Culpeo Minerals extends copper system in Chile with near surface hits
Assays from two more holes hit near surface copper and gold.
The first of the results returned two separate zones — one over 14m at 0.73 grams per tonne copper and 0.1g/t gold from 59m, including 1m at 1.66% copper and 0.08g/t gold; the other was 6m at 0.58% copper and 0.03g/t gold from 120m, including 1m at 1.05% copper and 0.07g/t gold.
A second hole assay showed that the drill bit entered mineralisation just 1m from surface, intersecting 5m at 1.27% copper and 0.07g/t gold, including 0.7m at 3.35% copper and 0.23g/t gold.
The second hole also intercepted 7.5m at 0.73% copper and 0.04g/t gold from 11m, including 1m at 1.88% copper and 0.08g/t gold.
Growing confidence for a large copper-gold system
Culpeo managing director Max Tuesley said the “excellent” results from diamond drilling at the second and third holes at the Peta 1 prospect at Las Petacas have highlighted the shallow high-grade nature of the copper-gold mineralisation at that prospect.
“With these new assay results, the company is confident that it has now uncovered a large copper-gold system,“ he added.
“Drilling is intersecting broad widths and the growth of the mineralised footprint through step-out drilling to the west has provided us additional scope for follow-up drilling along strike.”
The low-altitude Atacama region is known to host significant mineral potential. One of the region’s main copper deposits is Lundin Mining Corporation’s world-class Candelaria mine, located 20km northeast of Las Petacas.
Copper mineralisation at Las Petacas is interpreted to be associated with the same regional structure as Candelaria, Culpeo noted.
More drilling now planned
The company says geological mapping has been conducted to further define targets, with drilling now being planned over a strike length of 1,000m.
The results of the first hole reported above show shallow high-grade mineralisation that is open to the north, the orientation of this mineralisation and the overall shallow nature of copper-gold intercepts to date highlights the potential for open cut mining.
Given the significant oxide mineralisation, this zone will be the target for additional drilling in 2022.
Assay results for the remaining drill core at the laboratory are expected to be returned by late January, two holes remain in the current drilling program, which is expected to be completed by the end of February .