Culpeo Minerals (ASX:CPO) shares have sunk more than 30 per...

• Culpeo Minerals (ASX:CPO) shares have sunk more than 30 per cent so far this morning
• The company has had a volatile start to the year, not uncommon for a microcap explorer
• Shares last traded at 5.4 cents

Culpeo Minerals (ASX:CPO) has announced fresh copper hits in maiden drilling at the company’s El Quillay prospect, part of its larger Fortuna project in Chile.

Culpeo has had a ripstarter 2024 with volatility defining the company’s foray into the new year.

Shares were worth 4.4 cents on Jan 3; were worth 13 cents only six days later, and today, are now worth 5.4 cents.

One-week returns are now down 43.75 per cent.

What did they find?

The company is flagging shallow and wide copper intersections, highlighting two key results today.

Those results included 5.8 metres at 0.78 per cent copper equivalent (CuEq) from 15 metres and 26 metres at 0.81 per cent CuEq from 29 metres including four metres at 1.87 per cent CuEq.

Those results pertain to one drill hole sunk on site; assays for a second are expected within the month.

All in all, the El Quillay prospect boats three kilometres worth of strike to Culpeo geotechs with further exploration slated for 2024.

Geotechnical particulars

Drillhole CMQQD002, which turned over both the 5.8-metre and 26-metre results, was a technical test of known copper mineralisation.

The company hit the 5.8-metre pocket between 15.2 and 21 metres in depth; the 26-metre intersection was struck between 29 and 55 metres in depth.

The 4-metre pocket of 1.87 per cent mineralisation is very early-stage and unverifiable evidence copper grades may increase at depth, but, in the accumulation of minerals over geological time, higher grade ‘bubbles’ aren’t uncommon.

Management comment

“This is an outstanding result for the first hole drilled into this exciting target and paves the way for rapid delineation of a substantial copper system over the coming months,” Culpeo Managing Director Max Tuesley said.

“We are pleased to report that assays returned from the first hole drilled at El Quillay have returned thick near surface copper mineralisation.”

Shares last traded at 5.4 cents.

Jonathon Davidson

The Market Online, Australia

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