Fitzroy Hits Record 21.84% Copper Grade at Buen Retiro

Important Disclosures:

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Fitzroy Minerals Inc. 
2. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Copper investors have taken an interest in one mining company after the release of its latest assay results.

Key Takeaways

• Fitzroy Minerals reported the highest-grade copper (Cu) intercept to date at Buen Retiro, with hole BRT-DDH095 returning 1.0 meter (m) at 21.84% Cu.
• Hole BRT-DDH094 returned 105.0 m at 0.74% Cu, including 12.0 m at 3.01% Cu, extending mineralization 100 m north in the Tenorita area.
• Hole BRT-DDH099 returned 83.0 m at 0.46% Cu, identifying new mineralization between the Manto Negro and Nativo zones.
• RC hole BRT-RCD020 extended the main Tenorita mineralized trend by 200 m, bringing the total strike length to 1.9 km; assays are still pending.
• Fitzroy has completed 92 diamond drill holes totaling 16,376 m since February 2026, with four drill rigs currently active at Buen Retiro.

Four Rigs Active at Buen Retiro

Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQX) provided a drilling update on August 20, 2026, for its Buen Retiro Copper Project near Copiapó, Chile, reporting results from drill holes BRT-DDH081 through BRT-DDH100. The drill program is continuing with three diamond drill rigs and one Reverse Circulation (RC) rig on site. So far, the company is on track to complete 22,000 m of drilling in 2026.

Highlights from the release included:

• Drill hole BRT-DDH094 returned 105.0 m at 0.74% Cu from 58.0 m, including 12.0 m at 3.01% Cu from 75.0 m
• Drill hole BRT-DDH095 returned 8.8 m at 3.70% Cu from 30.0 m, including 2.8 m at 11.35% Cu from 36.0 m, and 1.0 m at 21.84% Cu from 37.0 m — the highest grade recorded to date at Buen Retiro
• Drill hole BRT-DDH099 returned 83.0 m at 0.46% Cu from 69.0 m, including 49.0 m at 0.68% Cu from 72.0 m

Five of the 20 reported holes were geotechnical holes with no significant intersections. Drill hole BRT-DDH094 was angled to target mineralization above a historical hole reported in the project's September 2024 NI 43-101 and ended up extending the eastern part of the Tenorita area 100 m to the north. Next, drill hole BRT-DDH095 was part of a shallow infill program designed to define resources for early extraction in the mine plan; the hole ended after striking a void created by artisanal mining activity. Drill hole BRT-DDH099, drilled at the boundary between the Manto Negro and Nativo areas, intersected mineralization beneath a historical hole that had returned 112 m at 0.25% Cu.

Drill hole BRT-DDH089 was aborted at 232 m after failing to pass through a fault zone targeting the southeastern extension of Tenorita. A subsequent RC hole, BRT-RCD020, successfully passed through the fault zone and intersected native copper and chalcocite mineralization at a depth of 239 m.

Fitzroy has completed 92 diamond drill holes since February 2026, so far totaling 16,376 m at Buen Retiro, with four rigs currently active: one testing copper sulphides in the Ortuzar area, one testing copper oxide mineralization in the Manto Negro area, one drilling the northeast extension of Tenorita, and the RC rig testing regional exploration targets. The company plans to complete an additional 6,000 m of drilling in 2026, with two of the diamond drill rigs expected to leave the site in September to allow time for logging, assaying, and inclusion in the project's maiden Mineral Resource Estimate (MRE). In Q4 2026, Fitzroy will run two rigs at Buen Retiro: a RC rig focused on shallow regional targets and a diamond rig focused on deeper exploration targets.

Fitzroy Minerals Inc. is a Canadian exploration company focused primarily on copper assets in the Americas. The company's projects include 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.

Copper Tariffs Affecting the Metals Market

Demand for copper is expected to rise due to continued use in electronics, especially with the widespread construction of new data centers and defense needs in the United States. A report from Businessworld claimed that "global copper demand is gradually shifting towards strategic and less price-sensitive sectors such as AI infrastructure, defense, power grids, and clean energy systems. By 2040, these categories are expected to account for nearly 45% of total copper demand, up from 32% in 2024."

Last year, the looming potential of President Donald Trump's tariffs sent copper prices surging in the U.S. as American investors stockpiled the metal. This hype created an overstocking of copper, widening the gap between futures and physical worth. "Collectively, inventories at the world's main exchanges have risen by more than 500,000 tons since the start of the year," stated a March 6, 2026, article by Bloomberg News. Trump's July 30, 2025, proclamation imposed a 50% Section 232 tariff on the copper input value of semi-finished copper and copper-intensive derivative products, effective August 1, 2025. Effective April 6, 2026, a 50% tariff was applied to the full value of certain semi-finished copper products, while a 25% tariff applied to certain copper-intensive derivative products. This proclamation contemplated a phased universal duty on refined copper of 15% starting January 1, 2027, rising to 30% in 2028, subject to a presidential determination following the Commerce Department's June 30, 2026, report. Refined copper remains exempt as of August 2026.

The metals sector as a whole is showing signs of improvement. On May 7, 2026, Brian Taylor of  Recycling Today said that the World Bank Group has predicted that global metals and minerals prices will rise 17% in 2026, part of a 16% rise across all commodities that would mark the first annual increase since 2022. 

Struthers Cites Fast Track to Production

Ron Struthers of Playstocks gave Fitzroy a "Buy" rating on August 21, 2026, after the company's latest press release. "The mineralizing system at Buen Retiro is strong, with many new exploration targets being identified as drilling progresses," Struthers argued.

The report concluded with Struthers stating that: "Although the stock is up a lot from our entry price, I still see it as a 'Buy' given the growing size of the deposit and their fast track to production through their partner, Pucobre. The arrangement with Pucobre removes standalone plant construction from Fitzroy's development equation, materially compressing both the capital requirement and the permitting timeline."

Also on August 21, 2026, Michael Ballanger of GGM Advisory wrote: "As a group, I continue to favour copper over all other metals but currently carry an overweight allocation to the junior copper explorer/developers by way of Fitzroy Minerals Inc. who reported this week a superb intercept from drill hole BRT-DDH095 which returned 8.8 m @ 3.70% Cu from 30.0 m, including 2.8 m @ 11.35% Cu from 36.0 m, and 1.0 m @ 21.84% Cu from 37.0 m, the highest grade recorded to date at Buen Retiro."

Assay Results Still Pending

Assay results for hole BRT-RCD020 remain pending.

Fitzroy's investor presentation outlines a work plan leading to an initial PFS in Q1 2027, with infill, sterilization, geotechnical drilling, baseline surveys, metallurgical test work, an MRE, and engineering work forming part of the 2026 program. The company plans to complete an additional 6,000 m of drilling in 2026. 

For the Caballos Project, Fitzroy’s 2026–27 work plan includes Phase 2 drilling and a Deep IP Survey, extending from Q2 2026 into Q1 2027.

Ownership & Share Information¹

Fitzroy Minerals Inc. has a market cap of CA$143.69 million, with 330.73 million shares outstanding. The company's 52-week range is CA$0.26-CA$0.73. Institutions own 1.80% of shares, while Strategic investors own 21.84%. Management & Insiders own 9.05% of shares.

Frequently Asked Questions

Q: What is a copper drill intercept?
A: A copper drill intercept is a section of rock recovered during drilling that contains copper mineralization over a measured length. Results are typically reported as the copper grade, such as a percentage, over the length of the interval.

Q: What does copper grade mean in a drill result?
A: Copper grade refers to the concentration of copper within a mineralized interval, usually expressed as a percentage. Higher grades indicate a greater concentration of copper in the sampled rock, although grade and thickness both factor into the potential significance of an intercept.

Q: What is an infill drill program?
A: Infill drilling involves drilling between existing holes to obtain more closely spaced geological information. At a mineral project, this data can help improve confidence in the continuity, geometry, and grade of mineralization and support the preparation or updating of a Mineral Resource Estimate.

Q: What is reverse circulation (RC) drilling?
A: Reverse circulation drilling uses dual-wall drill rods to circulate compressed air and bring rock chips to the surface through the inner tube. RC drilling is commonly used for exploration and resource definition, particularly where relatively rapid sampling is desired.

Q: What is diamond drilling?
A: Diamond drilling uses a rotating diamond-encrusted bit to extract a cylindrical core of rock. The continuous core provides detailed information about rock types, structures, and mineralization, and can be used for geological logging and laboratory analysis.

Q: What is a Mineral Resource Estimate (MRE)?
A: A Mineral Resource Estimate is a technical estimate of the quantity and grade of mineralized material within a deposit. Resources are classified according to geological confidence, but a mineral resource is not necessarily economically mineable and should not be confused with a mineral reserve.

Q: What does strike length mean in mineral exploration?
A: Strike length describes the horizontal distance over which a geological feature or mineralized zone extends along its general direction. Extending a mineralized trend can indicate that the system continues beyond previously drilled areas, although additional drilling is required to establish its continuity and grade.

Q: What is a Preliminary Feasibility Study (PFS)?
A: A Preliminary Feasibility Study is a more detailed assessment of a mineral project's potential development than a Preliminary Economic Assessment. It examines factors such as mining, processing, infrastructure, capital, and operating costs and economic returns, and can help determine whether a project should advance toward development.

Q: What is Fitzroy Minerals' Buen Retiro project?
A: Buen Retiro is a copper exploration project near Copiapó in Chile. Fitzroy is conducting drilling to define and expand copper mineralization, with the results intended to support a maiden Mineral Resource Estimate and subsequent project studies.

Q: Why is Fitzroy Minerals conducting drilling at Buen Retiro?
A: Fitzroy is using drilling to define existing copper mineralization, test extensions of known mineralized zones, and identify new areas of mineralization. The company plans to use the resulting geological data in developing a maiden Mineral Resource Estimate and advancing the project toward a planned initial PFS.