Culpeo Minerals (ASX:CPO) is planning to kick off a 4-hole diamond drilling program later this month at the El Quillay North prospect within its Fortuna Project in Chile.
It comes after the company uncovered a ‘high-grade’ copper trend in the area.
Drill pads have been constructed at El Quillay, with the first hole planned to be initiated in the coming days.
Culpeo says recent rock chip samples from the area returned grades of up to 5.37% copper, and 50% of the samples returned above 2% copper, which demonstrates Fortuna as having the potential for ‘significant’ metal endowment.
Culpeo reports the most ‘significant’ results include sample 8615 with 5.37% Cu, sample 8609 with 4.48% Cu, and sample 8626 with 4.6% Cu.
The rock chip samples were taken from several newly defined mineralised structures across the company’s Lucero prospect within the Fortuna Project.
Culpeo Minerals Managing Director Max Tuesley says: “When combined with the company’s highly encouraging exploration results at Piedra Dura and Vava Muerta prospects, we are quickly defining a series of high-potential copper and gold drill targets across the Fortuna Project area, the first of which will be tested in November 2023.”
“we are quickly defining a series of high-potential copper and gold drill targets across the Fortuna Project area”
The Fortuna Project lies 10km north of Lana Corina and comprises 5 prospects: the La Florida, El Quillay, Vaca Muerta, Piedra Dura, and Lucero prospects.
Culpeo Minerals is a copper explorer and developer with assets in Chile. The company is focused on its recently acquired Lana Corina and Fortuna projects, which sit in the Coquimbo region.
As of 30 September 2023, the company had $230,000 cash and cash equivalents at hand and $2.725 million in unused finance facilities, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Culpeo Minerals