VANCOUVER, BC / ACCESSWIRE / October 22, 2024 / Camino Minerals Corporation (TSXV:COR)(OTC PINK:CAMZF) ("Camino" or the "Company") is pleased to provide an update on the progress of the Summer 2024 mapping and exploration campaign at the Los Chapitos copper project ("Los Chapitos" or the "Project") in Peru. During the summer geological mapping campaign, collaborative efforts between Camino and its exploration partner Nittetsu Mining CO., LTD ("Nittetsu") have significantly advanced the 1:5,000 and 1:2,000 geological mapping program, which successfully identified new prospective copper oxide areas at the La Estancia trend that hold potential for future exploration drilling and development. This La Estancia fault extends for approximately 12 km through Camino's claims to the property boundary where Rio Tinto recently staked claims in 2024 (see news release dated May 17, 2024). Diamond drilling is anticipated to commence as early as December 2024.
Advanced exploration at Los Chapitos in Peru compliments Camino's corporate strategy to develop production behind the recently announced agreement to purchase the Puquios construction-ready copper mine in Chile (see news release dated October 7, 2024).
Highlights:
Identification of five new exploration targets at La Estancia.
Discovery of additional copper zones at Pilar Maria along the Diva Trend.
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Notable mineralization at multiple targets, including:
Pampero: Up to 3.8% copper (Cu) and 4.0 ppm silver (Ag) in geochemical samples.
Pilar Maria: Copper oxide grades reaching 7.3% Cu and 54 ppm Ag.
Sombrero Blanco: Copper oxide mantos and exotic surface copper deposits.
Drilling to begin at prioritized targets as early as December 2024 with the anticipated new tranche of $1.5M earn-in funding from Nittetsu.
Ongoing exploration will also target structural controls across the 12 km La Estancia trend, aligned with copper-rich IOCG systems such as Candelaria and Mantoverde.
Over 25,000 meters of drilling has previously been completed at the Los Chapitos claims, and new satellite deposits are being sought centered on the La Estancia fault along its northwest trend, including north to south trending conjugate faults. Studies of other Iron Oxide Copper Gold ("IOCG") districts shows up to 80% of the metallic endowment of these systems can be found within 2 km associated with structural controls such as at the Candelaria, Mantoverde, El Soldado, and Michilla mines, which together with the level of erosion regulate the copper metal content in the deposit. Thus, we have tightened up our geological mapping closer to La Estancia, while still working to expand and identify new zones along our 8 km Diva Trend.
The new targets at Los Chapitos have similarities to the manto-type copper deposits of northern Chile and continue to show excellent potential for copper-silver manto and IOCG type deposits.
"Los Chapitos is target-rich for copper discoveries with multiple new high priority copper exploration areas identified through the 2024 summer program," commented Jay Chmelauskas, Camino's CEO. "Furthermore, we believe that our Los Chapitos copper exploration in Peru, is next in line for development after our recently executed definitive agreement for the construction-ready and permitted Puquios copper mine in Chile."
Figure 1.Location of the main copper exploration targets at Los Chapitos 2024.
During the 1:5000 scale geological mapping campaign, five zones of exploration interest have been identified at the La Estancia fault: Pampero, Sombrero Blanco, Ocoa, Medanos, and Vizcacha (Figure 1).
The main objective of the summer mapping campaign was to evaluate the ranking targets within the La Estancia area, which are Pampero and Sombrero Blanco where a 1:2000 scale mapping has been carried out, showing new minor faults that control the mineralization found on the surface.
The mineralization found at the Pampero target corresponds to copper oxides and sulfides such as malachite/atacamite, chrysocolla, chalcopyrite, and specularite (Figure 2) with strong chloritic-sericitic-silice alteration on the surface at the contact of the intrusive bodies of granodioritic-monzonite composition in contact with the Chocolate Formation. As part of the activities at the Pampero target, geochemical sampling was carried out in trench channels and mineral occurrence areas where the results showed high values of up to 3.8% for Cu and 4.0 ppm for Ag.*
Figure 2. Plan view showing location of the target Pampero and the occurrences of copper oxides.
* Sample X073899/2024 lithology: tuff of andesitic crystals of the Fm. Chocolate with siliceous alteration. With abundant copper oxides, such as malachite and brochantite. The sample was taken in 1m of channel within a 6m trench length with az N°30 (metric location, x:563662, y:8270313, z:700), received sample weight in the lab (WEI-21), 2.52kg.
At the Sombrero Blanco target, the mapped mineralized zones are in the footwall of La Estancia fault, and the hanging wall and footwall of the Sombrero fault (newly recognized fault). Mineralization would be controlled by the Sombrero fault conduits and mineralized hydrothermal breccias. These conduits generate mineralized "mantos" in andesitic tuffs and volcanogenic rocks, with oxide mineralization (malachite, atacamite, chrysocolla). Several new copper manifestations were identified in outcropping, searches and trenches. The mineralized zones have been recognized as copper oxide mantos, mineralized breccias, and exotic copper deposits on the surface (Figure 3).
The intersection of major structures, such as the La Estancia fault, with other minor structures allows the opening for feeders and feeder type mineralization conduits and lentiform mantos that are similar those mapped in previous years along the Diva Trend.
Figure 3. Plan view showing location of the target Sombrero Blanco and the occurrences of copper oxides.
The Pilar Maria target is located within the area that historically has been called the Diva Trend, where mapping has been carried out at a scale of 1:2,000 covering approximately 180 ha, that hosts copper oxides and sulfides mineralization, with strong copper geochemical signatures. The rock geochemistry showed copper oxides grades up to Cu 7.3% Cu and 54ppm Ag (Sample M203568/2016).
Pilar Maria is also near the newly identified deep-seated Rumi Puka fault that intercepts the Diva structure.
These mapping results provide a broad framework of the geology, structure, and alteration and confirm the potential for significant copper mineralization. Two styles of mineralization have been recognized.
The first, copper oxides occurrences are linked to bands of strong potassic alteration with chalcopyrite. On surface, copper oxides are scattered throughout the area, consisting of malachite, brochantite, chrysocolla, and sporadically chalcocite, bornite (Figure 4). There is another group of copper oxides occurrences linked to the Diva fault.
The second style occurs in the propylitic alteration zone, where chalcopyrite is found in sporadic geodes or druses composed of calcite-epidote-chalcopyrite. Considering the geology, faults, geochemistry and occurrences of mineralization, three new targets have been defined: Maqui, Diva, and Apu.
Figure 4. Plan view showing location of the target Pilar Maria and the occurrences of copper oxides and sulfides.
La Estancia and Diva Trend boast significant exploration upside with several new high priority targets to be drill tested, mainly at Pampero and Pilar Maria where drilling activities are planned to start as early as December.
About Camino
Camino is a discovery and development stage copper exploration company. Camino is focused on advancing its high-grade Los Chapitos copper project located in Peru through to resource delineation and to add new discoveries. Camino has also permitted the Maria Cecilia copper porphyry project for an exploration drilling program. 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.
ON BEHALF OF THE BOARD |
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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.
SOURCE: Camino Minerals Corp
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