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Culpeo Minerals Identifies Substantial Copper-Gold Porphyry System at La Florida

4 January 2024 09:39

Culpeo Minerals (ASX:CPO) announced the results from its first pass rock-chip sampling at the Fortuna Project, located in Chile, which have identified the presence of a substantial copper-gold porphyry system, outcropping at the surface of the La Florida Prospect.

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Figure 1: Example of mineralisation identified at the La Florida Prospect. A: Copper sulphide present as chalcopyrite Sample # CPO0008692 – 3.18% Cu and 2.61g/t Au. B: Copper oxide present as malachite and chrysocolla Sample #CPO0008688 – 3.96% Cu and 1.17g/t Au

Substantial Copper-Gold Porphyry System

The Fortuna Project is located 10 kilometres north of the Company’s Lana Corina Project, and comprises of five key prospects: La Florida, El Quillay, Vaca Muerta, Piedra Dura and Lucero.

The Fortuna Project has been historically mined, with Culpeo noting the presence of extensive outcropping copper mineralisation.

The sampling across the La Florida Prospect aimed to target this mineralisation, with a total of 14 rock chip samples collected across the prospect.

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Figure 2: Plan view of the La Florida prospect showing results of sampling over an area of approximately 1.7km x 0.5km.

The results were extremely encouraging and alluded to the presence of a large scale, north-south trending belt of copper-gold mineralisation stretching 1.7 by 0.5 kilometres.

All of the samples collected yielded anomalous copper and gold results, with the best recorded results, sample CPO0008688, returning 3.96% Cu and 1.17g/t Au.

This sample was taken from the northern part of the interpreted porphyry system where strong surface mineralisation was identified in the form of malachite and chrysocolla.

Other sample of note were CPO0008692, which returned high grade copper and gold at 3.18% Cu and 2.61g/t Au.

This sample was taken from a historical workings in fresh, unoxidised mineralisation.

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Table 1: Assay Results from La Florida Sampling Program

Analogous With Lana Corina

Culpeo Minerals have also noted the presence of numerous zones of porphyry style “D-veins” which indicate the exposure of the upper levels of a porphyry system at La Florida.

These porphyry intrusives are analogous with the Company’s nearby Lana Corina Prospect, which returned drill intersections of 257 metres @ 1.10% CuEq and 169 metres @ 1.21% CuEq.

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Figure 3: Significant disseminated chalcopyrite present in the intrusive rocks at La Florida, analogous to the nearby Lana Corina Discovery (sample #CPO0008684 1.43% Cu and 0.65g/t Au).

Future Outlook

On the back of these promising results, Culpeo plans to continue exploration at the Fortuna Project throughout 2024.

The Company eagerly awaits the assays collected during its December drill program at the El Quillay Prospect, which are anticipated this month.

Diamond drilling has also commenced at the Vaca Muerta Prospect.

At the La Florida Prospect, follow up Infill sampling is planned to further define the high-grade copper-gold porphyry target prior to the commencement of drilling.

Culpeo will also continue its regional mapping programs along the 3 kilometre El Quillay trend and at both Piedra Dura and Lucero Prospects, with drilling programs to follow.

Company Comments

Culpeo Minerals’ Managing Director Max Tuesley commented on the results.

“These results demonstrate the potential for substantial copper and gold mineralisation at the La Florida Prospect and further enhance the prospectivity of the recently acquired Fortuna Project,” he said.

“With drilling underway of near surface targets at the Vaca Muerta and El Quillay Prospects, demonstrate the scale and abundance of targets within this regionally extensive copper system.”

“This is a very exciting development for Culpeo and we look forward to reporting results from on our regional exploration and drilling programs at Fortuna during 2024.”

CPO’s Australian Stock Exchange-listed share price has risen 31.82% and is currently trading at $0.058 (9.30am UTC+ 8 hours).

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