Camino Minerals Corporation (“Camino” or the “Company”) (COR: TSX-V) is pleased to report on recent activities at its Red Beds project in Peru, and Lost Cabin project in Oregon. On February 4, 2015, Camino announced it had optioned the Lost Cabin Project from La Cuesta International Inc., and have since completed a field evaluation of the project. The property lies within the Basin and Range Province in southern Oregon, and covers a layered dome complex consisting of rhyolite, andesite and dacite flows, which have been intruded by quartz monzonite. The basement geology is covered by a thin layer of barren basalt flows, which masks most of the prospective geology. Moderate to intense argillic alteration is exposed for over 3 kilometers in a northwest trending valley. Within the exposed alteration are epithermal quartz veins, stock work, and breccia’s. Numerous anomalous gold values were returned from grab samples, including 38.0 gpt and 2.8 gpt gold at the western end of the zone, as well as 5.5 gpt and 1.9 gpt gold in the east. The alteration, vein textures, and surface gold values suggest potential to find a substantial low-sulphidation, epithermal gold system located at relatively shallow depths. Additional field work will be completed in early October.
Upon completion of the $800,000 private placement, Camino initiated the environmental, archeological, and socioeconomic studies required for the Red Beds drill permit applications. Recent changes to the local permitting procedures have increased the time required to prepare a permit application, and as a result, they are expected to be ready for submission by late October. In the meantime, field crews continue to work with the local communities to improve the access to the project and begin construction of an exploration camp.
The Red Beds Project is a sediment hosted copper deposit. Prospecting and channel sampling have defined 12 beds of high grade copper-silver mineralization. These beds have an exposed cumulative strike extent in excess of 25 kilometers, range in width from 0.3 to 3.0 meters, and average grades in the range of 0.5% to 5% copper, with 10 to 50 gpt silver. Local values range up to +10% copper and +100 gpt silver.
Kenneth C. McNaughton, M.A.Sc., P.Eng., the President and Chief Executive Officer of the Company, is a Qualified Person (QP) and is responsible for the Red Beds Project exploration program.
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
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This News Release may contain “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, 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.
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