Join our daily newsletter At The Bell to receive exclusive market insights
- Culpeo Minerals (CPO) begins diamond drilling program at its flagship Las Petacas Copper Project in Chile
- This marks the company’s first drilling program after listing on the ASX on September 10 after raising $6 million through an IPO
- The 3200-metre program aims to test high-grade copper and geophysical targets as well as follow up on historical copper results
- Company shares are up 9.8 per cent to trade at 28 cents
Culpeo Minerals (CPO) has begun a diamond drilling program at its flagship Las Petacas Copper Project in Chile.
The recently listed company only began trading on the ASX on September 10 after raising $6 million in an oversubscribed initial public offer undertaken at an issue price of 20 cents per share.
Upon listing, the materials stock flagged its plans to conduct diamond drilling at the project which is located in the Atacama Fault System near the world-class Candelaria mine.
The 3200-metre program is designed to test high-grade copper mineralisation as well as test high- priority geophysical targets which were discovered during previous survey work.
Drilling is also aimed at following up historical drilling results to expand and link previously defined mineralised zones.
Historical results include six metres at 2.34 per cent copper from 140 metres, 26 metres at 1.24 per cent copper and 0.17 grams of gold per tonne (g/t) from 178 metres, and 66 metres at 0.31 per cent copper and 0.52g/t gold from 58 metres.
Managing Director, Max Tuesley, was pleased to get this program underway.
“With the ASX listing now complete, we have mobilised our highly experienced
exploration team to site and look forward to reporting the results of this drill program which will test several targets over the 6km-long mineralised trend at our Las Petacas Project,” he said.
“Our team on site is already finding new zones of visible surface copper mineralisation during drill pad construction which is really exciting.”
Culpeo Minerals looks forward to reporting the results in the coming weeks.
Company shares were up 9.8 per cent to trade at 28 cents at 2:45 pm AEST.
