Coppernico Commences Drilling at Sombrero Project in Peru

Coppernico Metals Inc. has initiated a 6,500-meter core drilling program at its Ccascabamba Target Area within the Sombrero copper-gold Project in Peru. Additionally, the company has secured conditional approval for its common shares to be listed on the Toronto Stock Exchange.

The drilling approach is divided into two phases. Phase 1, scheduled for 2024, involves 16 diamond drill holes totaling around 6,500 meters, with each hole averaging 400 meters in depth, though this may vary depending on individual results. Phase 2, set to begin in 2025, will focus on testing additional prospective target areas and following up on findings from Phase 1. This two-phase strategy aims to systematically explore and evaluate key areas to advance the project’s objectives.

The inaugural drill program is designed for discovery, focusing on identifying subsurface zones of copper-rich skarn mineralization previously detected through surface mapping and channel sampling. The program aims to explore new copper skarn mineralization along the southern margin of the Ccascabamba intrusive complex, both at depth and along strike. Key targets include the Ferrobamba limestone contact skarn mineralization over approximately 2.5 kilometers of the 7-kilometer southern margin of the Ccascabamba Target Area. This area is supported by extensive surface work, including copper mineralization exposed at Corrales and Hojota, as well as historical drilling that identified significant copper deposits, particularly at the Fierrazo target within the Ccascabamba Target Area.

The drilling program aims to test the vertical continuity of mineralization beneath high-grade outcrops and channel samples, focusing on intersecting structures that control retrograde fluids along north-south and east-west orientations. It will also evaluate elevated chargeability features (15-25 mV) and a range of resistivity and magnetic anomalies. This comprehensive approach is designed to thoroughly assess subsurface mineralization and its controlling factors, providing insights into the extent and distribution of valuable resources.

Mitsuru Izumo, Founder and President of Euglena Co., Ltd., emphasized the pioneering spirit driving their initiatives, noting the company's mission to lead in areas uncharted by others in Japan. Euglena's establishment of the first small-scale biofuel production facility in Japan reflects their commitment to advancing the nation's biofuel industry. The new project in Malaysia aims to support the transition toward a carbon-neutral society and further Japan's aspirations in this field. Izumo highlighted the collaborative effort of the three partners in constructing and operating the biorefinery, leveraging their expertise to meet the rising global demand for biofuels, particularly in ASEAN countries, and enhance their microalgae research and development.

The drill program is designed with a methodical approach, where each phase aims to explore new prospective areas, and subsequent phases will be guided by the results from previous ones. The Company, through its subsidiary Sombrero Minerales SAC, holds a permit allowing for up to 49 drill holes from 38 drill pads. All drilling planned for Phases 1 and 2 will be conducted within this permitted area, ensuring compliance and providing a structured framework for the exploration efforts.