Fitzroy Minerals Intersects 78.0 m at 1.70% Cu from 58.0 m, including 40.0 m at 3.02% Cu from 92.0 m at the Buen Retiro Copper Project, Chile
Fitzroy Delivers Another High-Grade Oxide Hit as Buen Retiro Leach Study Takes Shape
The most recent release (May 13, 2026) reports seven resource‑definition drill holes from the Buen Retiro copper project in Chile. Highlight intercepts include 78.0 m at 1.70% Cu (incl. 40.0 m at 3.02% Cu) and 75.0 m at 0.82% Cu (incl. 8.0 m at 3.77% Cu), with other holes returning wide lower‑grade zones. A passive seismic ANT survey has imaged hydrothermal conduits 1‑2 km deep, and the company is adding a third diamond rig and finalising a 5,000‑m reverse‑circulation (RC) contract. Work on the Pre‑Feasibility Study (PFS) for a heap‑leach operation continues.
These drill results are positive but in line with earlier exploration patterns. The grades and widths (e.g. 78 m at 1.70% Cu) are comparable to the high‑grade intercepts of June 2025 (110 m at 1.94% Cu) and broader mineralised envelopes reported through 2025‑2026. The news confirms continuity of leachable oxide copper and supports the PFS, yet it does not alter the project’s known scale or economics. No new discovery is announced; the addition of a third rig and the ANT survey update are expected operational steps. Therefore the information is incremental rather than market‑moving.
The strategic background has already been de‑risked by the April 23, 2026 LOI with Pucobre, which provides processing capacity and cost data for the PFS. The financing completed in March 2026 gave the company a strong balance sheet. Consequently, the latest assay batch does not materially change the investment thesis; it simply ticks another box toward a maiden resource and PFS.
Fitzroy Minerals is a Chile‑focused copper explorer, advancing the Buen Retiro oxide/heap‑leach project near Copiapó and the earlier‑stage Caballos porphyry project. The flagship Buen Retiro is subject to a Letter of Intent with Pucobre S.A., under which Fitzroy can earn 100% via drilling (12,000 m achieved), a US$7 M spend, a Final Technical Report and a US$4 M bullet payment by mid‑2028. Pucobre may claw back 30% by paying 90% of eligible expenses. The joint development plan targets processing cathode copper at Pucobre’s nearby SX‑EW plant. A PFS is underway, targeting a heap‑leach operation with low capex and quick permitting.