Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to announce that it has increased its land package at the Fortuna Copper project by 2,250Ha to 4,025Ha further enhancing the Company’s district footprint.
- The Company has secured a large new tenement package in the highly prospective coastal metallogenic belt of Chile, hosting the recently acquired Fortuna Project.
- New tenement applications cover an area of 2,250 Hectares and have been filed with the Chilean Judicial Authority (Civil Court), the authority responsible for the granting new tenements.
- Low total application cost of A$16,300.
- Reconnaissance mapping and geochemical sampling to commence immediately.
Figure 1: Fortuna Copper Project tenure, showing new tenement application to the east (refer to ASX announcement 7 August 2023).
Culpeo Minerals’ Managing Director, Max Tuesley, commented:
“We are delighted to have secured this tenement package on the eastern boundary of our Fortuna Copper Project. These exploration tenements further enhance our district footprint with 2,250 hectares of highly prospective ground that is known to host copper mineralisation.”
“We know the same regional structures that host mineralisation at Vaca Muerta and El Quillay extend southeast into this area, so the lithological and structural setting is highly prospective.”
“Given the prospectivity we see here, our team believes that this significantly enhances the already substantial potential at Fortuna. We intend to immediately start exploring this area, as part of our overall strategy to explore the Fortuna Project and discover multiple shallow, high-grade copper deposits. The expanded Fortuna Project along with the recent Lana Corina Copper-Molybdenum discovery, only 10 km’s to the south underpins Culpeo’s district copper strategy”.
PROPSPECTIVITY OF NEW TENEMENTS
The new tenement area (2,250 ha) contains numerous historic shafts and small-scale mining sites, that have exploited the surface mineralisation (Figure 2). The lithological and structural setting is similar to the known copper occurrences at Fortuna, but has not been subject to modern exploration.
A preliminary geological assessment of the surface geology in the new tenure area has identified the presence of similar lithologies and alteration types that are observed at Fortuna and Lana Corina indicating that the area is highly prospective for hosting the high- grade copper mineralisation that we know exists in the district.
Mapping and targeted geochemical sampling will be used to define targets to be drilled. As is the case at the Lana Corina and Fortuna Projects, these new exploration tenements are accessible via paved roads, facilitating cost-effective and rapid exploration.
Figure 2: Numerous historic shafts and small-scale mining operations exist on the new tenement package.
The Fortuna Project tenements are located 10km north of Lana Corina and consist of four additional groups of prospects: La Florida, El Quillay, Vaca Muerta and Piedra Dura. Extensive outcropping copper mineralisation and historic mining operations are present throughout the project area.
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