Fitzroy Minerals reports 64 metres at 2.00% copper at Buen Retiro
The Chilean project's infill program will add 3,300 metres to support an updated resource and a pre-feasibility study planned for 2027.
Mara Quinlan
Fitzroy Minerals Inc. CVEFTZ OTCMKTSFTZFF FRAC3Y reported on Wednesday that hole BRT-DDH134 at Buen Retiro in Chile returned 64 metres grading 2.00 per cent copper. The interval includes 41 metres at 3.05 per cent copper and will feed the company's first resource estimate ahead of a preliminary economic assessment.
Shares CVEFTZ fell 5.45 per cent to C$0.52 at the 4 p.m. EST close in Toronto on Nov. 10, before Wednesday's release.
The headline interval begins at 127 metres down the hole, while the higher-grade section starts at 133 metres. These are reported drill lengths rather than true-width measurements.
Fitzroy plans another 3,300 metres of diamond drilling to support conversion of inferred resources into measured and indicated categories. That work will feed an updated resource and a pre-feasibility study planned for the second quarter of 2027.
The additional infill holes will target oxide and mixed copper mineralization across Tenorita, Nativo and Ortúzar. The sulphide exploration program will test targets separately from that resource-conversion work.
Fitzroy is a copper explorer advancing Buen Retiro near Copiapó, Chile. The first resource estimate is expected to cover the Tenorita, Nativo and Ortúzar areas, incorporating measured, indicated and inferred categories as the basis for the planned economic assessment.
The company had drilled 31,189 metres at Buen Retiro this year as of Nov. 5. Diamond drilling accounted for 25,634 metres, with reverse-circulation drilling contributing the balance.
Two diamond rigs are focused on infill drilling of oxide and mixed oxide-sulphide mineralization. A reverse-circulation rig is testing new targets and conducting sterilization drilling, while a separate 5,000-metre sulphide exploration program is underway, largely using reverse circulation.
Chief executive Merlin Marr-Johnson said the headline hit overlaps historical drilling. Fitzroy's Oct. 5 update described Tenorita as open to the southeast and said Nativo merges with Tenorita to the south.
"Furthermore, these results are in near-surface, leachable material that is amenable to low-cost processing," Marr-Johnson said in Wednesday's release.
Other results in Wednesday's batch included 107 metres at 0.48 per cent copper in BRT-DDH146, starting at 10 metres. Its higher-grade section returned 37 metres at 0.96 per cent copper from 44 metres.
Hole BRT-DDH133 returned 109 metres at 0.41 per cent copper from 20 metres. It included 13 metres at 1.10 per cent copper starting at 112 metres.
BRT-DDH143 cut 179 metres at 0.26 per cent copper from 30 metres. A deeper intersection in the same hole returned 86 metres at 0.22 per cent copper from 272 metres.
The release covers diamond holes BRT-DDH129 through BRT-DDH167 and reverse-circulation holes BRT-RCD020 through BRT-RCD032.
Read more: GreenLight Metals drills 30.62 metres at 1.20 per cent copper at Bend
Fitzroy's Oct. 5 timetable targets the first resource estimate and preliminary economic assessment for the fourth quarter of 2026.
