Camino identifies Copper and Gold System at Los Chapitos sampling 1.71% Cu, 1.3 g/t Au and 6.1% Cu, 0.48 g/t Au
Vancouver, British Columbia--(Newsfile Corp. - February 22, 2021) - Camino Corp. (TSXV: COR) (OTC: CAMZF) (WKN: A116E1) ("Camino" or the "Company") is pleased to announce new sampling, geological mapping, and geophysical interpretation on its Los Chapitos copper project located in Southern Peru's Arequipa Department. The successful 2020 drilling campaign returned significant copper intercepts (see January 19 News Release) from the central portion of the 10 km copper mineralized Diva Trend. Sampling and mapping in 2020 along the Diva Trend (Table 1, Figure 2, and Figure 3) have identified large zones of alteration associated with Iron Oxide Copper and Gold (IOCG) mineralization to the northwest.
Northwest - Potential Copper & Gold IOCG System
Four km north of the 2020 drilling program, a recent sample from artisanal mine workings that extend over 30 metres underground returned 1.71% copper (Cu), 1.3 g/t gold (Au), and 12.5% iron (Fe) (Table 1 and Figure 2). The fault breccia in this area has green oxidized copper and calc-sodic alteration indicative of the regional Chocolate Formation IOCG hosting lithology. Previous sampling, in the northwest from 238 rock samples at the Lidia Zone, has returned an average of 0.78% copper, and copper and gold samples up to 23% Cu and 11 g/t Au, including similar copper and gold anomalies along the parallel Atajo Trend (see Figure 3) within the Company's 220 km2 claims. The Company is expanding its Environmental Impact Assessment (EIA) coverage to obtain permits for planned drilling of these areas as part of its Stage 2 drilling campaign in 2021.
Southeast - Significant Magnetic Anomaly and Stage 1 Permitted Drilling
Stage 1 drilling at Los Chapitos is fully permitted and is planned to commence in May or June 2021. The Stage 1 drilling campaign will target the continuity of copper mineralization in the Adriana central portion of the Diva Trend where the Company is delineating the extent of copper mineralization as it works towards a maiden resource estimate. The Company also plans exploratory drilling in permitted areas towards the southeast to potentially expand mineralization, and extension drilling where copper has been previously intercepted in drillholes at the Katty zone located 1 km south of the 2020 drilling at Adriana. In this area towards the Lagunillas Fault, the Company will target recently discovered andesitic flow breccia with disseminated copper oxide mineralization.
The intersected copper mineralization in the central portion of the Diva Trend is coincident with a moderate-sized magnetic anomaly. A much larger magnetic anomaly to the southeast (Natty) is coincident with surface x-ray fluorescence (xrf) soil and rock chip copper showings that range in grades from 0.1% to 8.9% Cu. This larger magnetic anomaly demonstrates the potential scope and scale of discovery possible at Los Chapitos as part of Stage 1 drilling (Figure 1).
"At Los Chapitos, we plan to drill along our 10 km mineralized Diva Trend to target larger alteration zones and larger geophysical anomalies than have been previously drilled, that are coincident with surface copper mineralization. This is the right time in the copper market for a major discovery and we believe that the Los Chapitos IOCG system has this potential," said Jay Chmelauskas, President & CEO.
To view an enhanced version of Figure 1, please visit:
A summary of high-grade copper samples with associated gold and silver taken along the Diva Trend during the 2020 exploration and reconnaissance program is summarized in Table 1.
|SAMPLE||EASTING||NORTHING||Location Relative to Adriana |
|Cu %||Ag g/t||Au g/t|
|X072710||572718||8267470||NW - Lourdes Target||1.72||16.00||0.008|
|X072753||571272||8267114||NW - Lourdes Target||1.80||1.07||0.007|
|X072763||571968||8267576||NW - Lourdes Target||0.20||0.10||0.043|
|X072802||570417||8268817||NW - Condori Target||0.87||0.26||0.045|
|X072803||570451||8268913||NW - Condori Target||6.12||0.41||0.481|
|X072810||570640||8268857||NW - Condori Target||1.71||0.38||1.300|
|PX061768||574347||8266545||SE - Adriana-Carlotta-Katty||2.17||33.80||<0.005|
|PX061776||574494||8266547||SE - Adriana-Carlotta-Katty||2.94||17.00||0.006|
|PX061782||575096||8266190||SE - Adriana-Carlotta-Katty||4.46||48.10||0.011|
|PX061785||575182||8266177||SE - Adriana-Carlotta-Katty||10.15||173.00||0.010|
Table 1. 2020 Geological Mapping and Sampling of the mineralized Diva Trend at Los Chapitos
To view an enhanced version of Figure 2, please visit:
The geological mapping and sampling in 2020 identified classic IOCG metal and mineral assemblages at the Los Chapitos project. Drilling in the central part of the Diva Trend has intercepted copper with trace quantities of silver, however, recent sampling returned 10.15 % Cu and 173 g/t Ag in this area. Drilling results have confirmed cobalt, another IOCG signature metal, in our system with a maximum grade of 154 g/t (Adriana) and 896 g/t (Katty) with good spatial continuity. In the northern part of the Diva Trend, we have mapped more IOCG signature rocks including specular hematite, mushketovite, magnetite, various breccias, argillic and calcic sodic alteration with local potassic alteration (Figure 3). The gold that we have sampled may indicate that we are higher in the IOCG system at the northwest of the Diva Trend and could potentially add additional economic gold credits with successful drill results.
To view an enhanced version of Figure 3, please visit:
To advance our understanding of lithological controls Camino's geology team is currently working on defining the mineral zones by analyzing sequential copper from the 2020 drilling campaign and from previous drill holes.
Camino continues to follow COVID-19 protocols established by the Peruvian government, has continued field work and desk studies through 2020, and plans to complete several drilling campaigns in 2021.
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, towards potential resource delineation and new discoveries. In addition, the company has commenced field studies 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.
Kenneth C. McNaughton, M.A.Sc., P.Eng., a Qualified Person as defined by NI 43-101, has reviewed and approved the technical contents of this document.
ON BEHALF OF THE BOARD
/S/ "Jay Chmelauskas"
President and CEO
For further information, please contact:
Camino Investor Relations
Tel: (604) 608-4513
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 the project for future exploration, defining new mantos and extensions of the IOCG system and drilling planned on the Los Chapitos copper project and that actual results of exploration and engineering activities are consistent with management's expectations. 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.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75038