Read the story here. Advertise at Before It's News here.
Profile image
By Streetwise Reports (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Copper and Gold Co. Signs Exclusive Agreement To Acquire Chilean Project

% of readers think this story is Fact. Add your two cents.

Source: Streetwise Reports 02/09/2024

Fitzroy Minerals Inc. reported it had signed an exclusive agreement to acquire the Polimet gold-copper-silver project in Chile and reached a new 52-week high. Read to see what experts are saying about this stock.

Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQB) has secured the exclusive option to acquire the Polimet gold-copper-silver project in Chile. Fitzroy will acquire the project, which is located in the Valparaiso region, from Asesorias y Inversiones Sol SPA.

The Polimet project comprises 1,860 hectares of concessions at an average altitude of 1,700 meters. It’s located near the town of Petorca, around 105 miles from Santiago and eight miles south of the El Bronce one-million-ounce epithermal gold-silver deposit.

Of the news, Fitzroy Minerals chairman Campbell Smyth said, “Polimet offers the opportunity to explore a high-grade gold-copper target that is uniquely well suited for development. The Polimet project is located in a mining area dotted with many small processing plants.”

He added that the “high tenor of the target” and its “unique infrastructure advantages” will lead to “significant value” being created.

The company also reached a new 52-week high today as it is now trading at CA$0.185. Previously, the 52-week range was between CA$0.035 and CA$0.18.

Polimet has historic DSO (direct shipping operation) ore sales of 117 tonnes grading 33.5 grams per tonne (g/t) gold, 55 g/t silver, and 6.9% copper. It also has a fully preserved low-sulfidation epithermal system with known mineralization, and around five kilometers, a strike of vein system has been identified and is ready for drill testing.

In order to exercise the Polimet option, Fitzroy Minerals must make a cash payment of US$80,000 upon the signing of a definitive option agreement and another US$80,000 on the first anniversary. It will also need to cover exploration costs of at least US$2.25 million over a three-year period. It will need to spend no less than US$500,000 on exploration for each consecutive 12-month period.

In year four, Fitzroy Minerals will be able to exercise the Polimet option by making a US$1.2 million payment to Asesorias y Inversiones Sol SPA.

The company also reached a new 52-week high today as it is now trading at CA$0.185. Previously, the 52-week range was between CA$0.035 and CA$0.18.

Recent Name Change

The company recently changed its name from Norseman Silver Inc., and began trading as Fitzroy on the TSX Venture Exchange. There was no consolidation of capital, and the company is classified as a mining exploration/development company.

According to its website, Fitzroy Minerals is “focused on exploring and advancing commercial copper and gold discoveries in Chile and Argentina.”

Its portfolio “includes the Caballos Copper project in Chile, the Taquetren Gold project in Argentina, and the non-core Cariboo project in British Columbia, Canada.”

Fitzroy’s management has over 120 years of combined experience in financial, technical, and mining industries.

The Future Relies on Copper and Gold

As Fitzroy Minerals puts it, “the world needs more copper mines.”

Katusa Research referred to the copper sector as one of four that “could have monster breakouts in 2024.” It called copper “the backbone of our electric future — THE electric element.”

The article explained that “things are setting up quite nicely for copper” due to “a slowdown for copper drilling activity in 2023 compared to the year previous” and the strikes at Las Bambas mine in Peru, pauses in BHP’s Chile operations, and suspension of activity at First Quantum’s Cobre Panama mine, which accounted for 1.5% of global supply.

Katusa also included gold in its potential monster breakout list.

John Gideon Hartnett recently wrote about J.P. Morgan’s famous quote: “Gold is money. Everything else is credit.” Schiff Gold summarized Hartnett’s article by asserting that “even though the Fed still holds gold, there was never a time when the dollar was less backed or less safe than now.”

As part of the news release, chairman Campbell Smyth highlighted the fact that “Fitzroy Minerals now has two ideally located projects in a premier mining jurisdiction” and mentioned the “global shortage of copper and gold assets with good grade, clean metallurgy and simple geometry.”

Chief Operating Officer Merlin Marr-Johnson also explained: “The geology at Polimet is a classic low-sulfidation epithermal vein system, complete with bonanza-grade ore shoots. Uniquely for this district, the Polimet system consistently shows strong copper values of around 2% in the veins, even when the precious metal content varies. This copper content could potentially cover development costs, which means that the gold and silver content would be essentially ‘free.’”

Exciting Upcoming Catalysts

Fitzroy Minerals plans to start drilling Polimet in the second half of 2024 and is currently working on establishing and expanding its local exploration team.

According to Merlin Marr-Johnson, “Exploration will include mapping, soil sampling, and geophysics prior to a drill program. The concessions host approximately five km of mapped veins to date, and the aim will be to identify as many potential pay shoots as possible within the target area.” [OWNERSHIP_CHART-10000]

Michael Ballanger of GGM Advisory Inc. referred to “behind-the-scenes developments that are going to launch [Fitzroy Minerals] into the limelight within the next eight weeks.” He went on to suggest readers “should be accumulating aggressively and BEFORE the stock starts to move.”

Ownership and share structure

According to Reuters, 8.36% of the company is owned by management and insiders, and Corporate Development Director Sean Hurd owns 1.76%, with 1.20 million.

Campbell Smyth owns 4.28 million shares.

6.93% is owned by strategic investor CloudBreak Discover Corp., with 4.72 million shares.

The rest is with retail 6.24%, with 4.25 million shares.

Fitzroy Minerals has 80.691 shares outstanding and trades in the 52-week range between CA$0.035 and CA$0.185.

Sign up for our FREE newsletter at:

Important Disclosures:

  1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Fitzroy Minerals Inc.
  2. Lauren Rickard wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
  3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

( Companies Mentioned: FTZ:TSX.V; FTZFF:OTCQB, )


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Load more ...




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.