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Culpeo Minerals Limited (ASX:CPO) is pleased to report on its activities for the quarter ended 30 June 2024, and its Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report.
Highlights from the Quarterly Activities Report
LANA CORINA PROJECT (50% CULPEO, EARNING 80%15)
• Diamond drilling at Lana Corina returned a long, high-grade intersection from near-surface of
298m of 0.98% CuEq in CMLCD0141, with drilling continuing to test the full extent of mineralisation
at depth.
• Subsequent assays, returned post quarter end from diamond hole CMLCD014 further increased the
mineralised interval to 454m @ 0.93% CuEq from 90m, with the following notable copper
equivalent results2:
• 78m @ 1.24% CuEq from 200m1
• 68m @ 1.14% CuEq from 320m1
• 40m @ 1.20% CuEq from 394m2
• Drilling is ongoing in CMLCD014, reaching a current depth of (870m), with assays outstanding for a
further 96m and results expected in the coming weeks.
• The mineralised zone encountered in CMLCD014 has expanded to a projected surface footprint of
600m x 400m and to a depth of 800m and remains open in all directions2.
• Results from reconnaissance rock-chip sampling at Vista Montana returned high-grade
mineralisation of up to 2.62% Cu, defining an area of anomalous copper 1km-long by 400m wide.3
FORTUNA PROJECT (80% CULPEO7)
• Remodeling of geophysical data identified additional targets at El Quillay West, further
enhancing the significant exploration opportunity within the 4,025-hectare Fortuna Project
area.4,5
• The El Quillay West target demonstrates potential to host additional zones of mineralisation
500m to the southwest of the main El Quillay Fault Zone.
• Reconnaissance drilling at the Vaca Muerta and El Quillay North targets intersected multiple zones
of shallow, high-grade copper mineralisation, with notable intersections that included6:
• 13.3m @ 0.59% CuEq from 20m (El Quillay North)
• 4m @ 0.65% CuEq from 45m (Vaca Muerta)
• 7m @ 0.67% CuEq from 55m, including, 1m @ 2.19% CuEq (Vaca Muerta)
• 2m @ 1.33% CuEq from 95m (Vaca Muerta)
Highlights from the Quarterly Cashflow Report:
For Culpeo Minerals' new investor presentation, click here.
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
Abitibi Metals Identifies New Drill Targets from Gravity Survey
Abitibi Metals Corp. (CSE:AMQ) (OTCQB:AMQFF) (FSE:FW0) ("Abitibi" or the "Company") is pleased to announce the identification of new exploration targets at the B26 Project, achieved through the application of advanced gravimetric surveying. The Company recently received an updated inversion model, which has revealed high-priority exploration targets. These targets present opportunities for exploration and resource development, including: 1) better defining the B26 signature along strike, and 2) testing a high priority anomaly at the down-dip extension of the B26 Deposit. On November 16th, 2023, the Company entered into an option agreement on the B26 Polymetallic Deposit to earn 80% over 7 years from SOQUEM Inc. ("SOQUEM"), a subsidiary of Investissement Québec (see news release dated November 16, 2023).
Highlights:
- Prospective Down-Dip Anomaly: A new excess mass has been identified at a depth of 800m on the eastern side of the B26 Deposit, indicating strong sulfide and copper-zinc mineralization potential in an area outside the current resource. This new target has a diameter of 400–500 metres, with nearby drill holes containing semi-massive mineralization.
- Along-Strike Targets: Eight shallow targets have been identified along-strike of B26, extending up to 6-km west. These targets are within the 8.3 km property-wide contact that hosts the B26 Deposit and where there has been limited historical exploration.
- Northwest Targets: Four targets were identified to the northwest of B26, providing high-priority exploration targets along trend with the Selbaie Mine.
- Applying New Geophysical Techniques: Historical electrical surveys failed to differentiate mineralization from pyritic/graphitic rock. However, new data processing tools and down hole gravity surveys using Gravilog improve target discrimination at depth. Abitibi aims to integrate these with other tailored geophysical methods to better target the high-grade expansion of B26.
"The identification of these new high-priority targets at B26 marks a significant advancement in our exploration strategy," said Jonathon Deluce & CEO of Abitibi Metals. "The application of advanced gravimetric surveying and reinterpretation of historical data has allowed us to refine our targeting and enhance our understanding of the deposit and property wide potential. The down-dip anomaly, along with multiple along-strike and northwest targets, presents a compelling opportunity for resource expansion and discovery in previously underexplored areas. We are committed to leveraging cutting-edge geophysical techniques to unlock the full potential of B26 and drive long-term value for our shareholders."
Figure 1: Property Wide Targets (CNW Group/Abitibi Metals Corp.)
Figure 2: Gravity Anomaly 5513300N (CNW Group/Abitibi Metals Corp.)
Figure 3: Gravity Anomaly 5513400N (CNW Group/Abitibi Metals Corp.)
A strong gravity contrast was modeled along the down-dip extension of the B26 deposit that was based on: 1) Soquem's 2017 Gravilog survey, 2) density measurements from drill holes, and 3) a 2024 surface gravimetry survey. Abitibi Geophysics reinterpreted the Gravilog data with new inversion software that takes into account the variation in gravity along the drill holes. The interpretation was developed collaboratively by Abitibi Geophysics and Abitibi Metals geologists, to ensure that each anomaly corresponded to an area that was prospective geologically.
The survey was composed of 1466 stations distributed on 26 lines; 250 to 500 metres spaced, completed in June 2024 by Geophysics TMC. Abitibi Geophysics personnel conducted a survey analysis and reinterpreted the borehole Gravilog data, combining it with the surface gravity lines survey.
Down Dip Target
The modeled target has a diameter of 400–500 metres. Surrounding drill holes, such as 1274-17-255 W1, indicate strong sulfide content, with semi-massive intervals hosting copper-zinc mineralization over metric intervals near the upper limit of the gravity anomaly. Only the boundaries of this new target were covered with limited drilling and can be considered open. The majority of the target is located outside of the interpreted outline of the mineralized system and elevated copper equivalent grades have been observed in historical drill assays on the target's boundary. Highlights include: 1) 1.2% CuEQ over 10.5m starting from 767.1m (1274-16-231), 2) 2.4% CuEQ over 11.8m starting from 1,111m including 36.5% CuEQ over 0.7m (1274-16-239), and 3) 2.7% CuEQ over 10.5m starting from 990m including 15.1% CuEQ over 1.1m (1274-17-248) (see figures 2 and 3).
Along Strike and Northwest Targets
TMC Geophysics discriminated a series of positive gravity anomalies along strike, expending up to 6km west of B26 and also north-west of the deposit. The targets consist of vertical lenses with varying dimensions, as defined by the inversion model generated by Seequent Voxi-GRAV-3D Software. These targets were identified based on modeled density contrasts, including a 3 km-long elongated low density contrast aligned with the B26 system, as well as additional anomalies in the central area of the property, likely associated with sulfide-bearing volcanic contacts. A modeled low gravity anomaly may correspond to the contact at depth with the Brouillan intrusion. Abitibi Geophysics generated a model that focused on a gravity contrast of a few hundred meters south of the B26 zone. The inversion model was based on density measurements taken on drill core.
The surface gravity anomaly revealed a continuous gravimetry contrast covering the entire strike length of the Enjalran-Brouillan contact south of the B26 mineralized trend. The inversion model showed eight distinct high gravity anomalies. The eastern one corresponds to the position of the B26 mineralization. Going westward, the environment north of anomalies are not drill tested. Different interpretations suggest the anomalies may be related to the presence of mafic dyke swarms observed in the hanging wall of the VMS mineralization. AMQ intends to use these anomalies as a foundation for exploration, investigating their potential as proximity indicators for locating additional polymetallic mineralized systems.
These geophysical methods, integrated into the exploration strategy to locate additional mineralization at depth and along strike, are continuously evolving. Historically, the deposit was investigated using electrical methods, which were unable to effectively distinguish and clearly highlight the polymetallic stringers and vein systems from the strongly pyritic and locally graphitic units surrounding the deposit. By incorporating new analysis tools, the downhole gravity survey using system will enable Abitibi's technical team to better discriminate targets at depth with much greater detail. Moving forward, the Company will couple this approach with other geophysical methods that are specifically tailored to the B26 deposit and its unique geological characteristics.
Note 1: Targets identified consist of vertical lenses with varying dimensions, with a density of 3.0 g/cm³, and the inversion was based on deviations from a 2.67 g/cm³ density model. Shallow targets were identified based on a density contrast of up to 0.15 g/cm³.The local density model outlined below in figures 2 and 3 was established for the B26 deposit based on surface gravity. A depth response calculated using Gravilog measurements revealed a positive gravity contrast of 0.5 mGal, centered on section 652700 at approximately 800 metres vertical depth. |
Qualified Person
Information contained in this press release was reviewed and approved by Martin Demers, P.Geo., OGQ No. 770, a qualified person as defined under National Instrument 43-101, and responsible for the technical information provided in this news release.
References:
Simard, J. (2024). Report on a Ground Gravity Survey Completed on the B-26 Project, Brouillan Township, James Bay, Quebec. Submitted to Abitibi Metals Corporation, London, Ontario. Ref.: 24C-685.
Young, N. (2025). Borehole Gravity 3D Modelling Gravilog Inversion Memo. Prepared for Abitibi Metals Corp. by Abitibi Geophysics, Head Office 1740, Sullivan road, suite 1400, Val-d'Or, Canada, J9P 7H1.
About Abitibi Metals Corp:
Abitibi Metals Corp. is a Quebec-focused mineral acquisition and exploration company focused on the development of quality base and precious metal properties that are drill-ready with high-upside and expansion potential. Abitibi's portfolio of strategic properties provides target-rich diversification and includes the option to earn 80% of the high-grade B26 Polymetallic Deposit, which hosts a resource estimate of 11.3MT @ 2.13% Cu Eq (Ind) & 7.2MT @ 2.21% Cu Eq (Inf), and the Beschefer Gold Project, where historical drilling has identified 4 historical intercepts with a metal factor of over 100 g/t gold highlighted by 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75 metres amongst four modeled zones.
About SOQUEM:
SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well-positioned for the future.
ON BEHALF OF THE BOARD
Jonathon Deluce, Chief Executive Officer
The Company also maintains an active presence on various social media platforms to keep stakeholders and the general public informed and encourages shareholders and interested parties to follow and engage with the Company through the following channels to stay updated with the latest news, industry insights, and corporate announcements:
Twitter: https://twitter.com/AbitibiMetals
LinkedIn: https://www.linkedin.com/company/abitibi-metals-corp-amq-c/
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Note 1: Copper equivalent values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $20.00/ounce Ag and $1,800/ounce Au. Recovery factors were applied according to SGS CACGS-P2017-047 metallurgical test: 98.3% for copper, 90% for gold, 96.1% for zinc, 72.1% for silver.
Forward-looking statement:
This news release contains certain statements, which may constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information involves statements that are not based on historical information but rather relate to future operations, strategies, financial results or other developments on the B26 Project or otherwise. Forward-looking information is necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, regarding future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by or on the Company's behalf. Although Abitibi has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. All factors should be considered carefully, and readers should not place undue reliance on Abitibi's forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects," "estimates," "anticipates," or variations of such words and phrases (including negative and grammatical variations) or statements that certain actions, events or results "may," "could," "might" or "occur. Mineral exploration and development are highly speculative and are characterized by a number of significant inherent risks, which may result in the inability of the Company to successfully develop current or proposed projects for commercial, technical, political, regulatory or financial reasons, or if successfully developed, may not remain economically viable for their mine life owing to any of the foregoing reasons, among others. There is no assurance that the Company will be successful in achieving commercial mineral production and the likelihood of success must be considered in light of the stage of operations.
Corazon Mining: Base and Precious Metals Development in the Historic Lynn Lake Mining District
Corazon Mining (ASX:CZN) unlocks value in high-quality base and precious metals projects in Canada and Australia. Focusing on the MacBride Project reflects Corazon’s growing demand for copper, zincand gold, while concurrently maintaining the Lynn Lake project as a significant, strategic nickel asset for the future.
The MacBride project is Corazon Mining's recent acquisition exemplifying high-grade, near-surface mineralisation. MacBride holds drill-defined, high-grade copper-zinc-gold deposits, with multiple geophysical anomalies that indicate significant exploration upside.
Located just 60 kilometres from Lynn Lake, MacBride benefits from the infrastructure and logistical advantages of the established mining district. Corazon’s ongoing work will focus on drill testing these targets, to establish a camp of base and precious metal massive sulphide deposits at MacBride.
Company Highlights
- Corazon’s exploration focus is on its recently acquired MacBride Project, which has proven prospectivity for high-grade copper-zinc-gold-silver.
- MacBride is located in the Lynn Lake District of Manitoba, Canada, where Corazon also owns 100 percent of the entire historic Lynn Lake nickel-copper-cobalt sulphide camp.
- Lynn Lake provides a unique opportunity for the creation of a large-scale, polymetallic-processing hub, with established beneficial infrastructure, including low-cost renewable hydroelectric power.
- Corazon’s assets are positioned in a historically productive district, where large-scale deposits have been previously mined. MacBride’s proximity to other major deposits supports its potential for a new, large-scale discovery.
- With a small market cap and large, high-quality assets, Corazon offers a compelling investment opportunity. Though its nickel sulphide resources rival those of larger competitors, Corazon remains significantly underappreciated in the market.
- Lynn Lake’s location in a mining-friendly jurisdiction, with access to hydroelectric power, road and rail infrastructure, enhances project economics and accelerates development timelines.
This Corazon Mining profile is part of a paid investor education campaign.*
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Corazon Mining
Investor Insight
Corazon Mining Ltd. presents a distinctive investment case, enhanced by their shift towards high-grade base and precious metals. Spotlighting the MacBride Project reflects Corazon’s growing demand for copper, zincand gold, while concurrently maintaining the Lynn Lake project as a significant, strategic nickel asset for the future.
Overview
Corazon Mining Ltd. (ASX:CZN) is an Australian junior exploration company focused on unlocking value in high-quality copper, zinc, gold and nickel projects in Canada and Australia.
While nickel remains a critical battery metal, Corazon sees the immediate opportunity in the broader base and precious metals sector and is concentrating its resources on the newly acquired MacBride base and precious metals project located in the Lynn Lake District in Manitoba, Canada.
The market for critical minerals is evolving, with investors looking for high-value projects in secure, first world regions. Corazon is strategically placed to capitalize on rising demand for battery and base metals, as global supply chains seek to secure stable sources of copper, zinc and nickel. With significant exploration potential, high-quality assets and a strong management team, Corazon is positioned to deliver shareholder value through discovery and project development.
Company Highlights
- Corazon’s exploration focus is on its recently acquired MacBride Project, which has proven prospectivity for high-grade copper-zinc-gold-silver.
- MacBride is located in the Lynn Lake District of Manitoba, Canada, where Corazon also owns 100 percent of the entire historic Lynn Lake nickel-copper-cobalt sulphide camp.
- Lynn Lake provides a unique opportunity for the creation of a large-scale, polymetallic-processing hub, with established beneficial infrastructure, including low-cost renewable hydroelectric power.
- Corazon’s assets are positioned in a historically productive district, where large-scale deposits have been previously mined. MacBride’s proximity to other major deposits supports its potential for a new, large-scale discovery.
- With a small market cap and large, high-quality assets, Corazon offers a compelling investment opportunity. Though its nickel sulphide resources rival those of larger competitors, Corazon remains significantly underappreciated in the market.
- Lynn Lake’s location in a mining-friendly jurisdiction, with access to hydroelectric power, road and rail infrastructure, enhances project economics and accelerates development timelines.
Key Projects
MacBride Project (Flagship)
Corazon’s newest acquisition, the MacBride project is the company’s primary focus due to its high-grade, near-surface mineralisation. The project holds drill-defined, high-grade copper-zinc-gold deposits, with multiple geophysical anomalies that indicate significant exploration upside.
Project Highlights:
- Historical High-grade Deposits: Previous drilling has defined a historical metal endowment over an approximately 230 metres strike, largely down to about 200 metres depth. While not yet JORC-compliant, the historic endowment indicates strong mineralisation potential and establishes the MacBride deposit as a priority target for additional resource definition drilling.
- District-scale Potential: MacBride sits within a region that has historically produced world-class base and precious metal deposits. The presence of multiple mineralised zones within the project area indicates the potential for a significant new discovery.
- Exploration Upside: Extensive recently completed geophysical surveys have identified multiple conductive bodies (anomalies) on trend with known deposits sulphide deposits. Corazon’s ongoing work will focus on drill testing these targets, with the goal of establishing a camp of base and precious metal massive sulphide deposits at MacBride.
- Strategic Location: Located just 60 kilometres from Lynn Lake, MacBride benefits from the infrastructure and logistical advantages of the established mining district.
Lynn Lake Project – A Strategic Nickel Asset
Lynn Lake continues to stand as a valuable nickel-copper-cobalt sulphide project, offering strategic, long-term benefits.
Project Highlights:
- JORC-compliant Resource: Lynn Lake holds one of the largest nickel sulphide resources in Canada, with 116,000 tons of nickel metal, along with copper and cobalt.
- Future Development Potential: While market conditions for nickel are currently challenging, the project represents a significant long-term strategic asset that can be activated when demand increases.
- Infrastructure and Support: Lynn Lake is fully permitted and benefits from access to hydroelectric power, a mining-friendly jurisdiction, and existing road and rail networks.
Development Plans
The MacBride Project is an exciting exploration play. The outcropping high-grade MacBride massive sulphide deposit is on trend from multiple priority un-tested conductive bodies.
Corazon is committed to advancing the MacBride project and solidifying its position as a leading high-grade base and precious metals exploration company. Corazon’s forward-looking plans include:
- Expanding Exploration at MacBride: Corazon plans to conduct additional geophysical surveys and drilling campaigns to further define the scale and grade of mineralisation.
- Testing Priority Drill Targets: Several high-priority geophysical anomalies will be drill-tested, building on the existing resource base and potentially uncovering new deposits.
- Optimising Lynn Lake’s Value: While exploration at MacBride remains the primary focus, Corazon will continue to evaluate strategic opportunities for its Lynn Lake project, including potential partnerships and project financing to bring the asset closer to development.
- Engaging with Strategic Investors: Corazon is actively seeking investment and funding opportunities to accelerate exploration and development activities. The company is open to joint ventures geared towards fast-tracking the advancement of its projects.
- Enhancing Market Positioning: By continuing to demonstrate the significant value of its assets, Corazon aims to improve its market perception and increase shareholder returns.
Management Team
Brett S. Smith – Executive Managing Director
Brett Smith has been with Corazon since 2011, bringing over 35 years of experience in exploration and corporate management. He has a robust track record in advancing mining projects from exploration through to development.
Kristie Young – Interim Chairperson
Appointed in September 2023, Kristie Young is a mining engineer with extensive experience in project evaluation, business development and corporate governance. She has held various leadership roles across the mining sector.
Dr. Mark Yumin Qiu – Non-executive Director
Serving on the board since 2017, Dr. Mark Yumin Qiu has been instrumental in project generation and corporate transactions, including the $2.5 billion sale of Sino Gold to Eldorado Gold.
Andrew Strickland – Non-executive Director
Appointed in September 2023, Andrew Strickland brings experience in project development, mergers and acquisitions, and strategic partnerships within the mining industry.
Robert Orr – Company Secretary and Chief Financial Officer
Robert Orr manages Corazon's financial operations and corporate governance, ensuring compliance and effective financial management.
Updated Maroochydore Copper-Cobalt Resource Demonstrates Large Copper Sulphide System with 1.6Mt Contained Copper
Highlights of the Resource Upgrade include:
- Inferred resources of 370,800,000 tonnes at 0.43% Cu and 227 ppm Co for 1,595,000 contained copper and 84,000 tonnes contained cobalt at 0.25% Cu cut-off grade.
- Higher-grade zone contained within the inferred resource of 106,300,000 tonnes at 0.67% Cu and 308 ppm Co for 712,000 tonnes contained copper and 33,000 tonnes contained cobalt at 0.45% Cu cutoff grade.
- Sedimentary copper mineralisation style demonstrating significant continuity of mineralisation and resource scale - similar geology to nearby Nifty Copper Complex.
- Higher grade domain will be further studied as satellite feed operation to Cyprium’s nearby Nifty mill and concentrator in the Paterson district.
Cyprium Executive Chair Matt Fifield commented:“Maroochydore has seen little attention over the last decade - previous work was focused on the near-surface copper oxide mineralization. Cyprium recognised the same sedimentary copper mineralisation style that we have at Nifty and turned our attention to the potential of the copper sulphide resource. We remodelled the historic resource from first principles and included an additional 19,456 meters of core and RC drilling that was available.
The results are clear – Maroochydore is a very large, near-surface sulphide resource with a higher- grade zone that has high potential to be a medium-term expansion project for Cyprium. An important moment for Cyprium, and a potential meaningful source of Australian copper and cobalt.”
Table 1: Maroochydore January 2025 Inferred Mineral Resource Estimate, by mineralisation category, ≥0.25% Cu Cutoff.
0.25% Cu cutoff. Metal grades take into account top and bottom cut. Numbers are rounded to reflect a suitable level of precision and may not sum due to rounding. The reported contained metal is not the same as a "recoverable" or "marketable" amount, as recovery rates and other factors can influence how much metal can be extracted. See accompanying technical report for additional details and important disclosures.
Table 2: Maroochydore January 2025 higher grade domain by mineralisation category, ≥0.45% Cu Cutoff.
0.45% Cu cutoff. Metal grades take into account top and bottom cut. Numbers are rounded to reflect a suitable level of precision and may not sum due to rounding. The reported contained metal is not the same as a "recoverable" or "marketable" amount, as recovery rates and other factors can influence how much metal can be extracted. See accompanying technical report for additional details and important disclosures.
Updated Resource Model Shows Near-Surface, Flat-lying Sedimentary Copper System
Maroochydore is a sediment-hosted deposit type located in the Paterson region of Western Australia. The project is 81km by air and ~100km by unsealed road from Cyprium’s Nifty Copper Complex.
Figure 1: Maroochydore general location and regional infrastructure
Stratigraphy at Maroochydore is part of the Broadhurst Formation (Yeneena Group) similar to the nearby Nifty Copper Complex.
The deposit is a mixture of oxide/supergene and primary sulphides. The upper resources are dominated by oxide and transitional materials hosted in the 50 to 100m thick mineralised horizon consisting of carbonaceous shales and recrystalised dolostones.
The structural framework that hosts the mineralised sequence is less restricted than what is found at Nifty, which leads to Maroochydore’s more extensive and diffuse mineralisation system. Current mineralised material is defined over a strike length of ~7km and is shallow, with cover varying from 20m depth at the south-eastern end to 80m depth at the north-western end, and relatively flat lying.
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This article includes content from Cyprium Metals, 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.
