Vancouver, November 23, 2023 – Camino Minerals Corporation (TSXV: COR) (OTC: CAMZF) (WKN: A116E1) (“Camino” or the “Company”) is pleased to announce the receipt of confirmation from exploration partner Nittetsu Mining Co., Ltd. (“Nittetsu”) that they will contribute their second option payment of CAD$1.5 million to support the next phase of exploration of Camino’s Los Chapitos Copper Project (“Los Chapitos” or the “Project”) in Peru.
The exploration program that commenced in June 2023 focussed on mapping, trenching, and sampling at Los Chapitos to identify the most prospective sites for the upcoming drilling program. Following an evaluation of the results by the joint Camino – Nittetsu technical committee, the next phase of the exploration program was approved, and the exploration drilling program is expected to commence around the third week of December 2023.
The funds constitute the second option payment by Nittetsu under the terms of the Definitive Agreement (“Agreement”) that Camino entered into with Nittetsu earlier this year (see news release dated June 14, 2023). Under the Agreement, Nittetsu can secure a 35% project interest in Los Chapitos for a total of CAD$10 million, invested over three years.
“We are now funded by our partner Nittetsu to start drilling additional copper oxide targets at our Los Chapitos copper property in Peru”, said Jay Chmelauskas, President and CEO of Camino. “Drilling is expected to commence around the third week of December.”
Camino is a discovery and development stage copper exploration company. Camino 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, Camino has increased its land position at its copper and silver Plata Dorada project. Camino 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 A. Bassan, MSc. Geologist, an independent geologist FAusIMM (CP) 227922, 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
|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, expectations for joint ventures and/or strategic partnerships with respect to the Company’s properties and the receipt of necessary authorizations and approvals. 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 may be different than those expected by management, that the Company may not realize the benefits of joint ventures and/or strategic partnerships with respect to the Company’s properties, that the Company may be unable to obtain or may experience delays in obtaining any required authorizations and 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.