Culpeo Minerals Ltd (ASX: CPO) is a copper exploration and development company whose interests are focused on Chile, the world’s largest copper-producing country. The company is focused on exploring potential high-grade copper systems in the coastal Cordillera region of Chile.
The company has recently acquired the Lana Corina Project situated in the Coquimbo Region of Chile, where near-surface breccia hosted high-grade copper mineralisation offers to walk up drilling targets and early resources definition potential.
The company has two additional assets, the Las Petecas Project and the Quelon Project. Las Petacas is located near the city of Copiapo, in the Atacama Region of Chile, approximately 760km north of Santiago, the capital of Chile, and approximately 55km east of the Pacific Ocean coast. The Quelon Project is located approximately 20km north of the City of Illapel and 240km north of Santiago.
CPO stock gained in the intraday trading session on Monday after the company announced its positive results from Lana Corina Project.
CPO: 1H22 Key Financials
CPO stock is currently valued at $0.42 and has seen a sudden increase of around 162% from the previous close on Monday. The current market cap of the company is approximately 18.48 million AUD.
- The company’s other revenues were around $2.4K in the first half of 2022. The company is a pre-revenue company and is exploring copper at the moment.
- Culpeo Minerals announced a net loss of around $1.175 million.
- Its basic and diluted loss per share was around $2.13.
- As of the first half of 2022, the company had cash and cash equivalents of $4.5 million.
- During the half-year ended 31 December 2021, the company issued 36,212,531 fully paid ordinary shares. Some shares were issued to the top management, and some were in different payments.
- In addition, 5,200,000 Performance Rights were issued to Directors, employees, and consultants of the Group under the Company’s Incentive Performance Rights Plan.
CPO: Reason for the stock gain
Culpeo Minerals Limited (ASX: CPO) announced that recent drilling at its Lana Corina Project in Chile had found high-grade copper mineralisation of 173m @ 1.05% Cu.
This proves that the mineralisation continues at depth. The drilling also found a broad zone of high-grade molybdenum mineralisation. It shows that the base metal system at the Project has a deeper mineralised source and gives new places to look for minerals.
As the first deep high-grade intercept of molybdenum-rich mineralisation to be found at the Project, this finding is especially significant since it shows that there may be more mineralisation to the southwest of the Lana-Corina-Laura ore belt.
CPO acquired Lana Corina Project 12 Weeks Ago
It is a significant breakthrough in the company’s quest for copper exploration because the Lana Corina Project was acquired in late March. The drilling results seem extremely promising as the company is optimistic about the surrounding areas of the site.
Lana Corina is linked to a northeast-trending structural zone that is more than 1,000 metres long and up to 400 metres broad. The first 4,000-meter diamond drilling programme includes nine holes aimed at high-grade copper mineralised zones supported by breccia and porphyry. The business has so far drilled five holes totaling 2,300 metres.
Conclusion
Culpeo Minerals’ share price is increasing fast due to the new updates from the Lana Corina Project. The results show the vast possibility of the abundance of minerals at the project. The company is expecting to gain a high-grade copper zone at the project. This penny stock could be a new mineral stock opportunity for ASX investors.
