Exploration junior Culpeo Minerals (ASX: CPO) has posted a busy quarter of activity marked by an ASX debut and the start of exploration at its high-grade Las Petacas and Quelon copper projects in the Coastal Cordillera of Chile.
The company raised $6 million from an oversubscribed initial public offering which saw the issue of 30 million shares at $0.20 each, and has put the funds towards a 5,000m drilling program and geophysical work at both projects.
Drilling at Las Petacas is designed to test zones of known high-grade copper mineralisation, building on historic work which produced high-quality mapping, surface geochemical targets and five highly-prospective areas identified over 17km of exploration.
Significant historical intercepts include 6m at 1.26% copper from 20m; 6m at 2.34% copper from 140m; 26m at 1.24% copper and 0.17 grams per tonne gold; and 66m at 0.31% copper and 0.52g/t gold.
Drill pad construction was completed for the first hole during the quarter and visible copper mineralisation was identified during earthworks before drilling commenced in mid-September.
The zones of visual surface copper are yet to be drilled.
Culpeo engaged Quantec Geoscience during the quarter to conduct GAIP (gradient array induced polarisation) and PDIP (dipole-pole induced polarisation) surveys at Las Petacas, with the aim of detecting an interpreted iron oxide-copper-gold (IOCG) target east of the Diego prospect.
Previous geophysical work at the same prospect defined a significant target area, which has become the focus of Culpeo’s maiden diamond drilling.
It is anticipated the survey will generate high-quality mapping up to 600m below the surface which will be used to identify potential drill targets at Las Petacas.
Survey results are expected next month.
At the Quelon project, to the south of Las Petacas, Culpeo finalised the design of a proposed induced polarisation / resistivity survey consisting of eight lines, each approximately 2km long for a total coverage of 16km.
The survey will test areas of outcropping copper mineralisation within a trend extending approximately 10km along strike.
A number of high-priority targets will also be investigated and the results used for drill hole planning and design.