Culpeo Minerals : identifies compelling geophysical targets at Quelon

19 April 2022

CULPEO MINERALS IDENTIFIES COMPELLING GEOPHYSICAL TARGETS AT QUELON AND EARNS INITIAL 10% INTEREST

Culpeo Minerals Limited (Culpeo or the Company)(ASX: CPO) is pleased to advise that recent induced polarisation geophysical surveys at the Quelon Project (Quelon or the Project) in Chile, have identified several anomalous zones with large footprints of up to 1,000m x 500m. The zones are potentially related to iron-oxide-copper-gold (IOCG) style mineralisation and offer compelling targets for the Company to pursue.

The completion of the surveys satisfies certain conditions of the Earn-In Agreement1 (the Agreement) in respect of the Project resulting in the Company acquiring an initial 10% interest. Pursuant to the Agreement, Culpeo has the right to earn an 85% interest in the Project.

Highlights

• ▪ Several large anomalous zones identified by induced polarisation geophysical surveys at Quelon, potentially related to IOCG mineralisation.

• ▪ Anomalous zones have large footprints up to 1,000m x 500m and are supported by prior remote sensing and field mapping.

• ▪ Three zones represent compelling, high-priority drill targets.

• ▪ Follow-up work, including mapping and sampling, underway to refine drill targets.

• ▪ Culpeo has earned an initial 10% interest in the Project and has the right to earn an 85% interest.

Culpeo Minerals' Managing Director, Max Tuesley, commented:

"Following the recently completed PDIP survey at Quelon, Culpeo has successfully earned 10% interest in the Project. The geophysical survey has identified several anomalous zones which have the potential to be related to IOCG-style mineralisation. Three of the zones are considered to offer compelling drill targets, which is an excellent result given the early stage of the Project. These results provide additional evidence of the prospectivity of Quelon to host significant copper-gold mineralisation and we are looking forward to commencing a maiden drill program at the Project during 2022."

1For further details on the Quelon earn-in agreement, refer to Culpeo Minerals Limited Prospectus dated 23 June 2021.

Quelon Geophysical Program

Culpeo commissioned Quantec Geoscience South America (Quantec) to complete pole-dipole induced polarisation (PDIP) surveys at the Quelon Project during December 2021 (Figure 1). The survey was designed to follow-up preliminary prospecting and geophysical and remote sensing surveys undertaken by Culpeo.

Five NNE-SSW oriented PDIP survey lines were completed at the Anico Prospect, which is considered to be prospective for Cu-Au mineralisation. The survey lines optimised coverage across a WNW-ESE striking trend characterised by a high magnetic response and a high-amplitude chargeability anomaly defined in a 2018 IP survey data. A single E-W oriented PDIP survey line (L10370) was completed in this area to assess IP responses associated with the western portion of the magnetic anomaly high.

Figure 1: 2018 PDIP survey lines (red lines), chargeability anomalies (red and yellow shaded polygons) and 2021 PDIP survey (black lines).

A single PDIP survey line (L12220) was completed at the La Tabita Prospect, which hosts small-scale copper workings, to cover an interpreted NW-SE striking trend delineated by a moderate amplitude chargeability anomaly. This anomalous IP trend is supported by other datasets, including ASTER/LANDSAT images filtered to highlight hydrothermal alteration zones, ground-based magnetics, and geological mapping.

A single PDIP survey line (L14920) was completed at the La Despreciada Prospect to infill over a high-amplitude IP anomaly defined by 2018 PDIP surveys and to cross the centre of a magnetic anomaly low which may represent hematite alteration that is commonly associated with copper mineralisation.

Three Compelling Targets Identified

Three significant PDIP anomaly targets, potentially related to IOCG or porphyry style hematite and sulphide mineralisation, have been identified at the Anico, La Despreciada, and La Tabita Prospects. The Anico prospect area is considered to have the greatest prospectivity for IOCG or porphyry style mineralisation, due to the elevated chargeability anomalies, proximity magnetic anomaly highs, and mapped alteration in outcrop (Figures 2 and 3).

Detailed field mapping of key prospect and PDIP target areas has been prioritised, and drill hole planning will soon follow. It is anticipated that a drill rig will be mobilised to Quelon once the current drilling program at the Company's Lana Corina copper-gold project is completed.

Figure 2: Filtered ground magnetic intensity anomaly image and contours for the Anico Prospect, overlain with 2018 and 2021 PDIP survey line locations and the outline of a high-amplitude chargeability target response projected to surface.

Figure 3: Chargeability inversion model cross section for PDIP data acquired along survey line L9490N at the Anico

Prospect showing a strong anomaly for high priority drill targeting.

This announcement has been authorised by the Board of Directors of Culpeo Minerals Limited.

COMPANY	MEDIA/INVESTORS
Max Tuesley	Peter Taylor
Managing Director	NWR Communications
E:[e-mail]	E:[e-mail]
P: [phone]	P: [phone]

About Culpeo Minerals Limited

Culpeo Minerals is a copper exploration and development company with assets in Chile, the world's number one

copper producer. The Company is exploring and developing high grade copper systems in the coastal Cordillera region of Chile.

The Company has recently acquired the Lana Corina Project situated in the

Coquimbo region of Chile, where near surface breccia hosted high-grade copper mineralisation offers walk up drilling targets and early resource definition potential.

The Company has two additional assets, the Las Petacas Project, located in the Atacama Fault System near the world-class Candelaria Mine. Historic exploration has identified significant surface mineralisation with numerous outcrops of high-grade copper mineralisation which provide multiple compelling exploration targets. The Quelon Project located 240km north of Santiago and 20km north of the regional centre of Illapel, in the Province of Illapel, Region of Coquimbo. Historical artisanal mining has taken place within the Quelon Project area, but modern exploration in the project area is limited to rock chip sampling and geophysical surveys.

Culpeo Minerals has a strong board and management team with significant Chilean country expertise and has an excellent in-country network. All these elements enable the company to gain access to quality assets in a non-competitive environment. We leverage the experience and relationships developed over 10 years in-country to deliver low cost and effective discovery and resource growth.

We aim to create value for our shareholders through exposure to the acquisition, discovery and development of mineral properties which feature high grade, near surface copper mineralisation.

Competent Persons' Statements

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Maxwell Donald Tuesley, BSc (Hons) Economic Geology, MAusIMM (No 111470). Mr Tuesley is a member of the Australian Institute of Mining and Metallurgy and is a shareholder and Director of the Company. Mr Tuesley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Tuesley consents to the inclusion in this report of the matters based on this information in the form and context in which it appears

The information in this report that relates to Geophysical Results is based on information compiled by Nigel Cantwell. Mr Cantwell is a Member of the Australian Institute of Geoscientists (AIG) and the Australian Society of Exploration Geophysics (ASEG). Mr Cantwell is a consultant to Culpeo Minerals Limited. Mr Cantwell has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources & Ore Reserves. Mr Cantwell consents to the inclusion in this report of the matters based on this information in the form and context in which it appears

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