Culpeo Minerals Limited announced significant visible copper mineralization has been intersected over 170m in the second hole of the Phase 2 exploration program at its Lana Corina Project (the "Project") in Chile. The second hole of the Phase 2 drilling program (CMLCD011) was drilled 100m south of the main Lana Corina mineralized system and targeted the recently identified T10 geophysical anomaly where historic drilling had intersected 207m @ 0.41% Cu and 124ppm Mo in drill hole LCD-13. CMLCD011 intersected significant visual copper sulphide mineralization over an interval of 170m, from 280m to 450m downhole. It is interpreted that the high-grade copper and molybdenum mineralization encountered in CMLCD011 represents a new, fifth mineralized zone discovered at Lana Corina and is coincident with the recently defined T10 geophysical anomaly. Mineralization has now been extended 100m south of the main Lana Corina mineralized zone and is open up-dip and to the south. Previous ground magnetic surveys at the Project indicate that the Lana Corina mineralization is associated with magnetite destructive alteration (magnetic lows) and hosted within structural corridor 1,000m long and 400m wide. The Company has identified 13 near surface magnetic low targets and surface mapping has indicated the presence of copper mineralization and breccias at surface at several of these targets. At the T10 target, breccias were mapped and it is below this surface position that hole CMLCD011 has intersected copper and molybdenum mineralization.
The Phase 2 drilling is planned to consist of 9-10 holes totaling 5,000m of drilling to systematically explore and define mineralization at Lana Corina, aiming to increase the size of the copper and molybdenum mineralized footprint already defined. Drilling is focused on expanding high-grade copper mineralization, testing near surface breccia targets and initial drill testing of district geophysical targets. To maximize the outcomes of the Phase 2 drilling program, Culpeo's field team has recently completed a detailed core re-logging and geological modeling exercise to better understand the controls on copper mineralization in the Lana Corina system. Results of the relogging program indicate that the Company's exploration model of a substantial fertile magma chamber driving the near surface high grade mineralization is appropriate. These technical studies have also helped to identify the potential size of the mineralized system at Lana Corina and will assist in defining the location of the heat source responsible for copper mineralization and vectoring towards additional mineralization. The results of the Phase 2 drilling program, together with the exceptional Phase 1 results, will build upon the understanding of this newly discovered, significant copper system at Lana Corina.