Copper Explorer Hits 30.5 Meters Grading 2.48% Copper From Surface in Chile

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.
2. James Guttman 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.

Key Investor Takeaways

• Fitzroy Minerals reported new copper drill results from the Buen Retiro Copper Project in Chile, led by 30.5 meters grading 2.48% copper (Cu) from surface in hole BRT-DDH110, including 22 meters at 3.21% Cu.
• Additional Buen Retiro copper drilling returned 18 meters at 2.50% Cu, including 10 meters at 4.00% Cu, while another hole intersected 166 meters at 0.37% Cu, including 30 meters at 1.23% Cu.
• Fitzroy Minerals completed 22,697 meters of diamond drilling and 2,780 meters of RC drilling at Buen Retiro in 2026 through September 30, with three drill rigs continuing work and approximately 4,000 additional meters expected during 2026.
• Major Buen Retiro copper project catalysts are scheduled for Q4 2026, including a maiden Mineral Resource Estimate, Preliminary Economic Assessment, and submission of the DIA environmental permit application.
• The Buen Retiro PEA is expected to encompass the Tenorita, Nativo, and Ortúzar areas, while a Pre-Feasibility Study, updated Mineral Resource Estimate, and maiden Mineral Reserve Statement based on central Tenorita are planned for Q2 2027.
• Fitzroy's copper exploration pipeline also includes the Caballos Copper Project in Chile, where its September 2026 presentation outlined 5,500 meters of Q4 drilling as part of the company's broader exploration and development program.

Fitzroy Minerals Reports New High-Grade Copper Results at Buen Retiro

Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQX; C3Y:FSE) reported additional copper drill results from its Buen Retiro Copper Project in Copiapó, Chile, while continuing drilling and development work ahead of several planned project milestones.

As of September 30, Fitzroy had completed 22,697 meters of diamond drilling and 2,780 meters of reverse circulation drilling at Buen Retiro during 2026. Drilling continued with two diamond drill rigs and one reverse circulation rig, with the current program focused on defining Measured and Indicated Resources at Tenorita and Inferred Resources at Nativo, Ortúzar, and the extensions of Tenorita.

The latest results covered diamond drill holes BRT-DDH101 through BRT-DDH128. At Nativo, BRT-DDH110 intersected 30.5 meters grading 2.48% copper from surface to the end of the hole, including 22 meters at 3.21% copper from 3 meters. The hole ended in mineralization after being terminated prematurely because of technical issues.

BRT-DDH121 returned 18 meters at 2.50% copper from 163 meters, including 10 meters at 4.00% copper from 163 meters. BRT-DDH117 intersected 166 meters at 0.37% copper from 81 meters, including 105 meters at 0.52% copper from 92 meters and 30 meters at 1.23% copper from 144 meters. That interval also included 7 meters at 3.10% copper from 164 meters.

Another Nativo hole, BRT-DDH115, returned 43 meters at 0.83% copper from 115 meters, including 32 meters at 0.98% copper from 121 meters. Fitzroy said all of the reported intersections from the 18 holes completed in the Nativo area were made in oxide and mixed zones hosting leachable mineralization.

At Tenorita, six holes were completed. Southern infill hole BRT-DDH107 intersected 63 meters at 0.56% copper from 63 meters, including 6 meters at 1.74% copper. BRT-DDH104, drilled at the northern end of the trend near the historical waste dump, returned 80 meters at 0.33% copper from 16 meters, including 9 meters at 0.99% copper.

Four holes were completed at Ortúzar, where mineralization below 75 meters down-hole consisted predominantly of chalcopyrite. BRT-DDH127 returned 56 meters of oxides at 0.31% copper from 8 meters, including 4 meters at 1.19% copper from 33 meters, before intersecting several sulphide intervals between depths of 113 meters and 295 meters.

Fitzroy said drilling had identified three distinct geological domains at Buen Retiro. Copper mineralization at Tenorita strikes north-northwest, dips steeply east, and remains open to the southeast. Nativo mineralization strikes north-south, is subvertical, merges with Tenorita to the south, and continues north into the middle of the historical Manto Negro open pit.

Copper mineralization at Tenorita and Nativo is centered on ferric breccias approximately 70 meters wide. Most mineralization intersected in the two areas consisted of copper oxide and mixed copper oxides and secondary, leachable sulphides to depths of 120 to 150 meters.

Ortúzar was described as geologically distinct from Tenorita and Nativo, with greater variability and complexity. Its dominant mineralization is disseminated "manto-style" mineralization controlled by lithology and dipping approximately 30 degrees northwest. The mantos have a relatively shallow oxidation depth of 60 to 80 meters, with chalcopyrite becoming the dominant copper mineral down-dip.

"Buen Retiro continues to improve as our understanding of the scale and potential of the Project grows," President and CEO Merlin Marr-Johnson said. "In just 24 months of fieldwork, we have defined a remarkably continuous body of leachable copper mineralization, and we are advancing multiple avenues of study in parallel."

Fitzroy is also advancing geotechnical studies, sterilization drilling, environmental baseline studies, metallurgy, mineral processing, and engineering in support of a potential near-term heap-leach development at Buen Retiro. The company said the potential scale of the project had increased as exploration and technical work progressed, leading it to expand both its environmental baseline studies and the scope of its proposed Buen Retiro Heap Leach development program.

The company plans to submit its statement of environmental impact, or DIA, and environmental permit application in Q4 2026. Fitzroy also plans to publish a maiden Mineral Resource Estimate and Preliminary Economic Assessment during the quarter. The PEA is expected to incorporate Inferred Resources across the wider project area, including Tenorita, Nativo, and Ortúzar.

A Pre-Feasibility Study is planned for Q2 2027, along with an updated Mineral Resource Estimate and maiden Mineral Reserve Statement based on the central portion of Tenorita.

Fitzroy said it had completed 168 diamond drill holes totaling 22,697 meters since the beginning of February 2026 and expected to complete approximately another 4,000 meters of drilling during 2026.

Copper Demand Builds as Supply Pressures Persist

In an October 3 report, The Motley Fool described copper demand as climbing while mine supply faced pressure from declining ore grades and lengthy development timelines. The report stated, "Demand for copper is climbing. Meanwhile, aging mines are producing less, and new supply won't hit the market fast enough."

The report pointed to data centers as one source of copper demand. According to the Copper Development Association figures cited by The Motley Fool, next-generation hyperscale data centers could require as much as 50,000 metric tons of copper per facility, compared with 5,000 to 15,000 metric tons for conventional data centers. The report also cited S&P Global forecasts that copper demand could rise 50% by 2040, while copper demand associated with AI and data centers could triple over the same period.

Power infrastructure represented another major source of demand. The Motley Fool cited an analysis from the Bank of America Institute projecting that U.S. electricity demand would grow 2.5% annually through 2035, five times the rate of the previous decade. It also cited the International Copper Association as estimating that approximately 44% of all copper produced went toward power generation, distribution, and transmission.

On the supply side, the October 3 report said declining ore grades had affected major producing regions, while bringing new greenfield copper mines into production remained a lengthy process. According to S&P Global Market Intelligence figures cited in the report, new greenfield developments could require 16 to 18 years to progress from initial exploration and discovery through regulatory approvals and commercial production.

 Ron Struthers of Struthers Resource Stock Report maintained his Buy opinion on Fitzroy in an October 5 newsletter.

By October 6, copper prices remained near record levels. Devere Group reported that copper had traded at US$6.59 per pound on COMEX and US$14,366 per metric tonne on the LME three-month contract as of October 5. The source noted that the metal had reached a fresh COMEX all-time high on Aug. 26, when the September contract touched US$6.7775 per pound in early New York trading.

Devere Group also described uncertainty surrounding the copper market's supply-demand balance, noting that forecasters had been divided over whether 2026 would produce a surplus or deficit. The report said, "Some analysts had expected the copper market to enjoy a surplus this year, but fresh tariff fears may now vindicate forecasters who called for the market to return to balance."

The report also highlighted shifts in global copper inventories associated with U.S. tariff uncertainty. It stated that substantial volumes of available copper had been shipped to U.S. warehouses ahead of a tariff decision, while its key facts showed COMEX inventories reaching a record 612,500 metric tonnes as LME and SHFE inventories declined. Devere Group said the movement of metal had contributed to tighter availability elsewhere.

Trading Economics similarly reported on October 6 that copper futures had risen to approximately US$6.60 per pound, marking a third consecutive session of gains. Copper stood at US$6.5985 per pound, up 30.46% over the preceding year, while remaining down 2.23% over the preceding month.

According to Trading Economics, "Demand for copper is benefiting from the rapid expansion of data centers and power infrastructure required to support AI development." The source also noted near-term pressure from weaker industrial activity in China.

Supply conditions remained part of the copper market picture. Trading Economics reported that Chilean copper production had fallen to 369,500 tonnes in August from 403,420 tonnes previously, reaching its lowest level since February 2011. The source described Chile as accounting for the largest share of global copper mining and characterized copper as a widely used industrial metal with applications in construction, electronics, power generation and renewable energy systems.

Third-Parties Highlight Development Timeline and Exploration Potential

GGM Advisory Inc.'s Michael Ballanger highlighted Fitzroy Minerals in a September 8 report, describing the company as his top pick and No. 1 holding. Ballanger said Fitzroy's market valuation had not reflected the progress made at Buen Retiro and pointed to upcoming project milestones as potential drivers of a revaluation.

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, with drilling expected to begin within 30 days of his report to test deep induced-polarization targets.

More recently, Ron Struthers of Struthers Resource Stock Report maintained his Buy opinion on Fitzroy in an October 5 newsletter following the company's latest Buen Retiro results. Struthers noted that 6,257,243 warrants and finders' warrants had been exercised at CA$0.25 per share, generating approximately CA$1.56 million for Fitzroy. He said he believed the warrants had "probably held the stock back over the last couple months."

With those warrants exercised and Fitzroy reporting additional high-grade copper results, Struthers wrote, "With these out of the way and more good drill results like those announced today, the stock should move higher." He specifically cited the 30.5-meter intersection grading 2.48% Cu from surface, along with the company's planned Q4 maiden Mineral Resource Estimate and Preliminary Economic Assessment and Q2 2027 Pre-Feasibility Study.

Struthers also identified CA$0.48 as a technical level for the shares, writing, "Once the stock breaks CA$0.48, it will probably quickly test CA$0.55. Next would be new highs."

Multiple Copper Programs Extend Through 2027

Fitzroy's September 2026 corporate presentation outlined a series of planned technical, exploration, and development milestones across Buen Retiro, Caballos, and additional Chilean exploration work. The presentation described a 2028 production target for Buen Retiro and listed preliminary metallurgy in Q3 2026, a maiden Mineral Resource Estimate and PEA in Q4 2026, final metallurgy in Q1 2027, a Pre-Feasibility Study in Q2 2027, and permits in Q3 2027.

At Buen Retiro, the company's 12-month technical work plan included heap-leach exploration, baseline studies and metallurgy, DIA submission, PEA, Mineral Resource Estimate, and engineering work, followed by an initial PFS. The plan also included sulphide exploration drilling extending through the period covered by the presentation, financing, and a final investment decision following the initial PFS.

The presentation also outlined Fitzroy's funding position and planned exploration and development path. It reported a CA$23.9 million treasury and described 22,000 meters of exploration and de-risking work during 2026. The presentation said Pucobre could claw back a 30% interest by paying back 90%, and showed approximately CA$20 million of potential cash back in 2027, followed by PFS, financing, and construction activities.

Buen Retiro's development planning also included potential access to existing infrastructure. The presentation said Pucobre had signed a letter of intent to claw back 30% and identified industrial water and an under-utilized electro-winning tankhouse as available capacity. It described Planta Biocobre as having 800 tonnes per month, or 9,600 tonnes per year, of capacity, with 50% availability offered, and identified it as one of six under-utilized plants within a 180-kilometer radius. Fitzroy's April LOI separately described a firm offer representing a minimum of 80% of nominal capacity.

Fitzroy's planned work was not limited to Buen Retiro. At the 100%-held Caballos copper project, the September presentation identified a 5,500-meter Q4 drilling program. Caballos was described as containing known copper-molybdenum-gold mineralization linked to a large concealed system, with strategic licenses covering 18,000 hectares, mineralized breccias, and a strike length of more than 14 kilometers along the Pocuro Fault Zone.

The company's 12-month work plan showed deep induced polarization work at Caballos, followed by Phase 2 drilling extending into 2027. Fitzroy also outlined work on new projects in Chile, beginning with tenure activities and continuing with remote sensing, mapping, and sampling through the period covered by the plan.

Across its corporate timeline, Fitzroy identified metallurgical results in Q3 2026, the MRE and PEA in Q4 2026, final metallurgy in Q1 2027, and the Pre-Feasibility Study in Q2 2027, alongside what the presentation characterized as "High Impact Drilling." The presentation reported CA$23.9 million in cash as it laid out the sequence of planned work.

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 About Fitzroy Minerals and the Buen Retiro Copper Project

What is Fitzroy Minerals' Buen Retiro Copper Project?
Buen Retiro is Fitzroy Minerals Inc.'s copper project near Copiapó, Chile. The company is advancing exploration and technical work supporting a potential heap-leach development while drilling the Tenorita, Nativo, and Ortúzar areas.

What were Fitzroy Minerals' latest copper drilling results at Buen Retiro?
Fitzroy reported 30.5 meters grading 2.48% Cu from surface in BRT-DDH110, including 22 meters at 3.21% Cu. BRT-DDH121 returned 18 meters at 2.50% Cu, including 10 meters at 4.00% Cu, while BRT-DDH117 intersected 166 meters at 0.37% Cu, including 30 meters at 1.23% Cu.

How much drilling has Fitzroy Minerals completed at Buen Retiro in 2026?
As of September 30, Fitzroy had completed 22,697 meters of diamond drilling and 2,780 meters of reverse circulation drilling at Buen Retiro during 2026. Three drill rigs remained active, and the company said it was likely to complete another 4,000 meters during the year.

What are the next catalysts for Fitzroy Minerals and Buen Retiro?
Fitzroy plans several Buen Retiro milestones, including a maiden Mineral Resource Estimate and Preliminary Economic Assessment in Q4 2026, along with submission of its DIA environmental permit application. A Pre-Feasibility Study was planned for Q2 2027.

When will Fitzroy Minerals release the Buen Retiro Mineral Resource Estimate and PEA?
The maiden Buen Retiro Mineral Resource Estimate and Preliminary Economic Assessment are scheduled for Q4 2026. The PEA is expected to encompass the Tenorita, Nativo, and Ortúzar areas.

When is the Buen Retiro Pre-Feasibility Study expected?
Fitzroy plans to publish a Buen Retiro Pre-Feasibility Study in Q2 2027, together with an updated Mineral Resource Estimate and maiden Mineral Reserve Statement based on the central portion of Tenorita.

What is Fitzroy Minerals doing at the Caballos Copper Project?
Fitzroy's September corporate presentation outlined a 5,500-meter Q4 drilling program at its 100%-held Caballos project in Chile. The presentation described Caballos as containing known copper-molybdenum-gold mineralization linked to a large concealed system.

What is the outlook for copper prices and copper demand?
Copper was trading around US$6.60 per pound in early October. Sector reports cited expanding data centers, artificial intelligence infrastructure, and power-grid investment among sources of copper demand, while lengthy mine-development timelines and supply constraints remained areas of focus for the copper market.