Culpeo Minerals reports promising copper mineralisation results at its Fortuna Project and announces key leadership changes, positioning the company for an active 2025 exploration season.
- Significant copper mineralisation up to 46m at 0.90% CuEq at El Quillay South
- Phase 1 trenching reveals high-grade copper zones including 6m at 3.21% CuEq
- Ongoing exploration with site clearance for drilling at Vista Montana and Phase 2 trenching at El Quillay South
- Successful equity placement raising A$2.15 million, with A$620k received in the December quarter
- Appointment of Geoff McNamara as Interim Executive Chairman amid management transition
Exploration Breakthroughs at Fortuna Project
Culpeo Minerals Limited (ASX:CPO) has delivered encouraging exploration results from its Fortuna Project in Chile, highlighting the El Quillay South prospect as a focal point. The recent systematic trenching program has uncovered copper mineralisation extending over a 2-kilometre strike length, with widths reaching up to 46 metres at 0.90% copper equivalent (CuEq). Notably, high-grade intervals of 6 metres at 3.21% CuEq were identified, underscoring the prospect's potential for economic extraction.
The mineralisation appears to be structurally controlled, with wider copper zones near the hangingwall and higher-grade gold zones within the footwall. These findings not only expand the known mineralised footprint but also define new drill targets, with mineralisation remaining open to the south, suggesting further upside potential.
Advancing Exploration Across Multiple Fronts
Beyond Fortuna, Culpeo is progressing detailed mapping, sampling, and trenching at its Lana Corina and Vista Montana projects. These efforts aim to refine targets ahead of planned drilling campaigns in the first quarter of 2025. Site clearance is already underway at Vista Montana, while Phase 2 trenching continues at El Quillay South. Additionally, a litho-geochemistry survey is in progress at the La Florida prospect, complemented by reconnaissance exploration across high-priority areas within Fortuna.
Corporate Developments and Financial Position
On the corporate front, Culpeo has appointed Geoff McNamara as Interim Executive Chairman following the departure of Managing Director Max Tuesley. McNamara, a co-founder and major shareholder with three decades of resource sector experience, brings continuity and strategic oversight during this transitional phase.
Financially, the company completed a two-tranche equity placement raising approximately A$2.15 million, with A$620,000 received in the December quarter. Culpeo ended the period with nearly A$1 million in cash and no debt, having spent A$290,000 on exploration activities during the quarter. The company also aligned its financial year end to 31 December to better synchronize with its Chilean operations and budgeting cycles.
Looking Ahead
With promising trenching results and a well-funded exploration pipeline, Culpeo is poised for an active 2025. The upcoming drilling programs at Vista Montana and El Quillay South will be critical in testing the extent and grade of mineralisation, potentially unlocking significant value for shareholders. Meanwhile, the leadership transition will be closely watched for its impact on strategic direction and operational execution.
Bottom Line?
Culpeo’s strong trenching results and fresh leadership set the stage for a pivotal exploration year ahead.
Questions in the middle?
- How will the Phase 2 trenching and upcoming drilling at El Quillay South influence resource estimates?
- What strategic priorities will Interim Executive Chairman Geoff McNamara pursue during the management transition?
- How might the change in financial year end affect reporting transparency and investor engagement?