Fitzroy Minerals Inc. (FTZFF) has announced a major expansion of copper-in-soil anomalies at its Polimet Gold-Copper-Silver Project in Chile, signifying a significant advancement in the company’s exploration efforts. The latest soil geochemistry results, released on September 13, 2024, revealed two continuous mineralized trends spanning 2.0 km and 1.9 km, respectively, alongside five additional anomalies ranging from 400 m to 1,000 m. These findings collectively represent a substantial 6.9 km of mineralization, highlighting the project’s immense potential.
The expansion of the copper anomalies is particularly noteworthy in a 450 m-wide zone at the southern end of one grid, where previous surface mineralization was not detected. This discovery underscores the project’s evolving nature and the ongoing potential for further discoveries. The company’s earlier soil survey results, reported on May 14, 2024, provided the initial indication of the project’s promise.
The expanded copper mineralization is particularly relevant in light of the current bullish market conditions for gold and copper. Gold prices recently reached an all-time high of US$2,568/oz, driven by U.S. economic data and anticipation of a potential interest rate cut. This favorable market environment is further strengthened by the growing demand for copper due to its crucial role in the global green energy transition.
Fitzroy Minerals’ CEO, Merlin Marr-Johnson, highlighted the significance of the recent soil geochemistry survey, emphasizing that the Polimet project continues to deliver promising results. The company plans to leverage these findings to refine its drilling strategy, focusing on the copper-in-soil anomalies as direct indicators for potential gold targets within the gold-copper-silver system.
The Polimet project’s strategic location near the El Bronce Epithermal District, known for its substantial gold and copper deposits, further enhances its appeal. The company’s future exploration efforts will include geophysical surveys and structural mapping to fine-tune its drilling targets, maximizing the chances of uncovering high-grade pay shoots.
Michael Ballanger of GGM Advisory Inc., a respected industry expert, expressed strong confidence in Fitzroy Minerals, specifically citing the Polimet project as a highly prospective copper-gold anomaly. He believes that the company’s portfolio is undervalued and possesses significant investment potential. Ballanger’s positive outlook extends to Fitzroy’s broader project portfolio, including two Chilean copper-gold projects and the Argentinian gold prospect Taquetren, projecting that the company’s market capitalization could reach CA$0.20 range with the upcoming drilling at Buen Retiro.
The combined factors of expanded copper anomalies, a favorable market environment for precious metals, and the expertise of industry analysts like Michael Ballanger suggest a promising future for Fitzroy Minerals. As the company continues its exploration efforts, the Polimet project and its surrounding areas are poised to deliver significant value to investors.
