Culpeo Minerals : intersects 173m @ 1.05% copper

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6 June 2022

CULPEO MINERALS INTERSECTS 173 METRES @ 1.05%

COPPER IN DRILLING AT LANA CORINA PROJECT, CHILE

Highlights

• Assays have been received from the 3rd drillhole at the Lana Corina Copper Project in Chile
• CMLCD003 intersects wide high-grade zone of copper mineralisation (Figure 1 and 2)

• 1. 173m @ 1.05% Cu and 50ppm Mo (313 to 486m)
• High-grademolybdenum zone intersected:
• 1. 85m @ 1,367ppm Mo and 0.07% Cu (486 to 571m)
• Continuity of mineralised system confirmed at depth and remains open

Figure 1: Long section view, looking north-west (section B-B' +/- 100m) showing recent high-grade intercepts.

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Culpeo Minerals Limited (Culpeo or the Company) (ASX:CPO) is pleased to announce that recent drilling has intersected high-grade copper mineralisation of 173m @ 1.05% Cu at its Lana Corina Project (the Project) in Chile, confirming the continuity of mineralisation at depth. The drilling also intersected a broad zone of high-grade molybdenum mineralisation which highlights the presence of a deeper mineralised source of the base metal system at the Project and provides new targets for exploration.

Culpeo Minerals' Managing Director, Max Tuesley, commented:

"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. The intersection of 173 metres of copper mineralisation at a grade of 1.05% Cu 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".

Figure 2: Plan view showing position of drillholes and targeted breccia units (Datum PSAD56 / UTM 19S).

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Diamond drillhole CMLCD003, designed to the test the deeper extension of high-grade mineralisation and continuity of mineralisation below the breccia pipes, has intersected significant copper and molybdenum mineralisation including 173m @ 1.05%Cu and 50ppm Mo from 313m and a deeper zone of 85m @ 1,367ppm Mo and 0.07% Cu from 486m (Figure 1 and 2). The results of the drilling confirm that significant mineralisation continues below the known breccia pipes and mineralisation remains open at depth and along strike in multiple directions.

The deeper high-grade intercept of molybdenum rich mineralisation is particularly important as this style of mineralisation has not previously been intercepted at the Project and highlights the potential for additional mineralisation to be located southwest of the main Lana-Corina-Laura ore zone.

Lana Corina Drilling Program

Upon securing rights for up to 80% of the Project (ASX Announcement 21 March 2022), Culpeo began a maiden drilling program at Lana Corina to test high-grade copper mineralisation which outcrops at surface. Lana Corina is associated with a northeast trending structural zone with >1,000m of strike and up to 400m wide. The initial 4,000m diamond drilling program comprises 9 holes targeting breccia and porphyry hosted high-grade copper mineralised zones. To date the company has completed 5 holes for 2,300m.

Assay results have now been reported for diamond drillholes CMLCD001, CMLCD002 and CMLCD003 (ASX Announcements 2 May 2022 and 11 May 2022), all of which have returned significant copper grades over wide intervals.

• CMLCD001 - 104m @ 0.74% Cu, 73ppm Mo from 155m; and
• CMLCD002 - 257m @ 0.95% Cu, 81ppm Mo from 170m.

The mineralisation encountered to date is associated with outcropping breccia hosted mineralisation and deeper high-grade porphyry hosted mineralisation. Significant potential exists to expand the mineralised zone with multiple targets identified via a high-resolution ground magnetics survey (ASX Announcement 18 May 2022) and at depth to the south given the results of CMLCD003.

Drillcore logging and sampling is currently being undertaken on CMLCD005 and the results of this work will be reported in due course.

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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.

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Competent Person's Statement

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.