Fitzroy Minerals Identifies Strong Porphyry-Style Anomalies at Caballos Project Following Deep IP Survey
VANCOUVER, British Columbia – August 13, 2026 – Leads & Copy – Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has announced the results of a ground-based Deep Induced Polarization (IP) chargeability and resistivity survey at its Caballos Project in Chile. The survey, conducted by Southernrock Geophysics S.A., identified multiple chargeability and resistivity anomalies interpreted to be consistent with porphyry-style hydrothermal systems connected to mineralization previously intersected by diamond drilling in 2025.
The survey encompassed 18.4 line-kilometres across four IP lines, targeting conductive anomalies identified in a prior heli-borne MobileMT survey. Fitzroy Minerals plans a diamond drilling program of approximately 5,500 metres, set to commence in September, to test the four primary targets identified.
Key highlights from the survey indicate significant discovery potential at the Caballos Copper Project. A large conductivity and chargeability anomaly, C2-B, measuring 3 km wide, exhibits a classic porphyry cross-section. Additionally, anomaly C4, a 1 km wide conductivity and chargeability feature, is located on trend with existing mineralized drill hole intersections.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, expressed enthusiasm for the survey results, stating that the strong anomalies identified are highly likely to correspond with sulphide mineralization, a view shared by the contracting company, 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,” Marr-Johnson noted. He added that the IP chargeability anomalies align well with the conductivity anomalies from the broader MobileMT survey, enhancing the prospectivity of the Caballos concessions.
The largest IP anomaly, C2-B, is described as consistent with a classic porphyry signature, featuring a strongly conductive and chargeable outer shell surrounding an inner core. The C4 anomaly presents as a strong, shallow chargeable feature with excellent accessibility. At the Chincolco Creek target, geophysical anomalies (C3) associated with mineralization intersected from surface in prior drilling could potentially extend known mineralization along strike and at depth.
Fitzroy Minerals is actively pursuing major copper discoveries in Chile, and the IP survey is seen as further de-risking several large targets at Caballos, all of which have robust 2D and 3D modelled inversion anomalies. The company intends to fund future non-dilutive exploration drilling through cash flow generated from its Buen Retiro Heap Leach operation.
Southernrock Geophysics S.A. (SRG) conducted a deep-penetration Pole Dipole Induced Polarization (PDIP) and Magnetotellurics (MT) survey at the Caballos Project, located in the Valparaíso Region of Chile, at altitudes ranging from 1,700 to 3,000 metres. The survey aimed to characterize chargeability and resistivity parameters down to depths of approximately 1,500 metres for PDIP and 3,000 metres for MT.
The survey lines L 8000 and L 7500 crossed the Pocuro Fault Zone (PFZ) and explored the southern part of the large C2-B conductivity anomaly. Lines L 5900 and L 5400 surveyed shorter distances across the PFZ and the C4 conductivity anomaly. Chargeability anomalies were detected in both northern and southern areas, which SRG reports are “presumably related to the presence of (disseminated) sulphide mineralization.”
Fitzroy Minerals has integrated the new geophysical data with existing MobileMT data and geological information to develop an updated geological interpretation. Anomalies labelled C1, C2-A, C2-B, C3, and C4 are evident in both 2D and 3D inversion models. The upcoming exploration program will target extensions to mineralization at Chincolco Creek and the geophysical anomalies C2-B, C3, and C4.
Detailed analysis of the 2D inversion models for anomaly C2-B on line L 8000 revealed major chargeability anomalies on either side of a moderate chargeability anomaly, a common characteristic of porphyry copper deposits. This anomaly is estimated to be over 3 km in scale, east-west. On line L 7500, similar anomalies appeared at greater depths, suggesting a potential plunge to the south-southeast.
In the southern survey area, lines L 5900 and L 5400 highlighted a distinctive chargeability anomaly approximately 1 km wide and 1 km deep on line L 5400, situated near the junction of the PFZ with an east-west structure. This anomaly is broader and slightly less thick on line L 5900.
A review of the Chincolco Creek Target indicated that while the abundant sulphide mineralization did not show very strong associated conductivity anomalies, there is subtle anomalism extending to the south and at depth along the projection of the PFZ.
Phase Tensor analysis from the SRG survey revealed that phase tensors tend to align north-south or southwest-northeast, suggesting these are dominant structural trends, aligning with the PFZ. This orientation is being incorporated into the geological interpretation and exploration plan.
The Deep IP survey results have significantly enhanced Fitzroy Minerals’ understanding of the mineral potential at Caballos. A drilling program comprising five holes for approximately 5,500 metres is planned, with drilling anticipated to begin in September 2026. The planned drill holes are designated DDH-CAB A through DDH-CAB E, targeting anomalies C2-B, C3, and C4, as well as extensions at Chincolco Creek.
Dr. Scott Jobin-Bevans, a QP as defined by NI 43-101 and independent geological consultant to the Company, has reviewed and approved the technical information in this news release.
Fitzroy Minerals is focused on exploring and developing copper-focused mineral assets in the Americas. Its property portfolio includes projects in Chile and Argentina. 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 Inc.
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