Fitzroy Minerals Reports 2.96% Copper Channel Samples from Buen Retiro Historical Open Pit, Advancing Toward Production

Fitzroy Minerals Inc. has released an exploration update from its 100%-owned Buen Retiro Copper Project in Chile, reporting channel sample results from the historical open pit averaging 2.96% copper, with a maximum of 10.68% Cu. The company is advancing toward a pre-feasibility study and environmental permit application, targeting production in 2028.

The 21 one-metre channel samples were collected from locations throughout the historical Buen Retiro open pit. Seventeen samples returned above 1.0% Cu, and four exceeded 5.0% Cu. Historical drill hole BRT-DDH-013, located approximately 30-55 metres below the current pit floor, intersected 7 metres at 2.78% Cu and 30 metres at 3.52% Cu. Additionally, drill hole BRT-DDH099, 70 metres south of the pit, intersected 113 metres of tenorite (CuO) mineralization from 3.5 metres downhole, estimated to average approximately 1.0% Cu, which has been submitted for over-limit analysis.

Fitzroy is operating three diamond drill rigs at site, with a reverse circulation rig to be added next week. The company has drilled over 10,000 metres in 2026, exceeding the original 7,000-metre plan due to continued shallow mineralized intersections. A further 5,000-metre drilling program in the Pit Area is underway. Metallurgical test work is ongoing, with initial column results expected in July. A data cut-off for resource drilling is scheduled for the end of July to allow for assaying and modelling, feeding into a Project Development Plan for the Environmental Permit Application in October 2026. The pre-feasibility study is on track for completion in Q1 2027.

CEO Merlin Marr-Johnson highlighted the advantages of the Buen Retiro project, including proximity to infrastructure, low elevation, and a brownfields site in a pro-mining jurisdiction. The company is targeting copper oxide and mixed material for heap leaching, with a chloride-leach process planned to recover previously unmined transitional material.

Laboratory assay delays due to congestion at ALS Global and customs issues at the Chile-Peru border are being mitigated by using SGS Laboratories in Santiago and employing in-field grade estimation to expedite over-limit analysis. Fitzroy geologists have shown a tendency to underestimate higher-grade intercepts by 20-30%, allowing for faster sample prioritization.

The company also completed a passive seismic infill survey with Fleet Space Technologies, identifying zones of elevated fracturing and alteration. Work continues with Pucobre S.A. on engineering and commercial aspects of the heap leach development plan. The qualified person for the technical information is Dr. Scott Jobin-Bevans, an independent geological consultant.

For more details, visit the company's website at https://www.fitzroyminerals.com. The original press release can be viewed at https://www.newmediawire.com.