Culpeo Minerals reports high-grade copper results from final holes of phase one drilling at Lana Corina
Culpeo’s 3,200m campaign in Chile will test high-grade copper mineralised zones over a 6km strike length.
Culpeo Minerals (ASX: CPO) has announced high-grade copper intersections from the final holes of a nine-hole phase one drilling program at its Lana Corina project in Chile.
The company has also confirmed 13 near-surface targets for a planned phase two program.
The final holes returned multiple copper-molybdenum downhole intersections including 19m at 0.75% copper and 110 parts per million molybdenum (from 331m to 350m) and 11m at 0.83% copper and 197ppm molybdenum (from 405m to 416.1m).
All are within 113m at 0.6% copper and 122ppm molybdenum from 331m, which is consistent with the project’s exploration model and supports Culpeo’s belief the Lana Corina mineralised system is of substantial size and grade.
The company said 3D inversion modelling of recently-acquired geophysical data showed a large magnetic low below outcropping breccia-hosted mineralisation, which is believed to closely correlate with widths of copper-molybdenum mineralisation encountered in deeper drilling.
A portion of the large anomaly remains untested, with mineralisation open to the west, south and at depth.
Diamond drilling at Lana Corina in May identified a large copper-bearing body defined by seven holes which intercepted significant copper-molybdenum mineralisation including 257m at 0.95% copper and 81ppm molybdenum from 170m; 173m at 1.05% copper and 50ppm molybdenum from 313m; and 81m at 1.06% copper and 145ppm molybdenum from 302m.
Strong potential
Culpeo managing director Max Tuesley said the phase one program has shown Lana Corina has strong potential to host large-scale, near-surface, high-grade mineralisation.
“Drilling has been very successful with seven of the nine holes hitting thick, high-grade copper-molybdenum mineralisation, extending from the outcropping surface breccia pipes to over 400m vertical depth,” he said.
“Surface mapping and the integration of geology, geophysical and geochemical data is progressing well, with this information being integral to the planning of our phase two program.”
Phase one drilling
Lana Corina is associated with a structural zone in a northeast-southwest direction with more than 1km of strike up to 400m in width.
Phase one drilling was completed for a total 5,000m targeting breccia and porphyry-hosted high-grade copper mineralised zones.
Culpeo began its maiden program at Lana Corina after securing rights for up to 80% of the project from SCM Antares in March.
The four-stage earn-in will cost the company over $2.35 million in cash and $1.42 million in Culpeo shares for maximum equity.