The Conversation (0)
Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to report on its activities for the quarter ended 30 September 2023 (the Quarter).
HIGHLIGHTS
- Completed acquisition of 80% interest in the untested Fortuna Project, increasing copper exploration landholdings by 300% in the highly prospective coastal metallogenic belt of Chile1.
- Fortuna Project hosts multiple broad zones of copper mineralisation that outcrop at surface, measuring >1,000m in length and up to 500m in width. Historic surface channel sampling returned wide zones, including:
- 150m @ 1.31% CuEq;
- 102m @ 1.25% CuEq; and
- 173m @ 0.86% CuEq.
- high Priority El Quillay North target defined at Fortuna Project in the northern portion of the 3km long El Quillay mineralised trend2.
- Mine records show approximately 200,000 tonnes @ 2% Cu extracted historically [open pit and underground] at the Fortuna Project. Historical underground sampling2 returned high-grade zones, including:
- 3m @ 6.92% Cu;
- 15m @ 1.50% Cu;
- 5m @ 1.18% Cu; and
- 5m @ 2.70% Cu.
- Fortuna Project package extended with new tenement applications covering 2,250 hectares, filed with the Chilean Judicial Authority (Civil Court), the authority responsible for the granting of new tenements3.
- Placement to institutional and sophisticated investors, raising approximately A$1.3 million (before costs)4.
- Post quarter end, shareholder approval was received for Tranche 2 of the raising; the Company issued approximately 18.9 million Placement Shares and receipted approximately A$0.6 million, providing cash and equivalents of approximately A$0.9 million.
Operating Activities
During the Quarter, the Company announced the acquisition of the Fortuna Project, located 10km north of its Lana Corina Project and consisting of four encouraging prospects: La Florida, El Quillay North, Vaca Muerta and Piedra Dura (Figure 1). Extensive outcropping copper mineralisation and historic small scale mining operations are present throughout the project area.
Figure 1: Regional map showing location of new Fortuna concessions adjacent to the Lana Corina Project (ASX announcement 11 September 2023).
Click here for the full ASX Release
This article includes content from Culpeo Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
CPO:AU
Culpeo Minerals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
RM Research Outlines Potential Rerating of Culpeo Minerals Driven by Chilean Copper Projects
ASX-listed Culpeo Minerals maintains two copper projects in Chile - Lana Corina and Fortuna - both located in Chile’s Coastal Cordillera, targeting district-scale, underexplored mineralised systems.
“RM Research maintains a speculative buy on the back of the potential to outline high-grade copper-molybdenum at Lana Corina which we believe has potential for mineral resources of +80Mt (million tons) @ >0.80 percent CuEq (copper equivalent,” RM Research stated in its analyst report dated April 16, 2024.
Culpeo recently increased its ownership of Lana Corina to 50 percent, earning 80 percent to 100 percent. Recent drilling at Lana Corina showed copper-molybdenum mineralization over a strike length of 2 to 3 kilometres.
“The return of a drill rig to Lana Corina is imminent with extensions of breccia/porphyry hosted mineralisation being targeted as well as deeper copper and molybdenum associated with the silica cupola. Further surface geochemical results are also due this quarter from the La Florida Prospect,” the analyst report cited as near-term catalysts.
The Fotuna property is 10 kilometres north of Lana Corina, comprising three prospects along a 3-kilometre strike length. Results of recent drilling at Fortuna include 26 metres @ 0.81 percent copper equivalent, with elevated surface channel and rock chip samples up to 1.3 percent copper and 2.4 grams per ton gold.
Report highlights:
- Culpeo has increased its ownership of Lana Corina, where recent drilling returned impressive results of copper and molybdenum, over a 2 to 3 kilometre strike length. Near-term drilling will likely target extensions of the wide high-grade copper mineralisation hosted within the outcropping breccia pipes and associated porphyry intrusion.
- Achieving success in either the Lana Corina or Fortuna projects may lead to a rerating of Culpeo Minerals to more than $100 million market capitalization.
- RM Research maintains a speculative buy for Culpeo, driven by the potential to define the high-grade copper-molybdenum at Lana Corina, with a possible mineral resource of more than 80 million tons @ more than 0.80 percent copper equivalent.
Read the full report here.
This content is intended only for persons who reside or access the website in jurisdictions with securities and other applicable laws which permit the distribution and consumption of this content and whose local law recognizes the scope and effect of this Disclaimer, its limitation of liability, and the legal effect of its exclusive jurisdiction and governing law provisions [link to Governing Law section of the Disclaimer page].
Any investment information contained on this website, including third party research reports, are provided strictly for informational purposes, are general in nature and not tailored for the specific needs of any person, and are not a solicitation or recommendation to purchase or sell a security or intended to provide investment advice. Readers are cautioned to seek the advice of a registered investment advisor regarding the appropriateness of investing in any securities or investment strategies mentioned on this website.
Significant Gold, Copper and Nickel Soil Anomalies at Lady Grey Project
- New Gold, Copper and Nickel soil anomalies identified in the recently completed soil sampling programme
- >2km long gold anomaly coincident with structural flexure
- Peak result of 256ppb Au, with a total of 87 samples returning ≥25ppb Au
- Historic Bounty Gold Mine which produced ~1.3moz Au on Covalent Lithium’s (SQM & Wesfarmers, 50/50) Earl Grey Mine, 189Mt @1.53% Li2O¹ Mount Holland mine site located adjacent to Lady Grey Project
- Peak result of 170ppm Cu, with a total of 300 samples returning ≥50ppm Cu
- Peak result of 263ppm Ni, with a total of 464 samples returning ≥100ppm Ni
- Strong spatial correlation between Gold, Copper, Nickel and Sulphur anomalism
- Exploration work programmes targeting drilling mid year
Mr Brian Thomas, Technical Director of Lanthanein commented: “We are greatly encouraged by the identification of multiple new gold, copper and nickel anomalies picked up by the recent tenement wide soil sampling programme which adds another dimension to the project wide prospectivity following the recent discovery of two large Lithium anomalies, Godzilla and Avenger. The Forrestania region is well known historically for its significant gold production with the old Bounty Mine producing ~1.3moz Au, plus the region has proven nickel endowment with the IGO’s, Forrestania Operations ~30km to the south. We will now accelerate our work programmes and approvals processes to be drilling these targets by mid-year.”
Figure 1: New Gold Anomalies at the Lady Grey Lithium Project.
Figure 2: New Copper Anomalies at the Lady Grey Lithium Project.
Figure 3: New Nickel Anomalies at the Lady Grey Lithium Project.
Figure 4: New Sulphur Anomalies at the Lady Grey Lithium Project.
UltraFine+TM Soil Sampling Programme
The survey was completed on a minimum spacing of 400m x 100m, with a total of 1,893 soil samples collected.
Figures 1 through 4 show the soil anomalies delineated from the sampling results. The five gold soil anomalies in Figure 1, represent areas with >50ppb Au – considered highly anomalous using this soil sampling technique. The largest gold anomaly is extends over 2km of strike and is located in a highly favourable structural setting. The copper and nickel anomalies are spatially adjacent to each other along with the high sulphur with a peak value of 5.33% and 50 samples >0.05% which would indicate the presence of weathered sulphides. Exploration reconnaissance and further geochemical sampling is planned to investigate the potential for magmatic sulphides and the presence of gossanous outcrop or subcrop.
Click here for the full ASX Release
This article includes content from Lanthanein Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Miramar Secures EIS Funding for Bangemall Ni-Cu-Co-PGE Drilling
Miramar has been advised by the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) that it has been awarded up to $180,000 towards the drilling campaign, which will target Norilsk-style nickel, copper, cobalt and platinum group element (Ni-Cu-Co-PGE) mineralisation at the Mount Vernon and Trouble Bore Projects for the first time (Figure 1).
Miramar is exploring for mafic intrusion-hosted Ni-Cu-Co-PGE sulphide mineralisation related to 1070Ma aged Kulkatharra Dolerite sills, part of the Warakurna Large Igneous Province and the same age as the large Nebo-Babel deposits in the West Musgraves.
Miramar’s Executive Chairman, Mr Allan Kelly, said the funding validated the Company’s exploration model and the potential district-scale opportunity within the Bangemall Project, and looked forward to the maiden drilling campaign.
“Over the last 24 months, the Company has advanced the Bangemall Projects from an exploration concept to regional-scale area selection followed by collection of project-scale datasets and, more recently, to delineation of individual drill targets through ground EM surveys,” Mr Kelly said.
“We have the opportunity to make a discovery of a new style of mineralisation in an underexplored geological province where we are the dominant landholder,” he added.
Upcoming work programme
Miramar’s initial aim is to show “proof of concept” of the Norilsk-style deposit model by discovering Ni-Cu- Co-PGE sulphide mineralisation.
- Upcoming work includes:
- Completion of heritage surveys where required
- Systematic rock chip sampling
- RC drilling
- Working towards grant of various tenement applications
Miramar already has Programme of Work (POW) approval for drilling at Mount Vernon and is currently waiting on approval for Trouble Bore.
Figure 1. Mount Vernon and Trouble Bore Projects showing airborne and ground EM anomalies in relation to Kulkatharra Dolerite sills.
Figure 2. Schematic diagram showing relationship between dolerite sills (green) and sedimentary units of the Edmund and Collier Basins, and the relative position of Miramar’s Ni-Cu-Co-PGE targets (red).
About the Ni-Cu-Co-PGE Bangemall Project
Miramar’s 100%-owned Bangemall Project comprises granted Exploration Licences and Applications covering approximately 2,190 km2 within the Gascoyne region of Western Australia.
The Proterozoic Edmund and Collier Basins have been intruded by numerous 1070Ma aged Kulkatharra Dolerite sills, part of the Warakurna Large Igneous Province, and the same age as the Giles Complex which hosts the large Nebo and Babel Ni-Cu deposits in the West Musgraves.
The region has been identified by both the Geological Survey of Western Australia and Geoscience Australia as having high prospectivity for Ni-Cu-PGE mineralisation associated with the Kulkatharra Dolerite sills, similar to the giant Norilsk-Talnakh Ni-Cu-PGE deposits in Russia.
Click here for the full ASX Release
This article includes content from Miramar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities Report for the Period Ended 31 March 2024
HIGHLIGHTS
- Discovery of large copper-gold porphyry system at La Florida Prospect (Fortuna Project)1:
- Surface sampling results returned grades of up to 3.96% Cu and 2.61g/t Au.
- Large 1.7km x 0.5km mineralised footprint.
- Maiden drill program at El Quillay North Prospect returned shallow, wide copper mineralisation2:
- 26m @ 0.81 CuEq from 29m, including 4m @ 1.87% CuEq from 51m; and
- 5.8m @ 0.78% CuEq from 15.2m.
- El Quillay South Prospect strike length extended to 1,200m and up to 100m wide
- Discovery of new high-grade mineralised trend at El Quillay East Prospect4:
- Grades up to 3.29% Cu and 1.32g/t Au and all samples >1.0% Cu from rock chip sampling
- Mineralised footprint spans an initial area of 250m x 150m with and open in all directions
- El Quillay East is a separate parallel structure to the extensive El Quillay Fault.
- Culpeo’s interest in the high-grade Lana Corina Project increased to 50%5.
- Equity capital raisings totaling A$2.5M (before costs) to existing and new sophisticated and high-net-worth investors.
- Cash balance of A$1.3M and no debt as at 31 March 2024 adequately funds exploration programs.
Operating Activities
During the Quarter, Culpeo’s exploration activities were primarily focused on the Fortuna Project, targeting mineralisation along strike and proximate to the El Quillay Fault zone which has been identified to host copper and gold mineralisation over a strike length of >3km.
Figure 1: Plan view of the Fortuna and Lana Corina Project areas
La Florida Prospect
The La Florida Prospect is a newly defined north-south trending belt of copper-gold mineralisation located within the northern sector of the Fortuna Project, measuring approximately 1.7km long by 0.5km wide (Figure 2). Mineralisation is hosted within andesitic volcanic rocks that have been intruded by quartz- feldspar porphyry lithologies. During the Quarter, a litho-geochemical survey was undertaken to characterise the nature and extent of the mineralised system. Rock chip samples were collected in areas including historic small scale mine workings, outcrop and subcrop on hills where bedrock/fresh rock was visible. All 14 rock chip samples returned anomalous copper and gold results, as shown in Appendix C.
The best copper result of 3.96% Cu was returned from CPO0008688, located in the northern part of the interpreted porphyry system where strong surface mineralisation was identified in the form of malachite and chrysocolla. This sample also returned a gold result of 1.17g/t Au. Of significance was CPO0008692, which returned high-grade copper and gold at 3.18% Cu and 2.61g/t Au1. The sample was taken from historical workings in fresh, unoxidised mineralisation.
Click here for the full ASX Release
This article includes content from Culpeo Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Culpeo Minerals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects