Bulk Tonnage Potential Confirmed with 384m Copper Intersection from Surface

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Monday, March 23, 2026

Markets rebounded Monday following reports of easing tensions tied to Iranian energy infrastructure, with crude oil falling more than 7% and equities moving higher. In that backdrop, attention is rotating back towards company specific fundamentals and away from geopolitics, for the moment at least.  Zeroing in on the Chilean copper sector, new drill data from a junior miner is reinforcing the scale of known mineralization while pointing the company to the next phase of their technical work required to define higher-grade zones. 

This morning, Fitzroy Minerals (TSX-Venture: FTZ) (OTCQB: FTZFF) reported Phase 2 drill results from its Buen Retiro project in Chile’s Copiapó region, alongside plans for a new geophysical program aimed at refining drill targeting.

Two holes anchor the release. BRT DDH044 returned 10 m at 0.30% Cu from 142m. BRT DDH045 delivered the more relevant result, intersecting 384m at 0.23% Cu from surface, including 94m at 0.33% Cu and 26m at 0.45% Cu. Within that interval, narrower zones included 9m at 0.69% Cu from 325m, representing the highest grade encountered in this phase. 

A 384m interval from surface is notable in bulk tonnage systems. Broad, lower-grade envelopes typically define deposits of this type of localized high-grade cores. The challenge is less about confirming mineralization and more about identifying where higher-grade concentrations are located within a large system. 

Fitzroy has engaged Fleet Space Technologies to conduct an Exosphere Ambient Noise Tomography survey across Buen Retiro. The method uses passive seismic data to generate three-dimensional subsurface imaging, allowing for improved understanding of structural controls at depth. 

The program will proceed in two phases. An initial regional survey will map large-scale geological architecture across the project, followed by a more focused infill program over priority areas. Improved imaging can materially increase the probability of targeting higher-grade zones in subsequent drilling for systems where mineralization is structurally controlled. 

At its Caballos project, a copper molybdenum gold target, an airborne MobileMT survey has been completed and interpretation is underway. The geological model will incorporate the data before Phase 2 drilling, which is expected later in 2026. 

FTZ traded at C$0.41, up 1.23% on today’s news as the company’s near-term focus shifts to results from the ANT survey. If the data defines coherent structural targets beneath the current drill footprint, it could help guide the next phase of drilling toward higher-grade mineralization.

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