Culpeo widens Chile copper campaign as new drilling targets emerge

Drilling expands while funding tightens

Culpeo Minerals Limited (ASX:CPO, OTCID:CPORF) has spent the September quarter broadening its copper exploration campaign in Chile, but the more immediate corporate issue is financial: the explorer ended the period with A$1.353 million in cash and estimated funding of just 1.4 quarters.

The company says quarterly outflows were elevated by drilling, geophysics and annual concession payments, and does not expect those costs to recur at the same level in the coming quarter. It is nevertheless “actively progressing plans to undertake an equity capital raising” to fund working capital and ongoing exploration, while noting that completion will depend on market conditions and investor support.

Vista Montana tests the Lana Corina corridor

At the Lana Corina project, Culpeo commenced a four-hole, 2,000-metre maiden diamond drilling programme at Vista Montana, about 1 kilometre north-east of the Lana Corina discovery. The campaign is designed to test the continuity and scale of interpreted copper-molybdenum mineralisation, including a planned 600-metre hole targeting a large demagnetised zone interpreted as consistent with porphyry-style mineralisation.

“Lana Corina magnetic data image projected long section highlighting porphyry target areas and including the planned drill area at Vista Montana and planned drill trace of…”

“Drilling of CMVMD001 at Vista Montana”

Caption and image © Culpeo Minerals Limited. From “Quarterly Activities Report”, 30 Oct 2026.

The programme follows the company’s Vista Montana drilling launch, which began a four-hole campaign and used IP surveying to refine targets. During the latest quarter, access negotiations were resolved, allowing drilling to proceed, while IP surveys were completed across Lana Corina and Vista Montana.

El Quillay South returns narrow copper-gold zones

At the Fortuna project, two of four planned El Quillay South holes had been completed by quarter-end for 506 metres. Assays from CMQD004 produced several mineralised intervals, including 5.5 metres at 0.28% copper and 0.16 grams per tonne gold, with a higher-grade 1.9-metre section at 0.76% copper and 0.65g/t gold.

Other reported intersections included 0.6 metres at 1.61% copper and 0.10g/t gold, and a 0.5-metre interval at 1.13% copper and 1.02g/t gold. These are individual drill intersections from one hole, rather than a resource estimate; assays for CMQD005 and further drilling remain outstanding.

IP anomalies create two further Fortuna targets

“Surface rock chip samples on geological background over both drill target areas (from announcement dated 18 August).”

Culpeo also identified two priority chargeability anomalies at El Quillay North and El Quillay West through a 24-line-kilometre IP survey. The North response extends approximately 500 metres by 200 metres, including a stronger 300-metre by 200-metre zone, while the West anomaly forms a discrete 300-metre by 300-metre response.

Both anomalies coincide with surface copper mineralisation and alteration, including previously reported rock-chip results above 1% copper. Culpeo has planned one 250-metre hole at each target, extending the company’s Fortuna IP target campaign, which previously identified the North and West anomalies ahead of drilling.

Landholding grows as exploration spend accelerates

“Culpeo Minerals primary project areas including new concessions, showing significant drilling results8,9,10,11,12,13.”

The company added 24 exploration licences covering 2,809 hectares across Lana Corina and Fortuna, lifting its Chilean landholding by 45% to 9,033 hectares. That expanded footprint adds prospective ground around existing project areas, but it also carries an ongoing funding requirement.

Culpeo spent A$854,000 on exploration and evaluation during the quarter, alongside A$182,000 on tenements and A$142,000 in operating cash outflows. The quarter’s financing inflow included A$595,000 from an oversubscribed options entitlement issue, a transaction first launched through the oversubscribed options issue. With no debt and no unused financing facilities, the proposed capital raising is likely to be the practical bridge between the current drilling programme and the next phase of target testing.