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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
Loyal to Acquire the High-Grade Highway Reward Copper Gold Mine
Key Highlights
- Loyal secures binding option to acquire the Highway Reward Copper Gold Mine in Queensland, Australia - one of the world’s highest-grade copper mines, with past production totalling 3.65Mt at 5.7% Cu and 260kt at 4.5 g/t Au.
- The acquisition is the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper.
- No exploration has been conducted on the granted mining leases since operations ceased in July 2005 despite a ~680% increase in copper prices and a ~1,256% increase in gold prices since the 1997 feasibility study.
- Significant increase in copper and gold prices, combined with the previous exclusion of gold in sulphides from the mine plan, highlights the enhanced remnant copper-gold potential.
- Exploration potential for new discoveries both along strike and at depth, as previous mining only reached depths of 220 metres for open pit and 390 metres for underground operations, with limited exploration beyond mined zones.
- With $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques. With global initiatives to enhance energy grids and no USA tariffs on Australian copper, the outlook for copper is strong and unencumbered.
Loyal‘s Managing Director, Mr. Adam Ritchie, commented:
"We are thrilled to secure this incredibly rare opportunity for our current and future Loyal investors. The Highway Reward Copper Gold Mine, considered one of the highest-grade copper mines in the world, is now primed for a revisit after 20 years of dormancy.
The granted mining leases of the Highway Reward mine provide an amazing speed to market opportunity - especially when both copper and gold are near all-time highs. The short-term and long-term opportunities at Highway Reward are exciting, considering the significant growth in commodity prices since the 1997 feasibility study. Copper is driving our electric future and gold continues to play an important role in our global economy.
Whilst a lot has changed in the past 28 years, the unwavering demand for copper and gold has only intensified. This is truly an amazing opportunity to unlock and showcase the immense potential of this forgotten mine. With modern technology and innovative mining techniques, we believe the Highway Reward Copper Gold Mine will provide exceptional value and returns to our Loyal shareholders."
Figure 1 Highway Reward Copper Gold Mine: Located 37 km south of Charters Towers within the Mount Windsor Volcanic Belt. Accessible via an all-weather highway, 172 km from the Port of Townsville, Queensland, Australia.
The Highway Reward Copper Gold Mine is located only 37 km from the active mining town of Charters Towers in Queensland, Australia, within the Mount Windsor Volcanic Belt. This area is renowned for its rich history in copper and gold mining, with strong social license support for mining activities. It features large-scale mining operations such as, Newmont’s 3.2 Moz Mt Leyshon gold mine and Yuxin Holding’s 3.4 Moz Pajingo gold mine. The region is close to the polymetallic, Thalanga Processing Plant and the Mount Carlton Processing Plant, with road and rail to Glencore’s Mount Isa copper hub, Townsville copper refinery and the Port of Townsville.
With the growth in commodity prices and advancements in exploration and mining technologies, the potential for remnant copper-gold mining has significantly improved. Previous mining operations targeted copper within chalcopyrite, while gold associated with both chalcopyrite and pyrite was excluded from the mine plan. With lower copper equivalent cut-off grades (copper & gold), higher continuity of copper-gold can be drill tested to demonstrate the reasonable prospects for eventual economic extraction and mineral resource potential.
Graph 1: Highway Reward Copper Gold Mine - mining ceased in July 2005: 28 Years of Commodity Growth
Significant potential will be assessed and areas tested for copper-gold extensions to subvertical trends, that may exist below current mining levels at the Highway Reward Copper-Gold Mine. The previously mined, copper-gold rich pipes will also be assessed for drill testing along strike (Figure 2). Previous mining and surface mapping geological observations illustrate that high- grade copper-gold pipes have been identified in dacite, rhyolite, and volcaniclastic host rocks, therefore strong prospectivity exists for discovering additional pipes beyond the historically mined zones in all rock types on the property, except recent overlying sediments that conceal the basement host rocks (Figure 2). No modern advanced geophysical techniques or data processing methods have yet been applied to assess this potential.
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This article includes content from Loyal Metals 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.
