Culpeo Minerals (ASX:CPO) in deal to acquire 80% of Lana Corina copper project – The Market Herald

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  • Culpeo Minerals (CPO) Reaches Agreement to Acquire an 80% Interest in the Lana Corina Copper Project in Chile from SCM Antares
  • The company says Lana Corina hosts several outcropping breach pipes containing copper
  • above a mineralized porphyry intrusive
  • Detailed exploration began in the 1970s, with values ​​of up to 1.23% copper intersected by drilling and up to 2.49% copper recovered by sampling.
  • Culpeo will now undertake systematic drilling designed to delineate copper mineralization near surface and extend mineralization to the south and at depth
  • CPO shares up 9.52% to 11.5 cents

Culpeo Minerals (CPO) has entered into an agreement to acquire an 80% interest in the Lana Corina copper project in Chile from SCM Antares.

The company said Lana Corina hosts several outcropping breach pipes containing copper
above a mineralized porphyritic intrusive.

The project’s high-grade copper mineralization is associated with three known breccia pipes that extend to a vertical depth of over 200 metres.

Even though Lana Corina was discovered in the 1940s, Culpeo said it wasn’t until the 1970s that detailed work was undertaken, including geological mapping and shallow drilling.

Historical drilling returned intersections of 70 m grading 1.23% copper and 178 m grading 0.72% copper and 284 parts per million molybdenum.

Assay results from previous underground wall sampling included 12 m at 2.49% copper and 20 m at 2.04% copper.

Culpeo said it will undertake systematic drilling aimed at outlining the copper mineralization near surface and extending the mineralization to the south and at depth.

“Lana Corina is an exciting opportunity for Culpeo to quickly delineate and define a high-grade copper resource in Chile’s Coastal Cordillera,” said Managing Director Max Tuesley.

“Lana Corina offers a low-level, risk-free copper exploration project with excellent access to infrastructure.”

Under the acquisition agreement, Culpeo has the right to gradually increase its stake in the project, subject to making the necessary cash and stock payments by the required dates.

Lana Corina sits within a prolific copperbelt that includes several major deposits, including Los Pelambres, Andacollo and El Espino.

CPO shares ended the day’s trading session up 9.52% at 11.5 cents.

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