Compelling IP Chargeability Target Defined at Fortuna

Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to announce, that a possible new third zone of copper sulphide mineralisation has been identified within the El Quillay copper trend at its Fortuna Project in Chile (Figure 1). Considerable exploration potential exists within the 3km long trend which hosts high-grade copper mineralisation in a series of parallel structures.

HIGHLIGHTS

• Significant new El Quillay West targets generated through remodelled geophysical data at the Fortuna Project enhancing recent exploration success.
• New target has potential for additional zone of mineralisation 500m to the southwest of the already defined El Quillay Fault Zone (see Figure 1).
• An Induced Polarisation (IP) chargeability anomaly, indicative of copper sulphide mineralisation, has a large footprint of 500m x 300m.
• The new El Quillay West target has had no prior exploration.
• The El Quillay Fault Zone extends for >3km where previous drilling returned an intersection of 26m @ 0.81% CuEq¹.
• Upcoming drilling to test lateral and depth extensions of mineralisation within multiple structures proximate to the El Quillay Fault Zone.
• Culpeo’s exploration program continues with new breccia targets at Lana Corina and Vista Montana to be drilled in the coming weeks.

Culpeo Minerals’ Managing Director, Max Tuesley, commented:

“The identification of the new El Quillay West target confirms our belief that a much larger mineralised system exists at El Quillay than previously recognised. Geophysical data remodelling has identified a large chargeability anomaly suggesting the presence of a third zone of parallel mineralisation to the south-west of the El Quillay North Prospect. We look forward to drill testing these targets during 2024.”

Figure 1: Plan view of El Quillay copper trend, showing multiple zones of potential parallel mineralisation

RESULTS

During January 2024, Resource Potentials Pty Ltd (ResPot) was commissioned to review, reprocess, model, image and interpret historic Pole-Dipole Induced Polarisiation (PDIP) survey data. ResPot identified four PDIP chargeability anomaly targets from the raw PDIP data, which have potential for copper sulphide mineralisation.

The four PDIP chargeability anomalies are located within the north-western part of the PDIP survey area, including one chargeability anomaly high coincident with known copper sulphide within the El Quillay North Prospect area (Figure 2). Three of the PDIP target areas are untested by existing drilling, including a high-priority target with follow-up ground based exploration planned.

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