Culpeo Minerals : intersects 104m @ 0.74% copper at Lana Corina

2 May 2022

CULPEO MINERALS INTERSECTS 104 METRES @ 0.74%

COPPER AT LANA CORINA, CHILE

Culpeo Minerals Limited (Culpeo or the Company)(ASX:CPO) is pleased to report multiple zones of copper mineralisation have been identified in first assays received from the current drilling program at the Lana Corina Copper Project (Lana Corina or the Project) in Chile. The current drilling program seeks to confirm the presence of copper mineralisation in near-surface breccia pipes which are part of a vertically extensive copper porphyry system.

Highlights

•  First assays have been received from drilling at the Lana Corina Copper Project in Chile.

•  CMLCD001 intersects two wide zones of copper mineralisation (Figure 1)

  • o 104m @ 0.74% Cu and 73ppm Mo (155 to 259m)

  • o 87.2m @ 0.57% Cu and 51ppm Mo (296.8 to 384m)

•  Sampling of second hole CMLCD002 is now complete and assay results are expected in 2 weeks

•  Drilling is ongoing on the planned 9 hole program, totalling at least 4,000m

•  Ground magnetic survey has commenced

Culpeo Minerals' Managing Director, Max Tuesley, commented:

"We are excited to report these excellent initial intersections from the first drillhole of the exploration program at Lana Corina. The results from drill hole CMLCD001 are significant - especially given the consistency of the mineralisation over such wide intervals and underscore the very compelling upside of the Project.

These assay results highlight that the Company has now clearly identified a potentially significant copper deposit at Lana Corina, in which we are earning an 80% interest. We are currently drilling the third drillhole of the nine hole program and look forward to reporting additional assay results in due course.

The Company has also commenced a detailed ground magnetic survey to help map and determine the scale of the alteration zone peripheral to the known mineralisation at Lana Corina with the aim of improving drillhole planning."

Technical Discussion

Assay results have been received for diamond drillhole CMLCD001, which was designed to test copper mineralisation in the near surface breccia pipes at Lana Corina and the deeper vertically extensive porphyry copper system. Two zones of mineralisation were encountered in the drillhole (Figure 1), with copper mineralisation in the upper part of the hole associated with breccias and disseminatedstyle mineralisation (Figure 2) and in the lower zone the copper is present as veining and disseminations occasionally associated with molybdenum mineralisation.

Figure 1: Sectional view (looking North) of Lana Corina with the location of drillholes CMLCD001 and CMLCD002 showing recently returned assay results and observed visible sulphides, historical drill intercepts and copper grade contours.

Results for CMLDC002 are based on visual inspection only and have not been assayed.

Figure 2: High grade mineralisation styles identified in drillcore from CMLCD001.

Lana Corina Drilling Program

Lana Corina is located in the coastal belt, Coquimbo region of Chile, approximately 350km north of Santiago. The village of Soruco is located 2km north of the site and the town of Combarbala is 18km to the south.

Lana Corina is associated within a northeast-southwest orientated structural zone with >1,000m of strike and up to 400m wide. High grade copper mineralisation at Lana Corina is associated with threeknown copper bearing breccia pipes occurring in the upper levels of a large copper bearing porphyry system. The high-grade breccia pipes identified to date, outcrop at surface and extend to a vertical depth of over 200m at which point porphyry hosted, stockwork and sheeted vein style mineralisation extends deeper.

Immediately after securing rights for up to 80% of the Project, Culpeo began a maiden drilling program (Figure 3) at Lana Corina to test high-grade copper mineralisation which outcrops at surface. The initial 4,000m diamond drilling program comprises 9 holes targeting breccia and porphyry hosted high-grade copper mineralised zones.

Figure 3: Plan view of drilling program collars, showing position of CMLCD001, CMLCD002, CMLCD003 and targeted breccia units.

Next Steps

The second hole of the program CMLCD002 has now been sampled and assay results are expected in the next two weeks. A ground magnetic survey covering the Project area is in progress and this survey is expected to be completed in mid-May 2022.

Hole CMLCD003, the third hole of the program is underway (Figure 3 and 4), this hole is designed to test the lateral extent and potential scale of the mineralised system at Lana Corina.

Figure 4: Long section view, looking west, showing position of CMLCD001, CMLCD002, CMLCD003 and targeted breccia units. Results for CMLDC002 are based on visual inspection only and have not been assayed.