Las Petacas Project
Culpeo owns 58% of the Las Petacas Project which is located in Chile, approximately 640 km north of the capital, Santiago and 35 km south of the regional capital of Copiapó in the Atacama Region. The project is located within the Cordillera de la Costa of Chile, approximately 10 km east of the Pan-American Highway and comprises 22 granted exploitation concessions covering approximately 1,406 Ha.
The project lies within the metamorphic aureole of the Lower Cretaceous magmatic arc plutonic complex that is located within the Candelaria-Punta del Cobre district. The Las Petacas Project is considered prospective for mineralisation generally referred to as iron-oxide-copper-gold (IOCG).
District scale geological mapping has been completed which shows extensive limestone mapped on surface and known copper mineralised trends related to veins and structures. Existing (historical) drillholes were focussed on the known prospect areas at the time but there remain large untested zones along the northeast-southwest oriented mineralised corridor containing these prospects.
The Quelon Project is located 240 km north of Santiago and 20 km north of the regional centre of Illapel, in the Province of Illapel, Region of Coquimbo. Culpeo has the right to earn up to 85% of the project through certain commitments.
The project is located within the Cordillera de la Costa of Chile. The Cordillera de la Costa hosts numerous mineral deposit types, including skarn hosted copper and gold (related to intrusive rocks), copper porphyries, stratigraphic manto-type and vein hosted deposits of copper and gold. Numerous historical mine workings are present within the Quelon Project area.
The general distribution of the mineralisation/anomalism and the historical workings at Quelon trends over an area of 7 km by 3 km. These workings are associated with manto style mineralisation which dips from approximately 55° to 70°E. The known mineralisation varies in width from 1 m to 4 m and strike lengths may be greater than 100 m. Observed copper mineralisation in the existing workings includes malachite, atacamite and lesser chrysocolla. Copper grades of up to 3% have been recorded from rock chip sampling in the historical workings.
San Sebastian Project
Culpeo holds 100% of the San Sebastian Project which is located approximately 53 km east of the port city of Caldera, within the Atacama Region (Region III) of Chile. The project comprises two granted exploitation concessions for a total of 50 ha, covering a strike extensive, IOCG associated copper/gold vein prospect.
Mineralisation within the licence comprises sets of quartz/calcite veins and tabular breccia bodies, consisting of quartz and hematite, hosted within diorites. Previous mining at San Sebastian extracted material from a main mineralised structure averaging approximately 3 m in width, along a strike length of about 300 m. The average grade of material extracted from the mine averaged 6.8% copper.
It is anticipated that CPO will list on the ASX during August 2021.