Camino Minerals Corp. [COR-TSXV; CAMZF-OTC; XC01-FSE] reported results of the initial two drill holes, totaling 300.85 metres, at the Lourdes zone of the 100%-optioned Los Chapitos copper exploration project in Peru. The Lourdes zone is located 1.4 km northwest of Caminoâ€™s previous 2017 copper discovery at the Adriana zone. The current drilling campaign consisting of 1,500 metres is expected to be completed in the second week of July, with final assay results expected in September of this year.
Highlights include the new discovery in Lourdes zone in hole DCH-80 from surface to 65.2 metres intercepting 0.70% oxidized copper, 4.72 g/t silver, including 31 metres grading 1.23% oxidized copper and 7.95 g/t silver from a depth of 27 metres. Drill hole DCH-81 from surface to 41 metres intercepting 0.35% oxidized copper, 2.56 g/t silver including 12.9 metres grading 0.82% oxidized copper, 5.34 g/t silver from a depth of 26.5 metres.
The identification of a new high-grade copper mineralized northeast structural corridor has potential to connect with the Diana zone. Additional exploration potential at Lourdes to find the main copper mineralized northwest Diva â€œfeederâ€ structure. Sulphide mineralization detected at depth in drillhole DCH-81.
â€œWe are taking some bold steps to drill in newly permitted areas that have never been drilled before,â€ said Jay Chmelauskas, CEO of Camino. â€œOur recent high-grade intercept of 31 metres grading 1.23% oxidized copper in a new area demonstrates the expanding exploration potential of our Los Chapitos copper project and the successful geological modelling efforts taken by Caminoâ€™s geologists. Camino plans to continue with this method at our exploration projects, as we believe that a bold approach is how new discoveries will be made in the copper sector.â€
Camino has made a new satellite discovery in the Lourdes zone located 1.4 km north from previous drilling in a new permitted area. Drill hole DCH-80 from near surface to 65.2 metres intercepted 0.70% oxidized copper, 4.72 g/t silver, including a 31-metre intercept grading 1.23% oxidized copper and 7.95 g/t silver from a depth of 27 metres. Maximum values of 2.35% copper and 27.4 ppm silver were intercepted in drill hole DCH-80. Drill hole DCH-81 from surface to 41 metres intercepted 0.35% oxidized copper, 2.56 g/t silver, including a 12.9-metre intercept grading 0.82% oxidized copper and 5.34 g/t silver from a depth of 26.5 metres.
Fourteen more drill holes have been completed, with an additional three drill holes planned before the conclusion of the drilling campaign. Final assay results are expected in September of 2022. The current drilling campaign follows the 8-km Diva Trend, extending over 2 km northwest from the previous discovery at the Adriana zone.
Chief Geologist Jose Bassan said, â€œFor the past 10 months, Camino has been modelling the lithology, alteration, and mineralization at the Adriana, Carlotta, and Katty zones to create a discovery model for other zones at Los Chapitos. The copper discovery at Lourdes is showing that this work is starting to pay off.â€
The North-South structure that controls the Lourdes mineralization is interpreted as the extension of the northwest Diva Trend, cross-cutting in the northeast direction. Moreover, the alteration and mineralization styles recognized in Lourdes appear similar to those described in the Adriana and Carlotta sectors. These initial geochemical and geological-structural results confirm the Cu-Ag mineral potential at Lourdes, where the mineralization remains open at depth and along strike.
The Diana zone is located along strike of the Lourdes northeast mineralized structure that hosts the high-grade copper intercepts in drill holes DCH-80 and DCH-81. Diana is mineralized with rock chip sample values of up to 3.33% copper and 46.90 ppm silver in 45 metres of NW-SE trench results. The Diana zone is a potential extension of mineralization at Lourdes and is located 2 km to the east.
After a year of preparation, the modification of the semi-detailed Environmental Impact Study (MEIAsd) for Los Chapitos has recently been presented and is under review by the competent authority (MINEM) to expand the effective area of activities from 342 hectares to approximately 6,012 hectares.
The EIA expansion will allow future exploration drilling programs to be developed in Diana and other areas of interest such as Lagunillas and Atajo. The new permit, if approved, will increase the permitted drilling areas at Los Chapitos by over 15 times.
Camino also reports the TSXV has accepted for filing the company’s SBC Plan, which was approved by the companyâ€™s shareholders at the Annual General Meeting held on May 16, 2022.