FITZROY MINERALS INC. provided an update on the Caballos Copper Project, Chile. Ongoing evaluation geological mapping and rock chip sampling in the southern half of the concession area has significantly expanded a copper and molybdenum anomaly associated with the Pocuro Fault Zone ("PFZ"). To the west of the PFZ, a new area of mineralized polymetallic veins with high gold, silver, zinc and lead grades has been identified.

Mapping and sampling of the PFZ will continue once weather conditions improve (currently winter in Chile). Separately, a technical report on the Caballos Copper Project has been completed by Caracle Creek Chile SpA and is currently being reviewed in preparation for filing on SEDAR+. In addition, a Definitive Option Agreement for the Caballos Copper Project in Chile was signed on June 26, 2024.

Caballos Copper Project, Chile: At Caballos, mapping and sampling was carried out April to June of this year. . In May-June, the focus was on the southern part of the PFZ accessed via the Rio Alicahue valley.

This news release provides a summary of the results from 99 grab rock and rock chip samples that were taken from the southern area. Mapping established that there were two key zones of interest. The main area is a distinctive hydrothermal breccia and alteration zone running approximately 1.2 km north-south along the PFZ, containing within it a 500 m-long felsic intrusion.

As previously reported, (Fitzroy Minerals news release dated June 20, 2024) the felsic intrusion has copper-oxide staining along most of its width, with occasional fresh disseminated chalcopyrite. Fitzroy Minerals on July 29, 2024 confirms that the entire 1.2 km of the breccia and alteration zone has returned elevated assay results. The hydrothermal breccia and associated alteration form an elongated feature related to the PFZ itself.

The hydrothermal breccia has a sharp, linear western contact indicative of a vertical or sub-vertical fault plane. Much of the breccia is strongly leached, with sericitic alteration to the west and a moderately gossanised zone to the east. The copper and molybdenum anomalies overlap and extend north-south for approximately 1,150 m, and widths can extend up to 200 metres.

Of the 99 samples collected in the southern half of Caballos, 56 were primarily investigated for copper. Of these 56 samples, 30 were within the mapped hydrothermal breccia area, which covers an approximate surface extent of 125,000 m 2 and returned an average grade of 0.84% Cu. Sixteen samples define the molybdenum anomaly of approximately 60,000 m2, with an average grade of 897 ppm Mo.

Another recently identified area of approximately 2.5 km x 1.1 km and west of the PFZ, comprises many sub-parallel veins and vein sets within a general northeast-southwest trend. Most of the grab rock samples came from these two broad areas and the results show two clear geochemical populations. The PFZ zone is anomalous in copper and molybdenum with a minor zinc component, and the western vein sets exhibit an anomalous gold-silver-lead-zinc assemblage.

The vein-hosting area west of the PFZ consists of quartz veins ranging from centimetres to two (2) metres in thickness. Within the dominant northeast-southwest trend of the veins there are subordinate veins with north-south and northwest-southeast orientations. Mineralisation is that of a classic polymetallic assemblage of intergrown sphalerite, galena and pyrite and minor chalcopyrite.

There are abundant boxwork textures indicating weathered-out sulphides, and the veins have intense argillic /sericitic alteration halos. The host rocks are principally andesitic volcanic rocks. From the veins, 22 grab rock samples returned gold values of 0.1 g/t Au and higher, with 9 results above 0.5 g/t Au and a maximum of 5.49 g/t Au in sample #350559.

This high-grade sample also returned 106 g/t Ag, 7.13% Zn, and 14.06% Pb. Five samples returned silver grades above 50 g/t Ag, with the highest grade of 185 g/t Ag from a quartz vein (sample #350583) that also returned 3.94 g/t Au, 1.7% Zn, and 30.1% Pb.