Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) announced the results of a ground-based Deep Induced Polarization (IP) survey at its Caballos Copper Project in Chile's Valparaíso Region. The survey, conducted by Southernrock Geophysics S.A. (SRG), identified multiple chargeability and resistivity anomalies interpreted to be consistent with porphyry-style hydrothermal systems, directly linked to mineralization intersected in 2025 diamond drilling. This geophysical work substantially enhances the project's prospectivity and sets the stage for a planned 5,500-meter drilling program starting in September.
The Deep IP survey comprised four lines totaling 18.4 line-km, designed to characterize chargeability and resistivity down to depths of approximately 1,500 meters for the IP survey and up to 3,000 meters for the magnetotellurics (MT) component. These lines targeted conductive anomalies previously identified by a heli-borne MobileMT survey. The results revealed several significant anomalies, most notably a large conductivity and chargeability anomaly labeled C2-B, which spans 3 km in width and exhibits a classic porphyry cross-section with a pyritic outer shell surrounding a moderate-chargeability core—a hallmark of copper mineralization. Another prominent anomaly, C4, is approximately 1 km wide and shallow, situated on trend with existing mineralized drill hole intersections.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented, "We are delighted that the Deep IP survey has identified so many strong anomalies. In the Caballos geological setting, it is highly probable that the chargeability corresponds with sulphide mineralization—a view also held by the contractor, Southernrock Geophysics. Our prior drilling on the edge of the system, into a weak chargeability anomaly, has already intersected copper, molybdenum, and gold, demonstrating the fertility of this ground." He added, "Interestingly, the IP chargeability anomalies match up well with the conductivity anomalies highlighted in the prior MobileMT survey, which opens up the prospectivity of the Caballos concessions given the MobileMT survey covered a much larger area than the ground IP survey."
Detailed analysis of the survey data, including 2D and 3D inversions, revealed that the anomalies are present in both the northern and southern parts of the survey area. In the north, lines L 8000 and L 7500 crossed the Pocuro Fault Zone (PFZ) and the southern extent of the C2-B anomaly. The chargeability sections show a clear horizontal break at approximately 2,000 meters elevation, interpreted as the base of the unmineralized Farellones Formation. Below this, two major chargeability anomalies flank a moderate anomaly, a pattern typical of porphyry copper deposits where the central zone hosts copper mineralization. The southern lines L 5900 and L 5400 crossed the PFZ and extended over the C4 anomaly, which appears as a distinctive, shallow chargeability feature approximately 1 km wide and 1 km deep, situated near the junction of the PFZ with a cross-cutting east-west structure.
Phase Tensor analysis from the MT data revealed a consistent north-south to southwest-northeast alignment of conductive structures, corroborating the dominant structural trends, including the PFZ. This information is being integrated into the geological interpretation and exploration planning. The survey results also refined the understanding of the Chincolco Creek target, where prior drilling intersected abundant sulphide mineralization. Although the mineralization there did not produce a strong conductivity signature due to its disseminated nature and abundant quartz-gypsum veining, a subtle anomaly extends southward and at depth along the projection of the PFZ.
The integration of all geophysical and geological data has led to the planning of five drill holes totaling approximately 5,500 meters to test the most compelling targets, including extensions of mineralization at Chincolco Creek and the C2-B, C3, and C4 anomalies. Drilling is anticipated to commence in September 2026. This systematic approach underscores Fitzroy Minerals' commitment to major copper discovery in Chile. The company also noted that future cash flow from its Buen Retiro Heap Leach operation could fund non-dilutive exploration drilling.
The technical content of this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), a Qualified Person as defined by NI 43-101. Fitzroy Minerals is focused on exploring and developing copper-focused mineral assets in the Americas, with projects in Chile, Argentina, and Canada.
