Culpeo Minerals confirms large-scale copper mineralisation at Lana Corina
Further exploration has confirmed the large-scale copper discovery at Culpeo Minerals’ (ASX: CPO) Lana Corina project in Chile and led to the designation of four high-priority drill targets.
Describing it as “Chile’s newest large-scale copper discovery”, Culpeo revealed geological mapping had identified multiple outcropping breccia and copper oxide zones in proximity to the known mineralised system.
As a result of the mapping, Culpeo has firmed up four high priority drill targets: T2, T4, T6 and T10.
The mineralised footprint at the project has also expanded to 500m by 400m.
“The discovery of outcropping breccia and copper oxide mineralisation at Lana Corina associated with several of the previously identified geophysical anomalies is an exciting development for this emerging high-grade copper project,” Culpeo managing director Max Tuesley said.
“Together, with the results of the recent drilling program, we are only just beginning to appreciate the potential size of the mineralised system at Lana Corina.”
“With multiple zones of surface mineralisation and brecciation identified ahead of the phase two drilling program, we will be building on Lana Corina’s near-surface tonnage potential as well as exploring the deeper parts of the mineralised system,” Mr Tuesley explained.
Lana Corina copper project
The priority targets are in proximity to the Lana Corina mineralised system where recent drilling uncovered 257m at 0.95% copper and 81 parts per million molybdenum from 170m; 173m at 1.05% copper and 50ppm molybdenum from 313m; and 81m at 1.06% copper and 145ppm molybdenum from 302m.
These intercepts were part of the nine-hole for 4,875m phase one diamond drilling program at Lana Corina, which saw seven of the holes hitting “substantial” copper and molybdenum.
The project covers 6 square kilometres and historically produced 1 million tonnes of ore grading 1.5-2.5% copper.
Culpeo secured the rights to earn up to 80% of Lana Corina in March this year. The earn-in has four stages and will cost over $2.35 million in cash and $1.42 million in Culpeo shares to secure the maximum equity.