VANCOUVER, British Columbia - (NewMediaWire) - July 29, 2024 - FITZROY MINERALS INC. (TSXV: FTZ, OTCQB: FTZFF) (“Fitzroy Minerals” or the "Company") is pleased to provide an update on the Caballos Copper Project, Chile (the “Project” or “Caballos”). Ongoing evaluation geological mapping and rock chip sampling in the southern half of the concession area has significantly expanded a copper and molybdenum anomaly associated with the Pocuro Fault Zone (“PFZ”).  To the west of the PFZ, a new area of mineralized polymetallic veins with high gold, silver, zinc and lead grades has been identified. Mapping and sampling of the PFZ will continue once weather conditions improve (currently winter in Chile). Separately, a technical report on the Caballos Copper Project has been completed by Caracle Creek Chile SpA and is currently being reviewed in preparation for filing on SEDAR+. In addition, a Definitive Option Agreement for the Caballos Copper Project in Chile was signed on June 26, 2024.

Highlights:

• PFZ copper anomaly is about 1,150 m x 150 m with an average grade of 0.84% Cu.
• Associated molybdenum anomaly is about 980 m x 50 m with an average grade of 897 ppm Mo.
• Polymetallic vein sample #350559 returned 5.49 g/t Au, 106 g/t Ag, 7.13% Zn, and 14.06% Pb.

Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented, "Our exploration continues to delineate strong anomalies and find encouraging new mineralized zones. The long and high-grade copper anomaly at Caballos South now looks like a priority drill target. The initial evaluation of the Caballos Copper Project is advancing well, with the mapping of the Pocuro Fault Zone almost complete. The discovery of significant vein-sets to the west of the PFZ is also a pleasing new development. Some of the samples returned excellent grades and the veins occur over a large area which is a further sign that the Caballos Copper Project is in a metal-rich environment.

“In addition, signing the Definitive Option Agreement on Caballos is a good milestone for Fitzroy Minerals. The recent number of completed financings in the copper sector shows the market appetite for high quality copper assets. It is the perfect time to consolidate premium copper acreage in a proven and trusted copper mining jurisdiction. I look forward to seeing the results of the next phase of exploration at the Caballos Copper Project.”  

Caballos Copper Project, Chile - At Caballos, mapping and sampling was carried out April to June of this year. A property-scale geological map is provided in Figure 1.  In May-June, the focus was on the southern part of the PFZ accessed via the Rio Alicahue valley. This news release provides a summary of the results from 99 grab rock and rock chip samples that were taken from the southern area. 

https://fitzroyminerals.com/site/assets/files/5816/fitzroy-july-29-2024-figure-1.pdf

Mapping established that there were two key zones of interest. The main area is a distinctive hydrothermal breccia and alteration zone running approximately 1.2 km north-south along the PFZ, containing within it a 500 m-long felsic intrusion. As previously reported, (Fitzroy Minerals news release dated June 20, 2024) the felsic intrusion has copper-oxide staining along most of its width, with occasional fresh disseminated chalcopyrite. Fitzroy Minerals today confirms that the entire 1.2 km of the breccia and alteration zone has returned elevated assay results. 

The hydrothermal breccia and associated alteration form an elongated feature related to the PFZ itself. The hydrothermal breccia has a sharp, linear western contact indicative of a vertical or sub-vertical fault plane. Much of the breccia is strongly leached, with sericitic alteration to the west and a moderately gossanised zone to the east. 

The copper and molybdenum anomalies overlap and extend north-south for approximately 1,150 m (Figure 2), and widths can extend up to 200 metres. Of the 99 samples collected in the southern half of Caballos, 56 were primarily investigated for copper. Of these 56 samples, 30 were within the mapped hydrothermal breccia area, which covers an approximate surface extent of 125,000 m2 and returned an average grade of 0.84% Cu. Sixteen samples define the molybdenum anomaly of approximately 60,000 m2, with an average grade of 897 ppm Mo. 

https://fitzroyminerals.com/site/assets/files/5816/fitzroy-july-29-2024-figure-2.pdf

Another recently identified area of approximately 2.5 km x 1.1 km and west of the PFZ, comprises many sub-parallel veins and vein sets within a general northeast-southwest trend. Most of the grab rock samples came from these two broad areas and the results show two clear geochemical populations. The PFZ zone is anomalous in copper and molybdenum with a minor zinc component, and the western vein sets exhibit an anomalous gold-silver-lead-zinc assemblage. 

The vein-hosting area west of the PFZ consists of quartz veins ranging from centimetres to two (2) metres in thickness. Within the dominant northeast-southwest trend of the veins there are subordinate veins with north-south and northwest-southeast orientations. Mineralisation is that of a classic polymetallic assemblage of intergrown sphalerite, galena and pyrite and minor chalcopyrite. There are abundant boxwork textures indicating weathered-out sulphides, and the veins have intense argillic / sericitic alteration halos.

https://fitzroyminerals.com/site/assets/files/5816/fitzroy-july-29-2024-figure-3.pdf

The host rocks are principally andesitic volcanic rocks. From the veins, 22 grab rock samples returned gold values of 0.1 g/t Au and higher, with 9 results above 0.5 g/t Au and a maximum of 5.49 g/t Au in sample #350559. This high-grade sample also returned 106 g/t Ag, 7.13% Zn, and 14.06% Pb. Five samples returned silver grades above 50 g/t Ag, with the highest grade of 185 g/t Ag from a quartz vein (sample #350583) that also returned 3.94 g/t Au, 1.7% Zn, and 30.1% Pb. Selected samples from the Vein area and the PFZ area are shown in Table 1.

Discussion

The hydrothermal breccia on the PFZ is a strong and clearly defined anomaly. The average grade of 0.84% Cu combined with the projected surface area of 125,000 m2 is highly encouraging, as is the slightly displaced associated molybdenum anomaly; these are excellent results. 

The mapping of the PFZ is not yet complete, and a further mapping and sampling campaign will take place in the remaining sectors once the snow cover at higher altitude has melted. 

When the in-fill geological maps and assays from the next phase of work are returned, Fitzroy Minerals will undertake a review of the data prior to announcing future exploration plans at Caballos.

QA/QC and Rock Sampling

A total of 182 grab rock and rock chip samples, 179 from outcrops and 3 from float were collected as part of the geological mapping program (83 from the north and 99 from the south), with rock chip samples limited to vein widths and up to 2 m-long. The 182 samples collected by the Company and the one (1) grab sample collected by the QP were analyzed by Andes Analytical Assay (AAA) based in Santiago, Chile, using ICP for 31 elements, including copper and silver, and AAS for gold. ICP copper results >10,000 ppm (1%) were re-analyzed using AAS and report as total copper (CuT%) or Zn%, Pb% and Mo%, depending on the case. For its QA/QC protocol, in addition to the standards and blanks used by the laboratory, the Company inserted nine (9) blanks into the sample stream, along with one field duplicate sample. Rock grab samples are selective by nature and values reported may not represent the true grade or style of mineralization across the Property.

Definitive Option Agreement and Technical Report

On June 26, 2024, Fitzroy Minerals signed the Definitive Option Agreement for the Caballos Copper Project. The terms of the Definitive Option Agreement are as follows:

• At least US$1 million of project work, including 3,000 m of drilling in Year One.
• At least US$4 million of project work, with no consecutive 12-month period seeing less than US$ 500,000 of project work, in Years Two-Four.

Subject to the requisite investment having been met, Fitzroy can exercise the option by making a US$2 million payment to the Vendors in Year Five. A further bullet payment to the Vendors is due at the point of a construction decision being made, comprising US$2 per tonne of contained copper within compliant NI 43-101 defined resources. In addition, the Vendors are granted a 3% NSR, of which 1.5% can be purchased by Fitzroy for US$7.5 M at any point prior to a construction decision being made.

In addition, a National Instrument 43-101 Technical Report for the Caballos Copper Project Option was completed with an Effective Date of June 21, 2024 and an Issuing Date of July 10, 2024.

Qualified Person

Scott Jobin-Bevans, Ph.D., P. Geo., a Qualified Person as defined by National Instrument 43-101, 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 

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