Chalcopyrite in veins with Molybdenute. Source: Culpeo Minerals (CPO)
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Culpeo Minerals (CPO) identifies copper mineralisation in its first drill hole results from its current program at the Lana Corina copper project in Chile
  • The program includes of a nine-hole program which looks to confirm copper presence in near-surface breccia pipes as part of a vertically extensive copper porphyry system
  • A standout result from this drill hole includes 104 metres metres at 0.74 per cent copper
  • Culpeo is waiting for results from the second drill hole, expected in two weeks, and is currently drilling the third hole at the project
  • CPO shares are down 10.6 per cent and trading at 21 cents per share

Culpeo Minerals (CPO) has identified copper mineralisation in its first drill hole assays received from the company’s current drilling program at the Lana Corina Copper Project in Chile.

The program includes a nine-hole program which seeks to confirm the presence of copper in near-surface breccia pipes which are part of a vertically extensive copper porphyry system.

The first diamond drill hole, CMLCD001 intersected two wide zones of copper mineralisation which were 104 metres at 0.74 per cent copper and 73 parts per million molybdenum (155 to 259 metres), and 87.2 metres at 0.57 per cent copper and 51 ppm molybdenum (296.8 to 384 metres).

“The results from drill hole CMLCD001 are significant – especially given the consistency of the mineralisation over such wide intervals and underscore the very compelling upside of the project,” Managing Director Max Tuesley commented.

“These assay results highlight that the company has now clearly identified a potentially significant copper deposit at Lana Corina, in which we are earning an 80 (per cent) interest.”

The company has said sampling of second hole CMLCD002 is now completed, with assay results expected in two weeks.

“We are currently drilling the third drillhole of the nine hole program,” Mr Tuesley confirmed.

“The company has also commenced a detailed ground magnetic survey to help map and determine the scale of the alteration zone peripheral to the known mineralisation at Lana Corina with the aim of improving drill hole planning.”

Lana Corina is located in the coastal belt, Coquimbo region of Chile, approximately 350 kilometres north of Santiago.

The village of Soruco is located 2km north of the site and the town of Combarbala is 18km to the south.

The project is associated within a northeast-southwest orientated structural zone with more than 1000 metres of strike and up to 400m wide.

CPO shares were down 10.6 per cent and trading at 21 cents per share at 10:45 am AEST.

CPO by the numbers
More From The Market Herald
The Market Herald Video

" Payright (ASX:PYR) settles “transformational” funding package to pursue growth

Payright (ASX:PYR) completes its settlement of funding package, comprising a $125 million warehouse facility led by…
Titomic (ASX:TTT) - Managing Director, Herbert Koeck

" Titomic (ASX:TTT) on track to deliver world’s first mould coatings system

Additive manufacturing company Titomic (ASX:TTT) is on track to deliver the world's first automated cold spray…

" Apiam Animal Health (ASX:AHX) executes growth strategy with two acquisitions

Apiam Animal Health (ASX:AHX) has announced new acquisitions as part of its growth strategy to double…
Unibail Rodamco Westfield (ASX:URW) - CEO & Chairman, Jean-Marie Tritant

" Unibail-Rodamco-Westfield (ASX:URW) rebrands three flagship centres

Unibail-Rodamco-Westfield (ASX:URW) has rebranded three flagship centres in Madrid, Stockholm and Warsaw