Fitzroy drills 384 m of 0.22% Cu at Buen Retiro

Executive Summary

• Fitzroy Minerals reports significant wide-grade copper mineralization from drill hole BRT-DDH045 at the Buen Retiro project in Chile, intersecting 384 metres at 0.22% Cu from 4 metres, including 94 metres at 0.33% Cu.
• The company is currently conducting infill drilling (approx. 6,000m) to support a maiden mineral resource estimate ahead of a Pre-Feasibility Study (PFS), with a bulk sample ready for heap-leach metallurgical testing.
• Exploration is expanding with a new passive seismic survey at Buen Retiro and completed airborne geophysics at the Caballos project, positioning Buen Retiro as a major copper system with strong infrastructure advantages.

Key Details

• Drill Results (Buen Retiro):
  • Hole BRT-DDH045: 384 metres at 0.22% copper from 4 metres, including 94 metres at 0.33% copper from 30 metres. The hole intersected a Candelaria-style stratiform system for 284 metres following an initial 100 metres of stockwork mineralization.
  • Hole BRT-DDH044: Best interval of 10 metres at 0.30% copper from 142 metres.
  • Context: Mineralization is hosted in a volcanic sequence (andesitic rocks, breccias, tuffs) approximately 1 km north of the historical Manto Negro open pit.
• Exploration & Drilling Status:
  • Infill Drilling: Two diamond drill rigs are active, drilling ~160m of HQ core per day. Holes 46 through 60 are completed and being logged/assayed.
  • Upcoming Drilling: Infill program (~6,000m) expected to complete in April. Subsequent exploration drilling will be a minimum of 8,000m, with flexibility to increase to 15,000m.
  • Geophysics: Fleet Space Technologies passive seismic (ANT) survey is starting to image subsurface architecture and target sulphide mineralization at depth.
• Metallurgy & Processing:
  • A 2,800-kilogram bulk sample has been aggregated from half-cores of infill holes based on mineralogical characteristics.
  • Heap-leach metallurgical test work is scheduled to begin at SGS Laboratories in late March.
• Caballos Project:
  • Airborne MobileMT (magnetotellurics) survey is complete; data interpretation is ongoing.
  • Phase 2 drilling is scheduled for later in the year once geophysical data is integrated into the geological model.
• Infrastructure & Location:
  • Buen Retiro is located at low elevation, 4 km from the Pan-American Highway and high-voltage transmission lines.
  • Proximity to a proposed desalination plant with a seawater extraction licence and the mining center of Copiapo (services and labor pool).
• QA/QC:
  • Standards, blanks, and duplicates are used; no significant issues identified in internal QA/QC review.
  • Qualified Person: Dr. Scott Jobin-Bevans, PGeo, PhD, PMP.

Notable Quotes

• "Drill hole 45 intersected copper in two distinct mineralizing styles on a large scale in the north area of the Buen Retiro property... Combined with large, coincident geophysical anomalies, there is now compelling evidence that Buen Retiro is a major copper system." — Merlin Marr-Johnson, President and CEO
• "Crucially, Buen Retiro is at low elevation, on a brownfields site four kilometres from the Pan-American Highway and associated high-voltage transmission lines... Fitzroy aims to leverage potential future cash flow from the proposed Buen Retiro heap-leach copper operation to fund the continued exploration for major copper deposits in Chile with minimal dilution." — Merlin Marr-Johnson, President and CEO