Culpeo Minerals (ASX:CPO) Secures $3 Million for Copper Drilling Projects
Placement Details
Culpeo Minerals Limited has secured approximately A$3.02 million through a binding placement. The placement involves issuing roughly 303 million new shares at $0.01 each, with funds raised primarily allocated to advancing copper projects in Chile. The Placement includes two tranches, with the first raising around $0.54 million and the second tranche, pending shareholder approval, targeting $2.48 million.
Use of Funds
The proceeds from the Placement will be directed towards the Lana Corina Project, initiating up to 4,000 meters of drilling at the Vista Montana prospect and follow-up drilling at Lana Corina. Additionally, funds will support exploration drilling at the La Florida copper-gold porphyry prospect within the Fortuna Project and initial exploration activities at the Jupiter Project. Corporate expenses and project payments are also covered.
Project Developments
Culpeo’s projects in Chile’s Coastal Cordillera are highly prospective for near-surface copper discoveries. The Lana Corina discovery has a strongly mineralised zone of over 450 meters. Drilling is scheduled to begin shortly at Vista Montana and continue at La Florida within the Fortuna Project, which covers a substantial 1.7km strike length with high-grade mineralisation from surface sampling.
Executive Comments
Geoff McNamara, Interim Executive Chairman, stated, “Funds raised through this Placement allow us to commence our maiden drilling program, at the previously untested Vista Montana Prospect and follow up drilling at our Lana Corina discovery. We believe there is potential for a very large, linked system of high-grade copper, gold and molybdenum mineralisation waiting to be discovered. On behalf of the Board of Culpeo, I would like to thank our existing shareholders for their continued support and welcome our new investors to the register as we continue our journey to deliver the world’s next great copper discovery in the land of copper giants.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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