Fitzroy Minerals Starts Sulphide Drilling at Buen Retiro After ANT Survey

• Fitzroy Minerals has deployed a third diamond drill rig at its Buen Retiro copper project near Copiapó, Chile, dedicated exclusively to copper sulphide exploration.
• A regional Ambient Noise Tomography (ANT) passive seismic survey by Fleet Space Technologies has outlined structures interpreted as intense alteration and brecciation at depths of 1 to 2 kilometres across an area of approximately 5 kilometres by 5 kilometres. A detailed infill survey covering 2 kilometres x 3 kilometres is now underway, targeting the upper 800 metres.
• The initial sulphide drill program spans 3,000 metres and runs in parallel with the oxide resource definition program and heap-leach pre-feasibility work in the Southwest Area.
• Buen Retiro sits 43 kilometres southwest of Lundin Mining's Candelaria mine and 160 kilometres south of Capstone Copper's Manto Verde operation, both iron oxide copper gold (IOCG) deposits in the Punta del Cobre belt, and Fitzroy is testing whether the oxide mineralisation at Buen Retiro represents the upper portion of a larger IOCG system of a similar type.
• Fitzroy holds a C$25 million treasury to fund both programs, with a maiden mineral resource estimate (MRE) targeting the fourth quarter of 2026 and an initial pre-feasibility study (PFS)  targeting the first quarter of 2027.

Third Rig Deployed for Sulphide Exploration

Fitzroy Minerals (TSX-V: FTZ, OTCQX: FTZFF) has deployed a third diamond drill rig at its Buen Retiro copper project near Copiapó, Chile, dedicated to copper sulphide exploration. The deployment follows a regional Ambient Noise Tomography (ANT) passive seismic survey by Fleet Space Technologies, which outlined structures interpreted as intense alteration and brecciation at depths of 1 to 2 kilometres across an area of approximately 5 kilometres x 5 kilometres.

A detailed infill survey covering 2 kilometres x 3 kilometres is now underway, targeting preferential hydrothermal conduits in the upper 800 metres. The sulphide program carries an initial drilling plan of 3,000 metres, which Fitzroy anticipates expanding as infill ANT results are incorporated into target ranking.

Drill Program Scope

Fitzroy has completed 39 drill holes totalling 6,885 metres at Buen Retiro since February 2026, comprising 35 infill holes and 4 geotechnical holes in the Southwest Area oxide zone. Results from 24 of those holes remain pending and will be released on a rolling monthly basis. A 5,000-metre reverse circulation drilling contract is being finalised, targeting commencement in June 2026. That program will complete sterilisation drilling around the historical pit before switching to regional exploration across the 13,400-hectare concession.

Geological Context

Buen Retiro sits in the Punta del Cobre metallogenic belt, 43 kilometres southwest of Lundin Mining's Candelaria iron oxide copper gold (IOCG) mine and 160 kilometres south of Capstone Copper's Manto Verde IOCG operation. Fitzroy is testing whether the oxide mineralisation at Buen Retiro represents the upper portion of a larger IOCG system similar to deposits elsewhere in the district. The sulphide target lies beneath an oxide zone where Fitzroy has previously reported drill results, including 110 metres at 1.94% copper and 78 metres at 1.70% copper. The first sulphide holes drilled in late 2025 each intersected disseminated chalcopyrite over intervals exceeding 149 metres. 

President and Chief Executive Officer of Fitzroy Minerals, Merlin Marr-Johnson, described the scope of that early-stage sulphide work:

"We're looking at infill drill patterns through here as well as continuing to explore and de-risk oxides in other areas, and we're now adding on sulfide holes."

Development Timeline & Treasury

An environmental submission for the heap leach project is targeting the third quarter of 2026, a maiden mineral resource estimate (MRE) is targeting the fourth quarter of 2026, and an initial pre-feasibility study (PFS) is targeting the first quarter of 2027. Fitzroy is advancing the heap leach project in partnership with Chilean copper producer Pucobre, which holds an option to claw back a 30% interest upon payment of 90% of Fitzroy's minimum eligible expenses of US$11.3 million by August 2028. 

On the company's focus at Buen Retiro, Marr-Johnson stated:

"We are really focused on our Buen Retiro flagship asset, which we believe has major discovery potential."

Fitzroy holds a C$25 million treasury to fund both programs. The company's fully diluted share count stands at 402,975,718.

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