Caballos is located approximately 210 km from Santiago at an average elevation of 2,200 metres. The project can be accessed from the nearby towns of Cabildo and Petorca, with existing roads extending to within approximately 9 km of the main target area.

Caballos has been explored by several groups, including BRGM, Blue Desert Mining, Vale and BHP.

Historic work has included:

• Stream sediment sampling
• Rock and soil geochemistry
• Geological mapping
• Magnetic surveys
• Induced Polarization (IP) surveys

This work identified several large copper, molybdenum and gold anomalies across the property.

The Caballos property is crossed by the regionally significant Pocuro Fault Zone, a major north-south structural feature extending for more than 200 km. Copper mineralization, hydrothermal breccias and alteration occur at multiple locations along more than 10 km of the fault zone within the property. Several breccia zones contain anomalous copper, zinc and locally molybdenum, highlighting the broader exploration potential beyond Cerro Las Mulas.

Historic exploration identified significant multi-element anomalies across the property. Reported historic results include values of up to:

• 1,420 ppm copper
• 164 ppm molybdenum
• 0.1 g/t gold

Earlier regional sampling also identified strong copper, gold, zinc and lead anomalies across the southern portion of the project.

Caballos remains largely underexplored relative to its scale. The combination of large geochemical anomalies, coincident geophysical targets, intrusive rocks, hydrothermal breccias and a major regional structural corridor provides multiple targets for future exploration and drilling. Historical exploration results have not yet been independently verified by Fitzroy Minerals and should be considered in that context.