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Buen Retiro – Copper Project
Advanced Copper Project in Chile’s Punta del Cobre District
Buen Retiro is an IOCG copper project located approximately 60 km south of Copiapó, Chile, within the established Punta del Cobre mining district. The project includes the historic Manto Negro open pit, where high-grade copper oxide ore was mined from 2005 to 2009.
CHILE – SOUTH AMERICA
BUEN RETIRO Project Summary
Historic Copper Production, Extensive Drilling, Established Infrastructure and Significant Oxide-to-Sulphide Growth Potential
Project Highlights
Buen Retiro combines historic copper production, extensive drilling, shallow oxide mineralization, established infrastructure and significant exploration upside.
Strategic Location
Buen Retiro is located in one of Chile’s established copper-producing regions, close to major roads, power infrastructure and existing processing facilities. The project lies approximately:
Extensive Technical Database
Fitzroy has assembled a substantial exploration database including:
Advancing Toward Development
Fitzroy is currently advancing Buen Retiro through:
The current program is focused on defining higher-confidence resources and evaluating a potential staged copper development.
Oxide Copper Opportunity
Oxidation typically extends approximately 60 to 100 metres below surface.
Three principal mineralization domains have been identified:
Metallurgical testing is underway to determine the most effective processing and leaching approach for each mineralization type.
Sulphide Upside
Below the near-surface oxide system, Fitzroy continues to evaluate the project’s deeper sulphide potential. This provides Buen Retiro with two distinct exploration opportunities: a near-surface oxide development concept and longer-term sulphide discovery potential.
Relationship With Pucobre
Fitzroy has a strategic relationship with Sociedad Punta del Cobre S.A. (Pucobre), a long-established Chilean copper producer. A signed LOI provides for potential access to Pucobre’s nearby electro-winning capacity and operating cost data for use in the Buen Retiro Pre-Feasibility Study.
Ownership
Fitzroy holds an option to earn 100% of Buen Retiro, subject to exploration expenditures, technical milestones and option payments. The required minimum drilling commitment has already been completed, with Fitzroy targeting completion of the principal option requirements in 2027. Pucobre has the right to claw-back 30% of a defined area within the Buen Retiro Project (which includes the planned Heap Leach Project) by paying back 90% of all eligible expenses incurred by Fitzroy Minerals associated with that area of the project from 2023 through to mid-2027. Pucobre has signed an LOI indicating it will make the payment and claw back a 30% stake in the Project, including the Heap Leach Project. Fitzroy anticipates receiving approximately C$20 million in payment from Pucobre. Buen Retiro will be funded on equity proportions going forward. The broader project area also includes the separate Sierra Fritis Option, providing additional exploration exposure within the district.
