Reconnaissance Drilling Delivers Grades up to 2.19% CuEq at Fortuna Project

Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to report that reconnaissance drilling has intersected near-surface, high-grade copper mineralisation grading up to 2.19% CuEq at the Vaca Muerta and El Quillay North Prospects within its 80%-owned Fortuna Project (the Project) in Chile.

The prospect areas are part of a suite of promising exploration targets within an under- explored copper belt, which the Company is aggressively exploring.

HIGHLIGHTS

• Multiple zones of shallow, high-grade copper mineralisation intersected.
• Mineralisation hosted within broad zones of favourable host rocks.
• Highlighted downhole intersections include:
  • 13.3m @ 0.59% CuEq from 20m;
  • 4m @ 0.65% CuEq from 45m;
  • 7m @ 0.67% CuEq from 55m, including 1m of 2.19% CuEq; and
  • 2m @ 1.33% CuEq from 95m.
• Drilling ongoing at Lana Corina Project within >3km prospective corridor.

Culpeo Minerals’ Managing Director, Max Tuesley, commented:

“To drill and intersect multiple zones of shallow copper mineralisation on our first pass reconnaissance drilling program at Vaca Muerta is extremely positive and highlights the significant potential of the target area. This result coupled with the ongoing exploration success at El Quillay indicates that the Fortuna Project continues to provide potential for a major copper discovery with three distinct targets now identified that include: breccia hosted copper mineralisation at El Quillay and Vaca Muerta, porphyry copper and gold at La Florida and high- grade structurally controlled copper and gold at Piedra Dura.”

EL QUILLAY DRILLING PROGRAM

Assay results from the second hole drilled at El Quillay North returned 13.3m @ 0.59% CuEq from 20m downhole (Figure 1 and 2, Table 1 and Appendices C & D), confirming further shallow copper mineralisation within the target. Previous drillhole CMEQD002 returned 26m @ 0.81% CuEq from 29m including a high-grade zone of 4m of 1.87% CuEq from 51 to 55m¹.

Figure 1: Plan view with results of CMEQD001 and CMEQD002

These drilling results highlight the significant widths of outcropping mineralisation that are hosted within the El Quillay Fault. This structure is known to have at least 3km of strike extent, the majority of which remains undrilled and with the discovery of mineralisation at El Quillay East² and geophysical targets to the west⁶, the Company has initiated the next phase of field work. This will include detailed surface mapping and sampling, trenching in areas prior to drilling and ground truthing of targets identified from historic geophysical data.

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