VANCOUVER, BC / ACCESS Newswire / January 22, 2025 / Camino Minerals Corporation (TSXV:COR)(OTC PINK:CAMZF) ("Camino" or the "Company") is pleased to announce the commencement of its exploration campaign at the Los Chapitos Copper Project ("Los Chapitos" or the "Project") in Peru. The campaign is fully funded through a CAD$1.5 million earn-in payment by Camino's exploration partner at Los Chapitos, Nittetsu Mining Co., Ltd. ("Nittetsu") (see news release dated December 12, 2024).
"The Pampero drilling target lies along the major La Estancia fault that extends for over 12km at the Los Chapitos copper project. We are drilling newly identified copper breccias and copper mantos that have been mapped at surface to determine their extension at depth" said Camino's partner at Los Chapitos, Nittetsu geologist, Yoshikazu Fujimoto. "Our goal is to intersect bulk tonnages of near-surface copper oxide, with the possibility for copper sulphide extensions at depth."
The drilling campaign will focus on copper oxide zones and explore potential copper sulphide mineralization. The campaign is planned as 11 drill holes and approximately 1,200 meters in total to be drilled. The campaign will focus on copper mineralization targets along the La Estancia fault that extends for over 12km NW-SE, one of several mineralized trends at Los Chapitos (Figure 2 and Figure 3) (see news release dated October 22, 2024). Geochemical sampling in trench channels show copper oxides grades up to 3.8% Cu and 4.0 ppm Ag.
Figure 1. Hydrothermal breccia at Pampero with copper oxides az. 340 and dip 36° East and thickness of 1.5m
Figure 2. Location of the main exploration targets.
The main goal of the drilling campaign at the Pampero target is to intercept the projected bodies of breccias (Figure 1) or mantos at depth with the copper oxide and sulfide mineralization observed at surface. Surface mineralization observed during mapping includes malachite/atacamite, chrysocolla, chalcopyrite, and specularite (Figure 3), with strong chloritic-sericitic-silice alteration on the surface at the contact of the intrusive bodies of monzonite composition in contact with the Chocolate Formation. The intersection of major structures, such as the La Estancia fault, with other minor structures allows for the opening for feeders and feeder-type mineralization conduits and lentiform mantos that are similar to those mapped in previous years along the Diva Trend.
Figure 3. Geological map of the Pampero target and the location of the proposed drillings.
Option Grants and Issuance of Shares The Company has granted incentive stock options to its directors, officers, and employees to purchase 675,000 shares of the Company on or before January 20, 2030, at an exercise price of $0.36 in accordance with its Amended and Restated Equity Incentive Plan.
In addition, the Company is issuing 147,059 common shares to a non-related third-party, Resource Play (the "Finder") as finder's fees in connection with the Earn-in Agreement with Nittetsu Mining Co., Ltd ("Nittetsu") for the Los Chapitos Property. The issue of 147,059 common shares to the Finder has been adjusted for the 6:1 Share consolidation the Company completed on January 20, 2025.
The TSX Venture Exchange (the "TSXV") previously provided approval for the issuance of 2,235,295 pre-consolidation common shares to the Finder which was completed in April 2024 (see news release dated April 3, 2024). The TSXV also provided conditional approval for the issuance of further common shares to the Finder if Nittetsu exercised their right under the agreement to contribute their 3rd option instalment payment of CDN$1,500,000 to Camino, a contribution which Nittetsu made in May 2024.
The finder's fee agreement was previously announced on February 1, 2023, and June 14, 2023, and the issue of stock to satisfy the finder's fee was announced on January 10, 2023.
About Camino Camino is a discovery and development stage copper exploration company. On October 7, 2024, Camino signed a Definitive Agreement to purchase the construction-ready Puquios copper mine in Chile. Camino is focused on developing copper producing assets such as Puquios, and advancing its IOCG Los Chapitos copper project located in Peru through to resource delineation and development, and to add new discoveries. Camino has also permitted the Maria Cecilia copper porphyry project for exploration discovery drilling to add to its NI43-101 resources. 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.
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, without limitation, statements with respect to the prospectivity of future exploration work at Los Chapitos, future planned drilling programs, and prospectivity for copper exploration in new targets. 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.
