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Soil Geochemistry Highlights Copper Anomalies at Polimet, Chile

14.05.2024  |  The Newswire
VANCOUVER, May 14, 2024 - Fitzroy Minerals Inc. (TSXV:FTZ), (OTCQB:FTZFF) ("Fitzroy Minerals" or the "Company") is pleased to provide the results of a geochemical soil survey at the Polimet Gold-Copper-Silver Project, Chile. Laboratory assay checks on the X-ray Fluorescence ("XRF") data collected from the soil survey show a good correlation with laboratory ICP analysis across low- medium- and high-grade samples. The XRF data, recorded using a bench-mounted XRF analyser, slightly under-reported copper ICP assays, indicating that the low-cost and time-efficient method of using an XRF analyzer is conservative and appropriate for field exploration and drill hole-targeting. Results from the XRF surveys showed clear copper anomalies in all three areas tested. Copper is a direct indicator element in this Au-Cu-Ag epithermal system. Fitzroy Minerals will now extend the geochemical survey over interpreted vein features which are mappable from float, outcrop, soil colour, and remote-sensing lineation studies.

Highlights:

  • Laboratory ICP checks show XRF soil geochemistry data is conservative and reliable.

  • Test grids highlighted copper anomalies in Au-Cu-Ag epithermal system.

  • Geochemical soil survey using a bench-mounted XRF analyser is a low-cost, time-efficient exploration tool.

Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented, "The fact that the XRF geochemical soil survey has been shown to be both conservative and reliable is fantastic. Even better is that the surveys picked out clear copper anomalies for targeting. Given that the high-grade mineralisation is expected to be at altitude levels below 1,600 m, it is great to have a direct indicator at surface to help with drill targeting. We will expand the soil survey grids to cover all priority areas on the concessions, and we will back it up with geophysical surveys and mapping as well. Given these results, and the significant infrastructure advantages offered by Polimet, it is now likely that Fitzroy Minerals will drill Polimet before the Caballos Project.

Polimet Gold-Copper-Silver Project, Chile

A geochemical soil survey was completed by the Project vendor at the Polimet Gold-Copper-Silver Project in the El Bronce Epithermal District. In total, 134 soil samples (approximately 2 kg each) were collected in three grid areas measuring 600 m long x 260 m wide (NE grid), 300 m long x 200 m wide (SE grid), and 200 m long x 300 m wide (Santa Margarita "SM" grid). The sampling was carried out over interpreted vein features mappable from float, outcrop, soil colour, and remote sensing lineation studies. The aim of the soil sampling exercise was to identify geochemical trends to assist continued exploration. The survey used the vendor-owned, fully-equipped, sample preparation laboratory and a bench-mounted XRF analyser that was worked in a controlled environment by a trained XRF operator.

Figure 1. Polimet concession and soil geochemistry test-grid location map.


Click Image To View Full Size

Sample Preparation and XRF Process

Rigorous QA/QC procedures were followed during sample collection and preparation. The survey team used trowels and bags when sampling, cleaning the equipment between sample collection. For each sample, the location, date, time, depth, and other relevant information was recorded. For each sample a photograph was taken showing the GPS coordinates, the bagged sample, and the sample site.

In the sample preparation procedure, the following steps were taken:

  1. Log and record Sample ID.

  2. Assess to see if sample is wet or dry.

  3. Dry any wet samples by placing individually in a stainless-steel tray in an oven. Return dried sample to sample bag.

  4. Weigh dry sample.

  5. Gently roll and check bagged samples to ensure soil lumps are broken down.

  6. Transfer the sample to a stainless-steel tray.

  7. Pass the sample through a clean Riffle Splitter that feeds into two clean stainless-steel trays.

  8. Return the contents of one of the two trays to the sample bag. Pass the other tray through the Riffle Splitter again. Return the ¼ sample to the original sample bag and add the other ¼ sample to a new bag.

  9. Weigh the ¼ soil sample.

  10. Add the ¼ sample to the vibrating screens and separate the size fractions, recording the time required to separate.

  11. Take multiple readings of the fine-fraction (80#) using the XRF analyser, recording the average.

  12. Carry out regular calibration checks of the XRF analyser using known reference materials.

XRF Analyser versus Laboratory ICP Results

A representative suite of low-, medium-, and high-grade soil samples were selected for check-assay by ICP and Fire Assay at Andes Analytical Assay SpA (aaa Laboratories) based in Santiago, Chile (Table 1). aaa Laboratories is an accredited laboratory

Table 1. Summary comparison between results collected by XRF Analyser and Laboratory ICP.

Cu (ppm)

Mn (ppm)

Zn (ppm)

Sample ID

ICP

XRF

Var

ICP

XRF

Var

ICP

XRF

Var

SM LT 100-150

624

508

-19%

>2000

2,098

509

403

-21%

SM LT 000-075

1356

967

-29%

1336

1,157

-13%

165

159

-4%

SM LT 050-150

239

214

-10%

1984

1,798

-9%

150

165

10%

SM LT 100-050

108

102

-5%

1333

1,380

4%

133

141

6%

SM LT 150-000

73

71

-2%

1564

1,511

-3%

133

148

11%

NE LT 00-050

73

75

2%

>2000

2325

154

173

12%

NE LT 050-050

173

160

-7%

>2000

2517

172

235

37%

NE LT 100-100

220

200

-9%

1986

1786

-10%

167

187

12%

NE LT 150-175

59

59

0%

1602

1460

-9%

95

143

51%

NE LT 250-125

1989

1,741

-12%

1958

1661

-15%

228

275

21%

NE LT 350-050

185

110

-40%

1728

1178

-32%

176

99

-44%

NE LT 450-125

80

92

15%

>2000

1734

169

207

22%

NE LT 550-125

181

162

-10%

1843

1790

-3%

137

136

-1%

SE LT 000-175

197

196

-1%

>2000

2322

181

182

1%

SE LT 050-050

87

90

3%

1192

1334

12%

83

115

39%

SE LT 100-250

44

55

26%

1552

1459

-6%

101

116

15%

SE LT 150-150

1759

1579

-10%

>2000

2835

591

555

-6%

SE LT 200-100

356

337

-5%

>2000

1944

147

164

12%

SE LT 250-000

151

99

-34%

1158

996

-14%

90

65

-28%

SE LT 350-175

73

70

-4%

1040

1064

2%

98

113

15%

Average:

401

344

-8%

1,560

1,717

-7%

184

189

8%

Table 1 provides the ICP results from the 20 check soil samples, the original XRF results, and the variance between the ICP and XRF soil sample results. The sample numbers identify the soil grid, the line number, and the distance along that line. The key observation is that the copper and manganese results are slightly under-reported using the XRF analyser, and that zinc is slightly over-reported by XRF.

Using these ICP results, further calibration can be made to the XRF analyser to further reduce variance in results. Fitzroy Minerals will continue to carry out check assays and ongoing calibration of the XRF analyser.

Soil Anomalies

Figures 2 to 4 below,, show that a geochemical soil anomaly with a threshold of 200 ppm broadly align with the mapped epithermal vein occurrences. Subtle features such as a flexure in the anomalies in Figures 1 and 2 emerge. Note also that Figure 4 shows that the Santa Margarita soil survey may have picked up a parallel structure that does not have a surface expression.

The maximum copper concentrations in each of the three survey areas are 1741 ppm Cu (Northeast), 1810 ppm Cu (Santa Margarita), and 1579 Cu (Southeast).

Figure 2. Northeast geochemical soil survey grid.


Click Image To View Full Size

Fitzroy Minerals sees significant time and cost advantages of continuing to use these established XRF geochemical soil survey methods. The maps show that the method works well. Importantly, mineralization at Polimet is expected to be best developed at elevations between 1,000 metres and 1,600 metres above sea level and concentrated in high-grade pay-shoots. Pay-shoots in the epithermal mineralization of the El Bronce Epithermal District are structurally controlled. The surface elevations at Polimet range from 1,600 metres up to 1,850 metres, which makes measurement of copper concentrations in geochemical soil surveys a particularly useful tool.

Figure 3. Southeast geochemical soil survey grid.


Click Image To View Full Size

In combination with geophysics and geology, Fitzroy Minerals will develop drilling targets over the coming months. The planned geophysical program may include a selection of induced polarisation, spectral analysis, and magnetometry surveys. In terms of geology, the focus will be detailed structural mapping. The combined results of the structural mapping, the soil geochemistry, and the geophysics will guide the drilling program at Polimet later in the year. Given the infrastructure benefits of Polimet over Caballos and the fact that South America is entering winter, it is now anticipated that the first Fitzroy Minerals drilling program will be at Polimet.

Figure 4. Santa Margarita geochemical soil grid.


Click Image To View Full Size

Qualified Person

Dr. Scott Jobin-Bevans (Ph.D., P.Geo.), a Qualified Person as defined by National Instrument 43-101 and independent geological consultant to the Company, has reviewed and verified the technical information provided in this news release.

About Fitzroy Minerals

Fitzroy Minerals is focused on exploring and developing mineral assets with substantial upside potential in the Americas. The Company's current property portfolio includes the Caballos Copper and Polimet Gold-Copper-Silver projects located in Valparaiso, Chile, and the Taquetren Gold project located in Rio Negro, Argentina, as well as the Cariboo project in British Columbia, Canada. Fitzroy Minerals' shares are listed on the TSX Venture Exchange under the symbol FTZ and on the OTCQB under the symbol FTZFF.

On behalf of Fitzroy Minerals Inc.

Merlin Marr-Johnson
President and CEO

For further information, please contact:

Merlin Marr-Johnson
mmj@fitzroyminerals.com
+1 604-505-4554

For more information on Fitzroy Minerals, please visit the Company's website: www.fitzroyminerals.com

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the United States Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the completion of the Offering and the timing and pricing in respect thereof, the use of proceeds of the Offering, and timely receipt of all necessary approvals, including any requisite approval of the Exchange.

Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of the Company. Such statements can generally, but not always, be identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. All statements that describe the Company's plans relating to operations and potential strategic opportunities are forward-looking statements under applicable securities laws. These statements address future events and conditions and are reliant on assumptions made by the Company's management, and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. As a result of these risks and uncertainties, and the assumptions underlying the forward-looking information, actual results could materially differ from those currently projected, and there is no representation by the Company that the actual results realized in the future will be the same in whole or in part as those presented herein. the Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on the Company and the risks and challenges of its business, investors should review the Company's filings that are available at www.sedar.com.

The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not undertake to update any for-ward looking statements, other than as required by law.

Copyright (c) 2024 TheNewswire - All rights reserved.


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