Culpeo Minerals firms up ‘compelling’ targets at Quelon copper-gold project

Culpeo Minerals ASX CPO Quelon copper gold project
Culpeo managing director Max Tuesley says the company will undertake its maiden drill program at Quelon later this year.

Culpeo Minerals (ASX: CPO) has firmed up what it describes as “compelling geophysical targets” across the Quelon iron oxide-copper-gold project in Chile.

The company recently completed induced polarisation geophysical surveys at the project, which have pinpointed several large anomalies that vary in size up to 1,000m by 500m.

Culpeo managing director Max Tuesley said the completion of the surveys satisfies certain conditions of Culpeo’s earn-in agreement for the project – giving the company a 10% stake.

Overall, Culpeo is earning up to 85% in Quelon.

Mr Tuesley noted the anomalous zones identified in the survey could host iron oxide-copper-gold mineralisation.

“Three of the zones are considered to offer compelling drill targets, which is an excellent result given the early stage of the project.”

“These results provide additional evidence of the prospectivity of Quelon to host significant copper-gold mineralisation and we are looking forward to commencing a maiden drill program at the project during 2022,” he added.

Quelon is 240km north of Santiago and hosts artisanal workings, however, modern exploration at the project has been limited to rock chip sampling and geophysical surveys.

Exploring Chile

Culpeo is exploring for high-grade copper systems across Chile’s Cordillera region.

Last month, the company executed an agreement to acquire up to 80% of the Lana Corina project, which hosts multiple outcropping copper-bearing breccia pipes.

Lana Corina is 40km north of Quelon and covers 5.5 square kilometres of the country’s prolific copper belt.

Historically, about 1 million tonnes of ore was mined from Lana Corina with grades ranging between 1.5-2.5% copper.

Culpeo’s flagship project in the country is Las Petacas where it has secured a 66% interest. Las Petacas is along strike of one of Chile’s largest copper mines – Lundin Mining’s Candelaria operation.

Candelaria has a resource of 952Mt at 0.65% copper.

Recent drilling at Las Petacas has confirmed 1km of copper mineralisation across a 6km trend.

Notable assays from the drilling program were 14m at 0.73% copper and 0.1 grams per tonne gold from 59m, 5m at 1.27% copper and 0.07g/t gold from 1m, and 7.5m at 0.73% copper and 0.04g/t gold from 11m.

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