As well as hits of 49m grading 0.83% copper and 81m at 1.06% copper (plus molybdenum), the company also said a new mineralised breccia zone had been discovered.

Culpeo claims the drilling to date confirms its belief Lana Corina "has the potential to host a significant (plus) 1% near surface copper orebody".

Earlier this month Culpeo recorded a result of 173m at 1.05% copper from 313m, with shares in the company surging at that time too.

Lana Corina was acquired in March in a transaction that will see staged cash payments totalling just under US$3 million plus future share issues market-valued at $1.75 million.

The ground is located 40km north of the company's Quelon tenure in the coastal Coquimbo region of Chile

It was discovered in the 1940s but it was not until the 1970's that any detailed work was undertaken.

Historical mining of about 1 million tonnes of 1.5% to 2.5% copper has been undertaken.

Culepo listed last September after a A$6 million IPO.

The company is led by Max Tuesley, a qualified geologist with 30 years-experience including at Ernest Henry in Australia as well as stints in Mongolia, Sudan, Laos and Philippines.

Culpeo started the current quarter with $3.3 million cash.

The company's shares spiked more than 90% in early trade before reducing slightly and being up 72% to 34.5c in the morning session, capitalising the company at $19 million.