Fitzroy Minerals Inc. has reported encouraging drilling results from its Buen Retiro and Caballos copper projects in northern Chile, highlighting the expansion of the oxide zone to 1.7 kilometers and strong sulphide copper intercepts. The results, released on February 9, 2026, demonstrate the growing potential of the projects and support the company's exploration strategy.
At the Buen Retiro project, drill hole BRT-DDH041 intersected 108 meters at 0.41% copper and 156 ppm cobalt from 30 meters, including 48 meters at 0.77% copper and 241 ppm cobalt from 60 meters. This hole, along with BRT-DDH043 which returned 77 meters at 0.46% copper from 196 meters including 20 meters at 0.97% copper, validates the potential for Candelaria-style sulphide mineralization. The company noted that these intersections are relatively shallow and comparable to grades reported by Lundin Mining for the Candelaria open pit.
Significantly, reverse circulation drill hole BRT-RCD008, initially designed as a condemnation hole, intersected 213 meters at 0.19% copper and 199 ppm cobalt from 3 meters, including 85 meters at 0.33% copper. This result extended the Southwest oxide target by 300 meters to 1.7 kilometers in strike length. The mineralization remains open in several directions, and the company plans further exploration in this area.
At the Caballos project, drill hole CAB-DDH009 intersected 70 meters at 0.41% copper equivalent from 85 meters in the Estero Chincolco hydrothermal breccia. The core exhibits porphyry textures and alteration, suggesting a long-lived, structurally complex copper system. An airborne MobileMT geophysical survey is scheduled to help refine drill targets for Phase 2 drilling.
Fitzroy has signed new drilling contracts for a minimum of 10,400 meters of diamond drilling and 3,000 meters of reverse circulation drilling planned for 2026. The company is also planning a ground passive magneto-telluric geophysical survey to improve resolution on deeper targets. Discussions regarding a heap leach joint venture with Sociedad Punta del Cobre S.A. continue, and a pre-feasibility study is being prepared to meet NI 43-101 requirements.
The company's CEO, Merlin Marr-Johnson, commented that the results are defining a new exploration target of Candelaria-style mineralization at Buen Retiro. He noted that even sterilization drill holes in the Southwest area intersected copper, demonstrating the strength of the mineralizing system.
Dr. Scott Jobin-Bevans, the qualified person under NI 43-101, has reviewed and approved the technical information. The company maintains rigorous QA/QC protocols, including the insertion of certified standards and blanks, with no significant issues identified.
Fitzroy Minerals is focused on exploring copper mineral assets in the Americas, with a portfolio that includes the Buen Retiro and Caballos projects in Chile, the Taquetren Gold Project in Argentina, and the Cariboo Project in Canada. The company's shares are listed on the TSX Venture Exchange under the symbol FTZ and on the OTCQB under FTZFF.
