VANCOUVER, British Columbia, March 03, 2025 (GLOBE NEWSWIRE) -- Coppernico Metals Inc. (TSX: COPR, OTCQB: CPPMF) (“Coppernico” or the “Company”), is pleased to provide an update on its ongoing diamond drilling program, being conducted through its wholly-owned private Peruvian subsidiary, Sombrero Minerales SAC, at its Sombrero Project in Peru.
Highlights
The Company has drilled approximately 7,100 metres ("m") and is currently drilling its 18th hole.
Pending assay results are expected to be released in the coming weeks.
The Company has identified two new high-potential exploration targets (Figure 1).
The Tipicancha epithermal target, southwest of the Ccascabamba target area.
The Antapampa target, an iron-skarn occurrence north of the Nioc target area.
The Company is advancing expanded permits to incorporate key targets including Fierrazo and Tipicancha, with a temporary drilling pause after the 20th hole to optimize capital allocation and review data before resuming drilling.
Coppernico Metals Inc.
Figure 1: General location map of the current exploration targets.
Ivan Bebek, Chair and CEO of Coppernico, stated, “Drilling to date has been completed under budget and on time, and is continuously providing valuable insights into our thesis that a large, mineralized skarn system could be present. Our knowledge of the controls of the system and the vectoring towards key mineralized areas of the skarn continues to improve, while programs have also identified new robust targets for discovery.
Data collected to date also suggests that high-priority targets lie just outside our current drill permit boundaries and we are actively working to expand the current permits. Fierrazo, lying immediately outside the permitted area, remains our most compelling target due to the fact that it is the main part of the Sombrero Skarn system that outcrops. The Fierrazo target has long and high-grade channel samples as well as historical drill hole intervals. We are advancing permits for this area and will provide updates in the near future as we work to access this prospective zone.
We are currently waiting on assays from 4 interesting holes from the Hojota area and are drilling 1 of 3 remaining key holes focused on significant new targets that have seen minimal to no drilling. The 20th hole marks the conclusion of Phase 1 drilling; we will pause fieldwork as we wait for pending assays, additional permits, and update our technical knowledge base before proceeding further.
The identification of the Tipicancha and Antapampa targets are significant as they also offer prospective targets with scale for considerable copper-gold discoveries at Sombrero. With a 100,000-hectare land position, we have barely scratched the surface of this district.”
Drilling Program
Coppernico has successfully completed approximately 7,100 m of drilling to date having recently commenced hole 18, with ongoing work focusing on key targets within the Ccascabamba target area.
Phase 1
Focused exclusively on the Ccascabamba target area, Phase 1 includes Hojota, Corrales, Chumpi, and Escondida targets (Figure 2A). Holes 14 through 17 have intersected mineralization suggesting a potential extension of the high-priority zone previously identified in hole 4 (See press release dated November 12, 2024). However, while initial observations are encouraging, assay results are still pending and are expected to be released in the coming weeks.
The next two planned drill holes are strategically designed based on the insight gained from previous drilling and are designed to test significant new targets that have yet to be drilled. With the completion of the 20th hole, Phase 1 drilling will conclude, allowing for a temporary pause in field activities. During this period, the Company will await pending assay results, advance permit approvals, and refine its technical understanding to optimize the next phase of exploration.
Phase 2
The Phase 1 drilling campaign has delivered results in line with the Company’s exploration thesis, with intercepts confirming the presence of mineralization and each additional drill hole helping vector towards higher-grade zones. Given the observed correlation between magnetic anomalies and causative intrusion boundaries with potential mineralized zones, Coppernico is actively working to extend the permitted area to further evaluate this exploration thesis (Figure 2B) ahead of commencing field operations in Phase 2.
Coppernico Metals Inc.
Figure 2: Drilling program to date and permitted drilling area at the Ccascabamba target area within the Sombrero Project.
New Exploration Targets: Tipicancha and Antapampa
The Company has identified two new high-potential exploration targets (Figure 1) – expanding discovery opportunities within the project area – through detailed mapping and sampling which has outlined the Tipicancha epithermal target southwest of the Ccascabamba target area (Figure 3), and a newly discovered iron-skarn occurrence has been located approximately 1.5 km north of the Nioc target area, referred to as the Antapampa target (Figure 6).
Tipicancha: A Large Epithermal System with Porphyry Potential
Recent mapping and rock sampling at Tipicancha have outlined a significant alteration zone covering approximately 1 km by 2 km (Figure 4). The area shows classic signs of an epithermal system, with potential for a deeper porphyry connection as discussed below.
Coppernico Metals Inc.
Figure 3: A) General geologic map of the Tipicancha target. B) Quartz-kaolinite altered volcanics with ferricrete ledges and subcrops of massive pyrite. C) Massive pyrite with copper-rich evaporite. D) Sulfur and copper-rich evaporites coating unconsolidated sediments. E) Massive pyrite with covellite coatings.
Key Findings
Geologic Indicators: Lower elevations feature outcrops of massive pyrite, areas with stockwork pyrite veining, and occasional porphyritic dikes, further suggesting a component of vertical zonation (Figure 5).
Extensive Alteration: Well-developed alteration patterns characteristic of an epithermal system, with higher temperature alteration occurring more towards the center and lower elevations (Figures 4 and 5).
Geochemical Zonation: A 400 m by 1,500 m anomaly with an assemblage of elevated gold, silver and molybdenum occurring over a large area at higher elevations, while anomalous copper, gold and molybdenum values are observed at lower elevations, and aligning with the most altered zones (Figure 4).
Expansion Potential: The target remains open to the north, with ongoing mapping and sampling aimed at fully delineating its extent (Figures 3, 4 and 5).
Coppernico Metals Inc.
Figure 4: Mineral assemblages maps at Tipicancha.
Lower elevation portions of the system exhibit key indicators of temperature increasing with depth including an extensive zone of massive pyrite, stockwork pyrite veining, and the presence of porphyritic dikes (Figure 5). These features suggest a potential transition from an epithermal system to a porphyry environment at depth.
Alteration at Tipicancha is both laterally and vertically zoned, showing a well-developed hydrothermal system. Surface exposures reveal broad zones of silicification, kaolinite, montmorillonite, and native sulfur – typical of an epithermal system. These zones transition to areas dominated by alunite, kaolinite, and illite, along with quartz and vuggy silica, occurring within the most intensely altered regions generally at lower elevations (Figures 4 and 5).
Complementing the alteration patterns, rock geochemistry exhibits similar zonation. Anomalous values of gold, silver, and molybdenum occur over broad areas associated with lower-temperature alteration. Coinciding with the strongest and highest temperature alteration observed to date are anomalies of copper, gold, +/- molybdenum and a distinct lack of silver (Figures 4 and 5).
Coppernico Metals Inc.
Figure 5: Schematic long section through Tipicancha showing vertical zonation patterns.
Tipicancha represents a new epithermal-porphyry-style target, distinct from – and younger than – the Eocene-aged skarn and porphyry systems at Ccascabamba, Nioc, and Good Lucky. The alteration system and porphyritic dikes cross-cut young volcanic rocks – the same units that overlie skarn mineralization elsewhere on the property.
The Tipicancha target falls within the Huancasancos community, where Coppernico holds an existing exploration agreement. Further exploration in this area will focus on refining the system’s full extent and testing deeper zones for porphyry potential.
Antapampa: New Skarn Target Identified
A newly recognized iron-skarn system has been identified over a 1 km by 1 km area, where outcrops and sub-crops of massive hematite-magnetite mineralization are associated with garnet skarn (Figure 6). The mineralization and alteration occur above and near the contact between the Ferrobamba Limestone and the Mara Formation, which is considered a highly prospective setting elsewhere on the property. This new area will be mapped and sampled in more detail in the coming months to better define its extents and to understand its relationship to the Nioc target area.
Coppernico Metals Inc.
Figure 6: A) Initial reconnaissance mapping at Antapampa target. B) Massive magnetite mineralization. C) Red garnet skarn alteration. D) Altered monzonite intrusion.
This new target is located approximately 1.5 km north of the Nioc target area, where Coppernico initiated surface mapping and sampling in February. Importantly, it is located within the neighbouring community, where the Company is in the advanced stages of negotiating a community access agreement which, once finalized, will pave the way for further exploration in this relatively unexplored area.
Permitting Roadmap
The Company is advancing permit applications to access areas where historical drilling has indicated elevated mineralization values. The EIA-Sd drill permit application, currently in progress, seeks to expand the permitted boundaries and increase the number of drill holes, covering Fierrazo, Tipicancha, Chumpi, and Escondida South targets.
A temporary pause in drilling is planned for after the Company completes its 20th hole and until it secures full drilling access in these areas. This approach aligns with the Company’s disciplined capital preservation strategy, ensuring resources are reserved for future drilling in key areas, while allowing the technical team to evaluate results before resuming drilling. Coppernico remains fully funded for its 2025 exploration plans.
Once assay results have been received, the Company will issue a detailed update, presenting a complete assessment of the drilling data. Coppernico will continue to refine its drill targeting through geophysical surveys and structural mapping, further optimizing exploration efforts.
Sombrero Project Featured at PDAC Core Shack
Coppernico is pleased to announce its participation in the Prospectors & Developers Association of Canada (PDAC) Conference, taking place on March 2–5, 2025, in Toronto, Ontario. As part of the PDAC Core Shack, the Company is displaying drill core samples from its Sombrero Project at booth #3109A on Sunday, March 2, and Monday, March 3. This dedicated space offers industry professionals and investors a unique opportunity to examine the project's mineralization first-hand, gain deeper insights into its geological potential, and engage directly with CEO Ivan Bebek and Coppernico's technical team.
Technical Disclosure and Qualified Person
The scientific and technical information contained in this news release was reviewed and approved by Tim Kingsley, M.Sc., CPG, Coppernico’s VP of Exploration, who is a “Qualified Person” (as defined in NI 43-101).
Coppernico is a mineral exploration company focused on creating value for shareholders and stakeholders through diligent project evaluation and exploration in pursuit of the discovery of world-class copper-gold deposits in the Americas. The Company’s management and technical teams have a successful track record of raising capital, discovery and the monetization of exploration successes. The Company's objective is to become a leading advanced copper explorer, and through its wholly-owned private Peruvian subsidiary Sombrero Minerales S.A.C., is currently focused on the Ccascabamba (previously referred to as Sombrero Main) and Nioc target areas within the Sombrero Project in Peru, its flagship project, while regularly reviewing additional premium projects to consider for acquisition.
The Sombrero Project is a land package of approximately 102,000 hectares (1,020 square kilometres) located in the north-western margins of the world-class Andahuaylas-Yauri trend in Peru. It consists of a number of prospective exploration targets characterized by copper-gold skarn and porphyry systems, and precious metal epithermal systems. The Company’s NI 43-101 technical report, with an effective date of April 17, 2024, and as filed on SEDAR+ on May 23, 2024, focuses on the Ccascabamba and Nioc target areas of the Sombrero Project.
Coppernico Metals Inc. is currently listed on the Toronto Stock Exchange under the symbol "COPR" and trades on the OTCQB Venture Market under the symbol “CPPMF”. More information about the Company can be found on the Company’s profile on SEDAR+ (www.sedarplus.ca).
Cautionary Note
No regulatory organization has approved the contents hereof.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions and include, but are not limited to, statements with respect to: the Company’s drill plans, identifying targets for future exploration, the potential of the mineralization, the progress and approval of permits, the temporary suspension of drilling and its anticipated resumption, and its financial position in the future. No certainty can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Readers should refer to the risks discussed in the Company’s AIF and other continuous disclosure filings with the Canadian Securities Administrators, available at www.sedarplus.ca. These factors are not, and should not be construed as being, exhaustive. Accordingly, readers should not place heavy reliance on forward-looking statements. The forward-looking statements contained in this new release are expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. The Company does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in the Company’s expectations except as otherwise required by applicable legislation.
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