Fitzroy Minerals Reports Exploration Progress at Chilean Copper Projects

Fitzroy Minerals Inc. has provided an update on exploration progress at its Buen Retiro and Caballos copper projects in northern Chile. At Buen Retiro, drill hole BRT-DDH045 intersected 384 meters at 0.22% copper from 4 meters, including 94 meters at 0.33% copper from 30 meters. This hole revealed two distinct mineralizing styles on a large scale in the North area, located three kilometers north-northeast of high-grade copper oxide mineralization in the Southwest area. President and CEO Merlin Marr-Johnson stated that combined with large, coincident geophysical anomalies, there is now compelling evidence that Buen Retiro is a major copper system.

The strategic location of Buen Retiro enhances its importance. The project sits at low elevation on a brown-fields site four kilometers from the Pan-American Highway and associated high voltage transmission lines. It is close to the coast where a proposed desalination plant has a seawater extraction license and near the mining center of Copiapo with its mining services and large labor pool. In an industry with decreasing discovery rates, Fitzroy aims to leverage potential future cash flow from the proposed Buen Retiro Heap Leach copper operation to fund continued exploration for major copper deposits in Chile with minimal dilution.

Infill drilling with two diamond drill rigs began in February, with approximately 160 meters of HQ diamond core drilled daily. Drill holes 46 through 60 have been completed and are being logged and cut, with samples sent for assay. Half core from these holes has been aggregated to create a 2,800 kg bulk sample for metallurgical test work at SGS Laboratories, starting in late March. The infill drilling program, anticipated to be approximately 6,000 meters, should be completed in April. Afterward, one rig will focus on exploration drilling, with a minimum program of 8,000 meters that could increase to 15,000 meters.

A passive seismic, Ambient Noise Tomography ground geophysical survey by Fleet Space Technologies is about to start. This survey will assist with litho-structural interpretation and support sulphide drill-targeting at depth. The survey may be conducted in two stages: an initial regional survey followed by a targeted infill survey, subject to Phase 1 results. The Phase 1 survey aims to image the large-scale subsurface architecture, including basement geometry, major structural corridors, and velocity contrasts potentially associated with IOCG mineral systems.

Drill results from holes 44 and 45 are detailed in Table 1. Drill hole BRT-DDH045 intersected a zone of stockwork intercalated with minor breccias from the start of fresh rock at four meters, then transitioned into a Candelaria-style stratiform system for a further 284 meters. Copper mineralization, primarily chalcopyrite, was consistent throughout. Drill hole BRT-DDH044 intersected a series of low-grade intersections, with the best interval being 10 meters at 0.30% copper from 142 meters. A plan map with drill hole locations is available at https://ibb.co/tT50fszT.

At the Caballos Copper Project, an airborne MobileMT geophysical survey is complete, with data currently being interpreted. Phase 2 drilling is scheduled for later in the year once the geophysical data is integrated into the geological model. The Company has implemented rigorous sampling and quality control procedures. Core samples are transported to ALS-Patagonia laboratory in Copiapo, with QA/QC samples representing about 12% of total primary core samples. A visual review of QA/QC results identified no significant issues.

Qualified Person Dr. Scott Jobin-Bevans has reviewed and approved the technical information, verifying selected laboratory assay results and drill core logs. However, he has not independently verified the Candelaria mineralization, noting that the described mineralization is not necessarily indicative of mineralization on the Buen Retiro Copper Project. The exploration update underscores Fitzroy's progress in advancing these copper projects amid favorable infrastructure and geological conditions.