Key Investor Takeaways
- Fitzroy Minerals drilled 64 meters of 2.00% copper, including 41 meters of 3.05% copper, beneath the historical Manto Negro open pit at its Buen Retiro Copper Project in Chile.
- The hit overlaps a historical hole that cut 30 meters of 3.52% copper. The company said the two holes highlight a zone of strong mineralization about 50 meters wide at the base of the pit.
- The richest interval contains abundant native copper, which the company said may cause assays to understate the true grade.
- Fitzroy has drilled 31,189 meters at Buen Retiro this year. The results will feed a maiden resource estimate, which is expected to form the basis of a preliminary economic assessment.
- A prefeasibility study is targeted for Q2 2027.
- Newsletter writer Michael Ballanger calls Fitzroy his top pick and largest holding.
Hitting 3% Copper Where Miners Left Off
Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQX; C3Y:FSE) reported drilling 64 meters of 2.00% copper from 127 meters, including 41 meters of 3.05% copper from 133 meters, at its Buen Retiro Copper Project near Copiapó, Chile, according to a November 11 release. Hole BRT-DDH134 cut the high-grade copper zone beneath the historical Manto Negro open pit.
The new hole lines up with historical hole BRT-DDH013, which was drilled from the opposite side of the pit. That hole intersected 30 meters of 3.52% copper from 141 meters, including 12 meters of 5.00% copper. The company said the two holes highlight a zone of strong mineralization approximately 50 meters wide (true width) at the base of the pit.
"More great results from Buen Retiro! Intersections of 64 meters at 2% copper, including 41 meters at 3% copper, are stand-out results, especially given that this overlaps with historical results of 30 meters at 3.5% copper, including 12 meters at 5% copper," said President and CEO Merlin Marr-Johnson. "Furthermore, these results are in near-surface, leachable material that is amenable to low-cost processing. There are also multiple other wide zones of good mineralization in this batch of drill core assay results. We are really looking forward to publishing our maiden mineral resource estimate and associated PEA soon."
More Copper Than Meets the Eye
The richest part of BRT-DDH134, from 133 meters to 174 meters, contains abundant native copper. This soft metal can flatten during sample preparation, and the company said the assays may understate the true copper grade in these zones. Ongoing metallurgical test work on bulk samples will help Fitzroy calibrate the copper content in these areas.
Other holes across the project's Tenorita, Nativo, and Ortúzar areas returned long intervals of copper:
- BRT-DDH146, on the edge of the historical pit in southern Ortúzar, returned 107 meters of 0.48% copper from 10 meters, including 37 meters of 0.96% copper from 44 meters.
- BRT-DDH133, in the southern Nativo trend, returned 109 meters of 0.41% copper from 20 meters, including 13 meters of 1.10% copper.
- BRT-DDH143, in northern Ortúzar, returned 179 meters of 0.26% copper from 30 meters and 86 meters of 0.22% copper from 272 meters.
Several holes show classic oxidation profiles, with copper oxides near the surface, mixed zones of native copper and chalcocite, and finally fresh chalcopyrite (primary sulfide) at depth. The reported intervals are estimated to be between 80% and 90% of true thickness.
Road to a First Resource
The company has drilled 31,189 meters at Buen Retiro so far this year as of November 5, made up of 25,634 meters of diamond core drilling and 5,555 meters of reverse circulation (RC) drilling. Three rigs are currently operating. Two diamond rigs are carrying out infill drilling of the copper oxide and mixed zones, and one RC rig is testing new exploration targets.
Michael Ballanger of GGM Advisory Inc. calls Fitzroy his "top pick and largest holding" on November 9.
The latest results will feed into the maiden mineral resource estimate for Buen Retiro, which the company expects to form the basis of a preliminary economic assessment (PEA) for the project.
The company expects the estimate to include measured, indicated, and inferred resources for the Tenorita, Nativo, and Ortúzar zones of the project. A further 3,300 meters of diamond drilling is planned to help convert inferred resources to measured and indicated resources, for an updated estimate and a prefeasibility study targeted for Q2 2027. A 5,000-meter sulfide exploration program, mostly RC drilling, is also underway.
Fitzroy is a copper exploration and development company focused on Chile. Its two lead projects are Buen Retiro and the Caballos Copper Project in the Valparaiso region.
Bucking the Junior Slump
Michael Ballanger of GGM Advisory Inc. calls Fitzroy his "top pick and largest holding" on November 9. He wrote that the stock was trading at its highest level since February, at a time when many juniors were struggling, and he noted that Fitzroy is well funded, with about CA$21 million in cash.
The shareholder message from Marr-Johnson that Ballanger cited outlines the path ahead for the company. The maiden resource estimate is expected to be mostly measured and indicated resources at Tenorita and mostly inferred resources at Ortúzar, with Nativo somewhere in between. The board has approved 3,300 more meters of drilling to convert inferred resources in areas likely to fall within an open-pit design for the prefeasibility study. Ballanger said Fitzroy plans to bring Buen Retiro's copper oxides into production in 2028.
The Metal Behind the Machines
Copper is the workhorse of the electrical world. It conducts electricity better than any other metal except silver, and it is much cheaper and more plentiful. That's why it carries power through wiring, motors, transformers, and power grids.
Artificial intelligence (AI) is adding a big new source of demand, and the power generation and transmission needed to support data centers will boost it further. A single Microsoft Corp. (MSFT:NASDAQ) data center in Chicago used 2,177 tonnes of copper, according to a study cited by BHP Group Ltd. (BHP:NYSE; BHPLF:OTCPK). BHP estimates that copper use in data centers worldwide will increase sixfold by 2050. S&P Global has warned of a potential 10 million metric ton copper shortfall by 2040 unless there is significant new supply.
Mine production among the world's 20 largest copper producers fell 2.5% year over year in the first half of 2026, to 7 million tonnes, S&P Global reported during LME Week in October.
Copper prices reached a record high of about US$6.85 a pound in September, driven in part by AI-related demand. Even after a pullback this fall, copper was still up about 25% from a year earlier in early November, according to Trading Economics.
Chile is the world's largest copper producer, and Fitzroy's near-surface oxide copper is leachable, which Marr-Johnson said makes it amenable to low-cost processing.
Ownership and Share Structure1
Management and insiders own approximately 28.60% of Fitzroy Minerals, strategic entities hold about 21.80%, and institutions hold about 12.80%, with retail investors accounting for the balance.
The largest disclosed holders include Ptolemy Capital Ltd. (21.80%), Matthew Gordon (21.30%), and UBS Asset Management AG (10.40%).
The company has roughly 333.33 million shares outstanding and a market capitalization of about CA$173.3 million.
No verified insider open-market buys or sells were found for the last six months.
5 series of warrants remain outstanding. Public records show one historical share restructure.
Common Questions from Investors
What did Fitzroy announce?
On November 11, Fitzroy reported that hole BRT-DDH134 at Buen Retiro returned 64 meters of 2.00% copper from 127 meters, including 41 meters of 3.05% copper from 133 meters, beneath the historical Manto Negro open pit.
Why is the BRT-DDH134 result important?
It overlaps historical hole BRT-DDH013, which cut 30 meters of 3.52% copper, including 12 meters of 5.00% copper. The company said the two holes highlight a zone about 50 meters wide (true width) at the base of the pit. CEO Merlin Marr-Johnson said the material is near-surface, leachable, and amenable to low-cost processing.
Could the copper grades be higher than reported?
Possibly. The richest part of the hole contains abundant native copper, which can flatten during sample preparation, and the company said the assays may understate the true grade. Metallurgical test work on bulk samples will help calibrate the copper content.
What other results were reported?
BRT-DDH146 returned 107 meters of 0.48% copper, BRT-DDH133 returned 109 meters of 0.41% copper, and BRT-DDH143 returned 179 meters of 0.26% copper.
What's next for Buen Retiro?
The results will feed a maiden mineral resource estimate, which the company expects to form the basis of a preliminary economic assessment. Fitzroy has also planned 3,300 more meters of drilling for an updated estimate and a prefeasibility study targeted for Q2 2027.
What does the expert say?
Michael Ballanger of GGM Advisory Inc. calls Fitzroy his "top pick and largest holding." He noted the stock was trading at its highest level since February and that the company has about CA$21 million in cash.
Why does copper matter?
Copper conducts electricity better than any metal except silver and is essential to power grids and data centers. BHP estimates copper use in data centers will grow sixfold by 2050, and S&P Global has warned of a potential 10 million metric ton shortfall by 2040 without significant new supply.
| Want to be the first to know about interesting Copper investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
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.
- Steve Sobek 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.
For additional disclosures, please click here.
1. Ownership and Share Structure Information
Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Fitzroy Minerals were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-12 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from the prior six months through 2026-11-12 and excludes option exercises. These are public-source estimates and can differ from a later official register.
