Broad Zones of Shallow, Visible Copper Intersected at El Quillay North Prospect

Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to report significant widths of visible copper mineralisation have been intersected at very shallow depth at the El Quillay Prospect, Fortuna Project (the Project), Chile.

HIGHLIGHTS

• Broad zone of shallow visible copper mineralisation intersected over 40m from 15m downhole in CMEQD002 and over 23m from 20m downhole in CMEQD001.
• Intersected copper mineralisation in both diamond holes remains open in all directions.
• Expands potential of the El Quillay corridor where outcropping copper mineralisation and historical mining is present over a strike length >3km.
• Samples to be dispatched for laboratory analysis, with assay results expected in January 2024.

Figure 1: Shallow visible copper mineralisation intersected over 40m in drillhole CMEQD002.

Culpeo Minerals’ Managing Director, Max Tuesley, commented:

“It is a fantastic result to immediately intersect visible copper so near to surface with our first two diamond holes at El Quillay North. This validates our initial work and confirms the prospectivity of this very exciting target. It also highlights the vast potential of the extensive El Quillay mineralised corridor, dominated by a wide, approximately 3km long zone, of outcropping copper mineralisation, the majority of which remains undrilled.”

We were always excited by what we saw on the ground at El Quillay North, which is now confirmed by the multiple zones of visible copper mineralisation in the drill core. Mineralisation is spatially associated with specular haematite and albite alteration, interpreted to be the part of an Iron Oxide Copper-Gold (IOCG) hydrothermal system.”

EL QUILLAY NORTH DRILLING PROGRAM

Broad 40m zone of copper mineralisation has been intersected from 15m, including an approximate 25m downhole zone of very strong copper sulphide mineralisation from 30m (CMEQD002). This provides visual confirmation that the high-grade copper-gold mineralisation recognised from historic underground sampling (refer ASX announcement 11 September 2023) extends down plunge and remains open in all directions.

Visual estimates of copper sulphides logged in CMEQD002 are presented in Table 1 (photos presented in Figures 2 and 3).

Figure 2: Examples of oxide copper mineralisation in drillhole CMEQD002 (15 – 30m downhole), A – Breccia hosted malachite and chrysocolla mineralisation 21.4m, B – Infill malachite and chrysocolla mineralisation 15.45m, C – Vein hosted malachite mineralisation 19.5m.

Figure 3: Examples of sulphide copper mineralisation in drillhole CMEQD002 (30 – 55m downhole). A – Infill chalcopyrite and pyrite mineralisation 51.5m, B – Vein hosted chalcopyrite mineralisation 43.8m, C – Disseminated chalcopyrite mineralisation 53.1m.

Culpeo notes this is based on a visual inspection only and the samples are yet to be assayed or analysed. The Company anticipates the release of assay results in respect of the visual estimates to occur on or around mid-January 2024.

Note: In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Assay results are required to determine the actual widths and grade of the visible mineralisation. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

A 23m zone of copper mineralisation from 20m down hole has also been intersected in diamond hole CMEQD001. Post mineralisation faulting was logged at 36m downhole and future drilling will target offsets to mineralisation to the east and west. Visual estimates of copper sulphides logged in CMEQD001 are presented in Table 2.

In both holes the near surface mineralisation was dominated by malachite and chrysocolla. In the primary zone the main copper mineralisation was in the form of chalcopyrite and to a lesser extent bornite.

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