Culpeo Minerals (ASX:CPO) commences maiden drilling at La Florida to unlock copper potential in Chile

Culpeo Minerals (ASX:CPO) has commenced its maiden diamond drilling program at the La Florida copper prospect, part of the company’s Fortuna Project in Chile.

This milestone marks a significant step in Culpeo’s strategy of exploring high-grade, near surface copper systems within infrastructure rich regions.

With encouraging surface sampling results and large scale target zones identified through recent trenching and geochemical work, the company is now advancing to its first round of drilling across two promising copper targets.

Executive Chairman Geoff McNamara offers insights into the rationale behind the program, the broader significance of La Florida, and what investors can expect in the months ahead.

What is the significance of starting drilling at the La Florida copper prospect for Culpeo Minerals?

We are genuinely pleased to have commenced diamond drilling at La Florida, it represents a major step forward in progressing the Fortuna Project from surface exploration into subsurface testing.

This is the first drilling program to be undertaken across these newly defined copper targets, and it reflects the strength of our systematic exploration approach.

Surface sampling has already returned strong results, including copper grades of up to 3.96 per cent and gold grades up to 2.61 grams per tonne.

By drilling these areas, we aim to validate the scale and continuity of mineralisation while demonstrating our commitment to advancing high quality targets efficiently.

“We are pleased to commence a maiden diamond drilling program at the exciting La Florida Copper Prospect.”

Why were these particular drill targets at La Florida selected for the maiden drilling program?

These targets were chosen based on multiple encouraging indicators and our field team mapped large zones up to 1,700 metres by 500 metres that show well defined alteration and geochemical zonation.

This includes quartz-clay-sericite alteration, fine grained sulphide dissemination and visible copper oxides at surface, these are typical features associated with copper systems.

In addition, the area has historical artisanal workings and visible chrysocolla mineralisation, which further supports the potential for a copper bearing system.

Each of the four initial diamond drill holes has been strategically planned to intersect these zones of interest, giving us a strong foundation for evaluating the subsurface mineralisation potential.

“Our team has identified multiple promising new targets that align with our strategy of discovering near surface deposits situated at low altitude and proximity to infrastructure.”

How does the La Florida prospect compare to Culpeo’s other projects, such as Lana Corina?

La Florida is an exciting addition to our portfolio because it shares many geological similarities with our successful Lana Corina Project, which has already returned standout intercepts including 454 metres at 0.93 per cent copper equivalent.

Both projects are located within Chile’s Coastal Cordillera and display the same style of favourable alteration and lithologies known to host copper systems.

La Florida is also only 10 kilometres north of Lana Corina, allowing us to leverage operational synergies in exploration, logistics and infrastructure.

Importantly, this proximity allows us to apply what we have learned at Lana Corina directly to La Florida, giving us a strategic advantage in interpretation and targeting.

“The La Florida Prospect has been identified as a high priority drill target and exhibits strong similarities to the lithologies and alteration styles observed at our Lana Corina discovery, indicating strong potential to host similar high-grade copper mineralisation.”

What is the current funding situation for this drilling program?

The drilling program is fully funded, in May 2025, we completed a successful $3 million equity raise specifically to support high priority drilling across our portfolio.

That capital allows us to execute the entire 1,400 metre, four hole program at La Florida, drilling at Quillay, Vista Monatan and preliminary work at our newly acquired Jupiter Project without financial constraint.

Additionally, we held a General Meeting on 3 July 2025 where all resolutions were passed.

This provided us with the shareholder support and internal alignment necessary to move forward with confidence.

We are in a sound position to fund ongoing exploration work across other parts of the Fortuna Project, including Vista Montana and additional follow up at Lana Corina.

What are the next steps after the current drilling at La Florida?

Once the four planned holes at La Florida are completed, our next step will be to review assay results from this program, alongside pending assays from our recent trenching activities.

These results will give us critical information about the scale, grade and consistency of the mineralisation.

Following this, our focus will shift to drilling at Qullay, another compelling target within the Fortuna Project and then the Vista Montana prospect, the extension of Lana Corina.

We also plan to return to Lana Corina for additional follow up, building on the strong intercepts previously reported there.

During August the field team will also undertake further detailed, mapping, sampling and trenching at our Jupiter Project, which is in the Antofagasta region, where Marimaca recently intersected an exceptional 6m of 12.0% Cu within 26m of 4.1% Cu in  and 40m of 2.1% Cu.

Our exploration strategy is progressive and disciplined and we use each round of data to inform the next stage, ensuring that we maximise efficiency and discovery potential.

“This is an exciting period for the Company as we anticipate assay results from our extensive trenching program, to be followed by results from the Fortuna drilling campaigns, and then shifting our drilling to the Vista Montana area, and then finally follow-up drilling at the Lana Corina prospect, where the previous significant intercepts included 454m at 0.93% CuEq from 90m.”

Continuing to Build Momentum Across the Portfolio

Culpeo Minerals commencement of drilling at La Florida marks the beginning of a focused and well funded exploration effort in the world’s premier copper-producing region.

With surface sampling already confirming high-grade copper and gold values, and systematic geological indicators supporting drill targeting, the company is well positioned to advance its broader portfolio of copper projects.

The months ahead will be pivotal, as Culpeo transitions from early stage surface results to deeper mineral system evaluation through drilling.

As a disciplined copper explorer with a clear strategy, the company will continue to update shareholders as each milestone is delivered.

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