Vancouver, British Columbia – February 9, 2026 – Fitzroy Minerals Inc. (TSXV: FTZ, OTCQB: FTZFF) (“Fitzroy” or the “Company”) is pleased to provide an update on exploration progress at its Buen Retiro and Caballos copper projects (the “Copper Projects”) in northern Chile.
Highlights:
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Drill hole BRT-DDH041 intersected 108 m @ 0.41% Cu (mainly chalcopyrite) and 156 ppm Co, from 30 m, including 48 m @ 0.77% Cu and 241 ppm Co, from 60 m at Buen Retiro.
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Reverse Circulation drill hole BRT-RCD008, designed as a condemnation hole, intersected 213 m @ 0.19% Cu and 199 ppm Co from 3 m to 216 m, including 85 m @ 0.33% Cu from 17 m, extending the Southwest oxide target to 1.7 km at Buen Retiro.
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At Caballos, drill hole CAB-DDH009 intersected 70 m @ 0.41% CuEq from 85 m in the Estero Chincolco hydrothermal breccia.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented: “Drill holes 41 to 45 are defining a completely new exploration target of Candelaria-style mineralization at Buen Retiro. These sulphide intersections are relatively shallow and with some results that are similar to the Candelaria open pit grades as reported by Lundin Mining. Another indication of the strength of the mineralizing system at Buen Retiro is that even our sterilisation drill holes in the Southwest area intersected copper and have extended the oxide trend by another 300 metres to 1.7 kilometres in length.
Fitzroy has signed new drilling contracts for a twin exploration and infill program that will be underway shortly. We are planning passive ground magneto-telluric (“MT”) geophysics to improve resolution on deeper targets, and we are excited about the near-surface and deep exploration potential for Buen Retiro this year.
At Caballos we have final drilling results from the 2025 drilling program that extend the strike length of the mineralized breccias. The Caballos drill core exhibits porphyry textures, alteration, and mineralization. Part of our exploration plan in 2026 will be trying to find the source of the mineralized clasts that are in the breccias which we currently infer have been transported from deeper parts of the system. We are looking forward to the imminent airborne MobileMT geophysical survey to learn more about the architecture of this porphyry system, allowing us to continue our discovery journey with more drilling.”
Buen Retiro Cu-(Co) Project
At Buen Retiro, Phase 2 drilling is complete, with 8,300 metres of diamond drill (“DD”) core across 29 drill holes (Figure 2). Results for drill holes 40 to 43 are reported here (Table 1), and assays are pending for drill holes 44 and 45. The reverse circulation (“RC”) campaign was completed with 910,112 m drilled, of which 2,050 m were condemnation drill holes aimed at testing areas for future infrastructure. New drilling contracts have been signed for a minimum of 10,400 m of diamond drilling and 3,000 m of reverse circulation drilling planned for 2026. A ground geophysical survey (passive seismic) is planned to assist with sulphide drill-targeting at depth.
Drilling Results
As previously reported (news release January 13, 2026), the northern area of the Buen Retiro Project, drilling has identified a copper-mineralized trend extending for approximately 1 km north of the historical Manto Negro open pit, hosted within a volcanic sequence dominated by andesitic rocks, interbedded with volcanic breccias and tuffs (Figure 1).
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Figure 1. Long-section (looking east) and diamond drill hole results, Buen Retiro, Chile |
Results from drill holes 40 to 43 are shown in Table 1. Drill holes 41 and 43 are particularly encouraging as they validate the potential of the Candelaria-style sulphide exploration target in the North area at Buen Retiro. These recent sulphide intersections are relatively shallow and some results are similar to the Candelaria open pit grades as shown in the 2024 Lundin Mining annual report (Open Pit M&I: 591.6 Mt @ 0.37% Cu, 0.09 g/t Au) µ.
Drill hole BRT-DDH041 intersected 108 m @ 0.41% Cu from 30 m, including 48 m @ 0.77% Cu from 60 m, and drill hole BRT-DDH043 intersected 77 m @ 0.46% Cu from 196 m, including 20 m @ 0.97% Cu and 139 ppm Co from 201 metres. As previously noted, the copper mineralization shows a stratigraphic control and is preferentially developed within the more permeable volcanic breccias and tuffs, which act as favourable host horizons.
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Figure 2. Pan map showing location of drill holes, Buen Retiro, Chile (UTM WGS 84 19S) |
Separately, RC sterilization drilling identified that oxide mineralization in the Southwest area continues to the northwest further than anticipated. The area of flat land to the west of the historical open pit, just south of the waste dump, was initially chosen to be a good location for potential crushing and agglomeration facilities. This is no longer the case, as drill holes BRT-RCD007, BRT-RCD008 and BRT-RCD011 intersected copper mineralization.
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Table 1. Selected Phase 2 drill core assay results* from BRT-DDH040 to BRT-DDH043, and BRT-RCD006 to BRT-RCD011, Buen Retiro, Copiapó, Chile (UTM WGS84 19S) |
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|
Drill Hole |
East (m) |
North (m) |
Azimuth / Dip |
From (m) |
To (m) |
**Interval (m) |
Cu (%) |
Co (ppm) |
|
BRT-DDH040 |
345019 |
6922106 |
070/-50 |
21 |
28 |
7 |
0.18 |
195 |
|
And |
48 |
65 |
17 |
0.24 |
||||
|
And |
91 |
102 |
11 |
0.18 |
||||
|
And |
114 |
147 |
33 |
0.17 |
||||
|
including |
134 |
147 |
13 |
0.22 |
374 |
|||
|
And |
180 |
185 |
5 |
0.18 |
||||
|
BRT-DDH041 |
345064 |
6922238 |
080/-55 |
30 |
138 |
108 |
0.40 |
146 |
|
including |
60 |
108 |
48 |
0.77 |
241 |
|||
|
BRT-DDH042 |
345009 |
6922452 |
090/-45 |
68 |
100 |
32 |
0.17 |
|
|
And |
141 |
210 |
69 |
0.32 |
138 |
|||
|
Including |
144 |
167 |
23 |
0.60 |
143 |
|||
|
And |
242 |
250 |
8 |
0.20 |
||||
|
And |
275 |
298 |
23 |
0.21 |
||||
|
BRT-DDH043 |
345038 |
6922602 |
090/-45 |
3 |
8 |
5 |
0.14 |
|
|
And |
196 |
273 |
77 |
0.46 |
||||
|
Including |
201 |
221 |
20 |
0.97 |
139 |
|||
|
And |
307 |
312 |
5 |
0.23 |
||||
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BRT-RCD006 |
345259 |
6922556 |
090/-55 |
36 |
70 |
34 |
0.35 |
|
|
And |
124 |
146 |
22 |
0.28 |
||||
|
And |
192 |
207 |
15 |
0.22 |
||||
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BRT-RCD007 |
344671 |
6921778 |
070/-55 |
3 |
38 |
35 |
0.13 |
|
|
And |
210 |
269 |
59 |
0.21 |
||||
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including |
214 |
226 |
12 |
0.37 |
||||
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BRT-RCD008 |
344611 |
6921757 |
070/-55 |
3 |
216 |
213 |
0.19 |
199 |
|
Including |
3 |
88 |
85 |
0.33 |
113 |
|||
|
including |
17 |
63 |
46 |
0.46 |
159 |
|||
|
including |
188 |
216 |
28 |
0.11 |
519 |
|||
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BRT-RCD011 |
344567 |
6921830 |
070/-60 |
12 |
31 |
19 |
0.21 |
282 |
|
And |
65 |
83 |
18 |
215 Mo |
412 |
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*Calculated on a minimum thickness of 5 m and minimum average grade of 0.13% Cu
**Estimated true thickness
RC drill hole 8 was particularly impressive, including a shallow interval of 85 metres from a downhole length of 3 metres averaging 0.33% Cu and containing 111 ppm Co. RC drill holes 9, 10, and 12-18 were sterilization holes over potential leach pad and waste dump areas and did not intersect significant copper mineralization.
Given that RC drill holes 7, 8, and 11 intersected copper and extended the oxide mineralization trend, this area will be explored further. With these results, Fitzroy has extended the strike-length of the Southwest area by 300 m from 1,400 m to 1,700 metres.
Drill hole BRT-RCD008 intersected 213 m @ 0.19% Cu and 199 ppm Co from 3 m to 216 m, including 85 m @ 0.33% Cu and 111 ppm Co from 3 m, which included 46 metres @ 0.47% Cu and 159 ppm Co from 17 m, and a higher-grade interval of 17 metres @ 0.70% Cu and 100 ppm Co from 17 metres.
Drill hole BRT-RCD011 intersected 19 metres @ 0.21% Cu and 282 ppm Co from 11 m to 30 metres. The area has unusually high cobalt, although there is no evidence at this stage that the cobalt could be recovered.
Drill hole BRT-RCD007 intersected a shallow zone of low grade, near-surface mineralization (35 m @ 0.13 Cu from 3 m to 38 m), and a second, deeper zone of 59 m @ 0.21% Cu from 210 m, including 12 m @ 0.37% Cu from 214 metres. Both zones are in a parallel, previously unknown mineralized trend.
Drill hole BRT-RCD006 was drilled in the northern sulphide zone and intersected three zones of mineralization, the best being 34 m @ 0.35% Cu from 36 metres.
Assays are pending for drill holes 44 and 45. Drill hole 45 was planned to be 250 m long, but it continued to intersect disseminated chalcopyrite to a downhole length of 435 m before the drill hole was terminated at a downhole length of 452 metres.
Next Steps
New DD and RC drilling plans for 2026 are being finalised. The diamond holes will be split between exploration drilling for infill and larger diameter HQ (63.5 mm diameter) core for metallurgical sampling drill holes. Existing geophysical data is being re-interpreted, and a deep-penetrating ground survey (seismic) is being designed.
Discussions regarding a Heap Leach Joint Venture Copper Project with Sociedad Punta del Cobre S.A. (“Pucobre”) continue, and a decision has been made that the associated Technical Report to be completed by Fitzroy will be a Pre-Feasibility Study (“PFS”), meeting the requirements of National Instrument 43-101 (“NI 43-101”) disclosure requirements.
Caballos Cu-Mo-Au Project
At Caballos, Phase 1 drilling was completed with a total of 3,154 metres of diamond drill core across nine holes (Figure 1). An airborne geophysical survey (Mobile MagnetoTellurics or Mobile MT) has been commissioned and is scheduled for completion in Q1 2026. Mapping is continuing ahead of the airborne geophysical survey. Phase 2 drilling is scheduled for later in the year once the geophysical data is integrated into the Company’s geological model.
Drilling Results
Drill hole CAB-DDH009 is located 180 m north of CAB-DDH001 (news release March 27, 2025) and drilled to the west, with a dip of 80. The drill hole intersected volcanic and intrusive rocks that have been overprinted by multiple tectonic, hydrothermal, and mineralizing events. The core exhibits pervasive alteration and disseminated chalcopyrite with lesser molybdenite, occasionally higher molybdenite and lower chalcopyrite content, and later cross-cutting veining. The central zone of mineralization returned 70 m @ 0.41% CuEq1 (0.18% Cu, 374 ppm Mo, 0.04 g/t Au) from 85 metres. The geology is consistent with a long-lived, structurally complex copper system. Certain areas display potassic alteration, veining, stockworks, and brecciation, which are hallmarks of economic porphyry copper deposits. Drill hole CAB-DDH006 was located 164 m north of drill hole CAB-DDH009 and drilled to the west, with a dip of 70. The drill hole intersected a similar sequence of brecciated volcanic rocks, with the best results being 22 metres at 0.27% CuEq1 from a downhole length of 45 metres.
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Table 2. Drill core assay results* from CAB-DDH006 and CAB-DDH009, Caballos Copper Project, Valparaiso, Chile (UTM WGS 84 Z19S) |
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|
Drill Hole |
East (m) |
North (m) |
Azimuth / Dip |
From (m) |
To (m) |
ŦInterval (m) |
1CuEq (%) |
Cu (%) |
Mo (ppm) |
Au (g/t) |
|
CAB-DDH006 |
352071 |
6428302 |
280/-70 |
45 |
67 |
22 |
0.27 |
0.15 |
186 |
0.04 |
|
CAB-DDH009 |
352116 |
6428138 |
270/-80 |
85 |
156 |
71 |
0.41 |
0.18 |
374 |
0.04 |
* Calculated on a minimum thickness of 5 m and minimum average grade of 0.13% Cu
Ŧ Estimated to be ~75% of true thickness
1CuEq calculated using assumed metal recoveries of 85% for Cu, 85% for Mo, and 70% for Au. CuEq is calculated using the formula CuEq % = 0.85 Cu % + (0.6808 * Au g/t) + (5.32 * Mo g/t /10,000) and three year trailing average prices for 2022, 2023 and 2024: Cu $3.99/lb, Au $2,043/oz, Mo $21.37/lb.
Next Steps
Expert Geophysics is scheduled to start an airborne MobileMT geophysical survey imminently. Once information from the survey is integrated into the Company’s geological model, Phase 2 drilling will be planned. The geophysical survey should help to map subsurface geology, especially conductive features like faults, fractures, and concentrations of sulphide mineralization.
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Figure 3. Plan map showing location of drill holes, Caballos, Chile |
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Figure 4. Cross-Section (looking north) of drill hole CAB-DDH009, Caballos, Chile |
Buen Retiro Core Sampling Procedures, Laboratory and QA/QC
Buen Retiro drill core, in labelled and secured wooden core trays, is picked up from the drilling site by Company personnel and transported by truck from the drill rig to the core processing facility in Copiapó. Core lengths are checked, after which geotechnical logging is performed.
Using an electric core cutting diamond blade saw, primary half core samples are collected from HQ- or NQ-sized drill core with the remaining half-core stored in the original wooden core trays at the rented core storage warehouse in Cuesta Cardones, south of Copiapó.
A silica blank is inserted every 20 samples (~20 m); a blank is always inserted immediately after a section that contains native copper. Pulp duplicates are randomly selected in proportion to the number of samples from each drill hole and inserted into the sample stream along with high-, medium-, and low-grade copper standards. Sample identifications are changed and coded by the Company. The Quality Assurance (QA) and Quality Control (QC) samples prepared by the Company represent about 12% of the total primary core samples. The three certified copper standards (both oxide and sulphide), acquired from Chilean company Instituto Nacional de Tecnología Estandarización y Metrología Ltda. (“INTEM”), have international standard certification. The certified standards are used to evaluate the accuracy (approximation versus true value) of the laboratory analysis. Blanks are used to evaluate the quality of the laboratory preparation and identify possible contamination. Pulp duplicates are used to test analytical accuracy (repeatability). No secondary laboratory (referee lab) samples were completed in this round of drilling; however, the next stage and subsequent stages of drilling will put in place laboratory replicate procedures.
Once prepared, the core samples are bagged, tagged, and transported to the laboratory by the project team. At the laboratory reception, the samples and their identification codes are verified and accepted once the physical inventory matches the assay request form.
The pulps and rejects of crushed samples are collected from the ALS-Patagonia laboratory in Copiapó every 3 months. The rejects are stocked in closed drums, identified with the corresponding batches and sample ranges, while the pulps are stocked in boxes and in shelves inside a container separated for this purpose. Both are located in the same Company warehouse facilities in Copiapó.
A visual review of the QA/QC results from the standards and blanks inserted by the Company and the laboratory’s internal QA/QC information was completed by the Company and no significant issues were identified.
Caballos Core Sampling Procedures, Laboratory and QA/QC
The Caballos Project diamond drill core is collected from the drilling site by Company personnel and transported to the Company's nearby sampling facilities where it is then processed for geological, geotechnical, and geochemical data. All samples are collected as 1 metre sections. The core is cut into two halves using an electric core cutting diamond blade saw, with half-core samples each allocated a unique identifier code and bagged-tagged separately. Samples for each complete hole are transported by Fitzroy personnel to Andes Analytical Assay Limitada (“AAA”) laboratory in Santiago, Chile for sample preparation (drying, weighing, crushing and grinding) and assaying for Au (by 40 g fire assay with AAS finish and a suite of 31 elements including Cu and Mo by Aqua Regia Digestion and ICP-AES finish. One batch of pulps from AAA was sent to ALS Global laboratory in Lima, Peru for check assays and rhenium assay by ICP-MS.
Sampling and assaying QA/QC protocols employed by the Company for this drill hole include routine insertion of certified reference materials (“CRM”) including certified standards and blanks. Results for each CRM are assessed to monitor the accuracy and precision of the assay data for the core samples. The Company did not identify any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data disclosed in this press release.
The Company and Qualified Person are independent of the assay laboratories disclosed in this news release.
Qualified Person
Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), a QP as defined by NI 43-101 and independent geological consultant to the Company, has reviewed and approved the technical information provided in this news release and verified the data disclosed, including the sampling, analytical and test data underlying the technical information contained in this news release. Specifically, the QP verified selected laboratory assay results against the reported drill core intervals as well as drill core logs against the geology, as supplied by the Company.
µDr. Scott Jobin-Bevans has not been able to independently verify the Candelaria mineralization and as such the mineralization described is not necessarily indicative of the mineralization on the Buen Retiro Copper Project.
About Fitzroy Minerals
Fitzroy Minerals is focused on exploring and developing copper-focused mineral assets with substantial upside potential in the Americas. The Company’s current property portfolio includes the Buen Retiro Copper Project located near Copiapó, Chile, the Caballos Copper and Polimet Gold-Copper-Silver projects located in Valparaiso, Chile, the Taquetren Gold Project located in Rio Negro, Argentina, and the Cariboo Project in British Columbia, Canada. Fitzroy Minerals’ shares are listed on the TSX Venture Exchange under the symbol FTZ and on the OTCQB under the symbol FTZFF.
On behalf of the board of Fitzroy Minerals Inc.
Merlin Marr-Johnson
President and CEO
For further information, please contact:
Merlin Marr-Johnson
mmj@fitzroyminerals.com+447803712280
For more information on Fitzroy Minerals, please visit the Company's website: www.fitzroyminerals.com
Neither Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the potential mineralization on the Company’s mineral properties, future exploration plans on the Company’s mineral properties and the timing and results of future exploration.
Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of the Company. Such statements can generally, but not always, be identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. All statements that describe the Company's plans relating to operations and potential strategic opportunities are forward-looking statements under applicable securities laws. These statements address future events and conditions and are reliant on assumptions made by the Company's management, and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators, including without limitation, the dangers inherent in exploration, development and mining activities; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; operations in foreign and developing countries and the compliance with foreign laws, remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; and competition with other mining companies. As a result of these risks and uncertainties, and the assumptions underlying the forward-looking information, actual results could materially differ from those currently projected, and there is no representation by the Company that the actual results realized in the future will be the same in whole or in part as those presented herein. the Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on the Company and the risks and challenges of its business, investors should review the Company's filings that are available at www.sedarplus.ca.
