Fitzroy Minerals Starts Drilling at the Caballos Copper Project, Chile
VANCOUVER, BRITISH COLUMBIA, January 21, 2025 – FITZROY MINERALS INC. (TSXV: FTZ, OTCQB: FTZFF) (“Fitzroy Minerals” or the "Company") is pleased to announce that diamond drilling has started at the Caballos Copper Project, Chile (“Caballos”). A drilling program at the main southern anomaly will test targets across the Pocuro Fault Zone (“PFZ”) and test the grade and dimensions of the mineralized intrusive body and associated hydrothermal breccia. This southern anomaly comprises a distinctive hydrothermal breccia and alteration zone running approximately 1.2 km north-south along the PFZ, containing within it a 500 m-long mineralized felsic intrusion (Fitzroy Minerals news release dated July 29, 2024).
The felsic intrusion has copper-oxide staining along most of its width, with occasional fresh, disseminated chalcopyrite, and an average grade of 0.84% Cu from rock chip samples. There is also an associated molybdenum anomaly over approximately 980 m x 50 m, with an average grade of 897 ppm Mo from rock chip samples.
The Caballos drilling program is a proof-of-concept exercise of approximately 500 m in one or two holes from the same drill pad. Results will be announced once the core has been logged and assayed.
At Polimet, geophysical results are being incorporated into the final drill hole plan. After drilling is finished at Caballos, the drill rig will move to the Polimet Gold-Copper-Silver Project for a drilling program of approximately 2,500 metres. Drilling at Polimet is anticipated to start in February 2025.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented, "Ever since the BRGM reported high-grade copper-gold results from stream sediment samples below the intrusion, breccia and alteration zone in the 1960s, this Caballos anomaly has been a stand-out drill target. Subsequent exploration over the years consistently reinforced the view that the anomaly should be drilled, and our mapping and sampling has again confirmed this. We look forward to announcing the drilling results soon.”
Qualified Person
Dr. Scott Jobin-Bevans (P.Geo., Ph.D.), a Qualified Person as defined by National Instrument 43-101 and independent geological consultant to the Company, has reviewed and verified the technical information provided in this news release.
About Fitzroy Minerals
Fitzroy Minerals is focused on exploring and developing mineral assets with substantial upside potential in the Americas. The Company’s current property portfolio includes the Caballos Copper and Polimet Gold-Copper-Silver projects located in Valparaiso, Chile, and the Taquetren Gold Project located in Rio Negro, Argentina, as well as 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 Fitzroy Minerals Inc.
Merlin Marr-Johnson
President and CEO
For further information, please contact:
Merlin Marr-Johnson
mmj@fitzroyminerals.com
+1 604-505-4554
For more information on Fitzroy Minerals, please visit the Company's website: www.fitzroyminerals.com
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the United States Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 completion of the Offering and the timing and pricing in respect thereof, the use of proceeds of the Offering, and timely receipt of all necessary approvals, including any requisite approval of the Exchange.
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. 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 SEDAR+ www.sedarplus.ca.
The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not undertake to update any for-ward looking statements, other than as required by law.