High-Grade Copper Trend Discovered Grades Up To 5.37% Cu Returned

Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to announce a new copper discovery at the Fortuna Project in Chile, with high-grade results of up to 5.37% Cu returned from rock chip samples taken from several newly defined parallel mineralised structures at the Lucero Prospect.

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HIGHLIGHTS

• New Lucero Discovery at the Fortuna Project with high-grade copper returned at surface.
• Grades of up to 5.37% Cu returned from several newly defined parallel mineralised structures measuring approximately 950m by 60m.
• Total of 36 rock chip samples assayed, with 18 returning grades of greater than 2% Cu
• Significant results include:
  • 5.37% Cu (sample #8615);
  • 4.48% Cu (sample #8609); and
  • 4.60% Cu (ample #8626).
• Four-hole diamond drilling program to commence at El Quillay north in November 2023.

Culpeo Minerals’ Managing Director, Max Tuesley, commented:

“The discovery of outcropping high-grade copper mineralisation at Lucero is an exciting development for Culpeo. Lucero lies just 1.3km to the north of our high-priority El Quillay drill targets, where surface and channel sampling already suggest significant potential.

When combined with the Company’s highly encouraging exploration results at Piedra Dura and Vaca Muerta Prospects, we are quickly defining a series of high-potential copper and gold drill targets across the Fortuna Project area, the first of which will be tested in November 2023.

Figure 1: Plan view of the Fortuna Project showing the location of the Lucero Discovery.(Vaca Muerta historic sampling results refer to ASX announcement 7 August 2023, El Quillay historic sampling results refer to ASX announcement 11 September 2023 and Piedra Dura historic sampling results refer to ASX announcement 1 November 2023)

LUCERO PROSPECT

The newly discovered Lucero Prospect is located 1.3km north of El Quillay within the Fortuna Project. The structurally controlled outcropping copper mineralisation has been delineated over 950m of strike and has been observed to span up to 60m in width (Figure 2).

With grades of up to 5.37% Cu and 50% of samples returning above 2% Cu, this area of Fortuna shows potential for a significant metal endowment. Lucero represents the fifth key prospect Culpeo has identified at the Fortuna Project since its recent acquisition.

The discoveries present as two sub-parallel mineralised zones striking north-west and remain open in all directions. A total of 36 rock chip samples were collected (Table 1), three of which contained very high-grade malachite, bornite and chalcopyrite copper mineralisation assaying between 4 and 5% Cu (Figure 3).

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