Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQX; C3Y:FSE) reported results from the initial phase of metallurgical test work completed by SGS Laboratories at its Buen Retiro Copper Project in Copiapó, Chile. The program is evaluating the response of three principal geometallurgical units to heap-leach processing in support of the company's planned Heap Leach Development Plan.
Mini-column testing has been completed across the high-grade oxide, low-grade oxide, and mixed units. After 21 days of leaching, total copper recoveries reached 71.8% for high-grade oxide, 59.9% for low-grade oxide, and 82.6% for mixed material. Specific acid consumption was 4.9, 11.2, and 3.4 kg H+/kg Cu, respectively.
Larger-scale 1-meter column tests remain underway and are trending above the final 21-day mini-column recoveries as leaching continues. Projections of the trend lines indicated recoveries after 70 days of approximately 95% for mixed material, 85% for high-grade oxide, and 74% for low-grade oxide. The company noted that expected industrial copper recovery would typically be determined by applying a scaling factor between 0.8 and 0.9 to those results.
"These results exceed what we were hoping for from our first phase of metallurgical testing at Buen Retiro," President and CEO Merlin Marr-Johnson said. "Final copper recoveries of up to 82.6%, achieved with low acid consumption and excellent reproducibility across three separate Units in just 21 days, give us real confidence in the heap-leach case for the Project."
The testing used three composite samples weighing 1,349 kg, 1,566 kg, and 426 kg for the high-grade oxide, low-grade oxide, and mixed units, respectively. A total of 3,341 kg was submitted for a program comprising 208 separate tests, including iso-pH, laboratory-scale sulphation, mini-column, 1-meter column, and 3-meter column testing.
The high-grade oxide composite returned a head grade of 0.95% total copper, while the low-grade oxide composite returned 0.35% total copper, and the mixed material returned 1.24% total copper. Duplicate mini-column tests returned copper extractions within 1 percentage point of one another. No duplicate results were yet available for the mixed ore tests.
Chloride addition during agglomeration and leaching improved copper recoveries by 3 to 5 percentage points in both oxide units at similar acid consumption. For the mixed unit, increasing the agglomeration acid dose from 15 to 30 kg/t increased recovery by 2 to 4.5 percentage points, while increasing the leach chloride concentration from 60 to 90 g/L at a constant acid dose improved extraction from 79% to 82%.
Six 1-meter columns are currently in leach, comprising two from each unit. As of the release date, the oxide units had undergone 68 days of cumulative leaching, and the mixed unit 53 days. The metallurgical balances have not yet been closed, and the company characterized the results as preliminary.
Hardness testing returned Bond Work Indices below 8 kWh/t across the tested lithologies. Abrasivity indices were in the medium-to-moderate range. Measured densities were above what the company described as industry norms for comparable deposits, with the massive-iron lithology, averaging 3.67 g/cm3.
Analysts Point to Upcoming Milestones and Exploration
Ballanger said Fitzroy's market valuation had not reflected the progress made at Buen Retiro and pointed to several upcoming milestones that he believed could affect how the market values the company.
Ballanger estimated that Fitzroy could ultimately warrant a valuation of US$400 million to US$500 million, compared with approximately US$120 million at the time of his report, or roughly three to four times that valuation.
He also identified the Caballos copper-gold-molybdenum project as another potential catalyst. Ballanger said drilling was expected to begin within 30 days of his September 8 report to test deep induced-polarization targets.
Ron Struthers of Struthers Resource Stock Report maintained a Buy rating on Fitzroy in an August 21 report. Struthers pointed to the mineralizing system at Buen Retiro and additional exploration targets being identified as drilling progressed.
While noting that Fitzroy's shares had already risen considerably from his entry price, Struthers said he continued to rate the company a Buy because of the growing deposit and what he described as its "fast track to production" through its relationship with Chilean copper producer Pucobre.
According to Struthers, the arrangement could allow Fitzroy to avoid constructing a standalone processing plant, potentially reducing the project's capital requirements and permitting timeline.
Metallurgy, Studies, and Drilling Set Up the Upcoming Work Program
Fitzroy said leaching would continue on the six 1-meter columns, with metallurgical balances expected to be finalized at the end of September 2026. The full 1-meter column campaign, comprising 30 columns, is expected to be completed by mid-December 2026. Three-meter column testing, described as representative of industrial-scale operation, and ROM 10-inch column testing are expected to begin in early November 2026, or possibly earlier.
The company expects to complete the overall metallurgical test campaign and issue a final report by March 1, 2027. Results are expected to be incorporated into the planned pre-feasibility study for Buen Retiro.
The September 2026 company presentation set out a broader Buen Retiro milestone schedule, listing a maiden mineral resource estimate and preliminary economic assessment in Q4 2026, final metallurgy in Q1 2027, a pre-feasibility study in Q2 2027, and permits in Q3 2027. The presentation listed a 2028 production target.
The company's technical work plan also identified heap-leach exploration, baseline study, metallurgy, DIA submission, PEA, mineral resource estimate, and engineering work, an initial PFS, financing, and a final investment decision among the planned Buen Retiro work streams through Q3 2027. Sulphide exploration drilling was shown to extend from Q3 2026 into Q2 2027.
Fitzroy's presentation also outlined work at its 100%-owned Caballos copper project in Chile. The project covers 18,000 hectares of strategic licenses, with the main anomalies at an elevation of 2,000 meters and mineralized breccias along a more than 14-kilometer strike associated with the Pocuro Fault Zone.
The company listed 5,500 meters of Q4 drilling at Caballos. Its technical work plan showed Deep IP work followed by Phase 2 drilling extending through Q2 2027.
Across the company's 2026 plans, the presentation identified approximately 22,000 meters of exploration and de-risking work. It reported a CA$23.9 million treasury, along with CA$2.8 million in warrants and options at an average CA$0.25 exercise price in 2026. The presentation also stated that Pucobre had signed a letter of intent to claw back 30% of Buen Retiro by paying back 90%, and listed PFS, financing, and construction among the planned 2027 activities.
Streetwise Ownership Overview*
Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQX)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 01/30/24 | NOCSF:OTCQX | 1 | FTZFF:OTCQX | 1 |
| 01/29/24 | NOC:TSX.V | 1 | FTZ:TSX.V | 1 |
The presentation separately showed new-project work in Chile, beginning with tenure activities and continuing with remote sensing, mapping and sampling through the company's Q3 2026 to Q3 2027 technical work plan.
Ownership and Share Structure1
Fitzroy Minerals Inc. has a market cap of approximately CA$141.66 million, with 330.73 million shares outstanding. The company's 52-week range is CA$0.27 to CA$0.73.
Institutions own 1.80% of shares, while strategic investors own 21.84%. Management and insiders own 9.05% of shares.
Frequently Asked Questions
What were Fitzroy Minerals' latest copper recovery results at the Buen Retiro Copper Project?
Fitzroy Minerals Inc. reported total copper recoveries of 71.8% for high-grade oxide, 59.9% for low-grade oxide, and 82.6% for mixed material after 21 days of mini-column heap-leach testing at the Buen Retiro Copper Project in Chile.
How much copper recovery did Fitzroy Minerals achieve in heap-leach testing?
The highest recovery in the completed mini-column tests was 82.6% from mixed material after 21 days. High-grade oxide returned 71.8% copper recovery, while low-grade oxide returned 59.9%.
What are the preliminary results from Fitzroy Minerals' 1-meter column tests?
The ongoing 1-meter column tests were trending toward preliminary copper recoveries of approximately 95% for mixed material, 85% for high-grade oxide, and 74% for low-grade oxide. The metallurgical balances for those tests had not yet been closed, so the results remained preliminary.
What is Fitzroy Minerals testing at the Buen Retiro Copper Project?
Fitzroy Minerals is evaluating three principal geometallurgical units, high-grade oxide, low-grade oxide, and mixed material, for heap-leach processing. The metallurgical program included iso-pH testing, laboratory-scale sulphation, mini-columns, 1-meter columns, and 3-meter columns.
How did chloride affect copper recovery at Buen Retiro?
Adding chloride during agglomeration and leaching improved copper recoveries by 3 to 5 percentage points in both oxide units at similar acid consumption. In mixed material, increasing the leach chloride concentration from 60 to 90 g/L improved extraction from 79% to 82% at a constant acid dose.
When will Fitzroy Minerals complete its Buen Retiro metallurgical testing?
Fitzroy expected metallurgical balances for the six ongoing 1-meter columns to be finalized at the end of September. The full 30-column 1-meter campaign was expected to be completed by mid-December, while the overall metallurgical test campaign and final report were targeted for completion by March 1, 2027.
When is Fitzroy Minerals' Buen Retiro PFS expected?
The company's September presentation identified a pre-feasibility study for Buen Retiro in Q2 2027. It also listed a maiden mineral resource estimate and preliminary economic assessment for Q4 2026 and final metallurgy for Q1 2027.
What are Fitzroy Minerals' upcoming catalysts?
The company's stated work program included Buen Retiro metallurgy, a mineral resource estimate, preliminary economic assessment, engineering, a pre-feasibility study, permitting, and exploration drilling. Its technical plan also included Phase 2 drilling at the Caballos copper project.
How much drilling is Fitzroy Minerals planning at the Caballos copper project?
Fitzroy's September presentation identified 5,500 meters of Q4 drilling at Caballos. The project was described as a copper-molybdenum-gold porphyry project with mineralized breccias and a more than 14-kilometer strike along the Pocuro Fault Zone.
What is the outlook for the copper market?
The supplied market reports described copper as trading near historically high levels amid tight physical supplies and continued demand. Trading Economics reported copper at US$6.7031 per pound, up 42.24% over the previous year, and cited demand from power grids, AI data centers, and the defense sector alongside continuing supply risks.
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Important Disclosures:
- 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.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- 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.
