Fitzroy Minerals Reports Further High-Grade Copper Intersections at the Buen Retiro Copper Project, Chile
VANCOUVER, BC - November 11, 2026 (NEWMEDIAWIRE) - Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) (“Fitzroy” or the “Company”) is pleased to report ongoing drilling results and provide an update for its advanced Buen Retiro Copper Project, Copiapo, Chile (“Buen Retiro” or the “Project”). Fitzroy has completed 25,634 metres of diamond drilling and 5,555 metres of RC drilling at Buen Retiro, for a total of 31,189 metres in 2026 as of November 5 (Figure 1).
Drilling continues with two diamond drill (“DD”) rigs focused on infill drilling of copper oxide and mixed copper oxide-sulphide mineralization, and one reverse circulation (“RC”) drill rig being used for sterilization and to test new targets. This news release reports results from diamond drill holes BRT-DDH129 to BRT-DDH167 (Table 1) and RC drill holes BRT-RCD020 to BRT-RCD032 (Table 2) for inclusion in the forthcoming maiden Mineral Resource Estimate (“MRE”). The maiden MRE is expected to form the basis for the Company’s planned Preliminary Economic Assessment (“PEA”). It is anticipated that MRE will incorporate Measured, Indicated and Inferred Resources across the Tenorita, Nativo, and Ortuzar areas.
Fitzroy has also planned a further 3,300 metres of diamond drilling, designed to support the potential conversion of Inferred Resources to Measured and Indicated Resources. The infill drilling is targeting copper oxide and mixed copper mineralization across Tenorita, Nativo, and Ortuzar for inclusion in an updated MRE and the planned Pre-Feasibility Study (“PFS”) (Q2 2027). A 5,000 metre sulphide exploration program (largely RC drilling) is also underway.
Drilling Highlights:
- BRT-DDH134: 64 m @ 2.00% Cu from 127 m, including 41 m @ 3.05% Cu from 133 m
- BRT-DDH146: 107 m @ 0.48% Cu from 10 m, including 37 m @ 0.96% Cu from 44 m
- BRT-DDH133: 109 m @ 0.41% Cu from 20 m, including 13 m @ 1.10% Cu from 112 m
- BRT-DDH143: 179 m @ 0.26% Cu from 30 m to 209 m, and 86 m @ 0.22% Cu from 272 m
Merlin Marr-Johnson, President and CEO of Fitzroy, commented: “More great results from Buen Retiro! Intersections of 64 metres at 2% copper, including 41 metres at 3% copper, are stand-out results, especially given that this overlaps with historical results of 30 metres at 3.5% copper, including 12 metres at 5% copper. Furthermore, these results are in near-surface, leachable material that is amenable to low-cost processing. There are also multiple other wide zones of good mineralization in this batch of drill core assay results. We are really looking forward to publishing our maiden mineral resource estimate and associated PEA soon.”
Figure 1. Plan map with location of drill holes and showing locations of cross-section A-A’ (see Figure 3) and cross-section B-B’ (see Figure 2), Buen Retiro, Copiapo, Chile (UTM WGS84 19S).
Drilling Overview
As of November 5, Fitzroy has completed 25,634 metres of diamond drilling and 5,555 metres of RC drilling at Buen Retiro, for a total of 31,189 metres since the start of February 2026 (see Figure 1). Drilling with three drill rigs at the Project is ongoing.
Table 1. Selected definition drill core assay results* for drill holes BRT-DDH129 to BRT-DDH167, Buen Retiro, Copiapo, Chile (UTM WGS84 19S).
Geology Update
The drill core results reported below largely confirm geology that has previously been reported: Copper mineralization at Tenorita strikes north-northwest and dips steeply to the east. Tenorita is consistent along strike and remains open to the southeast.
Mineralization at Nativo strikes north-south and is subvertical. Nativo merges with Tenorita to the south and continues north into the middle of the historical Manto Negro open pit. Copper mineralization at both Tenorita and Nativo is centred on ferric breccias, with a width of approximately 70 metres.
Where the two trends merge, a third ferric breccia is present, and a wide zone of shallow copper mineralization is present. Most of the mineralization intersected in these two areas has been copper oxide and mixed (copper oxide and secondary, leachable sulphide), down to depths of 120-150 metres.
Ortúzar is geologically distinct from Tenorita and Nativo and displays greater variability and complexity. Ortuzar extends southwards as far as the middle of the historical Manto Negro open pit. The dominant mineralization at Ortúzar is disseminated ‘manto-style’ controlled by lithology, dipping at approximately 30o to the northwest. The mantos have a relatively shallow depth of oxidation (60-80 metres) and chalcopyrite becomes the dominant copper mineral down-dip (see Figure 3). The north-south structure that characterizes the Nativo Area appears to continue into the Ortúzar Area, creating an oxidized portion of Ortuzar to the north and east of the historical Manto Negro open pit. Additionally, metasomatic copper mineralization (chalcopyrite) at the contact of dioritic intrusions has been identified.
Drill Core Assay Results
Drilling continues to intersect significant copper mineralization, including high-grade zones beneath the historical Manto Negro open pit (Figure 2). BRT-DDH134 intersected 64 metres at 2.00% Cu from 127 metres down-hole to 191 metres down-hole, including an exceptional 41 metres at 3.05% Cu from 133 metres to 174 metres (Figure 2). BRT-DDH134 corresponds well with historical drill hole BRT-DDH013 which was drilled from the western side of the historical pit towards the east. BRT-DDH013 intersected 30 metres at 3.52% Cu from 141 metres, including 12 metres at 5.00% Cu from 155 metres, over-lapping with the high-grade portion of BRT-DDH134. These two drill holes highlight a zone of strong mineralization over a true width of approximately 50 metres in the base of the pit.
Drill hole BRT-DDH134 features a strong supergene enrichment profile, with abundant native copper in the richest interval from 133 metres to 174 metres. Native copper is extremely soft and malleable and can flatten into thin plates or laminae during conventional sample preparation and pulverization. These particles may not pass efficiently through the preparation sieves, potentially resulting in an under-representation of native copper in the analytical pulp and, consequently, in reported copper assays. Ongoing metallurgical test work using bulk samples will provide an opportunity for the Company to calibrate the copper content in the mixed (supergene) zones.
Drill holes BRT-DDH131 and BRT-DDH135 (see Figure 3) showcase the typical geology of the Ortuzar Area. Drill hole BRT-DDH131 intersected fresh sulphide (chalcopyrite) comprising 59 metres at 0.24% Cu from 161 metres and a further 2 metres at 1.05 % Cu from 308 m, intersecting the hypogene or primary sulphide zone. Closer to surface, drill hole BRT-DDH135 intersected the same mineralized unit, but in a section that has been oxidized. The drill hole intersected 42 metres at 0.61% Cu (see Figure 3), predominantly copper oxide minerals, including malachite, azurite, and chrysocolla.
In the southern part of Ortuzar, right on the edge of the historical open pit, drill hole BRT-DDH146 intersected 107 metres at 0.48% Cu from 10 m, including 37 m @ 0.96% Cu from 44 metres. Mineralization starts in oxides (tenorite and cuprite in veinlets), followed by a mixed zone from 65 m to 81 m comprising chalcocite replacing pyrite and native copper in veins and disseminations. From 81 metres chalcopyrite is present in veins, veinlets and disseminations.
Drill hole BRT-DDH133 is located in the southern part of the Nativo trend and intersected 109 metres at 0.41% Cu from 20 m, including 13 m @ 1.10% Cu from 112 metres. The mineralization is characterized by a classic oxidation profile, with starting with chrysocolla and tenorite hosted in hydrothermal breccias in the upper metres before transitioning to a supergene-enrichment mixed zone with native copper and chalcocite, and ending in hypogene, fresh disseminated chalcopyrite zone.
Drill hole BRT-DDH143 was drilled in the northern Ortuzar Area, and intersected remarkably continuous mineralization from 30 metres depth, comprising 179 metres at 0.26% Cu in hypogene, fresh sulphides (principally chalcopyrite), and a further 86 m at 0.22% Cu from 272 metres. Mineralization reflects a classic oxidation profile, starting with disseminations and veinlets of tenorite, atacamite and chrysocolla before entering a mixed zone from 54 m containing veinlets of native copper and disseminated chalcocite. The hypogene zone starts at 83 m, comprising veinlets and disseminations of chalcopyrite.
Buen Retiro Core Sampling Procedures, Laboratory and QA/QC
Buen Retiro HQ 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 Copiapo. Core lengths are checked, after which geotechnical logging is performed.
HQ and NQ drill core is cut in half using a diamond saw, with one half submitted for analysis and the remaining half retained in the original core trays at the rented core storage warehouse in Cuesta Cardones, south of Copiapo.
Fitzroy is using two laboratories for its samples. Samples from the Tenorita Area (see Figure 1) are sent to the ALS-Patagonia laboratory in Copiapo for sample preparation and the prepared sample pulps are then sent to ALS-Peru for assaying. Samples from the Nativo and Ortuzar areas (see Figure 1) are sent to the SGS laboratory in Copiapo for sample preparation and analysis.
A silica blank is inserted every 20 samples (approximately every 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.
At the same time, a coarse duplicate is prepared and sent to a secondary laboratory, (either SGS or ALS depending on which is the primary laboratory), for analysis using the same analytical method. 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 Estandarizacion y Metrología Ltda. (“INTEM”), have international standard certification. Certified reference materials are used to monitor analytical accuracy. Blanks are used to evaluate the quality of the laboratory preparation and identify possible contamination. Pulp and coarse-reject duplicates are used to monitor analytical precision. A secondary laboratory (either SGS or ALS depending on which is the primary laboratory) is used as a referee laboratory, as a check on replicating lab 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 Copiapo, or from the SGS laboratory in Santiago every three months. The rejects are stocked in closed drums, identified with the corresponding batches and sample ranges, while the pulps are stocked in boxes and on shelves inside a container separated for this purpose. Rejects and pulps are located in the same Company warehouse facilities in Copiapo.
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.
The Company and Qualified Person are independent of the assay laboratories disclosed in this news release.
Qualified Person (“QP”)
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 has verified selected laboratory assay results against reported drill core intervals, as well as drill core logs against the geology, as supplied by the Company.
About Fitzroy Minerals
Fitzroy Minerals is focused on exploring and developing copper assets with substantial upside potential in Chile. The Company’s two lead properties are the Buen Retiro Copper Project located near Copiapo, Chile, and the Caballos Copper Project, located in Valparaiso, Chile. Fitzroy Minerals’ shares are listed on the TSX Venture Exchange under the symbol FTZ and on the OTCQX 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
+447803712280
mmj@fitzroyminerals.com
For more information on Fitzroy Minerals, please visit the Company's website: www.fitzroyminerals.com
Neither the TSX Venture 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.
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