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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.
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.
