The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Culpeo Minerals (CPO) shares have skyrocketed after intersecting high-grade copper mineralisation at its Lana Corina Project in Chile
  • Results come from hole three which was designed to test the deeper extension of the mineralisation and intersected up to 1.05 per cent copper and 1367ppm molybdenum
  • Five holes have been drilled to date under the company’s maiden drilling program with results received for three
  • Logging and sampling is underway at hole five with the results expected to be reported on in due course
  • Culpeo is up 81.3 per cent on the market with shares trading at 29 cents at 10:42 am AEST

Culpeo Minerals (CPO) has intersected high-grade copper mineralisation at its Lana Corina Project in Chile.

Results come from diamond hole CMLCD003 which was designed to test the deeper extension of the high-grade mineralisation and continuity of the mineralisation below the breccia pipes.

It intersected 173 metres at 1.05 per cent copper and 50 parts per million (ppm) molybdenum from 313 metres at 85 metres at 1367ppm molybdenum and 0.07 per cent copper from 486 metres.

Results have now been received for holes CMLCD001, CMLCD002 and CMLCD003 which form part of Culpeo’s maiden drill program at Lana Corina to test high-grade copper mineralisation.

Nine diamond holes, for 4000 metres, have been planned with five holes, for 2300 metres, drilled to date.

Hole CMLCD001 intersected 104 metres at 0.74 per cent copper and 73ppm molybdenum from 155 metres while hole CMLCD002 intersected 257 metres at 0.95 per cent copper and 81ppm molybdenum from 170 metres.

Drilling also intersected a broad zone of high-grade molybdenum mineralisation, highlighting the presence of a deeper mineralised source.

Logging and sampling is underway at hole CMLCD005 with the results expected to be reported on in due course.

“This intersection in CMLCD003 confirms that the high-grade copper and molybdenum mineralisation which occurs within the near surface breccia hosted mineralisation at Lana Corina extends to depth,” Managing Director Max Tuesley said.

“The intersection of 173 metres of copper mineralisation at a grade of 1.05 per cent copper is the highest-grade intercept to date from the ongoing drilling program.”

“Additionally, adjacent to this high-grade copper mineralisation we are seeing significantly elevated molybdenum that likely indicates the presence of a deeper mineralised source, associated with the dioritic intrusives that host the breccia system and adds significant exploration potential.”

Culpeo was up 81.3 per cent on the market with shares trading at 29 cents at 10:42 am AEST.

CPO by the numbers
More From The Market Online
The Market Online Video

Market Close: ASX has a red sector day on reports of Israeli strikes on Iran

The ASX200 has seen red, closing down 0.98% as reports of Israel launching retaliatory attacks on Iran ripped through global markets on …

Week 15 Wrap: USA uncertain, ECB shrugs at the Fed & gold, gold, gold

Depending on what interests you more, there were two big stories this week for the international…

Week 16 wrap: VIX jumps; IMF eyes US debt; Oz CPI & Mag7 reports next week

Uncertainty reigns, and not just because Israel has reportedly attacked Iran. The VIX hitting a six…

Strike pins hopes on seismic show to brighten Perth Basin prospects

Strike Energy has started two rounds of seismic exploration in the Perth Basin, with the first…