Vancouver, July 6, 2022 – Camino Corp. (TSXV: COR) (OTC: CAMZF) (WKN: A116E1) (“Camino” or the “Company”) is pleased to announce the results of the initial two drill holes, totaling 300.85 m, at the Lourdes zone of the Los Chapitos copper exploration project in Peru (“Los Chapitos” or the “Project”). The Lourdes zone is located 1.4 km northwest of Camino’s previous 2017 copper discovery at the Adriana zone (see news release dated April 18, 2017). The current drilling campaign consisting of 1,500 m is expected to be completed in the second week of July, with final assay results expected in September of this year.
- New discovery in Lourdes zone in hole DCH-80 from surface to 65.2 m intercepting 0.70% oxidized copper, 4.72 g/t silver, including 31 m grading 1.23% oxidized copper and 7.95 g/t silver from a depth of 27 m;
- Drill hole DCH-81 from surface to 41 m intercepting 0.35% oxidized copper, 2.56 g/t silver including 12.9 m grading 0.82% oxidized copper, 5.34 g/t silver from a depth of 26.5 m;
- Identification of a new high-grade copper mineralized northeast structural corridor with potential to connect with the Diana zone (Figure 1.); and
- Additional exploration potential at Lourdes to find the main copper mineralized northwest Diva “feeder” structure. Sulphide mineralization detected at depth in drillhole DCH-81.
Picture 1. Core sample from drill hole DCH-080 at 48.80 m depth
“We are taking some bold steps to drill in newly permitted areas that have never been drilled before,” said Jay Chmelauskas, CEO of Camino. “Our recent high-grade intercept of 31 m grading 1.23% oxidized copper in a new area demonstrates the expanding exploration potential of our Los Chapitos copper project and the successful geological modelling efforts taken by Camino’s geologists. Camino plans to continue with this method at our exploration projects, as we believe that a bold approach is how new discoveries will be made in the copper sector.”
Table 1. Summary of Drill Results June 2022, Los Chapitos Copper Project, Peru
Camino has made a new satellite discovery in the Lourdes zone located 1.4 km north from previous drilling in a new permitted area. Drill hole DCH-80 from near surface to 65.2 m intercepted 0.70% oxidized copper (Cu), 4.72 g/t silver (Ag) including a 31 m intercept grading 1.23% oxidized copper and 7.95 g/t silver from a depth of 27 m. Maximum values of 2.35% Cu and 27.4 ppm Ag where intercepted in drill hole DCH-80. Drill hole DCH-81 from surface to 41 m intercepted 0.35% oxidized copper, 2.56 g/t silver including a 12.9 m intercept grading 0.82% oxidized copper, 5.34 g/t silver from a depth of 26.5 m. Fourteen more drill holes have been completed, with an additional three drill holes planned before the conclusion of the drilling campaign. Final assay results are expected in September of 2022. The current drilling campaign follows the 8 km Diva Trend, extending over 2 km northwest from the previous discovery at the Adriana zone.
Chief Geologist Jose Bassan said, “For the past ten months, Camino has been modelling the lithology, alteration, and mineralization at the Adriana, Carlotta, and Katty zones to create a discovery model for other zones at Los Chapitos. The copper discovery at Lourdes is showing that this work is starting to pay off.”
Lourdes Copper Zone
The copper oxide mineralization logged in the drill holes at Lourdes corresponds to malachite, chrysocolla, black oxides (tenorite), and primary sulfide occurrences. Pyrite and chalcopyrite sulfides are occasionally disseminated and hosted in the ferromagnesian minerals, increasing the pyrite mineralization at depth.
The North-South structure that controls the Lourdes mineralization is interpreted as the extension of the northwest “Diva Trend”, cross-cutting in the northeast direction. Moreover, the alteration and mineralization styles recognized in Lourdes appear similar to those described in the Adriana and Carlotta sectors. The geo-structural mapping in Lourdes, Condori, and Gallinazo, at scales of 1:2000 and 1:10000, demonstrate the displacement of lithological blocks on surface, exposing a set of faults with transcurrent movement associated to the Diva Trend NW-SE system at Lourdes. With evidence of displacement and tilting of these blocks, copper oxides at Lourdes appear to be mineralized to the northeast of the Diva Trend. The current drilling campaign has been designed to test the northeast structures that cross-cut the Diva Trend. Camino expects to expand the mineralized area with additional geochemistry results and geological logging. These initial geochemical and geological-structural results confirm the Cu-Ag mineral potential at Lourdes, where the mineralization remains open at depth and along strike.
A first interpretation of the new mineralized structure found in the Lourdes area is shown in the cross section orientated in the E-W direction (+/- 40 m) in Figure 2. The host rock is a Crystal Andesite Tuff (CAT), strongly hematized and with plagioclase crystals replaced by potassium feldspar. The fault system intercepted in drill holes DCH-80 and DCH-81 demonstrates that we are cutting a breccia body feeder (BXC) with a possible ellipsoidal geometry that favors the deposition of copper oxide mineralization both in the fault planes, in vesicles, and in the low angle bedding (35°E) planes. This style of copper mineralization can be seen in the outcrop that is shown in our Drilling Campaign Video Series, Part 2.
The Diana zone is located along strike of the Lourdes northeast mineralized structure that hosts the high-grade copper intercepts in drill holes DCH-80 and DCH-81. Diana is mineralized with rock chip sample values of up to 3.33% Cu and 46.90 ppm Ag in 45 m of NW-SE trench results (Figure 1). The Diana zone is a potential extension of mineralization at Lourdes and is located 2 km to the east. The outcrop at Diana is similar in surface mineralization characteristics to Adriana and Lourdes. Drilling at Diana will be available under an Environmental Impact Assessment (EIA) expansion. After a year of preparation, the modification of the semi-detailed Environmental Impact Study (MEIAsd) for Los Chapitos has recently been presented and is under review by the competent authority (MINEM) to expand the effective area of activities from 342 hectares to approximately 6,012 hectares.
The EIA expansion will allow future exploration drilling programs to be developed in Diana and other areas of interest such as Lagunillas and Atajo. The new permit, if approved, will increase the permitted drilling areas at Los Chapitos by over 15 times.
Figure 1. New copper mineralization at Lourdes Zone, located 1.4 km NW of Adriana Zone.
Figure 2. Cross section interpretation of copper mineralization at Lourdes Zone, Los Chapitos
Figure 3. Location Map of the Los Chapitos Copper Project along the coastline of Peru
Approval of the Rolling Security Based Compensation Plan (the “SBC Plan”)
The Company also reports the TSXV has accepted for filing the Company’s SBC Plan, which was approved by the Company’s shareholders at the Annual General Meeting held on May 16, 2022. (see Report of voting results dated May 24, 2022).
About Camino Minerals 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 is also permitting the Maria Cecilia copper porphyry project towards a planned exploration drilling program in 2022. 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 NI 43-101, 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 CEOemail@example.com|
|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 completion and results of the drill program at Los Chapitos, including the prospectivity of the oxidized copper exposed at the Lourdes-Condori Zones. 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.