en.Wedoany.com Reported - Fitzroy Minerals (TSX-V:FTZ) announced plans to conduct approximately 5,500 meters of diamond drilling at its Caballos Copper project in Chile to test four geophysical targets. This five-hole drilling program is scheduled to commence in September 2026 and will target the C2-B, C3, and C4 anomalies, as well as the extension of mineralization previously intersected at Chincolco Creek.
Southernrock Geophysics completed four deep induced polarization (IP) survey lines totaling 18.4 line-kilometers, covering conductive anomalies identified by the April airborne MobileMT survey. The largest target, C2-B, contains a conductivity and chargeability anomaly extending over 3 kilometers east-west. Fitzroy interprets this anomaly as exhibiting "classic porphyry" characteristics—an outer zone of high chargeability and high conductivity surrounding a core of lower chargeability. The company stated that such a configuration may occur in porphyry copper deposits, but drilling is required to determine the source of these responses.
The second target, C4, is approximately 1 kilometer wide and 1 kilometer deep, located near the intersection of the north-south trending Pocuro Fault Zone and the east-west trending Alicahue River structure. Chief Executive Officer Merlin Marr-Johnson stated that the IP responses align with conductive anomalies identified in the earlier MobileMT survey. "The largest IP anomaly, C2-B, is consistent with classic porphyry characteristics, consisting of an outer shell that is strongly conductive and chargeable surrounding an inner core," said Marr-Johnson.
Previous drilling at the edge of the broader geophysical system intersected copper, molybdenum, and gold mineralization within a relatively weak chargeability anomaly. At Chincolco Creek, the new model also suggests that the C3 anomaly may extend southward and to depth along the Pocuro Fault Zone. The IP survey investigated depths of approximately 1,500 meters, while accompanying magnetotelluric measurements targeted depths of up to 3,000 meters.
Fitzroy stated that its final plan is to use cash flow from the Buen Retiro heap leach operation in the Copiapó region to fund exploration at Caballos. However, this funding source remains dependent on future production and cash generation.
