Culpeo Minerals : Multiple high-grade Cu intersections at Lana Corina Project

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20 June 2022

MULTIPLE HIGH-GRADE CU INTERSECTIONS AT LANA

CORINA PROJECT, CHILE

Culpeo Minerals Limited (Culpeo or the Company) (ASX:CPO) is pleased to announce multiple high- grade copper intersections from drilling at its Lana Corina Project (the Project). A new breccia system has also been discovered west of the Lana Pipe in the T3 target area identified by the recent ground magnetic survey1, refer Figure 1 and 2.

Highlights

• Assays have been received from the 5th drillhole at the Lana Corina Copper Project in Chile
• CMLCD005 intersects multiple zones of high-grade copper mineralisation including:

1. 49m @ 0.83% Cu and 41ppm Mo (216 to 265m) and;

• 1. 80.87m @ 1.06% Cu and 145ppm Mo (302.13 to 383m).
• New mineralised breccia zone discovered west of the Lana Pipe which corresponds to the recently identified T3 ground magnetic anomaly1

Figure 1: Plan view showing position of drillholes and targeted breccia units (Datum PSAD56 / UTM 19S).

1Rrefer ASX announcement 18 May 2022

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Culpeo Minerals' Managing Director, Max Tuesley, commented:

"CMLCD005 is another wide >1% copper intercept confirming our belief that the Lana Corina Project has the potential to host a significant >1% near surface copper orebody. This hole has also confirmed the discovery of a new, previously unknown breccia hosted copper zone that corresponds to the recently identified T3 ground magnetic target (ASX announcement 18 May 2022), refer Figure 4. This has the potential to transform the prospectivity of the north-east sector of the Lana-Corina-Laura mineralised zone with multiple, high priority targets identified in the ground magnetic survey analogous to the T3 target over an approximately 1,000m strike."

Figure 2: Cross section (+/- 100m) looking north (section C-C') showing position of drillholes and targeted breccia units.

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Significance of Near Surface Breccia in CMLCD005

The discovery of shallow breccia-hosted copper mineralisation (Figure 2 and 3) within drillhole CMLCD005, coincident with a high-priority ground magnetic target (T3) has transformed the prospectivity of the north-east sector of the Lana-Corina-Laura mineralised zone.

Figure 3: High-grade Cu mineralisation hosted in newly discovered breccia from drillhole CMLCD005.

The ground magnetic survey has highlighted the scale of the copper target footprint at Lana Corina with 13 additional targets identified (Figure 4) and appears to be an excellent indicator of the district potential. The near surface mineralisation identified in CMLCD005 has confirmed the Company's exploration model and coupled with the deeper zone of high-grade copper mineralisation (Figure 5), it highlights the significant potential to expand the area of known mineralisation.

Figure 4: Plan view of the recently acquired high resolution ground magnetic data (high-pass filtered TMIRTP), showing the position of the Lana Corina prospect and the high priority targets identified from the geophysical data (refer ASX announcement 18 May 2022)

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Figure 5: High-grade Cu mineralisation intersected in the lower zone from drillhole CMLCD005.

Diamond drilling continues to focus on testing the near surface breccia pipes with CMLCD006 now complete. Hole CMLCD007 is positioned to the southwest of Laura Pipe and targets an area south of the previously reported results of drillholes CMLCD001, CMLCD002 and CMLCD003, where recent drilling has returned:

1. CMLCD001 - 104m @ 0.74% Cu, 73ppm Mo from 155m1; and
   o CMLCD002 - 257m @ 0.95% Cu, 81ppm Mo from 170m2; and
   o CMLCD003 - 173m @ 1.05% Cu, 50ppm Mo from 313m3.

CMLCD004 intersected an underground void, the hole was stopped and will be assayed at the end of the drilling program.

Continued exploration success is evidence by the increased understanding of copper mineralisation and geometry and reinforces the view that the Project has strong potential to host large scale, near surface, high-grade copper and molybdenum mineralisation.

Table 1: Significant Downhole Intersections (CMLCD005)

	Hole_ID		From (m)	To (m)	Interval		Cu (%)		Mo (ppm)		Ag (g/t)		Au (g/t)
	CMLCD005		125	126	1		0.38		10		3		0.02
	CMLCD005		152	153	1		0.60		5		13		0.04
	CMLCD005		187.32	189.5	2.18		0.66		10		2.3		0.03
	CMLCD005		194	196	2.0		1.39		10		4		0.03
	CMLCD005		201	212	11		0.83		63		2.3		0.02
	CMLCD005		216	265	49		0.83		41		4.2		0.03
	CMLCD005		302.13	383	80.87		1.06		145		5.3		0.02
	CMLCD005		487.4	488	0.6		0.35		20		1		0.02

Notes: No top cut has been applied, grade intersections are generally calculated over intervals >0.2% Cu where zones of internal dilution are not weaker than 2m < 0.1% Cu. Bulked thicker intercepts may have more internal dilution between high-grade zones.

1 Refer ASX announcement 2 May 2022. 2Refer ASX announcement 11 May 2022. 3 Refer ASX announcement 6 June 2022

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Lana Corina Drilling Program

Immediately after securing rights for up to 80% of the Project, Culpeo began a maiden drilling program at Lana Corina to test high-grade copper mineralisation which outcrops at surface. Lana Corina is associated with a structural zone orientated in a northeast-southwest direction with >1,000m of strike and up to 400m wide. The initial 4,000m diamond drilling program comprises 9 holes targeting breccia and porphyry hosted high-grade copper mineralised zones.

Assay results have now been reported for diamond drillholes CMLCD001, CMLCD002, CMLCD003 and CMLCD005; all of which have returned significant copper grades over wide intervals. The mineralisation encountered in the drillholes to date is associated with shallow breccia hosted mineralisation near surface and deeper high-grade porphyry hosted mineralisation at depth. It appears that significant potential exists to expand the mineralised zone to the northwest and at depth to the south given the results of recent drilling.

The drilling program continues to focus on expanding the mineralized footprint at the project and the Company looks forward to announcing further results as assays are returned from the laboratory.