Fitzroy Minerals Identifies Key Anomalies at Caballos Project in Chile
Vancouver, British Columbia — April 29, 2026 — Leads & Copy — Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) announced the results of a helicopter-borne MobileMT airborne electromagnetic and magnetic survey conducted by Expert Geophysics Services Inc. over the Caballos Project in the Valparaiso Region, Chile.
The MobileMT survey, which covered 694 line-km over the main Caballos concession block (approximately 194 km²), identified multiple conductivity and resistivity anomalies. These anomalies are interpreted as consistent with porphyry-style hydrothermal systems and are connected to the mineralization intersected in 2025 diamond drilling by Fitzroy Minerals.
A large, circular, strongly conductive feature, approximately 5 km in diameter, was recognized. This is interpreted as a porphyry-related hydrothermal system directly connected to copper-molybdenum-gold-rhenium mineralization identified by drilling at the Chincolco Prospect, Caballos, in 2025.
Linear conductive anomalies directly connected to Chincolco mineralized drill hole intercepts were also identified, with potential southwards continuation for 2.5 kilometers.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, stated that the MobileMT survey indicates that Caballos possesses the type of plumbing architecture and conductive anomalies often associated with world-class mineral systems in Chile. He highlighted the standout anomaly, a large circular feature about five kilometres across, which connects to the sulphide mineralization intersected in drilling last year. He also mentioned conductive anomalies suggesting the Chincolco sulphide mineralization might continue for several kilometres to the south, just below the surface.
The company plans further integrated data-processing and a ground Deep IP survey to gain chargeability information and improve target ranking, ahead of drilling. Future cash flow from the Buen Retiro Heap Leach operation will fund non-dilutive exploration drilling.
The survey was completed by EGS using the Expert Geophysics Limited airborne MobileMT™ broadband electromagnetic system, which is designed to resolve deep crustal-scale conductive features associated with mineralized systems. EGS is a geophysical consulting company specializing in airborne geophysical surveys worldwide.
The MobileMT survey identified several conductive zones spatially associated with the Chincolco Creek Breccia, where copper-molybdenum-gold sulphide mineralization was intersected during drilling in 2025.
A strong conductive feature dips eastward for approximately 1.5-2.0 km before merging into a larger circular conductive body measuring approximately 5 km in diameter and interpreted as part of a broader hydrothermal system. The anomaly retains a strong cylindrical aspect at depth, with roots extending beyond the penetration of the MobileMT survey (>2 km deep).
EGS interprets the anomaly as representing a structurally controlled zone of hydrothermal alteration and sulphide development, consistent with a porphyry-related mineralizing environment.
Closer to the north-south axis of the Chincolco Prospect, a linear conductive anomaly approximately 1.5 km long is evident. Diamond drill hole CAB-DDH004A was the southernmost drill hole along the breccia, and the anomaly continues to the southeast from that drill hole which intersected 176 m @ 0.31% Cu, 249 ppm Mo, 0.04 g/t Au (0.47% CuEq1) from 156 metres [News Release dated January 13, 2026]. The deeper, stronger portion of the anomaly remains untested.
The linear Chincolco conductive anomaly is interrupted by a cross-cutting fault and then resumes again, reaching a distance of 2.5 kilometres to the southeast of drill hole CAB-DDH004A.
The MobileMT survey identified a prominent north-south conductive corridor extending approximately 14 km across the Caballos Project area, spatially coincident with the mapped trace of the regional Pocuro Fault Zone. EGS indicates that the anomaly represents a major crustal-scale permeable structure, interpreted as a potential pathway for mineralizing magmatic fluids.
Further north within the survey block, MobileMT inversion results identified resistivity patterns interpreted by EGS to be characteristic of hydrothermal breccia-associated porphyry systems, comparable to those observed at El Teniente (Cu-Mo-Au-Ag) and La Huifa (Cu-Mo) in Chile.
All planned survey lines were completed successfully. The MobileMT survey produced high-quality broadband electromagnetic, VLF-EM, and magnetic datasets.
EGS has been commissioned to complete a 3D inversion of the key areas mentioned above. The whole Caballos dataset will be added to the MobileMT data and interrogated using advanced techniques proprietary to EGS. A deep Induced Polarization (“Deep IP”) survey is planned in Q2 2026, to gain information on sulphides and alteration mineralogy, in addition to the structure and resistivity information gained through the MobileMT survey.
The Company has granted 5,770,000 stock options to purchase up to 5,770,000 common shares of the Company to certain directors, officers, and consultants of the Company under the Company’s stock option plan. The Options are exercisable at the price of $0.50 per Common Share until April 29, 2031.
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.
Fitzroy Minerals is focused on exploring and developing copper-focused mineral assets with substantial upside potential in the Americas. The Company’s current property portfolio includes the Buen Retiro Copper Project located near Copiapó, Chile, the Caballos Copper and Polimet Gold-Copper-Silver projects located in Valparaiso, Chile, the Taquetren Gold Project located in Rio Negro, Argentina, and the Caribou Project in British Columbia, Canada. Fitzroy Minerals’ shares are listed on the TSX Venture Exchange under the symbol FTZ and on the OTCQX under the symbol FTZFF.
Source: Fitzroy Minerals
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