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Nittetsu Mining Provides $1.5 Million Fourth Earn-in Payment for Upcoming Drilling Campaign at Camino's Los Chapitos Project
VANCOUVER, BC / ACCESSWIRE / December 12, 2024 / Camino Minerals Corporation (TSXV:COR)(OTC PINK:CAMZF) ("Camino" or the "Company") is pleased to announce the receipt of CAD$1.5 million from exploration partner Nittetsu Mining CO., Ltd. ("Nittetsu") to support the upcoming drilling campaign at Camino's Los Chapitos Copper Project ("Los Chapitos" or the "Project") in Peru, expected to start in January 2025.
The funds constitute the fourth option to earn-in payment by Nittetsu under the terms of the Earn-in Agreement ("Agreement") that Camino entered into with Nittetsu in 2023 (see news release dated June 14, 2023). Under the terms of the Agreement, Nittetsu can secure a 35% project interest in Los Chapitos once they complete a total investment of CAD$10 million, contributed over three years. To date, Nittetsu has invested a total of CAD$7 million into the Los Chapitos copper project.
"This continued financial investment from our exploration partner, Nittetsu, highlights the vast potential of our Los Chapitos copper project and our shared vision to make new copper discoveries," stated Jay Chmelauskas,CEO of Camino Corp. "With this latest receipt of CAD$1.5 million in funding, , we are well-positioned to execute our next drilling campaign, starting in January, targeting the exciting new copper satellite zones recently identified along the La Estancia Fault. These developments underscore Los Chapitos' significance as a growing copper project in Peru."
Figure 1. Highly experienced team of Japanese, Chilean, and Peruvian geologist at the Los Chapitos copper project in Peru.
As part of the geological exploration program, activities during the fourth semester are planned to begin with the diamond drilling campaign at the Pampero target located within the La Estancia area, where occurrences of copper oxides and sulfides have been found in volcanic rocks of the Chocolate Formation. The results of the geochemical rock sampling analysis at Pampero gave values of up to 3.8% Cu and 4.00 ppm Ag, discovered during the 1:2000 scale mapping campaign (see news release dated October 22, 2024) where the La Estancia thick-scale fault is projected along a 12-kilometer corridor (Figure 2).
Figure 2. Location of the 2025 campaign exploration targets at Los Chapitos, Peru.
The Pampero target has a high similarity with important strata bound Cu-Ag and IOCG deposits along the coastline of Chile and Peru, such as Candelaria, Mantoverde, El Soldado and Michilla copper mines, which share common characteristics in terms of copper mineralization style. Therefore, the proposed drilling campaign will be oriented to the discovery of new stratified Cu-Ag mineralized bodies, and is expected to begin in January 2025. The drilling campaign is planned for approximately 1200m, with nominal drillholes of 100 m, and will seek to identify near surface continuous copper oxides mineralization, located along the major La Estancia fault. A total of 66 samples were taken at Pampero in trenches at 64 m intervals,mainly in structural lenses and stratified bodies that showed copper oxide mineralization with variable thicknesses from 0.2m to 1.4m along a 350 m strike direction to the Northwest (Figure 3).
Figure 3. Geological map of the Pampero target at Los Chapitos. A) Occurrence of copper oxide on the surface. B) Geological section.
The Los Chapitos project is divided into three preserved or uplifted domains with different interpreted mineralization styles. The first domain is the "Preserved" Domain 1, with excellent potential to host Cu-Ag & IOCG deposits, and this is where the Pampero Target is located. The "Pop Up" Domain 2, is divided into two zones with a mineralization style for IOA (Iron Oxide Apatite) & PCD (Porphyry Copper Deposit) and Cu-Ag & IOCG, and other important targets to be explored, such as Mirador and Lagunillas. "Preserved Epithermal" Domain 3, has the potential for epithermal deposits (Figure 4).
Figure 4. Cross section of the Los Chapitos project showing three domains and mineralization styles.
The exploration activities planned for 2025 by the Camino and Nittetsu geological team will include the mapping of new targets of interest within La Estancia (Medanos, Vizcacha, and Ocoa). Activities are focused on the search for new mineralized bodies along the 12 km trend of the La Estancia thick-skinned fault, that hosts geological similarities to copper-rich IOCG systems such as Candelaria and Mantoverde in Chile including Cu-Ag type deposits, as well as continuing to expand and evaluate more targets in the Diva area (Lagunillas and Mirador) (Figure 2).
Detailed work will continue within Sombrero Blanco, Katty, and Pilar María, where the geochemical sampling of rocks showed values up to 7.3% Cu and 54 ppm Ag at the latter target. The latest geological work carried out in these targets has shown positive results in Cu-Ag and exotic mineralization styles. Los Chapitos is a target rich copper property, and the focus of the Camino geology team is to prioritize drilling targets towards new discoveries of both copper oxide and potentially deeper copper sulphide ore bodies that could form the basis of a new copper mining operation.
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 the prospectivity of future exploration work at Los Chapitos, future planned drilling programs, prospectivity for copper exploration in new targets; 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.
