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.

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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