Culpeo Minerals

Quarterly Activities Report for the Period Ended 31 March 2024

Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to report on its activities for the Quarter ended 31 March 2024 (the Quarter).


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
    • Assays up to 1.33% Cu and 2.40g/t Au3 returned from rock chip sampling.
    • El Quillay Fault zone now hosts mineralisation over 3km strike length.
  • 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.

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Finlay Minerals stakes the JJB Property - within the Bear Lake Corridor of British Columbia

Finlay Minerals stakes the JJB Property - within the Bear Lake Corridor of British Columbia

finlay minerals ltd. (TSXV: FYL) (OTCQB: FYMNF) ("Finlay" or the "Company") is pleased to announce the staking of 9 mineral claims covering 15,453 hectares (approximately 154 km²) in the northern Bear Lake Corridor of British Columbia . The JJB Property is named in honour of Finlay's Founder, John J. Barakso who was an early advocate for the potential of the Bear Creek Corridor.

Figure 1. New JJB Property location and expanded SAY Property boundary. (CNW Group/Finlay Minerals Ltd.)

JJB PROPERTY:

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SAY PROPERTY:

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In 2025, exploration work at the SAY will aim to expand the mineralized footprint of the SPUR and SHEL targets through geological mapping, soil sampling, and an airborne magnetic survey.

Details on the SAY Property, can be found in the SAY Property Technical Presentation and in the Properties section of the Company website at www.finlayminerals.com .

References:

*

Refer to finlay minerals ltd. News Release # 11-24 dated October 3, 2024 entitled: " Finlay Minerals has completed its Inaugural Field Program at the High-Grade Copper-Silver SAY Property " available on SEDAR at www.sedarplus.ca.

Qualified Person:

Wade Barnes , P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.

About finlay minerals ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits with five 100%-owned and operated properties in northern British Columbia . In addition to the JJB & SAY Properties, the Company holds the:

  • PIL Property , which covers 13,374 ha in the heart of the Toodoggone region, has numerous porphyry Cu-Au ± Ag targets and associated epithermal Au-Ag mineralization. Exploration on the PIL Property is fully funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan (Refer to news release FYL NR03-25 entitled: "Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties ". ) The PIL is neighboured by Amarc Resources and Freeport-McMoRan's joint venture JOY Project and TDG Gold Corporation's Shasta/Baker and Sofia Properties. The PIL Property is also 25 km northwest of Centerra Gold's past-producing Kemess South Mine and 15 km east of Thesis Gold's Lawyers Project.

  • ATTY Property covers 3,875 ha of sub-alpine terrain in the southern Toodoggone region. Exploration on the ATTY Property is also full-funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan in April 2025.The Toodoggone is a northwest-trending belt of Triassic to Jurassic arc terranes that hosts numerous significant porphyry Cu-Au ± Ag and associated epithermal Au-Ag deposits. The ATTY Property is in between and contiguous to Centerra Gold's Kemess Project and the joint-venture JOY Project held by Amarc Resources and Freeport-McMoRan. The ATTY Property KEM target has similarities to the Kemess North Trend, which hosts the Kemess Underground and Kemess East deposits.

  • Silver Hope Property covers 21,322 ha and surrounds the past-producing Equity Silver Mine in the prospective Skeena Arch region of central B.C. The Silver Hope contains the Main Trend which is a >2 km Cu-Ag-Au mineralized trend with mineralization starting at surface.  West of the Main Trend is the West Cu-Mo Porphyry which is also mineralized starting from surface. The Property hosts a network of forestry roads and trails and has all-year access from Houston, BC .

Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com

On behalf of the Board of Directors,

Robert F. Brown
President, CEO & Director

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the JJB and SAY Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.

SOURCE finlay minerals ltd.

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