Culpeo Minerals (ASX:CPO) will advance its portfolio of copper projects in the Coastal Cordillera of Chile following binding commitments for a placement to raise $3.02 million.
Proceeds will be primarily focused on developing the Lana Corina Project, where the company has scheduled up to 4,000m of maiden drilling at the Vista Montana prospect.
Unified Capital Partners and Euroz Hartleys have been retained as joint lead managers to the placement.
Follow up drilling will begin 1km along strike from Vista Mountain at the Lana Corina prospect, where previous intercepts include 454m at 0.93% copper equivalent from 90m.
Proceeds from the placement will also be allocated towards the Fortuna Project, where exploration drilling will target a porphyry copper gold system, and initial exploration costs of the Jupiter Project, including surveys of two copper geochemical anomalies measure up to 5km by 3km.
Site activities will begin immediately to prepare for drilling in June 2025.
The placement is delegated into two tranches, equaling to 303 million ordinary shares in the company, issued at $0.01 per share to raise $3.02 million. Tranche one aims to raise $540,000 through the issue of 54 million shares within Culpeo’s existing placement capacity. The remaining $2.48 million will be raised in tranche two via the issue of 248 million shares.
Interim Executive Chair Geoff McNamara says there is potential for an extensive linked system of high-grade copper, gold, and molybdenum mineralisation at the company’s Chile projects.
“Funds raised through this placement allow us to commence our maiden drilling program, at the previously untested Vista Montana Prospect and follow up drilling at our Lana Corina discovery,” McNamara says.
“We believe there is potential for a very large, linked system of high-grade copper, gold and molybdenum mineralisation waiting to be discovered.
“We also intend to drill test the compelling La Florida porphyry copper-gold target within our Fortuna Project, which extends over a substantial 1.7km strike length and has already returned high-grade mineralisation from surface sampling.”
Mining.com.au reported a spike in company shares following the discovery of a ‘substantial’ copper-gold porphyry system within the Fortuna Project in January last year, with sample grades of up to 3.96% copper and 2.61 grams per tonne gold.
Culpeo Minerals is a global copper producer, focused on the exploration and development of copper systems in Chile with a focus on ‘high-grade’ copper systems within Chile’s infrastructure-rich Coastal Cordillera.
Write to Maddison Elliott at Mining.com.au
Images: Culpeo Minerals
