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Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to announce the acquisition of an 80% interest in the Fortuna Project, approximately 10km north of its existing Lana Corina Copper and Molybdenum Project in the highly prospective Coastal Belt of Chile.
HIGHLIGHTS
- Complementary acquisition of 80% interest in the Fortuna Project increases copper exploration landholdings by 300% in the highly prospective coastal metallogenic belt of Chile.
- No upfront consideration, with trailing monthly payments over a five-year period totalling US$600,0001.
- Untested Fortuna Project hosts multiple broad zones of copper mineralisation outcropping at surface, measuring 1,000m in length and 500m in width (Figure 1).
- Historical channel sampling at surface returned wide, high-grade zones including:
- 150m @ 1.31% CuEq2;
- 102m @ 1.25% CuEq; and
- 173m @ 0.86% CuEq.
- The Fortuna Project is highly complementary to Culpeo’s Lana Corina Project, which returned drill intersections of 257m @ 1.10% CuEq3, 173m @ 1.09% CuEq4 and 169m @ 1.21% CuEq5.
- The new concessions are fully granted, allowing rapid exploration.
Figure 1: Vaca Muerta target, within the Fortuna Project, looking west, with historic surface mining and outcropping copper mineralisation present over an area 1,000m long x 500m wide.
Culpeo Minerals’ Managing Director, Max Tuesley, commented:
“The coastal metallogenic belt that hosts the Lana Corina Project, is a highly prospective district, proven by our discovery of the significant outcropping copper and molybdenum mineralisation at the Lana Corina Project.
“Knowledge gained over the past 18 months during exploration drilling programs at Lana Corina and the identification of widespread copper at Vista Montana, coupled with our understanding of the wider regional controls of mineralisation, has enabled us to identify multiple additional projects and secure favourable exploration areas for the Company with the Fortuna Project.
“Our exploration team continue to look for opportunities to create and accelerate shareholder value, evidenced by this significant increase to our copper footprint within the region”.
Fortuna Project
The Fortuna Project concessions are located 10km north of Lana Corina and consist of four additional prospects: La Florida, El Quillay, Vaca Muerta and Piedra Dura (Figure 2). Extensive outcropping copper mineralisation and historic mining operations are present throughout the project area (Figure 3).
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