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Highlights
- Culpeo recently agreed to acquire up to 80% of the Lana Corina Project.
- Today, the company shared that drilling is underway at its Lana Corina Project in Chile.
- On the back of the news, the company's shares ended 104% higher today at AU$0.255 apiece.
- However, its intraday high was AU$0.45 per share.
Culpeo Minerals Limited (ASX:CPO) shares exploded today as the company shared that drilling is underway at its Lana Corina Project in Chile.
On the back of the news, the company's shares last traded 104% higher today (30 March 2022) at AU$0.255 apiece. Culpeo’s stock, on the other hand, was trading for AU$0.45 at its intraday high, marking a 260% from its previous close.
Culpeo recently (21 March 2022) entered into an agreement to acquire up to 80% of the Lana Corina Project.
What is Copper and what is its strategic importance ?
Culpeo initiated a maiden drilling programme at Lana Corina on 23 March 2022, immediately after gaining rights to up to 80% of the Project. The goal was to test high-grade copper mineralisation that outcrops at the surface. The first eight holes in the 4,000-meter diamond drilling programme are aimed at high-grade copper mineralised zones hosted by breccia and porphyry.
Lana Corina Drilling Program
Lana Corina is about 350 kilometres north of Santiago, along the coastal belt of Chile's Coquimbo region. The community of Soruco lies 2 kilometres north of the location, while Combarbala is 18 kilometres south.
Also Read: Tempest Minerals (ASX:TEM) soars 217% on new copper sulphide discovery at Meleya
Lana Corina is part of a northeast-southwest oriented structural zone having a strike length of over 1,000 metres and a width of up to 400 metres.
At Lana Corina, high-grade copper mineralisation is linked to three known copper-bearing breccia pipes that occur in the upper levels of a major copper-bearing porphyry system. The high-grade breccia pipes discovered outcrop at the surface and extend to a vertical depth of over 200m, where porphyry-hosted stockwork and sheeted vein-style mineralisation continue deeper.
Source: © Tomas1111 | Megapixl.com
What does Culpeo do?
Culpeo Minerals is a copper exploration and development business based in Chile, the world's largest copper producer. In Chile's coastal Cordillera region, the company explores and develops high-grade copper systems.
The company has two additional assets. One is the Las Petacas Project, located in the Atacama Fault System near the world-class Candelaria Mine. Another is the Quelon Project, located in the Province of Illapel, region of Coquimbo, 240 kilometres north of Santiago and 20 kilometres north of Illapel's regional centre.
Bottom line
The company intend to increase shareholder value by investing in the acquisition, discovery, and development of mineral properties with high-grade, near-surface copper mineralisation.
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