Vancouver, November 23, 2022 – Camino Corp. (TSXV: COR) (OTC: CAMZF) (WKN: A116E1) (“Camino” or the “Company”) is pleased to announce high solubility results over significant copper oxide intercepts in the new Lourdes Zone at its Los Chapitos property in Peru. The near-surface copper oxide minerals in drillholes DCH-97 and DCH-80 had acid solubilities of 83% and 79%, and total solubilities of 92% and 87%, respectively. The solubility results confirm continuity of oxide mineralization to a depth of at least 100 metres in the new zone. Lourdes is one of several new zones identified to target additional drilling campaigns to expand known copper mineralization at Los Chapitos for an envisioned copper oxide heap-leach mine.
Results from the July 2022 drilling campaign can be viewed in Camino’s news release dated September 7, 2022.
• 83% acid solubility and 92% total solubility in drill hole DCH-97 that intercepted:
– 55.5m @ 0.93% Cu from surface, including 7.5m @ 2.58% Cu;
• 79% acid solubility and 87% total solubility in drill hole DCH-80 that intercepted:
– 65.2m @ 0.70% Cu from surface, including 31m @ 1.23% Cu;
• Hole DCH-83 in the Condori zone shows well-marked zonation of copper oxides, and mixed and enriched supergene (with anomalous values in rhenium and gold grading up to 0.21 ppm and 0.13 ppm, respectively).
“A copper oxide heap-leach mine is generally the easiest and most cost-effective method to start development of a copper project”, said Jay Chmelauskas, CEO of Camino. “As we permit new areas for drilling at Los Chapitos, we are finding more near-surface copper mineralization amenable to our development vision. At depth, we also see potential for large sulphide mineralized bodies as a second phase to our development strategy.”
“The solubility results confirm near-surface oxide mineralization to a depth of a least 100 metres at Lourdes, which compares favourably to oxide mineralization at our Adriana zone that extends to depths of over 200 metres”, said Jose Bassan, Chief Geologist. “The results of the geochemical analysis were consistent with mineralization described in drilling logs by Camino geologists (Figure 1). Our geological team will use this experience to continue exploring our Los Chapitos property for surface evidence along large structural faults that crosscut the property.”
Figure 1. Various types of copper oxides logged in the drill core at the Lourdes Zone
A) DCH-89_71.70 m. Volcaniclastics (VAR), presence of green and black copper oxides (0.36% Cu, oxide zone).
B) DCH-96_45.60 m. Crystal Andesitic Tuff (CAT) with chrysocolla patina and black tenorite dots in fractures (1.1% Cu, oxide zone).
C) DCH-92_33.6 Crystal Andesitic Tuff (CAT) with presence of malachite and chrysocolla (1.52% Cu, oxide zone).
D) DCH-83_90.80 m. Hydrothermal breccia (BXH) green copper oxides/pitch limonite in breccia matrix (0.64% Cu, Mixed Zone).
E) DCH-97 35m. Crystal Andesitic Tuff (CAT), mineralization corresponds to chrysocolla and tenorite in fractures and veinlets (0.8% Cu, Oxide Zone)
F) DCH-80_36.20m. Crystal Andesitic Tuff, mineralization is chrysocolla and black oxides in fractures and veinlets (1.61% Cu, Oxide Zone).
*for detailed information on azimuth and depth, please see Camino’s news release dated September 7, 2022
Table 1. Solubility Results including CuS, CuCn, and CuT for the 2022 Drilling Campaign
Figure 2. Lourdes cross-section showing the oxide zone
Figure 3. Condori cross-section showing the mineral zones at hole DCH-83
Metallurgical Heap-Leach Testing
The copper oxide mineralization with acid solubilities CuS (Sulfuric Leach)/CuT ratios up to 99% in the Lourdes zone shows good continuity to depths of at least 100 metres. In the new Condori zone, hole DCH-83 shows well marked zonation of copper oxides, with mixed and enriched supergene. Solubility results from the main Adriana Zone are summarized in the technical report titled “NI 43-101 Technical Report on the Los Chapitos Property, Arequipa Province, Peru” dated March 19, 2018 and available under the Company’s SEDAR profile at www.sedar.com. High solubility results reported in our new discovery at the Lourdes Zone are similar to the results at Adriana.
Metallurgical analyses developed at SGS Minerals S.A. Santiago for the Adriana drill holes in oxide composites to depths of approximately 300m, showed up to 74% average copper recoveries for composite head grade of 0.80% Cu from 3 Column tests, 73% to 76% copper recoveries from Bottle Roll tests with preliminary acid consumption rates for bottle/column of 3.3/9.05 kg acid/kg Cu. A summary of previous metallurgical column testing results for Los Chapitos can be found in Camino’s news release dated May 14, 2020.
Sequential Copper procedures
The Company analyzed 293 samples (429 metres) with 1.5 metre average intervals, for sequential copper from the 2022 Lourdes-Condori discoveries. 237 samples (345 metres) have geochemical analysis for copper >=0.1% Cu (48 element four acid ICP-MS). 72% of the samples had CuS/CuT ratio >= 55%. In the Lourdes Zone, continuity of oxidized mineralization extends to at least 100 metres from surface. The Condori Zone, located 1.5 km north of Lourdes, has mainly mixed mineralization in 56% of the intervals analyzed by sequential copper. Drill hole DCH-83, showed mixed mineralization composed of:
• pyrite, chalcopyrite, and chalcocite at depths of 6 to 89 metres;
• a zone of copper oxides at depths of 89 to 97 metres associated with crackle breccia grading up to 1.6% CuT;
• and at depths of 97 to 127 metres, a supergene enriched zone with values up to 0.77% CuT and anomalous values in rhenium grading up to 0.21 ppm, gold 0.13 ppm, Molybdenum 633 ppm and Cobalt 108 ppm.
Sequential copper analysis on the pulps samples from the drill core using the flying disc mill or the ring and disc mill (PUL-31- Pulverized split -250 g (85%<75 microns) was performed at ALS Perú S.A.. The geochemical analysis of the pulps consisted of Sulfuric Leach (Cu-AA06s) and Cyanide Leach (Cu-AA16s) with the Lab Instrument “AAS” (Atomic Absorption Spectroscopy) in acceptable ranges from 0.01 to 100% without residual value analysis. Copper oxide minerals such as malachite, azurite, chrysocolla and portions of cuprite and tenorite can be leached using sulphuric acid (referred to as ‘acid soluble’ copper). Cyanide leach will dissolve the secondary chalcocite, covellite, bornite and a portion of the chalcopyrite content of the sample.
About Camino Corporation
Camino is a discovery and development stage copper exploration company. The Company is focused on advancing its high-grade Los Chapitos copper project located in Peru through to resource delineation and to add new discoveries. Camino has also permitted the Maria Cecilia copper porphyry project for a planned exploration drilling program. In addition, the Company has increased its land position at its copper and silver Plata Dorada project. The Company seeks to acquire a portfolio of advanced copper assets that have the potential to deliver copper into an electrifying copper intensive global economy. For more information, please refer to Camino’s website at www.caminocorp.com.
Jose Bassan MAusIMM (CP) 227922, MSc. Geologist, a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical contents of this document. Mr. Bassan has reviewed and verified relevant data supporting the technical disclosure, including sampling and analytical test data.
ON BEHALF OF THE BOARD For further information, please contact:
/S/ “Jay Chmelauskas” Camino Investor Relations
President and CEO firstname.lastname@example.org
Tel: (604) 493-2058
Neither 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: Certain disclosures in this release constitute forward-looking information. In making the forward-looking disclosures in this release, the Company has applied certain factors and assumptions that are based on the Company’s current beliefs as well as assumptions made by and information currently available to the Company. Forward-looking information in the release includes the prospectivity of future exploration work at Los Chapitos, metallurgical recoveries, and amenability for heap-leach mining. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release is subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information. Such risk factors include, among others, that actual results of the Company’s exploration activities will be different than those expected by management, that the Company will be unable to obtain or will experience delays in obtaining any required approvals and the state of equity and commodity markets. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.