Culpeo Minerals hits copper sulphides in first drill hole at Lana Corina
Exploration company Culpeo Minerals (ASX: CPO) has hit visible copper sulphide mineralisation in the first hole of a maiden drilling program at the high-grade Lana Corina project in Chile.
Drilling aimed to confirm the presence of copper mineralisation in near-surface breccia pipes which are part of a vertically-extensive porphyry system at the newly-acquired project.
Sections of the mineralisation have significant historical drill intersections including 70 metres at 1.23% copper and 154m at 0.70% copper from 0m; 132m at 0.56% copper and 51 parts per million molybdenum from 324m; 178m at 0.72% copper and 284ppm molybdenum from 356m; and 207m at 0.41% copper and 124ppm molybdenum from 274m.
Managing director Max Tuesley said the company was encouraged by the discovery of substantial amounts of copper sulphides in the first hole.
“This provides further confidence in the prospectivity of Lana Corina and its potential to host a significant copper deposit,” he said.
“Lana Corina is now a key component of our high-quality copper portfolio in Chile and we look forward to reporting assay results in due course.”
Last week, Culpeo announced it had entered into a four-stage earn-in agreement with SCM Antares to progressively build up its stake in Lana Corina to 80%, subject to achieving requisite cash and share payments by prescribed dates.
Immediately after securing the earn-in rights, Culpeo began its maiden program to test high-grade copper mineralisation at the project area which outcrops at surface.
The initial 4,000m program comprises eight holes targeting breccia and porphyry-hosted high-grade copper mineralised zones.
The first hole intersected visual copper sulphide mineralisation hosted in sheeted veins and breccia pipes from approximately 50m downhole to the current depth of 200m, with chalcopyrite becoming more dominant as drilling progressed.
Even though Lana Corina was discovered in the 1940s, Culpeo said it was not until the 1970s that any detailed work was undertaken including geological mapping and shallow drilling.
Culpeo Minerals is focused on exploring potential high-grade copper systems in the coastal Cordillera region of Chile.
With access to high quality assets in a non-competitive environment, Mr Tuesley said the company aims to develop its projects with a low cost of discovery and inventory growth and by progressing them from discovery towards pre-feasibility.