Culpeo Minerals (ASX: CPO) is set to acquire the Jupiter copper project in Chile through an agreement with Excava Holdings. This strategic move allows Culpeo to gain 100% ownership of the 4,000-hectare project located in the Coastal Cordillera region. The transaction is structured as a farm-in option, where Excava will transfer the Jupiter concessions into a special purpose vehicle (SPV).
Executive chair Geoff McNamara highlighted the acquisition’s significance, stating that it solidifies Culpeo’s position as a leading explorer in Chile’s copper belt. Initial exploration has identified two substantial zones of high-grade copper and gold mineralization, providing immediate targets for exploration. The staged ownership structure allows for systematic exploration alongside ongoing work at the Lana Corina and Fortuna projects.
Culpeo will acquire staged interests in the SPV by meeting exploration and payment milestones. Financial terms include an initial payment of approximately $64,000, followed by roughly $127,000 on the first anniversary. Subsequent payments will be made over the following years. Geologists validated historical work during a November 2024 field visit, collecting 37 surface rock chip samples. Analysis revealed grades of up to 4.33% copper and 3.24 grams per tonne gold, with 13 samples exceeding 0.5% copper.
