Fitzroy Minerals Reports Significant Exploration Progress at Chilean Copper Projects

Fitzroy Minerals Inc. has reported substantial exploration progress at its Buen Retiro and Caballos copper projects in northern Chile, with significant extensions to known mineralization and accelerated drilling programs. At Buen Retiro, recent diamond drilling has extended the zone of continuous mineralization in the Southwest Area to 1.4 kilometers, representing a 40% increase from the previously reported 985 meters. The copper mineralization remains open along strike, with further diamond drilling planned for 2026.

The company reported that hole BRT-DDH-028 intersected 133 meters at 0.46% copper in oxides from the top of bedrock, including higher-grade intervals of 40 meters at 0.53% copper and 35 meters at 0.77% copper. The Southwest Area now hosts 1.4 kilometers of continuous mineralization open to both northwest and southeast directions. Reverse circulation drilling at Buen Retiro has completed 1,050 meters in four holes, with preliminary logging identifying intrusive rocks bearing chalcopyrite and pyrite mineralization several kilometers east of the main Southwest Area.

Fitzroy is investigating the potential for fast-track production at Buen Retiro, aiming to complete a maiden mineral resource estimate and Preliminary Economic Assessment on a heap leach project in 2026. The project benefits from significant infrastructure advantages, with the Pan-American highway and high voltage transmission lines crossing the eastern portion of the concession area, and proximity to the sea and Copiapó mining infrastructure. Environmental baseline monitoring has already commenced as part of the permitting process.

At the Caballos project, the company is expanding its drilling program to three rigs following several technical advances. Recent age-dating work has identified a long-lived hydrothermal system spanning from 44 to 25 million years, matching the ages of well-known Eocene-Oligocene belts in Chile that host major deposits including Chuquicamata, Escondida, Quebrada Blanca, and Collahuasi. This geological context suggests Caballos represents a substantial copper system with both depth and lateral scale potential.

The expanded Caballos drilling program intends to complete at least 3,000 meters of diamond drilling in 2025, comprising approximately 2,000 meters at the Chincolco Prospect and 1,000 meters at the Mule Hill Prospect. Recent developments include re-logging confirming hydrothermal breccias containing mineralized porphyry clasts, similar to other breccia-dominated porphyry systems such as El Teniente. Mapping has also identified expansion potential to the east under post-mineral cover.

Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, stated that the extension of Buen Retiro's strike length demonstrates both scale and continuity, while regional reverse circulation drilling shows evidence of copper mineralization across a broader footprint. At Caballos, multiple breakthroughs have provided confidence to accelerate testing of priority targets, including a 1.3-kilometer-long coincident geophysical, geochemical and geological anomaly at the Mule Hill Prospect. The company expects to publish ongoing results from Caballos drilling in the fourth quarter of 2025.