Fitzroy Minerals Reports 64 Metres of 2.00% Cu From 127 Metres, Including 41.0 Metres of 3.05% Cu From 133 Metres, at the Buen Retiro Copper Project, Chile
High-grade pit confirmation supports MRE, no new discovery
Fitzroy reports further definition drilling at Buen Retiro, with 25,634 m of diamond drilling and 5,555 m of RC drilling completed in 2026 to November 5, for 31,189 m total. The release covers selected assay results from diamond holes BRT-DDH129 to BRT-DDH167 and RC holes BRT-RCD020 to BRT-RCD032 and is explicitly framed as feed for the forthcoming maiden MRE and PEA.
Key reported intervals, as stated by the company: - BRT-DDH134: 64 m @ 2.00% Cu from 127 m, including 41 m @ 3.05% Cu from 133 m. - BRT-DDH146: 107 m @ 0.48% Cu from 10 m, including 37 m @ 0.96% Cu from 44 m. - BRT-DDH133: 109 m @ 0.41% Cu from 20 m, including 13 m @ 1.10% Cu from 112 m. - BRT-DDH143: 179 m @ 0.26% Cu from 30 m to 209 m, and 86 m @ 0.22% Cu from 272 m. - BRT-DDH135: 42 m @ 0.61% Cu from 28 m, including 8 m @ 2.50% Cu from 61 m. - BRT-DDH150: 88 m @ 0.52% Cu from 27 m, including 13 m @ 1.46% Cu from 100 m. - BRT-DDH161: 23 m @ 0.62% Cu from 86 m, including 14 m @ 0.90% Cu from 87 m. - BRT-DDH167: 26 m @ 0.49% Cu from 73 m, including 4 m @ 1.83% Cu from 73 m. - BRT-RCD022: 37 m @ 0.32% Cu from 52 m, including 8 m @ 0.85% Cu from 68 m. - BRT-RCD032: 47 m @ 0.23% Cu from 26 m.
The cut-off is a minimum 5 m thickness and minimum 0.20% Cu average. Intervals are estimated at 80-90% of true thickness. The release also says BRT-DDH134 overlaps historical hole BRT-DDH013, which returned 30 m @ 3.52% Cu, including 12 m @ 5.00% Cu, and that the two holes define strong mineralization over about 50 m true width at the base of the historical pit.
This is not an earnings release. The financial context is prior-period: C$27.5 million cash at March 31, 2026, no debt and roughly 329.1 million shares out, against a current market capitalization of about C$171 million at C$0.52. The company has no revenue and is fully dependent on equity funding and project milestones.
The release is material to the resource-definition process but not to the scale of the system. It confirms a high-grade pit-bottom zone that was already indicated by historical drilling, adds better true-width control and supports the forthcoming maiden MRE and PEA. Buyers of the equity are already paying for an MRE/PEA delivery, heap-leach economics and a low-capital-intensity copper story. The new hole improves confidence in a starter-pit grade area, but it does not establish a new zone, a new discovery or a step-change in contained metal.
Expected share-price impact is modest and positive rather than re-rating. The true catalysts remain the maiden MRE, the PEA, the DIA submission and the PFS. This release supports those catalysts; it does not replace them.
Fitzroy Minerals is a TSX-V and OTCQX-listed copper explorer/developer focused on Chile. Its lead asset is the Buen Retiro copper project near Copiapó, an IOCG/copper oxide-mixed heap-leach project with historical mining and a maiden MRE/PEA planned. The company also owns the Caballos copper-molybdenum-gold porphyry project in Valparaiso and has reviewed divestment options for Polimet and Taquetren.
The investor presentation indicates a 70% attributable interest in Buen Retiro and 100% in Caballos, with a Pucobre LOI providing a potential 30% claw-back and access to the Planta Biocobre SX-EW facility. Prior-period financials show C$27.5 million cash at March 31, 2026, no debt and about 329.1 million shares outstanding; fully diluted shares are materially higher at roughly 404.5 million including options and warrants.