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- Culpeo Minerals (CPO) has increased its holding in the Las Petacas Copper Project in Northern Chile to 66 per cent
- The company increased its stake in the copper asset by 8 per cent after satisfying certain conditions of its earn-in agreement
- CPO has the option to earn an 85 per cent stake in the project by completing additional drilling at the site and a cash payment
- Culpeo has already drilled the Peta 1 and Diego prospects at Las Petacas, with plans to drill Diego East and Far East prospects next
- Shares in CPO are trading steady at 16.5 cents each
Culpeo Minerals (CPO) has increased its holding in the Las Petacas Copper Project in Northern Chile to 66 per cent.
The company announced on Thursday it had increased its stake in the copper asset by 8 per cent after satisfying certain conditions of the earn-in agreement.
In particular, CPO completed 2741 meters of drilling and paid US$100,000 (A$138,600) to the owner.
CPO can earn a 75 per cent interest in Las Petacas through another 3259 metres of extra drilling and paying US$350,000 (A$485,110).
The materials stock also has the option to earn an 85 per cent stake in the project by completing 5000 metres of additional drilling and paying US$500,000 (A$693,010).
Culpeo has already drilled the Peta 1 and Diego prospects at the site, where it confirmed the presence of broad zones of copper-gold mineralisation in all holes.
CPO said the majority of the 6-kilometre copper mineralised trend remains untested, with drilling to now focus on the Diego East and Far East prospects.
Managing Director Max Tuesley said there was a lot of work planned for the asset.
“We are pleased to have completed this phase of our earn-in agreement for the Las Petacas Project in Chile,” he said.
“The increase in Culpeo’s ownership underpins our belief of the potential of Las Petacas to host copper mineralisation in the world class Atacama IOCG region.
“Drilling at Las Petacas is continuing into 2022 aiming to delineate additional copper-gold
mineralisation within this extensive and highly prospective tenement package.”
Shares in CPO were trading steady at 16.5 cents each at 12:06 am AEDT.
