Camino Minerals Corporation (COR: TSX-V) (“Camino” or the “Company”) is pleased to announce that its recently completed induced polarization (“I.P”) survey has identified a number of anomalous resistivity/chargeability trends at its 100% owned Rodeo gold project, located in Durango State, Mexico.
This is the first ever I.P. survey to be carried out at the Rodeo gold project and the majority of the anomalous resistivity/chargeability trends have never before been drill tested. Additionally, data from previous drill programs indicate that past drill holes did not reach or test some of the most favourable targets.
The results from the I.P. survey, in combination with the comprehensive mapping program carried out by Camino earlier this year, confirm that quartz veins, breccias and silicified zones extend over a strike length of more than 5 kilometres. These anomalous resistivity/chargeability trends represent new drill targets and potential for new discovery at Rodeo. Updated images, showing some of the I.P. survey results, can be viewed at Camino’s web site: www.caminominerals.com
Canplats Resources Corp. (“Canplats”) drilled a total of 3,449 metres in 25 holes at Rodeo from 2004-2007 before concentrating its activity on the Camino Rojo discovery. Past drilling by Canplats tested approximately 600 metres of the 5-kilometre long epithermal system and only two holes exceeded a depth of 200 metres. The limited drilling to date and the new I.P. data indicates good potential for high-grade gold mineralization in veins and breccias along strike and to depth. A diamond drill program to test these extensive targets is planned in the second quarter of 2011.
Rodeo hosts gold and silver mineralization related to a low sulfidation epithermal system that is controlled by major north-northwest and east-northeast trending fault systems. Reverse circulation drilling by Canplats in 2004 confirmed the presence of near-surface gold mineralization, hosted in quartz rich structures, over significant intervals, hole BR-06 returned 5.5 g/t Au and 12.5 g/t Ag over 28 metres, including 35.6 g/t Au and 37.0 g/t Ag over 1 metre. Subsequent diamond drilling in 2007 returned broad mineralized intervals, including 0.23 g/t Au and 8.68 g/t Ag over 103.1 metres (hole BRD-002).
The 100% owned Rodeo gold project covers 13,099 hectares (51 square miles) and is located 160 kilometres north of the city of Durango, Durango State, Mexico. The property is accessed by paved highway.
Exploration update
Camino has completed 16 reverse circulation drill holes, totaling 2,932.5 metres, at the El Rincon gold project, located 120 kilometres north of the city of Durango, Durango State, Mexico. Assay results will be received over the next few weeks and will be released once they have been compiled and interpreted.
Field crews have been mobilized to Camino’s 100% owned Maijoma claim group. Maijoma, acquired by Canplats in 2007 through staking by Perry Durning and Bud Hillemeyer, is located 65 kilometres southeast of Ojinaga, in northeast Chihuahua State, and is over 83,900 hectares (324 sq. miles) in size. Early work by Perry and Bud identified several large-scale areas of alteration and mineralization, thought to represent the high-level portions of major hydrothermal systems cutting a thick, favourable sequence of Cretaceous limestones. Geochemical sampling returned elevated base and precious metals values, while a limited I.P. survey outlined several chargeability anomalies. Camino plans to drill targets at Maijoma later on in the year.
About Camino Minerals Corporation
Camino is a new, well-funded mineral exploration company that was formed in connection with Goldcorp’s C$300-million acquisition of Canplats. Camino is led by Canplats’ former management and is focused on precious and base metal projects located in Mexico. For more information on Camino’s properties and associated agreement terms, please refer to the Company’s website at www.caminominerals.com
The technical information contained in this news release has been reviewed and approved by Richard Dufresne, P.Geo., Camino’s V.P., Exploration, a “Qualified Person” as defined under National Instrument 43-101.
For further information, contact:
Corporate Information:
Camino Minerals Corporation
R.E. Gordon Davis
Chairman and C.E.O.
Direct: (604) 629-8292
Investor Inquiries:
Blaine Monaghan
V.P., Corporate Development
Direct: (604) 629-8294
Toll-Free: (866) 338-0047
info@caminominerals.com
www.caminominerals.com
To receive Camino’s news releases, contact Blaine Monaghan, V.P., Corporate Development, at info@caminominerals.com
or (866) 338-0047. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical fact are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and forward-looking information under the provisions of Canadian securities laws (collectively, “forward-looking statements”). Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the company’s ability to raise sufficient capital to fund exploration, changes in economic conditions or financial markets, changes in prices for the company’s mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Mexico, technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities, labour relations matters, and changing foreign exchange rates, all of which are described more fully in Camino’s filings on SEDAR. The company undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
