- Fitzroy Minerals is set to acquire 100 per cent of the Polimet gold-copper-silver project in Chile from Asesorias y Inversiones Sol SPA
- The project includes 1,860 hectares of concessions at an average altitude of 1,700 metres
- The company anticipates drilling at Polimet in the second half of the year
- Shares of Fitzroy Minerals are up 7.69 per cent to C$0.14 as of 11:26 am ET
Fitzroy Minerals (TSXC:FTZ) is set to acquire 100 per cent of the Polimet gold-copper-silver project in Chile.
In a statement, the Vancouver-based company said it will acquire the property from Asesorias y Inversiones Sol Pa.
Spanning more than 1,860 hectares at an average altitude of 1,700 metres, the Polimet project is 170 kilometres by road to Santiago and 13 kilometres south of El Bronce, a 1-million-ounce epithermal gold-silver deposit near Petorca, Brazil.
“Fitzroy Minerals now has two ideally located projects in a premier mining jurisdiction. There is a global shortage of copper and gold assets with good grade, clean metallurgy and simple geometry,” Campbell Smyth, chairman of Fitzroy Minerals, said in a statement. “We plan to drill Polimet in the second half of 2024 and are currently building up our local exploration team.”
Under the terms of the agreement, Fitzory Minerals will:
- make a cash payment of US$80,000 upon signing the option agreement with an additional $80,000 paid on the first anniversary
- incur exploration expenses of at least $2.25 million over a three-year period
As the company looks to drill at the property this year, Fitzroy Minerals said exploration will include mapping soil sampling and geophysics beforehand.
Historic work at the Polimet project includes the development of two ore shoots, Santa Margaria and San Pedro.
Work carried out at the property over the years includes detailed mapping and geological reconnaissance, soil and rock chip geochemical, and LIDAR surveys of old workings. Thirteen channel samples were taken across structure in the old workings.
Moving into the rest of the year, the company intends to extend soil geochemistry grids and carry out an Induced Polarisation survey ahead of any potential drill program.
Fitzroy Minerals is focused on acquiring, exploring and developing mineral assets with substantial upside potential in the Americas.
Shares of Fitzroy Minerals are up 7.69 per cent to C$0.14 as of 11:26 am ET.
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