Culpeo Minerals : CPO intersects copper sulphide over 200m in first drill hole

30 March 2022

CULPEO MINERALS INTERSECTS COPPER SULPHIDE OVER 200 METRES IN FIRST DRILLHOLE AT LANA CORINA, CHILE

Highlights

•  First hole of the program has intersected visible sulphide copper mineralisation from 50 to 250m1

•  Mineralisation outcrops at surface in breccia pipes and is part of an extensive copper bearing porphyry system (Figure 2)

•  Drilling program aims to confirm and define zones of known copper mineralisation which have significant historical drill intersections including2:

  • • 70m @ 1.23% Cu from 0m in COR-2

  • • 154m @ 0.70% Cu from 0m in LC-1

  • • 132m @ 0.56% Cu and 51ppm Mo from 324m in LCO-1

  • • 178m @ 0.72% Cu and 284ppm Mo from 356m in LCO-2

•  Drilling is ongoing in the planned 8 hole program, totalling 4,000m

•  Assay results are expected in 6 weeks

Culpeo Minerals Limited (Culpeo or the Company)(ASX:CPO) is pleased to announce that drilling is underway at its Lana Corina Project in Chile (Lana Corina or the Project). Culpeo recently entered into an agreement to acquire up to 80% of the Project (ASX Announcement 21 March 2022) and this initial drill program seeks to confirm the presence of copper mineralisation in near-surface breccia pipes which are part of a vertically extensive copper porphyry system.

Figure 1: Core from CMLCD001 with Cu and Mo sulphides, refer Appendix D, (150-151m downhole)1.

Culpeo Minerals' Managing Director, Max Tuesley, commented:

"We are excited about the intersection of significant amounts of copper sulphides in this first hole. This provides further confidence in the prospectivity of Lana Corina and its potential to host a significant copper deposit. We look forward to reporting assay results from the drilling program in due course and view Lana Corina as a key component of our high quality copper portfolio in Chile."

1The visible mineralisation is based solely on a visual inspection and has not been assayed.

2 Historic exploration results as previously announced on 21 March 2022.

Figure 2: Sectional view (looking North) of the Lana Corina Project with the location of drillhole CMLCD001. Showing observed visible sulphides, historical drill intercepts and copper grade contours.

Lana Corina Drilling Program

Lana Corina is located in the coastal belt, Coquimbo region of Chile, approximately 350km north of Santiago. The village of Soruco is located 2km north of the site and the town of Combarbala is 18km to the south.

Lana Corina is associated within a northeast-southwest orientated structural zone with >1,000m of strike and up to 400m wide. High grade copper mineralisation at Lana Corina is associated with three known copper bearing breccia pipes occurring in the upper levels of a large copper bearing porphyry system. The high-grade breccia pipes identified to date outcrop at surface and extend to a vertical depth of over 200m at which point porphyry hosted, stockwork and sheeted vein style mineralisation extends deeper.

Figure 3: Drill rig positioned on drllhole CMLCD001 at Lana Corina.

Immediately after securing rights for up to 80% of the Project, Culpeo began a maiden drilling program (Figure 3 and 4) at Lana Corina on 23 March 2022 to test high-grade copper mineralisation which outcrops at surface. The initial 4,000m diamond drilling program comprises 8 holes targeting breccia and porphyry hosted high-grade copper mineralised zones.

The first hole of the program has intersected significant visual copper sulphide mineralization hosted in sheeted veins (Figure 5) and breccia (Figure 6) pipes from approximately 50m down hole to the current depth of 200m, with chalcopyrite becoming more dominant as drilling progresses.

Figure 4: Plan view of proposed drilling program, showing position of CMLCD001.

CMLCD001 has a planned final depth of 400 to 500m, depending on the results of geological logging. The specifications of the current hole are detailed in Table 1 below:

Table 1: Collar Position of CMLCD001

Hole Number	Easting	Northing	RL	Dip	Azimuth
CMLCD001	298380	6554936	873	-75	124

Figure 5: Sheeted vein hosted chalcopyrite mineralisation in drillhole CMLCD001, refer Appendix D (101 to 102m)1.

Figure 6: Crackle breccia hosted chalcopyrite mineralisation in drillhole CMLCD001, refer Appendix D (164 to 166m)1.

1The visible mineralisation is based solely on a visual inspection and has not been assayed.