Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has announced results from a ground-based Deep Induced Polarization (IP) and resistivity survey at its Caballos Copper Project in the Valparaiso Region, Chile. The survey, conducted by Southernrock Geophysics S.A., has identified multiple chargeability and resistivity anomalies that the company interprets as consistent with porphyry-style hydrothermal systems and directly linked to mineralization intersected in 2025 diamond drilling.
The survey comprised four IP lines totaling 18.4 line-km, designed to follow up on conductive anomalies previously identified by a heli-borne MobileMT survey. The results have significantly enhanced the company’s understanding of the project’s mineral potential, with plans to test four main targets through a 5,500-meter drilling program scheduled to begin in September.
Key highlights include a large conductivity and chargeability anomaly, C2-B, which spans 3 kilometers in width and exhibits a classic porphyry cross-section. Another anomaly, C4, is a large, shallow feature approximately 1 kilometer wide and lies on trend from existing mineralized drill holes. These anomalies are seen as strong indicators of potential copper-molybdenum-gold mineralization.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, stated: “We are delighted that the Deep IP survey has identified so many strong anomalies. In the Caballos geological setting, it is highly probable that the chargeability corresponds with sulphide mineralization – a view also held by the contractor, Southernrock Geophysics. Our prior drilling on the edge of the system, into a weak chargeability anomaly, has already intersected copper, molybdenum, and gold, demonstrating the fertility of this ground.”
The IP anomalies align well with the conductivity anomalies from the earlier MobileMT survey, which covered a much larger area, thereby expanding the prospectivity of the Caballos concessions. The largest IP anomaly, C2-B, is interpreted as a classic porphyry signature with a conductive and chargeable outer shell surrounding an inner core. The C4 anomaly exhibits a very strong, shallow chargeable feature with excellent access. Additionally, the Chincolco Creek target, where mineralization was intersected from surface in prior drilling, shows associated geophysical anomalies (C3) that could extend known mineralization along strike and at depth.
Southernrock Geophysics conducted a deep-penetration Pole Dipole Induced Polarization (PDIP) and Magnetotellurics (MT) survey to characterize chargeability and resistivity down to approximately 1,500 meters and 3,000 meters, respectively. The survey lines crossed the Pocuro Fault Zone (PFZ) and other structural features, revealing chargeability anomalies in both the northern and southern parts of the survey area. SRG reported that the induced polarization responses are “presumably related to the presence of (disseminated) sulphide mineralization.”
Fitzroy Minerals integrated the new IP and MT data with the pre-existing MobileMT data and geological interpretation. Five drill holes have been planned to test extensions at Chincolco Creek and the C2-B, C3, and C4 anomalies. The company emphasized that the Phase Tensor analysis indicates dominant structural trends aligned with the PFZ, which is being incorporated into the exploration plan.
The results of the Deep IP survey materially enhance Fitzroy Minerals’ interpretation of the mineral potential at Caballos, de-risking several large targets. The company is systematically targeting major copper discoveries in Chile and plans to fund exploration drilling from future cash flow at the Buen Retiro Heap Leach operation, aiming for non-dilutive financing.
The planned drilling program is expected to start in September 2026, focusing on the most promising targets identified by the survey. Dr. Scott Jobin-Bevans, a Qualified Person under NI 43-101, has reviewed and approved the technical information in this release.
