VANCOUVER, BC / ACCESSWIRE / October 28, 2024 / Camino Minerals Corporation (TSXV:COR)(OTC PINK:CAMZF) ("Camino" or the "Company") is pleased to provide a summary of the summer drilling and exploration campaign at its Maria Cecilia porphyry project ("Maria Cecilia" or the "Project") in Ancash, Peru.
The 2024 summer campaign included the construction of access roads and the drilling of one diamond drillhole (MC24-001) at Porphyry 1. Geochemical assays indicate low grades of copper, molybdenum, silver, and gold intercepts over significant intervals, including 234 meters of continuous low-grade copper, gold, silver, and molybdenum mineralization. In addition, mineral zoning, multiple altered intrusions, areas of widespread multi-vein stock work, pervasive potassic alteration, as well the potential for copper mineralization in surrounding reactive sedimentary host rocks were observed. The drilling campaign was successful at identifying zonation in the porphyry stock for further follow-up drilling.
Over 30,000 meters of drilling, as well as a NI43-101 compliant resource, have been completed at the adjacent mountains, Toropunto, and Emmanuel. The entire porphyry complex within Camino's claims spans over 5 kilometers, and the current drilling target, Maria Cecilia, is at the centre of the complex.
Highlights:
Continuity of mineralization at depth in drillhole MC24-001 with grades up to 0.16% copper, 0.053ppm gold, 5.1ppm silver, and 819ppm molybdenum. A continuous drilling intercept over the first 234 m graded 0.08% Cu, 0.007ppm Au, 0.51ppm Ag, 57ppm Mo.
Drilling confirms mineral zonation of a porphyry system at Maria Cecilia located at the centre of a 5 km mineralized system spanning from Camino's Toropunto copper-molybdenum-gold high-sulphidation epithermal resources to Camino's Emmanuel porphyry copper-molybdenum resources.
"During the summer of 2024, Camino focused its efforts on acquiring the Puquios copper production asset in Chile and advancing its joint venture exploration activities at Los Chapitos in Peru with Nittetsu Mining," said Jay Chmelauskas, CEO of Camino. "At the same time, we drill tested Maria Cecilia and evaluated exploration priorities. Maria Cecilia is proving to be a very large porphyry system that is worthy of follow-up drilling when the copper market conditions improve or after we advance our production and exploration assets at Puquios and Los Chapitos. While we intercepted 234 metres of continuous copper mineralization, the grades at Maria Cecilia still do not explain the metal content in the ground, either pyrite or chalcopyrite, generating a significant geophysical anomaly."
Camino Geological consultant Jose Bassan stated: "Three styles of mineralization are recognized at Maria Cecilia: Polymetallic (Zn-Pb-Cu-Ag) skarn mineralization, hydrothermal high-sulphidation (Cu-Au) epithermal deposit related to porphyry systems, and finally, a copper and gold porphyry, like we see at Maria Cecilia and the adjacent Emmanuel resource. The hornfels package that exhibits better copper and gold grades than the other porphyry-sills implies that the main source of copper mineralization has not yet been reached."
The package of sedimentary rocks of Goyllarisquizga group and hornfels sequence has N335 azimuth and subvertical dips, observed with geological mapping at 1:1,000.
At Maria Cecilia 99% of the area is covered by colluvium, new road access has provided new exposures. A total of 95 chip samples were taken at the road openings for over 2.5 km towards the new drill pads. All samples were anomalous in copper, mainly in copper oxides (tenorite) in fractures and veinlets, with 35 of these samples greater than 0.1% Cu with grades up to 0.32% Cu. There were also 11 samples greater than 0.01ppm gold with grades up to 0.061ppm. There were 7 samples greater than 100ppm molybdenum and graded up to 222ppm (Figure 3).
The first exploration hole in Maria Cecilia MC24-001 is located in an outcrop zone of copper oxides with grades up to 0.7% Cu. The drillhole was oriented towards the NW edge of the geophysical magnetic anomaly, Porphyry 1, reaching a total depth of 696 meters, including anomalous copper continuity over 234 m from surface with grades of 0.08% Cu mainly in veinlets with chalcopyrite and disseminated after the first 40m of drilling. Drilling at surface initially intercepted black copper oxides (tenorite) (Figure 1).
Figure 1. Long section of the Maria Cecilia porphyry - skarn system.
Drill hole MC24-001 exhibited potassic alteration characterized by secondary biotite and minor secondary feldspar. The identified sulphides consist of finely-grained pyrite and chalcopyrite, present in micro-veins and as random disseminations. Quartz veinlets primarily contain molybdenite, and the porphyries encountered in the drill hole follow the stratification. The geological logging of drill hole MC24-001 highlights the significance of the hornfels host rock within the mineralized system of the Maria Cecilia project. The hornfels demonstrates higher copper and molybdenum grades compared to other rock types, accompanied by strong potassic alteration and a stockwork of early veinlet types, including EB (biotite-quartz), A (quartz with K-spar), and B veinlets (quartz-sulphides). Disseminated pyrite and chalcopyrite sulphides, along with quartz-molybdenite veinlets, are observed in contact with the Plg-Hb porphyry (hornblende porphyry).
At greater depths, porphyry sills ranging from 1 to 32 meters thick influence the alteration and veinlet patterns within the host rock. However, the copper and molybdenum grades remain higher within the hornfels package, suggesting that the primary source of copper mineralization has not yet been reached.
Figure 2. Geology and average grades Cu, Au, Ag, Mo descriptions from core pictures MC24-001, ppm grades. (The average Cu, Au, Ag, Mo grades of the porphyry are not included in the hornfels analysis).
HOLEID
East(m)
North(m)
Elevation(m)
Azimuth
Dip
Total Depth
Start Date
End date
MC24-001 (Porphyry 1)
179151
8982554
4220
180
-75
695.85
2-Jun-24
26-Jun-24
Porphyry 2
Open roads, Geology mapping, Chip samples
Porphyry 3
Table 1. Summary of Drillholes location, Maria Cecilia Porphyry Copper Project, Peru
Figure 3. Plan view with copper surface rock chip samples, geophysical magnetic anomaly, and 2024 drilling at Maria Cecilia.
Final coordinates (East-North-Elevation, metric) taken at the end of the drillhole using GPS model (GPS MAP 64) and measurement of the drillhole trajectory with DeviGyro #4693 tool every 20m according to protocol.
Core has been logged and sampled for drillhole MC24-001 at the Company's facilities in the town of Caraz, 20 km from the Project. Industry standard chain of custody and QA/QC practices are followed with samples sent to Lima where they are analyzed by ICP-MS at ALS Chemex Labs' facility. The Camino geological team complied with the written internal QA/QC procedures, where the insertion of blank samples, certified international standards (pulps) and duplicates met the objectives and acceptable results.
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, FAusIMM (CP) 227922, MSc. Geologist, an independent geologist and 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.
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 Maria Cecilia, future planned drilling programs, prospectivity for copper exploration in new targets Porphyry 1, 2, 3; 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.
