Culpeo Minerals : intercepts copper sulphide over 400m at Lana Corina

26 April 2022

CULPEO MINERALS INTERSECTS COPPER SULPHIDE OVER

400 METRES AT LANA CORINA, CHILE

Culpeo Minerals Limited (Culpeo or the Company)(ASX:CPO) is pleased to announce that diamond drillhole CMLCD002 has intersected visible copper sulphide mineralisation over 400m at the Lana Corina Copper Project in Chile (Lana Corina or the Project). The current 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.

Highlights

•  Second hole (CMLCD002) intersects consistent visible sulphide copper mineralisation over 400m1 (Figures 1 and 2)

•  Sampling of first hole CMLCD001 is now complete and assay results are expected in 3 weeks

•  Drilling is ongoing on the planned 9 hole program, totalling at least 4,000m

•  Ground magnetic survey will commence this week

Figure 1: Core from CMLCD002 with Cu sulphides, refer Appendix E1.

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

Culpeo Minerals' Managing Director, Max Tuesley, commented:

"Culpeo's maiden drilling program at Lana Corina is planned to test the continuity of mineralisation at depth and to verify historic assay results. We are now two holes into the nine hole program and visual results are extremely encouraging, with both drillholes intersecting significant copper sulphide mineralisation in the form of chalcopyrite over continuous downhole intervals up to 400m. Culpeo looks forward to reporting assay results for this ongoing drilling program."

Figure 2: Sectional view (looking North) of the Lana Corina Project with the location of drillholes CMLCD001 and

CMLC002 showing observed visible sulphides, historical drill intercepts and copper grade contours.

Results are based on visual inspection only and have not been assayed.

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 drillhole CMLCD002 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 to test high-grade copper mineralisation which outcrops at surface. The initial 4,000m diamond drilling program comprises 9 holes targeting breccia and porphyry hosted high-grade copper mineralised zones.

The first hole of the program (CMLCD001) was completed to a depth of 456m and intersected visual copper sulphide mineralisation over a downhole length of 300m (Refer ASX announcement 30 March 2022). The second hole of the program (CMLCD002) was drilled to a depth of 534m and has visible copper sulphide mineralisation logged over a continuous downhole length of 400m (from 80m). The assays from CMLCD001 are pending, and CMLCD002 will be sampled and assays submitted in due course.

Figure 4: Plan view of drilling program collars, showing position of CMLCD001, CMLCD002, CMLCD003 and targeted breccia units.

The specifications of the drillholes discussed in this announcement are detailed in Table 1 below:

Table 1: Collar Position of CMLCD001 and CMLCD002

Hole Number	Easting	Northing	RL	Dip	Azimuth
CMLCD001	298380	6554936	873	-75	124
CMLCD002	298418	6554934	872	-85	135

Ground Magnetic Survey

A ground-based magnetic survey covering 3.8km² over the Lana Corina Project is scheduled to begin this week. The geophysical data will be collected over 150 line kms and will be undertaken on 25 metre line spacing.

The survey will enable Culpeo Minerals to effectively map the alteration zone peripheral to the known mineralisation at Lana Corina with the aim of improving drillhole planning for its exploration program at the Project.

Specifically, it is expected that data generated from the survey will help detect and define targets related to potential mineralisation, alteration, lithology, and structures within the Lana Corina Project footprint.

This announcement has been authorised by the Board of Directors of Culpeo Minerals Limited.

COMPANY Max Tuesley Managing Director

E:[e-mail]: [phone]

About Culpeo Minerals Limited

Culpeo Minerals is a copper exploration and development company with assets in Chile, the world's number one copper producer. The Company is exploring and developing high grade copper systems in the coastal Cordillera region of Chile.

The Company has recently acquired the Lana Corina Project situated in the Coquimbo region of Chile, where near surface breccia hosted high-grade copper mineralisation offers walk up drilling targets and early resource definition potential.

MEDIA/INVESTORS Peter Taylor

NWR Communications

E:[e-mail]: [phone]

The Company has two additional assets, the Las Petacas Project, located in the Atacama Fault System near the world-class Candelaria Mine. Historic exploration has identified significant surface mineralisation with numerous outcrops of high-grade copper mineralisation which provide multiple compelling exploration targets. The Quelon Project located 240km north of Santiago and 20km north of the regional centre of Illapel, in the Province of Illapel, Region of Coquimbo. Historical artisanal mining has taken place within the Quelon Project area, but modern exploration in the project area is limited to rock chip sampling and geophysical surveys.

Culpeo Minerals has a strong board and management team with significant Chilean country expertise and has an excellent in-country network. All these elements enable the company to gain access to quality assets in a non-competitive environment. We leverage the experience and relationships developed over 10 years in-country to deliver low cost and effective discovery and resource growth. We aim to create value for our shareholders through exposure to the acquisition, discovery and development of mineral properties which feature high grade, near surface copper mineralisation.