A drill hole is supposed to end. Sooner or later the bit passes out of the mineralized rock and into something barren, and that is usually where the story stops. This week, three companies kept hitting rock worth reporting almost as long as they kept drilling; in Chile, in Ontario, and in Peru, the numbers arrived less like isolated intercepts and more like a system nobody has found the edges of yet.
Fitzroy Minerals Intersects 111.9 Metres at 0.97% Copper at Buen Retiro, Chile
Fitzroy Minerals Inc. (TSXV: FTZ; OTCQX: FTZFF; FSE: C3Y) reported on July 23 that drill hole BRT-DDH072 at its Buen Retiro project near Copiapo, Chile returned 111.9 metres grading 0.97% copper from 21.1 metres depth, including 18 metres at 1.59% copper. A second hole, BRT-DDH070, returned 147.7 metres at 0.41% copper, including 47 metres at 0.88% copper. Both holes are part of a newly named 1.7-kilometre trend called Tenorita, southwest of the historical Manto Negro pit.
The company has now drilled 78 diamond holes for 13,036 metres since February, with four rigs still turning on site. Fitzroy is targeting a Measured, Indicated, and Inferred resource at Tenorita, meaning no formal estimate exists there yet, and is aiming for a prefeasibility study with production floated for 2028. Buen Retiro sits near Lundin Mining’s Candelaria mine, which produced 145,000 tonnes of copper last year, a useful scale reference rather than a claim about Fitzroy’s own deposit.
McFarlane Lake Mining Extends Golden Lake Strike to 1.9 Kilometres at Juby, Ontario
McFarlane Lake Mining Limited (CSE: MLM; OTCQB: MLMLF; FRA: W2Z) reported on July 23 further results from its Juby Gold Project near Gowganda, Ontario, including 179 metres at 0.87 g/t gold and 155 metres at 0.9 g/t gold in new hanging wall mineralization at the Golden Lake deposit. A separate hole, GL26-87, intersected 93 metres at 0.89 g/t gold on the western side of the deposit, extending the strike length to 1.9 kilometres from a previously reported 0.75 kilometres.
Unlike Fitzroy’s Tenorita zone, Golden Lake already carries a NI 43-101 compliant resource: 1.01 million ounces Indicated at 0.98 g/t and 3.17 million ounces Inferred at 0.89 g/t, using a US$2,500/oz gold price, with the company now working toward an updated estimate. That makes this expansion drilling rather than grassroots exploration, extending a deposit the company can already point to rather than trying to find one.
Element 29 Resources Hits Longest Intercept Yet at Elida, Peru: 1,534.6 Metres of 0.58% CuEq
Element 29 Resources Inc. (TSXV: ECU; OTCQB: EMTRF; BVL: ECU) announced on July 23 that hole ELID035 at its Elida porphyry project in central Peru was extended to a final depth of 1,591.2 metres and returned the longest continuous mineralized interval reported at the project to date, 1,534.6 metres grading 0.58% copper equivalent. That interval includes 1,071.1 metres grading 0.61% copper equivalent that sits beyond the limits of the existing resource estimate at Elida.
The company discloses its metal price and recovery assumptions for the equivalent grade: copper at US$3.95 per pound, molybdenum at US$28.58 per pound, and silver at US$24.52 per ounce, with recoveries of 85% copper, 65% molybdenum, and 65% silver. Element 29 has completed 4,885.5 of a planned 10,000-metre 2026 program, with two rigs still active, and drilling remains open at depth and to the west toward a fourth target zone.
What to Watch Next
The company is targeting a full drill-out of the Tenorita zone in August, with results still to come from the remaining 9,000 metres planned for 2026, aimed at advancing Tenorita toward a first resource estimate and eventual prefeasibility study.
The company says an updated mineral resource estimate is now underway following this quarter’s Golden Lake results, though it has not given a specific completion date. Drilling continues at both Golden Lake and the 826 Zone in the meantime.
The company has completed 4,885.5 of a planned 10,000 metres for 2026, with two rigs still active. Drilling remains open at depth and to the west toward a fourth target zone, and further assays are expected as the program continues.
McFarlane Lake Mining and Element 29 Resources both have existing NI 43-101 resource estimates that this quarter’s drilling is working to expand or upgrade. Fitzroy Minerals does not yet have one at its Tenorita zone specifically, that is the stated goal of the August drill-out.
Sources
The Northern Miner: Fitzroy builds case for near-term Chile copper mine, July 24 2026
Editorial Disclosure
This analysis is based entirely on publicly available information including company press releases sourced directly from named wire services and company websites, and verified market data. Securities discussed include Fitzroy Minerals Inc. (TSXV: FTZ; OTCQX: FTZFF; FSE: C3Y), McFarlane Lake Mining Limited (CSE: MLM; OTCQB: MLMLF; FRA: W2Z), and Element 29 Resources Inc. (TSXV: ECU; OTCQB: EMTRF; BVL: ECU). aktiego.com has not received any compensation from any company mentioned, their management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in any security mentioned at the time of publication. No NI 43-101 mineral resource estimate currently exists for Fitzroy’s Tenorita zone; the company is drilling toward a first resource there. McFarlane’s Golden Lake deposit and Element 29’s Elida deposit both carry existing NI 43-101 resource estimates that this quarter’s drilling seeks to expand or upgrade. Element 29’s copper-equivalent grades are calculated using disclosed metal price assumptions of US$3.95/lb copper, US$28.58/lb molybdenum, and US$24.52/oz silver, with recoveries of 85% copper, 65% molybdenum, and 65% silver; these are consensus institutional price assumptions, not current spot prices, and equivalent grades should not be read as a substitute for the individual metal grades reported alongside them. All three companies are small-cap by market value and carry the volatility and financing risk typical of exploration-stage issuers. All company data verified against original press releases from named wire services. Forward-looking commentary regarding exploration outcomes, resource estimates, and financing is opinion only. References to individual companies are for market context and analytical purposes only and do not constitute investment recommendations. All securities carry significant investment risk including total loss of capital. Coverage on aktiego.com is provided for informational and educational purposes only. aktiego.com is not a registered investment advisor. Nothing in this article constitutes financial, investment, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. For more information please see our full DISCLAIMER.
