The Red Beds Property was a sediment hosted copper project which the Company first acquired in January 2015. Over the life of the project, there had been no surface disturbance on the Red Beds 2 claim, and no substantive work done on the property as a whole since June, 2016. The project was placed on a care and maintenance status, as reported on January 10, 2017.
Early this year, Camino initiated talks with regional and national authorities in an attempt donate or transfer the claims back to the government. After consultation with the Mines and Energy Ministry, INGEMMET, and the Environmental Ministry (MINAM), it was recommended that Camino renounce the title of the claims which would clear the path for the government to have the area declared an Area of Non-Admission of Petitioners for mineral claims. Camino has recently filed those applications and expects the title for the claims to be canceled in the near future.
Kenneth McNaughton, President and CEO, said, “When we first got involved with the Red Beds project, we were excited by the exploration potential and its remote location, which at the time meant there was very little tourism. Tourism increased dramatically over the next couple of years, to the point that the Company decided to withdraw from the project. While we would have preferred to explore the property and test its resource potential, given the changes, we felt it was best to focus our efforts at our Chapitos and Villa Hermosa projects.”
At Chapitos in the Department of Arequipa, the regional soil sampling program is proceeding with over 4,500 samples collected and analyzed from approximately 125 kilometers of survey line. As expected, anomalous trends are being defined along several geologic contacts and structural trends. This work is ongoing and results will be reported when the program has been completed. Diamond drilling has already outlined significant copper mineralization in several zones at or near surface, and the objective of the soil survey is to identify potential blind targets elsewhere on the 16,000 hectare property.
At Villa Hermosa in the Department of La Libertad in central Peru, the property vendor has opened up more workings on the property subsequent to the Company’s initial due diligence sampling five years ago. All of the accessible workings have now been systematically sampled and sent to the lab for analysis. The target at Villa Hermosa is high-grade gold in quartz veins nested within in a 40-meter wide quartz stockwork zone. The Company expects to complete follow-up sampling and data compilation prior to recommending drilling. Two privately-owned high-grade gold mines operate in the vicinity in similar geologic settings.
About Camino Minerals Corporation
Camino is a discovery-oriented mineral exploration company. The Company is focused on the acquisition and development of high-grade copper and precious metal projects. For more information, please refer to Camino’s website at www.caminominerals.com.
For further information and investor inquiries, contact:
President and Chief Executive Officer
Phone (604) 566-8778
Cautionary Note Regarding Forward-Looking Statements and Information
This News Release contains “forward-looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words “anticipates,” “believes,” “may,” “continues,” “estimates,” “expects,” and “will” and words of similar import, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking information may include, but is not limited to, information with respect to our planned exploration activities, the adequacy of our financial resources, the estimation of mineral reserves and resources, the results of future exploration and drilling. Wherever possible, words such as “plans”, “expects”, “projects”, “assumes”, “budget”, “strategy”, “scheduled”, “estimates”, “forecasts”, “anticipates”, “believes”, “intends”, “targets” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in the Company’s annual disclosure materials, filed with the securities regulatory authorities in Canada and available at www.sedar.com. Readers are encouraged to read these materials. Prospective investors should not place undue reliance on forward-looking information.
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.