- Culpeo Minerals (CPO) enters into an agreement to acquire an 80 per cent interest in the Lana Corina copper project in Chile from SCM Antares
- The company says Lana Corina hosts multiple outcropping copper-bearing breccia pipes above a mineralised porphyry intrusive
- Detailed exploration began in the 1970s, with values up to 1.23 per cent copper intersected via drilling and up to 2.49 per cent copper returned via sampling
- Culpeo will now undertake systematic drilling designed to outline near-surface copper mineralisation and extend the mineralisation to the south and at depth
- CPO shares up 9.52 per cent to 11.5 cents
Culpeo Minerals (CPO) has entered into an agreement to acquire an 80 per cent interest in the Lana Corina copper project in Chile from SCM Antares.
The company said Lana Corina hosts multiple outcropping copper-bearing breccia pipes
above a mineralised porphyry intrusive.
Higher-grade copper mineralisation at the project is associated with three known breccia pipes that extend to a vertical depth of more than 200 metres.
Even though Lana Corina was discovered in the 1940s, Culpeo said it was not until the 1970s that any detailed work was undertaken including geological mapping and shallow drilling.
Historical drilling returned intersections of 70m grading 1.23 per cent copper and 178m at 0.72 per cent copper and 284 parts per million molybdenum.
Assay results from previous underground wall sampling included 12m at 2.49 per cent copper and 20m at 2.04 per cent copper.
Culpeo said it would undertake systematic drilling aimed at outlining near-surface copper mineralisation and extending the mineralisation to the south and at depth.
“Lana Corina is an exciting opportunity for Culpeo to rapidly delineate and define a high-grade copper resource in the coastal Cordillera of Chile,” Managing Director Max Tuesley said.
“Lana Corina offers a de-risked copper exploration project at low altitude, with excellent access to infrastructure.”
Under the acquisition agreement, Culpeo has the right to progressively build up its equity stake in the project, subject to making requisite cash and share payments by prescribed dates.
Lana Corina sits in a prolific copper belt that takes in multiple major deposits including Los Pelambres, Andacollo and El Espino.
CPO shares ended the day’s trading session up 9.52 per cent to 11.5 cents.