Culpeo Minerals

Quarterly Activities Report – March 2023

Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to provide the following activities report for the quarterly period ending 31 March 2023 (the “Quarter”).


HIGHLIGHTS

  • Completion of Phase 2 drilling program at the Lana Corina Copper and Molybdenum Project with significant intersections received during the Quarter including:
    • Hole CMLCD010 169m @ 1.21% CuEq1 (from 239m); and
    • Hole CMLCD013 72m @ 0.91% CuEq2 (from 352m).
    • High-grade molybdenum zone confirmed at depth and extended 700m down plunge:
      • 35m @ 1,704ppm Mo (0.84% CuEq) (570-605m), including:
      • 4m @ 8,845ppm Mo (3.48% CuEq) (589-593m); and
      • 1m@ 15,000ppm Mo (6.09% CuEq) (591-592m).
    • Hole CMLCD011 extended mineralisation 100m south, confirming T10 target area, with an intersection of:
      • 100m @ 0.38% CuEq2 (334-434m); including:
      • 28m @ 0.55% CuEq (345-373m).
  • Phase 2 drilling program targeted extensions of known copper mineralisation in previously reported drilling including:
    • 104m @ 0.81% CuEq in CMLCD001 from 155m3;
    • 257m @ 1.10% CuEq in CMLCD002 from 170m4;
    • 173m @ 1.09% CuEq in CMLCD003 from 313m5;
    • 81m @ 1.16% CuEq in CMLCD005 from 302.1m6; and
    • 113m @ 0.68% CuEq in CMLCD009 from 331m7.
  • Lana Corina mineralised corridor extended to >3km long, with mapping and surveys confirming continuity of mineralisation to the northeast (Vista Montana Prospect)8.
  • Completion of a detailed 50m by 100m geochemical survey with 321 samples taken9.
  • Five new high-priority targets for copper mineralisation generated at the Vista Montana Prospect10.
  • Culpeo increased its ownership of the Lana Corina Project to 20% following the satisfaction of certain conditions of the earn-in agreement11.
Operating Activities

Lana Corina Copper and Molybdenum Project

Drilling Continues to Intersect Significant Copper Mineralisation

During the Quarter, the Company completed the Phase 2 drilling program at the Lana Corina Copper and Molybdenum Project in Chile (“Lana Corina” or the “Project”).

The Phase 2 drilling program was designed to expand the mineralised footprint at the Project, which remains open in all directions and at depth. The significant results from the Phase 2 drilling program (ASX announcement 16 January 2023) include:

  • 104m @ 0.74% Cu & 73ppm Mo (0.81% CuEq) in CMLCD001 from 155m3;
  • 257m @ 0.95% Cu & 81ppm Mo (1.10% CuEq) in CMLCD002 from 170m4;
  • 173m @ 1.05% Cu & 50ppm Mo (1.09% CuEq) in CMLCD003 from 313m5;
  • 81m @ 1.06% Cu & 145ppm Mo (1.16% CuEq) in CMLCD005 from 302.1m6; and
  • 113m @ 0.60% Cu & 122ppm Mo (0.68% CuEq) in CMLCD009 from 331m7.

Geochemical Survey Identifies Multiple Surface Targets at Lana Corina

The Company completed a soil geochemical survey at the Vista Montana Prospect within the Lana Corina Project, resulting in the identification of five new high-priority targets within a >3km-long copper alteration zone defined by the geochemistry survey (Figure 1). This increases the overall strike length of the Cu-mineralised trend at Lana Corina to over 3km.

Figure 1: Plan view of the northeast sector, Vista Montana Prospect, of the Lana Corina Project, showing copper mineralisation detected in soil-geochemistry sampling program over a strike distance of >3km.

The soil geochemistry program was undertaken on a 50m x 100m grid and consisted of 321 samples in total. The results indicate that the overall pattern of the Cu, Cu + Mo, Cu/Mn and alkali elements suggest a copper bearing alteration zone is present at Vista Montana and is over three times the size of the Lana Corina mineralised zone defined from drilling to date (Figure 2).


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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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