Culpeo Minerals Limited announced that it has completed a detailed 50m by 100m geochemical survey at the Lana Corina Copper- Molybdenum Project in Chile. The soil geochemistry program was undertaken on a 50m x 100m grid and consisted of 321 samples in total. The results of this survey will provide valuable detail on the underlying geology, as well as the potential for additional mineralisation.

The combination of multi-element soil sampling geochemistry and the previous completed ground magnetic geophysical program (ASX announcement 18 May 2022) will be critical in identifying additional target areas for follow up drilling. Results are expected to be received within 4 to 6 weeks. Recent drilling programs undertaken at Lana Corina Project have intersected broad zones of high-grade copper-molybdenum mineralization including: 104m @ 0.81% CuEq in CMLCD001 from 155m1; 257m @ 1.10% CuEq in CMLCD002 from 170m2; 173m @ 1.09% CuEq in CMLCD003 from 313m3; 81m @ 1.16% CuEq in CMLCD005 from 302.1m4; 113m @ 0.68% CuEq in CMLCD009 from 331m5.

169m @ 1.21% CuEq in CMLCD010 from 239m6. 72m @ 0.91% CuEq in CMLCD013 from 352m7 with high-grade molybdenum zone: 35m @ 1,704ppm Mo (0.84% CuEq) (570-605m), including: 4m @ 8,845ppm Mo (3.48% CuEq) (589-593m); and 1m@ 15,000ppm Mo (6.09% CuEq) (591-592m). Prospectivity modelling (Figure 3) has identified multiple target areas in the north-east sector of the Project area extending the potential mineralised corridor to >3km strike length.

This work indicates significant regional potential for further copper and molybdenum discoveries and provides the Company with a pipeline of high priority drill targets. The Project is located in the coastal belt, Coquimbo region of Chile, approximately 350km north ofSantiago and is close to existing infrastructure with sealed road access and a high voltage power line approximately 7km to the east. The Project is in a prolific copper belt hosting multiple major deposits including Los Pelambres (6.1Bt @ 0.51% Cu, 0.016% Mo and 0.06g/t Au8), Andacollo (250 Mt @ 0.62% Cu and 0.25g/t Au9) and El Espino (123Mt @ 0.66% Cu and 0.24g/t Au10).

Lana Corina is associated within a structural zone oriented in a northeast-southwest direction with >3km of strike and up to 400m width. High grade copper mineralisation is associated with four known breccia pipes occurring in the upper levels of a large copper bearing porphyry hosted mineralised system. The high-grade mineralisation identified to date outcrops at surface and extends to a vertical depth of >700m.

The excellent results of Culpeo's drilling programs and prospectivity modeling continue to strongly support the Company's exploration model that the Project has the potential to host a substantial mineralised system.