Fitzroy Minerals Reports 176 m @ 0.47% CuEq1 (0.31% Cu, 249 ppm Mo, 0.04 g/t Au) at the Caballos Copper Project and Confirms that the Buen Retiro Copper Project is Analogous to Candelaria, Chile
Fitzroy Pivot to Pure-Play Copper Gains Momentum as Buen Retiro Moves Toward Pre-Feasibility
The January 13, 2026, news release provides a significant dual-project update. At the Caballos Copper Project, Fitzroy reported a broad intercept of 176 m @ 0.47% CuEq (0.31% Cu, 249 ppm Mo, 0.04 g/t Au) in hole CAB-DDH004A. This concludes Phase 1 drilling (3,154 m). At the Buen Retiro Copper Project, the company has nearly completed Phase 2 drilling (~8,000 m). Crucially, geological experts have confirmed the project as an analogy to the world-class Candelaria deposit in Chile. Consequently, management has decided to upgrade the planned Technical Report to a Pre-Feasibility Study (PFS). Additionally, a director was granted 300,000 stock options at an exercise price of $0.58.
This news is Material - Positive for several reasons: - Project De-risking: Moving Buen Retiro directly to a PFS indicates a high degree of confidence in the resource's economic potential and internal data. The "Candelaria analogy" provides a geological blueprint that reduces exploration risk. - Scale Confirmation: The 176 m intercept at Caballos, while mid-grade for copper (0.31%), shows the "scale" required for a meaningful porphyry discovery, especially with the molybdenum credit boosting the CuEq to 0.47%. - Strategic Execution: The company has successfully followed through on its mid-2025 promise to focus exclusively on Chilean copper, divesting other assets to concentrate capital on these two flagship projects. - Market Timing: These results coincide with "record high" copper prices, maximizing the perceived value of the reported intercepts.
Fitzroy Minerals is a TSX-V listed explorer focused on copper in Chile. Following a 2025 restructuring, the flagship assets are: - Buen Retiro (Atacama): An IOCG system near Copiapó, analogous to Candelaria. It has shown high-grade oxide results (e.g., 110m @ 1.94% Cu) and is being fast-tracked for heap leach production. - Caballos (Valparaiso): A large-scale porphyry copper-molybdenum-gold system located in a prolific Eocene-Oligocene belt.