Assays have confirmed Culpeo Minerals (ASX: CPO) intercepted broad copper zones in the first hole undertaken at its recently acquired Lana Corina project in Chile.
The company has received first assays from drilling at the project with best results from the first hole of 104m at 0.74% copper and 73 parts per million molybdenum from 155m, and 87.2m at 0.57% copper and 51ppm molybdenum from 296.8m.
Sampling of the second hole has been completed with Culpeo anticipating assays within two weeks.
Culpeo is carrying out a nine-hole program for 4,000m at the project, which aims to confirm the presence of copper in near-surface pipes that are part of an extensive copper porphyry system.
Commenting on the assays Culpeo managing director Max Tuesley said they were “significant” particularly given the consistency of mineralisation over such wide intervals.
He said the results also underscore the project’s “compelling upside”.
“These assay results highlight that the company has now clearly identified a potentially significant copper deposit at Lana Corina, in which we are earning an 80% interest.”
“We are currently drilling the third hole of the nine-hole program and look forward to reporting additional assay results in due course.”
In parallel with drilling, Mr Tuesley said a detailed ground magnetic survey had begun, which will help the company determine the scale of the anomaly at the project and assist with better drill hole targeting.
Lana Corina copper project
Culpeo revealed in late March it was acquiring up to 80% of Lana Corina from SCM Antares over four earn-in stages.
Lana Corina covers 5.5 square kilometres and is 40km north of Culpeo’s existing Quelon project.
Mr Tuesley said the acquisition represented and “exciting opportunity” to rapidly build a resource within Chile’s Coastal Cordillera region.
“Lana Corina offers a de-risked copper exploration project at low altitude with excellent access infrastructure.”
Drilling began at the project soon after the acquisition with Culpeo reporting it had intercepted visible copper sulphides in the first hole, which today’s assays have confirmed.
The second hole also hit visible sulphides, with these extending over 400m.
Assays from this hole are expected later this month.