Fitzroy Minerals Reports Significant Copper Mineralization at Buen Retiro Project in Chile

Fitzroy Minerals Inc. has provided an exploration update for its Buen Retiro and Caballos copper projects in northern Chile, reporting significant copper mineralization intervals from the Buen Retiro property. Drill hole BRT-DDH045 intersected 384 meters at 0.22% copper from 4 meters, including a higher-grade interval of 94 meters at 0.33% copper from 30 meters. These results contribute to growing evidence that Buen Retiro represents a major copper system, with mineralization identified in two distinct styles across a large scale in the North area of the property.

President and CEO Merlin Marr-Johnson emphasized the project's compelling characteristics, noting its location three kilometers north-northeast of high-grade copper oxide mineralization in the Southwest area. The project sits at low elevation on a brown-fields site approximately four kilometers from the Pan-American Highway and associated high-voltage transmission lines. Its proximity to the coast, where a proposed desalination plant holds a seawater extraction license, and to the mining center of Copiapo with established services and labor pools, enhances its development potential. The company aims to leverage future cash flow from a proposed heap leach 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. The program, anticipated to total about 6,000 meters, should be completed in April. Drill holes 46 through 60 have been completed and are being logged and sampled for assay. Following infill drilling, one rig will focus on an exploration drilling program of at least 8,000 meters, with flexibility to increase to 15,000 meters. A 2,800-kilogram bulk sample has been prepared for heap leach metallurgical test work at SGS Laboratories, scheduled to begin in late March.

The company has contracted Fleet Space Technologies to conduct an Exosphere Ambient Noise Tomography geophysical survey to assist with litho-structural interpretation and support sulphide drill-targeting at depth. This survey will image large-scale subsurface architecture, including basement geometry and major structural corridors potentially associated with IOCG mineral systems. At the Caballos Copper Project, an airborne MobileMT geophysical survey is complete, with data interpretation ongoing. Phase 2 drilling at Caballos is scheduled for later in the year once geophysical data is integrated into the geological model.

Quality assurance and quality control procedures for Buen Retiro core sampling involve inserting silica blanks every 20 samples, along with certified copper standards from Chilean company Instituto Nacional de Tecnología Estandarizacion y Metrología Ltda. QA/QC samples represent about 12% of total primary core samples. The company reported no significant issues in its review of QA/QC results. Qualified Person Dr. Scott Jobin-Bevans has reviewed and approved the technical information, verifying selected laboratory assay results and drill core logs. The company notes that the described Candelaria-style mineralization is not necessarily indicative of mineralization across the entire Buen Retiro project.