{kanada_flagge}Camino Corp. (TSXV: COR; FRA: A116E1) has intersected anomalous copper mineralization over a strike length of approximately 6.5 kilometers (Figure 1) with grades up to 1.05% Cu in five exploration holes at its Los Chapitos project in Peru. The drill holes also contained consistent cobalt mineralization and traces of silver and gold. Drilling to date has tested only a portion of the copper mineralization along a trend more than 8 km long (Diva trend).
Parallel fault structures along Atajo and Lagunillas are also prospective for copper discoveries within the Los Chapitos claims. Drilling at Los Chapitos is targeting new copper mineralization in addition to the known Adriana Zone as newly permitted areas become available for drilling. At the Adriana Zone, drill results reported in January 2021 showed significant intercepts of copper mineralization, including 55.5 m at 0.72% copper (Cu) and 22.5 m at 1.15% Cu (see news release dated January 19, 2021). The next priority drill target is the Lourdes oxidized copper outcrop, which has geological similarities to Adriana.
Drilling has identified copper sulphides in both volcanic and intrusive rocks indicating the potential for a sulphide feeder deposit. The next priority drill target is in the Lourdes outcrop (Figure 1), which has structurally controlled manto-style copper oxide mineralization similar to the Adriana and Carlotta zones.
Chief Geologist Jose Bassan commented on the results, “We appear to be in the right geological rock sequence to make a major discovery similar to the nearby large Mina Justa manto deposit. The presence of mineralized intercepts gives us confidence that we are drilling near a large distal ore body. The lithologic sequence is similar to the new Mina Justa copper mine, which is in the same Chocolate Formation as Los Chapitos.”
Figure 1. alteration plan map of the Diva trend showing current and historical drill holes.
The Company anticipates that the Declaracion Impacto Ambiental (“DIA”) drill permit will be received shortly so that drilling can commence on the new Lourdes and Condori zones. The Company plans to prioritize its drilling on its Los Chapitos project and its new Maria Cecilia porphyry copper project as permits are issued in the new year.
Camino CEO Jay Chmelauskas, added, “We are being selective and drilling in new mineralized areas as new permits become available for both our Los Chapitos and Maria Cecilia copper projects. Both copper projects are expected to receive new DIA drilling permits in late 2021 or early 2022, which will allow for additional discovery drilling in early 2022. These projects have the right geology to make large-scale copper discoveries, which is our opportunity early next year.”
SUMMARY: Camino geologists are not afraid to make big comparisons when comparing the structure of the just-discovered Los Chapitos zone to that of the neighboring Mina Justa copper project, and step-out drill to make discoveries. Mina Justa is a major $1.6 billion project that has just gone into production. Mina Justa’s annual production is expected to be 12 million tons (Mt) of oxide ore and 6 Mt of sulfide ore. The mine is expected to produce up to 102,000 tons per annum (tpa) of copper concentrates and 58,000 tpa of copper cathodes. Camino’s end of the year drilling plan was impacted by a slower permitting process by Peruvian authorities. The company now expects to receive drilling permits for the second part of its Los Chapitos drilling early next year. Drilling permits for Camino’s second major project, Maria Cecilia, are also expected to be green-lighted at the same time. Both drilling permits should bring movement into the share price.
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