 0.53% copper from 3.5 meters, including 46.0 meters at 0.82% copper from 36.0 meters. Another drill hole, BRT-DDH049, returned 83.0 meters at 0.57% copper from 95.0 meters, including 43.0 meters at 0.90% copper from 95.0 meters. These results are part of a two-rig definition drilling program aimed at delineating a maiden mineral resource estimate for a planned heap leach operation.

The definition drilling program has completed 32 new diamond drill holes totaling 5,143 meters in the southwest area of the project, with assays pending for most holes. The drilling aims to delineate sufficient material in Measured and Indicated Resource categories to support a robust life-of-mine production plan for inclusion in a Pre-Feasibility Study. Additional drilling seeks to identify Inferred Resources that could represent future plant feed. The company anticipates completing definition drilling in May, after which one rig will begin Phase 3 exploration drilling to test for sulphide mineralization, while another will conduct geotechnical drilling.

Metallurgical test work has commenced at SGS Laboratories on a 2,900-kilogram representative sample. The company has defined three primary geo-metallurgical domains: a higher-grade oxide domain, a lower-grade oxide domain, and a mixed supergene transition domain. The test program includes variability analysis, targeted testing of specific geological units, permeability and column leach testing, and evaluation of acid consumption behavior. This work is crucial for optimizing copper recovery strategies for the heap leach project.

A regional passive seismic Ambient Noise Tomography geophysical survey by Fleet Space Technologies has been completed across a 5 km x 5 km area, with data processing and interpretation underway. A higher-resolution survey over a central 2 km x 3 km area covering priority targets will follow. This survey represents a significant step in exploring for major sulphide discoveries at Buen Retiro. The company aims to leverage potential cash flow from the heap leach operation to fund continued exploration for major copper deposits in Chile with minimal dilution.

Drill core analysis is conducted at the ALS-Patagonia laboratory using multi-element ICP methods, with samples exceeding 1,000 ppm copper undergoing additional ore-grade assay methods. The company maintains rigorous quality assurance and quality control procedures, with approximately 12% of samples dedicated to QA/QC. Certified copper standards from Instituto Nacional de Tecnologia Estandarizacion y Metrologia Ltda. are used to evaluate analytical accuracy. The technical information has been reviewed and approved by Dr. Scott Jobin-Bevans, a Qualified Person as defined by National Instrument 43-101. The progress at Buen Retiro represents a systematic approach to advancing a copper project through simultaneous resource definition, metallurgical understanding, and exploration targeting.