Scout Drilling Intersects Cu, Au And Mo Mineralisation At Quelon

Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to announce that scout drilling at its Quelon Project (the “Project”) in Chile, has intercepted anomalous copper, gold and molybdenum mineralisation over an intersection length of 450m.

HIGHLIGHTS

• Initial scout drilling shows anomalous copper, gold and molybdenum with individual assays of up to 0.77% Cu, 0.21 g/t Au and 30ppm Mo, 303-304m (Figure 1) at the Anico Prospect within the Quelon Project
  
• Geological logging and assay results has confirmed the presence of widespread alteration and disseminated copper sulphide mineralisation over 450m in the drillhole CMQDD001
• Surface mineralisation previously identified over an area 800m x 1,000m1 adjacent to the previously defined Induced Polarisation (“IP”) target2
• Analogous geological setting target to the El Soldado copper deposit, 200Mt @ 1.35% Cu3, which is located 130km to the south of Quelon and operated by Anglo American PLC

Figure 1: IOCG/Manto style copper mineralisation intersected at the Anico Prospect at the Quelon Project in scout drillhole CMQDD001 (303-304m @ 0.77% Cu, 0.21ppm Au and 30ppm Mo).

Culpeo Minerals’ Managing Director, Max Tuesley, commented:

“This is a promising start to drilling at the Anico Prospect and we are excited to have hit the target volcanic sequence in the first hole ever drilled at the Quelon Project which intersected elevated copper, gold and molybdenum mineralisation within a strong alteration zone, indicative of a fertile copper system.”

“These assay results are encouraging and confirm our exploration model providing a deeper understanding of the geology in the mineralised zones complementing our prospect targeting and prioritisation. The rocks, alteration and anomalous results indicate that Anico is a large copper rich system.”

Quelon Prospectivity

Three significant exploration targets; Anico, La Despreciada, and La Tabita Prospects, were identified at Quelon (Figure 2) from Culpeo’s recent geophysical surveys (ASX announcement 19 April 2022). The targets indicate potential for Iron Oxide Copper Gold (“IOCG”) or Manto hematite and sulphide style copper and gold mineralisation.

Figure 2: Quelon concessions showing the location of high-priority exploration targets.

Anico Prospect Drilling Program

Drilling of a single diamond drill hole was completed during February 2023 (Figure 2) at the Anico Prospect, which enhances the prospectivity for IOCG/Manto style mineralisation given the presence of chargeability anomalies proximal to magnetic highs and mapped alteration in outcrop (ASX announcement 10 October 2022).

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