Nittetsu Mining Provides $1.5 Million Third Option Payment for Camino's Los Chapitos Project

Camino Minerals Corp.
3 min read

In This Article:

VANCOUVER, BC / ACCESSWIRE / June 5, 2024 / Camino Minerals Corporation (TSXV:COR)(OTC PINK:CAMZF)(WKN:A116E1) ("Camino" or the "Company") is pleased to announce the receipt of the third option payment of CAD$1.5 million from exploration partner Nittetsu Mining CO., Ltd. ("Nittetsu") to support the next phase of exploration of Camino's Los Chapitos Copper Project ("Los Chapitos" or the "Project") in Peru. The funds constitute the third option payment by Nittetsu under the terms of the Definitive 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 for a total investment of CAD$10 million, contributed over three years. To date, Nittetsu has invested a total of CAD$5.5 million into the Los Chapitos copper project.

"Los Chapitos is attracting some of the largest mining companies, such as Rio Tinto, on its borders. We are working with a highly experienced team of Japanese, Chilean, and Peruvian geologists to identify new drilling targets," said Felix Cornelio, Head of Exploration at Camino. "Our immediate target is near-surface green oxide copper mantos. We also see the potential for a large sulphide copper deposit, along deep-seated faults, like the La Estancia."

<strong>Figure 1. Recent geological mapping uncovers green oxide copper outcrops along the La Estancia fault.</strong>
Figure 1. Recent geological mapping uncovers green oxide copper outcrops along the La Estancia fault.

As part of the exploration program, a 1:5000 scale reconnaissance geological mapping campaign will be carried out in the area known as La Estancia (Figure 2), where the deep-seated fault is projected along a 12-kilometer corridor with the exploration objective to delimit new stratabound copper-silver and IOCG type mineralised bodies for follow-up drilling.

The planned Summer/Fall 2024 exploration campaign by the Camino and Nittetsu geological team will include the development of a new geological model for the Adriana zone, with Nittetsu conducting a relogging of over 15,000 metres of previous diamond drilling.

In addition to the new geological model, the satellite exploration program at the Diva Trend will continue with the development of detailed geological mapping at the intersections of the Diva Trend and Hunarpo faults with the Rumi Puka deep seated fault (Pilar-Maria) to target stratabound Cu-Ag bodies.

The purpose of this work is to generate new drilling zones for our next drilling campaign which is scheduled for Fall 2024.

<strong>Figure 2. Fault structures controlling copper mineralization at Los Chapitos, Peru.</strong>
Figure 2. Fault structures controlling copper mineralization at Los Chapitos, Peru.

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.

Recommended Stories