Vancouver, British Columbia – 22 October 2026 – TheNewswire - Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) (“Fitzroy” or the “Company”) is pleased to announce the results of an integrated seismic and machine-learning (“ML”) targeting study, completed with Fleet Space Technologies (“Fleet”), at the Buen Retiro Copper Project, Copiapó, Chile (“Buen Retiro” or the “Project”). ML targeting generated a ranked set of priority domains (Figure 1) by combining 3D Ambient Noise Tomography (“ANT”) data with prior geophysical surveys, geological models, and approximately 24,400 copper assays from 140 drill holes. The model identified nine areas where the sub-surface characteristics closely resemble the signature of the rocks hosting Buen Retiro’s known copper mineralization.

Fleet’s regional and infill ANT surveys mapped the Project’s deeper geology well beyond the depths of current drilling. The technique uses natural seismic noise to build a 3D picture of the rock beneath the surface. This gives Fitzroy a 3D framework to trace known mineralized trends and identify new, previously untested opportunities down to a depth of approximately 400 metres, including toward the 100%-owned Sierra Fritis properties to the east. Extensive alluvial gravel cover in the area makes surface geological mapping and therefore target-generation, much more difficult.

Fitzroy has started a 5,000-metre drilling program using diamond and reverse circulation (“RC”) drill rigs. As drill logs and assay results come in, Fitzroy and Fleet will use the new data to update the ML model. In this way, each new drill hole serves three purposes: testing a specific target, improving or validating the ML model, and helping to inform the next drilling decision.

Highlights:

●   A ranked portfolio of nine target areas, all completely new and untested, and within 400 m of surface.

●   The targets combine Fleet’s 3D ANT subsurface model with Fitzroy’s own geophysical surveys (IP chargeability, IP resistivity and magnetic susceptibility) and approximately 24,400 copper assays from 140 drill holes.

●     The targets focus on gravel-covered geology and exclude previously mined ground or areas within 200 metres of an existing drill hole.

Merlin Marr-Johnson, President and CEO of Fitzroy, commented: ““We believe Buen Retiro shares many of the geological characteristics of the major iron oxide copper-gold (IOCG) deposits at Candelaria and Mantoverde, yet the sulphide potential of the wider property has barely been tested. To date, the oxide copper mineralisation and its potential to support a low-capital-intensity, near-term production operation have been the focus.

Now, however, we have a tool with which to test the exploration optionality of this large IOCG system in one of Chile’s most prolific copper-producing regions. By combining advanced 3D subsurface imaging with machine learning and our extensive drilling database, we can now identify and prioritise blind exploration targets beneath the gravel cover. If the ML targeting is successful it will be a cost-effective discovery tool, creating value for shareholders.”

 Input Data

The model combined four 3D geophysical datasets with geology, and copper assay results from drilling (Table 1).

Table 1. Summary of the 4 datasets and copper assay results used in the new ML targeting.
Dataset	What it Shows	Source
ANT shear-wave velocity (Vs)	Fracturing and alteration	Fleet ANT survey
IP chargeability	Disseminated sulphide minerals	Fitzroy (inverted model)
IP resistivity	Clay alteration vs. resistant intrusive rock	Fitzroy (inverted model)
Magnetic susceptibility	Magnetite-rich zones	Fitzroy raw data, inverted by Fleet
Drill-hole copper assays	Used to train and calibrate the model	Fitzroy drillhole database

 

Figure 1. Oblique view NW of Fleet ML target domains, with topography and existing exploration drill traces.

Click Image To View Full Size

   

From 3D Subsurface Imaging to Ranked Drill Targets

Fleet’s work at Buen Retiro began with a regional ANT survey commissioned by Fitzroy in early 2026. The ANT survey was designed to build a better picture of the Project’s deeper geology. This identified structures and zones associated with alteration and brecciation at depth, and gave Fitzroy a 3D framework for further exploration.

A higher-resolution, closer-spaced ANT survey was then completed over the main area of interest. This infill survey improved the understanding of the faults and fractures that are interpreted to be the main control on both permeability corridors and associated mineralization. The infill survey also allowed closer correlation of the ANT data with existing geophysical and drilling data.

The ML targeting phase then converted this geological and geophysical picture into a set of exploration opportunities. The targets are designed to complement, not replace Fitzroy’s own geological interpretation and drill planning.

Targeting Method

The targeting method follows four steps, from copper prediction through to ranked, conceptual targets:

• Prediction. The ML model learned the relationship between geophysical data and copper assays from existing drill holes in order to estimate a quantified uncertainty for any point in space within the survey area. The aim was to predict zones where copper mineralization with grades above a 0.5% Cu threshold within 25-metre blocks of rock across the study area might be located, together with an uncertainty value for each block. The 0.5% Cu threshold is used to visually identify blocks at, or above, the target grade and does not represent a uniform estimate of copper grade per block. 

• Refinement. Blocks were removed from consideration if they fell within the mined-out open pit, mapped gravel cover, or within 200 metres of an existing drill hole, so that target selection would focus on ground with genuine exploration value. 

• Domains. The remaining blocks were grouped into nine geographic areas (“domains”), each representing a cluster of blocks with a similar predicted response (see Figure 1) within high-confidence range and interpreted to be geologically significant. 

Drill Planning

Fitzroy and Fleet are now reviewing drill orientations and sequencing for the list of exploration targets. All of the targets are within the top 400 metres of the surface and Fitzroy has allocated 5,000 metres of combined RC and diamond drilling to test the new areas. As drill logs and assay results come in, Fitzroy and Fleet will compare them against the original target list and update the model accordingly. The new results will then feed into future versions of the model, sharpening its predictions and helping guide the next round of drill planning. In this way, each new hole serves two purposes: testing a specific target, updating or validating the ML model, and helping to inform the next drilling decision.

  

Technical Context

The new exploration domains are conceptual exploration targets that have not yet been tested by drilling. They mark areas where the combined geophysical and assay data look similar to Buen Retiro’s known zones of copper mineralization.

The targets do not confirm the presence, grade, size or continuity of mineralization. The reliability of the model depends on the quality and coverage of the underlying data, and tends to decrease with distance from existing drill holes and with depth. For this reason, the targets are intended to be used alongside conventional geological interpretation and other exploration information, not in place of it.

 

Qualified Person (“QP”)

Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), a QP as defined by NI 43-101 and independent geological consultant to the Company, has reviewed and approved the technical information provided in this news release and verified the data disclosed, including the sampling, analytical and test data underlying the technical information contained in this news release.

 

About Fleet Space Technologies

Fleet Space Technologies is an Australian frontier technology company that uses seismic-led, 3D subsurface imaging to help geoscience teams understand what lies beneath the surface. Fleet combines its imaging techniques with a client’s existing geology, geophysics and drilling data, using machine learning to turn that combined picture into ranked recommendations for discovery, expansion and development decisions. As new drilling and other data become available, Fleet’s models can be updated, so new results continue to sharpen future subsurface decisions and deliver drilling predictions that stand up against ground truth.

 

About Fitzroy Minerals

Fitzroy Minerals is focused on exploring and developing copper assets with substantial upside potential in Chile. The Company’s two lead properties are the Buen Retiro Copper Project located near Copiapó, Chile, and the Caballos Copper Project, located in Valparaiso, Chile. Fitzroy Minerals’ shares are listed on the TSX Venture Exchange under the symbol FTZ and on the OTCQX under the symbol FTZFF.

 

On behalf of the board of Fitzroy Minerals Inc.

Merlin Marr-Johnson

President and CEO

For further information, please contact:

Merlin Marr-Johnson

+447803712280

mmj@fitzroyminerals.com

 

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

 

Neither the TSX Venture 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 success of ML targeting phases, accuracy of ML targeting-based identification and prioritization of exploration targets, the potential mineralization on the Company’s mineral properties, future exploration plans on the Company’s mineral properties, and the timing and results of future exploration.

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, including without limitation, the dangers inherent in exploration, development and mining activities; actual exploration or development plans and costs differing materially from the Company’s estimates; risks specifically related to the accuracy and reliability of machine learning-based prediction models, the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; operations in foreign and developing countries and the compliance with foreign laws, remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; and competition with other mining companies. 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.sedarplus.ca.