EXPLORATION & DEVELOPMENT

Camino to start drilling Los Chapitos in September

Camino Minerals Corp has wrapped up its acquisition of 100% of Los Chapitos in Peru, completing a modest option deal struck with local company Minas Andinas back in July, 2016.

Staff reporter
Drilling at Los Chapitos in Peru

Drilling at Los Chapitos in Peru

Minas Andinas has transferred to Camino 39 claims covering 220sq.km, including the Los Chapitos copper discovery drilled over 2017 and 2018.

Camino last month raised C$3 million at 10c to ramp up exploration at Los Chapitos and make a US$150,000 option payment to Minas Andinas.

"We expect to restart activities at Los Chapitos to prepare the area for the drilling program in July, mobilise a rig to the site in August, and to start drilling in September," Camino CEO Jay Chmelauskas said at the time.

"The initial drill program will be designed to expand on the zone of copper mineralisation first identified during the 2017 and 2018 discovery drill programs."

Chmelauskas said this week drilling would be focussed on expansion of known mantos and the discovery of potentially new copper mantos.

"New copper discoveries are needed to shore up the supply demand dislocation between depleting mine supply and new copper demand from an electrifying global economy. We believe that the Los Chapitos discovery has the potential to host a significant copper deposit, and Camino has now secured 100% ownership."

Minas Andinas has also received 150,000 Camino shares and retains a 1.5% net smelter royalty payable up to US$10 million.

Camino (TSXV: COR) has a market value around C$8.6 million trading at 12c.

 

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