High-Grade Copper Assay Results from Vista Montana
Released
Released
Announcement PDF
ASX A NNOUNCEM EN T
27 MAY 2024
ASX:CPO OTCQB:CPORF
HIGH-GRADE COPPER ASSAY RESULTS IN ROCK CHIP
SAMPLES FROM VISTA MONTANA
Culpeo Minerals Limited (Culpeo or the Company) (ASX:CPO, OTCQB:CPORF) is pleased to
announce strong copper assay results from its Vista Montana Prospect where sampling
programs have confirmed the presence of a large, at surface, copper bearing system (Figure
1). The Vista Montana Prospect forms part of the Lana Corina Project1 in Chile.
HIGHLIGHTS
• Reconnaissance rock-chip samples collected at the Vista Montana Prospect return
high-grade results, of up to 2.62% Cu (Figure 1).
• Sample results define an area of anomalous copper 1km-long by 400m wide.
• Results to be followed up with geological mapping and further systematic sampling.
• Drilling continues at Lana Corina within the >3km prospective corridor which hosts
the Vista Montana and Lana Corina prospects (Figure 2).
Culpeo Minerals’ Managing Director, Max Tuesley, commented:
“Our exploration strategy at Vista Montana focuses on areas where major structures intersect
the interpreted prospective intrusive centres and where outcropping copper mineralisation has
been mapped.
Achieving such high-grade copper results from first-pass surface sampling over a 1km-long by
400m area is an extremely promising outcome. We will continue to refine our exploration
model with the addition of further sampling and mapping to develop targets for the first phase
of drilling at the Vista Montana Project.”
PAGE |1
CULPEOMINERALS.COM.AU
info@culpeominerals.com.au
Level 48, 152-158 St Georges Terrace, Perth WA 6000
61 (8) 6311 9160
ASX ANNOUNCEMENT 27 MAY 2024
Figure 1: Plan view of Vista Montana highlighting grades up to 2.62% Cu from surface sampling results.
SAMPLING RESULTS
The Vista Montana surface sampling programme included 54 samples, which identified
outcropping copper-mineralisation in close proximity to interpreted major geological structures,
coinciding with the recognition of possible porphyry intrusive centres (Figure 1). Results confirm
a 1km-long by 400m-wide, copper bearing sheeted vein swarm, with grades of up to
2.62% Cu returned from multiple copper-quartz veins.
The orientation of the sheeted veins is conformable to the overall northeast direction of
the Lana Corina – Vista Montana mineralised corridor (>3km) and indicates a strong link
between the two prospect areas. The mineralised host rocks consist of porphyry intrusives,
similar to those observed at Lana Corina, within highly altered volcanic lithologies. A full table of
results is attached in Appendix B.
PAGE | 2
CULPEOMINERALS.COM.AU
ASX ANNOUNCEMENT 27 MAY 2024
VISTA MONTANA PROJECT
The Vista Montana Prospect is located 1km north-east of Lana Corina and is hosted within the
same regional mineralised corridor2,3,4. The copper-bearing sheeted vein system and associated
stock-work breccia zones at Vista Montana, supports the Company’s exploration model that
Lana Corina-style mineralisation could be present at shallow levels below outcropping
mineralisation in the area.
Figure 2: Plan view of the Lana Corina Project with location of Vista Montana and Lana Corina Prospects 5,6,7.
Following the generation of multiple exploration targets at Vista Montana from a recently
completed geochemical survey8, the Company initiated an additional detailed mapping
programme over the area.
Mapping identified an extensive network of copper-bearing sheeted veins covering an area of
400m x 300m, which possibly related to porphyry intrusive centres previously identified in the
area6.
Proximal to the sheeted vein system, a large stockwork alteration zone and an associated breccia
zone 400m x 400m in size have been observed. These breccias are highly silicified and contain
significant copper mineralisation in the form of chalcopyrite4.
Follow up geological mapping and additional systematic sampling is planned for the coming
months, to aid drill targeting.
PAGE | 3
CULPEOMINERALS.COM.AU
ASX ANNOUNCEMENT 27 MAY 2024
Figure 3: Defined targets over >3km of strike (background image is the VOXI 3D magnetic inversion model)and
showing location of Vista Montana relative to Lana Corina2,3.
ONGOING 2024 EXPLORATION PROGRAMMES
Multiple exploration programmes are ongoing at the Lana Corina and Fortuna Projects, with
the following key activities:
•
Drilling of new breccia targets at Lana Corina and extensions of mineralisation
associated with the deeper molybdenum rich cupola zone;
•
Submission of four sample batches to the laboratory (to date), with initial results
expected to be reported in early June; and
•
Ground based site reconnaissance of priority areas at the Fortuna Project based on
interpreted geophysical datasets (Pole-Dipole Induced Polarisation, ground
magnetics and remote sensing anomalies).
This announcement has been authorised by the Board of Directors of Culpeo Minerals
Limited.
COMPANY
Max Tuesley
Managing Director
E:max.tuesley@culpeominerals.com.au
P: +61 (08) 6311 9160
PAGE | 4
CULPEOMINERALS.COM.AU
ASX ANNOUNCEMENT 27 MAY 2024
ABOUT CULPEO MINERALS LIMITED
Culpeo Minerals is a copper exploration and development company with assets in Chile, the world’s
number one copper producer. The Company is exploring and developing high-grade copper systems
in the coastal Cordillera region of Chile.
The Company has made a new discovery at Lana Corina and has recently acquired the Fortuna
Project, which hosts a suite of promising exploration targets. Both projects are situated in the
Coquimbo region of Chile and contain significant outcropping high-grade copper mineralisation
which offers multiple walk-up drill targets.
Culpeo Minerals has a strong board and management team with significant Chilean country expertise
and has an excellent in-country network. All of these elements enable the Company to gain access
to quality assets in a non-competitive environment. We leverage the experience and relationships
developed over 10 years in-country to deliver low cost and effective discovery and resource growth.
We aim to create value for our shareholders through exposure to the acquisition, discovery and
development of mineral properties which feature high-grade, near surface copper mineralisation.
PAGE | 5
CULPEOMINERALS.COM.AU
ASX ANNOUNCEMENT 27 MAY 2024
COMPETENT PERSONS’ STATEMENTS
The information in this announcement that relates to Exploration Results is based on information
compiled by Mr Maxwell Donald Tuesley, BSc (Hons) Economic Geology, MAusIMM (No 111470). Mr
Tuesley is a member of the Australian Institute of Mining and Metallurgy and is a shareholder and
Director of the Company. Mr Tuesley has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which he is undertaking
to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Tuesley consents to the
inclusion in this report of the matters based on this information in the form and context in which it
appears.
The information in this announcement that relates to Geophysical Results is based on information
compiled by Nigel Cantwell. Mr Cantwell is a Member of the Australian Institute of Geoscientists
(AIG) and the Australian Society of Exploration Geophysics (ASEG). Mr Cantwell is a consultant to
Culpeo Minerals Limited. Mr Cantwell has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which he is undertaking
to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources & Ore Reserves. The Company confirms that it
is not aware of any new information or data that materially affects the historical geophysical results
included in the original report.
PAGE | 6
CULPEOMINERALS.COM.AU
ASX ANNOUNCEMENT 27 MAY 2024
APPENDIX A: JORC CODE TABLE 1 – LANA CORINA PROJECT
SECTION 1 SAMPLING TECHNIQUES AND DATA
Criteria
JORC Code explanation
Commentary
Sampling
techniques
Nature and quality of sampling (e.g. cut channels,
random chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down-hole gamma sondes, or
handheld XRF instruments, etc.). These examples should
not be taken as limiting the broad meaning of sampling.
•
2022 drillcore samples are collected usually at 1m
sample intervals, some smaller intervals if
geology warranted it. Assayed routinely for Cu,
Mo, Ag and Au by ALS laboratories in Chile.
•
Historic Drill core has been routinely assayed for
Cu, and to a lesser extent Mo, Ag and Au.
Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
•
Historic Drill samples were collected as either 1 m
or 2 m samples.
•
Half core sampling was undertaken for both the
2022 program and the historic drilling.
•
Ground Magnetic Data was collected using a
GEM GSM-19W Magnetometer, data were quality
checked by Quantec and geophysical consultants
in Perth, Australia, and were considered to be of
excellent quality.
•
Geochemical sampling was undertaken in an area
of 800 x 700 m for a sample spacing of 50 x 50 m
and sometimes 25 x 25 m. 192 samples were
extracted and 192 copper analyses and 70
molybdenum analyses were performed.
•
The 2023 geochemical survey was completed on
a 50mx100m grid with 321 samples taken, multielement analysis of the samples was undertaken.
•
Ground truthing and mapping is now in progress
to follow up the results of the geochemical
survey. Several areas of outcropping copper
mineralisation have been identified, the
mineralisation in out crop is present
predominantly as malachite with minor
chalcopyrite. The mineralisation is noted to occur
as both vein style and present as infill within the
matrix of breccias.
•
The 2022 drill program uses diamond core drill
techniques.
•
17 historic drillholes have been completed at the
Project for a total of approximately 6,000 m by
previous operators.
•
All the drillholes have been undertaken using
diamond core drilling techniques.
Method of recording and assessing core and chip sample
recoveries and results assessed.
•
For the 2022 drilling program core recoveries
have exceeded 95%.
Measures taken to maximise sample recovery and ensure
representative nature of the samples.
•
For the 2022 program all HQ3 drilling is oriented,
with bottom of hole marked.
Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.
•
The historic drill samples were taken before
Culpeo’s involvement, and no records are
available detailing drill core recovery.
•
Core from 5 historic drillholes has been preserved
and these have been inspected by the Company’s
geologist, core recoveries appear on the order of
+90%.
•
For the 2022 drilling program, logging is
undertaken for Lithology, Alteration,
Mineralisation and Structural Controls.
Aspects of the determination of mineralisation that are
Material to the Public Report. In cases where ‘industry
standard’ work has been done this would be relatively
simple (e.g. ‘reverse circulation’ drilling was used to
obtain 1 m samples from which 3 kg was pulverised to
produce a 30 g charge for fire assay’). In other cases,
more explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (e.g.
submarine nodules) may warrant disclosure of detailed
information.
Drilling
techniques
Drill sample
recovery
Logging
Drill type (e.g. core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc.) and
details (e.g. core diameter, triple or standard tube, depth
of diamond tails, face-sampling bit or other type, whether
core is oriented and if so, by what method, etc.).
Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining studies
and metallurgical studies.
PAGE | 7
CULPEOMINERALS.COM.AU
ASX ANNOUNCEMENT 27 MAY 2024
Criteria
JORC Code explanation
Commentary
Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc.) photography.
•
Partial records exist for the historic drill core logs.
The total length and percentage of the relevant
intersections logged.
Sub-sampling
techniques and
sample
preparation
If core, whether cut or sawn and whether quarter, half or
all core taken.
• For the 2022 program half core is sampled.
• No records available for the historic drilling.
If non-core, whether riffled, tube sampled, rotary split, etc.
and whether sampled wet or dry.
For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.
Measures taken to ensure that the sampling is
representative of the in-situ material collected, including
for instance results for field duplicate/second-half
sampling.
Whether sample sizes are appropriate to the grain size of
the material being sampled.
Quality of
assay data and
laboratory
tests
The nature, quality and appropriateness of the assaying
and laboratory procedures used and whether the
technique is considered partial or total.
•
For the 2022 drilling program standards and
blanks are routinely inserted in sample batches
and a QAQC program is in place.
For geophysical tools, spectrometers, handheld XRF
instruments, etc., the parameters used in determining the
analysis including instrument make and model, reading
times, calibrations factors applied and their derivation, etc.
•
Multi-element analysis was undertaken on
CMLCD003, The ALS procedure for this is MEMS61m, for 49 elements with four-acid digestion.
•
The sample preparation techniques for historical
drilling are unknown.
•
Historical analysis has focussed on Cu, but some
of the samples were also analysed for Mo, Ag and
Au.
•
Magnetic surveys were ground-based surveys,
measuring Total Magnetic Intensity, with a 1s
recording interval.
Nature of quality control procedures adopted (e.g.
standards, blanks, duplicates, external laboratory checks)
and whether acceptable levels of accuracy (i.e. lack of
bias) and precision have been established.
o
Data units were nanotesla (nT).
o
Data was collected by Quantec Geoscience
(Chile), covering 150-line kms at a 25m spacing.
The Magnetometer was a GEM GSM-19W with
a Overhauser Effect Sensor Type, mounted on a
2m staff.
o
The control point location was 296647 E,
6555150 N (PSAD56, Zone 19S) (repeated at
beginning and end of survey each day)
Verification of
sampling and
assaying
The verification of significant intersections by either
independent or alternative company personnel.
•
For the 2022 drilling program, a high-quality
database is maintained, and protocols are in
place to ensure this data is checked by both the
Senior Geologist and Geology Manager.
•
Previous company staff reviewed the historic
intersections. Due to the early nature of the
Project, Culpeo staff have not independently
verified the sampling and assaying.
•
No twin holes have been completed due to the
early stage of the project.
•
Company geologists have verified the visible
copper mineralisation present in stockpiles at the
project site.
The use of twinned holes.
Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.
Discuss any adjustment to assay data.
PAGE | 8
CULPEOMINERALS.COM.AU
ASX ANNOUNCEMENT 27 MAY 2024
Criteria
JORC Code explanation
Commentary
Location of
data points
Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings
and other locations used in Mineral Resource estimation.
•
For the 2022 drilling program, hole collars are
established using a handheld GPS, downhole
surveys are undertaken using a north seeking
gyroscope.
Quality and adequacy of topographic control.
•
Historic Location of drillhole collars and surface
samples were recorded by handheld GPS.
Accuracy is not known but is considered
reasonable for early-stage exploration.
Data spacing for reporting of Exploration Results.
•
The 2022 drilling program is being undertaken on
approximately a 50m x 60m grid where drilling is
focused on the Lana-Corina mineralised zone.
•
The historical drilling and surface sampling are
widely spaced and no systematic
sampling/drilling grid has been implemented. In
general, the mineralisation strikes in a north-east
direction and drilling has been undertaken
perpendicular to that.
•
Drilling orientations are not considered to be
biased with several drilling orientations used.
Specification of the grid system used.
Data spacing
and
distribution
Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied
Whether sample compositing has been applied.
Orientation of
data in relation
to geological
structure
Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
Sample
security
The measures taken to ensure sample security.
Audits or
reviews
The results of any audits or reviews of sampling
techniques and data.
If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to
have introduced a sampling bias, this should be assessed
and reported if material.
• For the 2022 drilling program, samples are
delivered to the laboratory and chain of custody
protocols are followed.
• No records available for the historic samples.
• No records are available for the historic sampling,
but it is assumed no audits have been completed.
PAGE | 9
CULPEOMINERALS.COM.AU
ASX ANNOUNCEMENT 27 MAY 2024
SECTION 2 REPORTING OF EXPLORATION RESULTS
Criteria
JORC Code explanation
Commentary
Mineral tenement
and land tenure
status
Type, reference name/number, location and ownership
including agreements or material issues with third parties such
as joint ventures, partnerships, overriding royalties, native title
interests, historical sites, wilderness or national park and
environmental settings.
•
The project area comprises nine
exploitation concessions, which cover a
total area of approximately 550
Hectares. Culpeo Minerals has
agreements in place to earn up to 80%.
•
Historically three companies have
undertaken exploration in the project
area. These include:
The security of the tenure held at the time of reporting along
with any known impediments to obtaining a licence to operate
in the area.
Exploration done by
other parties
Acknowledgment and appraisal of exploration by other parties.
o
Minera Centinela (1982 to 1985)
o
Antofagasta Minerals (2005)
o
SCM Antares (2010 to 2018)
The prospect is associated with a
structural belt orientated in a NE-SW
direction, about 1,000m long and 400m
wide. The near surface part of the
mineralised system is associated with
three breccia pipes and below this a
mineralised copper / molybdenum
porphyry. Around the edges of the
main mineralisation are a series of
gold, gold-copper and barite veins.
Geology
Deposit type, geological setting and style of mineralisation.
•
Drillhole
Information
A summary of all information material to the understanding of
the exploration results including a tabulation of the following
information for all Material drillholes:
•
A summary of the historic drillholes is
provided in Appendix B and C.
•
A summary of the 2022 drilling
program is provided in Appendix D.
•
easting and northing of the drillhole collar
•
elevation or RL (elevation above sea level in metres) of the
drillhole collar
•
dip and azimuth of the hole
•
down hole length and interception depth hole length
Data aggregation
methods
In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations (e.g.
cutting of high grades) and cut-off grades are usually Material
and should be stated.
•
No sample weighting or metal
equivalent values have been used in
reporting. Only raw assay results have
been reported.
Relationship
between
mineralisation
widths and intercept
lengths
If the geometry of the mineralisation with respect to the
drillhole angle is known, its nature should be reported.
•
Only down hole lengths have been
reported with respect to drilling
intercepts, true width of mineralisation
is unknown.
Diagrams
Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery
being reported These should include, but not be limited to a
plan view of drill hole collar locations and appropriate
sectional views.
•
Diagrams are included in the main
body of the report.
Balanced reporting
Where comprehensive reporting of all Exploration Results is
not practicable, representative reporting of both low and high
grades and/or widths should be practiced to avoid misleading
reporting of Exploration Results.
•
Results have been reported for the
main elements targeted (Cu and Mo).
All drillhole locations are reported for
context.
Other substantive
exploration data
Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations;
geophysical survey results; geochemical survey results; bulk
samples – size and method of treatment; metallurgical test
results; bulk density, groundwater, geotechnical and rock
characteristics; potential deleterious or contaminating
•
A ground magnetic survey has recently
been completed, covering 150-line kms
at a 25m spacing.
•
Historic geochemical survey
undertaken in an area of 800 x 700 m
for a sample spacing of 50 x 50 m and
If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (e.g. ‘down hole
length, true width not known’).
PAGE | 10
CULPEOMINERALS.COM.AU
ASX ANNOUNCEMENT 27 MAY 2024
Criteria
JORC Code explanation
Commentary
substances.
Further work
The nature and scale of planned further work (e.g. tests for
lateral extensions or depth extensions or large-scale step-out
drilling).
sometimes 25 x 25 m. 192 samples
were taken (192 copper and 70
molybdenum analyses
•
Two programs of geophysics have
been undertaken over the project area.
•
In 2015 an IP survey was undertaken by
Geodatos, where data was collection
over 7.6-line km. A second IP survey
was carried out in 2018, also by
Geodatos with data being collected
over 12.2-line km.
•
A mapping program has recently been
completed over the project area at
1:5000 scale and covering an area of
2km2.
•
The Phase 1 drilling program to test
the near surface breccia pipe hosted
mineralisation and deeper porphyry
style mineralisation is now complete.
•
The 2023 geochemical survey was
completed on a 50mx100m grid with
321 samples taken, multi-element
analysis of the samples was
undertaken.
•
Phase 2 drilling program is complete.
•
A surface rock chip sampling program
has recently been completed, with 54
samples taken, The samples were
delivered to ALS laboratories in Chile
where the following analytical
techniques were undertaken: Au-AA24,
Au-GRA22, Cu-AA62, Mo-AA62 and
Ag-AA62.
•
Phase 3 Drilling is now in progress at
Lana Corina.
•
Further mapping and sampling is
planned at Vista Montana prior to drill
testing in Q3.
PAGE | 11
CULPEOMINERALS.COM.AU
ASX ANNOUNCEMENT 27 MAY 2024
Appendix B
Vista Montana Surface Sampling Results
Samp_ID
Easting
Northing
Elevation
CPO0008471
CPO0008472
CPO0008473
CPO0008474
CPO0008475
CPO0008476
CPO0008477
CPO0008478
CPO0008479
CPO0008481
CPO0008482
CPO0008483
CPO0008484
CPO0008485
CPO0008486
CPO0008487
CPO0008488
CPO0008489
CPO0008491
CPO0008492
CPO0008493
CPO0008494
CPO0008495
CPO0008496
CPO0008497
CPO0008498
CPO0008499
CPO0008501
CPO0008502
CPO0008503
CPO0008504
CPO0008505
CPO0008506
CPO0008507
CPO0008508
CPO0008509
CPO0008511
CPO0008512
CPO0008513
CPO0008514
CPO0008515
CPO0008516
CPO0008517
CPO0008518
CPO0008519
CPO0008521
CPO0008522
CPO0008523
CPO0008524
CPO0008525
CPO0008526
CPO0008527
CPO0008528
CPO0008529
299431
299435
299550
299602
299650
299527
299691
299655
299661
299950
299900
299850
299800
299827
299818
299960
299596
299635
299672
299663
299606
299572
299800
299950
299600
299567
299524
299650
299604
299650
299422
299446
299606
299637
299636
299893
299837
299865
299795
299645
299992
300019
299906
299867
299915
299611
299287
299281
299865
299897
299605
299590
299494
299425
6556210
6556154
6556200
6556288
6556292
6556288
6556262
6556230
6556262
6556000
6556000
6556000
6556000
6556068
6555843
6556164
6556245
6556237
6556330
6556172
6556150
6556068
6556400
6556400
6556000
6556004
6555852
6555600
6555484
6555500
6555691
6555734
6556016
6556089
6556156
6556517
6556260
6556469
6556492
6556536
6556748
6556794
6556798
6556838
6556605
6557092
6557217
6557113
6557352
6557362
6557178
6557286
6557308
6556129
849
857
850
833
824
843
848
846
852
807
810
808
825
825
807
825
845
845
827
840
858
860
840
847
875
882
863
854
855
846
857
860
878
872
859
824
866
952
946
969
939
949
950
950
926
1019
1027
1009
1071
1066
1027
1054
1053
858
Au
ppm
0.0025
0.036
0.007
0.0025
0.038
0.0025
0.006
0.031
0.005
0.019
0.0025
0.0025
0.005
0.0025
0.171
0.005
0.0025
0.023
0.01
0.04
0.008
0.11
0.02
0.005
0.095
0.006
0.098
0.208
0.023
0.076
0.044
0.017
0.065
0.336
0.061
0.152
0.015
0.005
0.006
0.019
0.005
0.0025
0.005
0.059
0.006
0.005
0.006
0.006
0.03
0.044
0.005
0.027
0.005
0.009
Cu
%
0.19
1.585
0.048
0.032
0.296
0.097
0.005
0.119
0.006
0.005
0.002
0.009
0.003
0.002
0.04
0.002
0.023
0.035
0.039
0.08
0.82
0.096
1.258
0.006
0.32
0.019
0.359
0.043
0.097
0.016
0.061
0.196
0.214
2.624
0.468
1.802
0.012
0.028
0.018
0.17
0.008
0.032
0.003
0.012
0.01
0.01
0.012
0.012
1.037
0.803
0.02
0.056
0.003
0.472
Mo
ppm
10
10
10
5
20
5
5
5
10
10
5
5
5
5
10
5
5
5
10
10
20
5
5
10
10
5
10
10
5
10
5
5
10
10
10
5
10
10
5
10
5
5
10
10
5
10
5
10
5
5
5
5
5
5
Ag
ppm
0.5
5
0.5
0.5
1
0.5
1
2
0.5
0.5
1
0.5
0.5
1
0.5
0.5
0.5
1
0.5
0.5
1
0.5
7
0.5
4
0.5
3
4
1
1
0.5
1
2
16
5
3
1
0.5
1
1
1
1
0.5
1
0.5
1
1
0.5
2
5
0.5
1
0.5
1
PAGE | 12
CULPEOMINERALS.COM.AU
ASX ANNOUNCEMENT 27 MAY 2024
Appendix C
Technical Details
Copper Equivalent (Cu Eq) values: Assumed commodity prices for the calculation of Copper
Equivalent (Cu Eq) is Cu US$3.00/lb, Au US$1,700/oz, Mo US$14/lb and Ag US$20/oz. Recoveries are
assumed from similar deposits: Cu = 85%, Au = 65%, Ag = 65%, Mo = 80%, Cu Eq (%) was calculated
using the following formula: ((Cu% x Cu price 1% per tonne x Cu recovery) + (Au(g/t) x Au price per
g/t x Au recovery) + (Mo ppm x Mo price per g/t x Mo recovery) + Ag ppm x Ag price per g/t x Ag
recovery)) / (Cu price 1% per tonne x Cu recovery). Cu Eq (%) = Cu (%) + (0.54 x Au (g/t)) + (0.00037
x Mo (ppm)) + (0.0063 x Ag (ppm)). It is the Company’s opinion that all elements included in the
metal equivalents have a reasonable potential to be recovered and sold.
Appendix D
References
ASX announcement 21 March 2024
ASX announcement 31 August 2022
3
ASX announcement 8 March 2023
4
ASX announcement 7 June 2023
5
ASX announcement 11 May 2022
6
ASX announcement 6 June 2022
7
ASX announcement 23 November 2022
8
ASX announcement 3 April 2023
1
2
PAGE | 13
CULPEOMINERALS.COM.AU
Share your feedback
Discover