TSX Venture Symbol: COR
VANCOUVER, Jan. 10, 2017 /CNW/ - Camino Minerals Corporation ("Camino" or the "Company") (COR: TSX-V) is pleased to report on recent exploration activities at its Los Chapitos project ("Chapitos"), located in southern Peru, including approval of the Environmental Assessment for the Phase 1 Reverse Circulation ("RC") drill program on the Adriana and Katty Zones.
The Company has received notice that its Declaration de Impacto Ambiental ("DIA"), or Environmental Assessment, has been approved by the Ministry of Energy and Mines to complete a Phase 1, RC drill program on the Adriana and Katty zones. The Company has also filed with the Public Registry the 5 year community access agreement negotiated with the Community of Atequipa, as described in the Company's news release dated November 22, 2016. This agreement has also been accepted by the Ministry of Energy and Mines. These documents have been submitted for authorization to begin field activities, which authorization is expected to be received before the end of this month.
The Adriana Zone is exposed over an area measuring 75 meters by 150 meters. Chip sampling over the middle of the zone returned an average grade of 1.28% copper across 68 meters. Magnetic and IP-DAS geophysical surveys indicate that the zone is potentially larger than exposed and the surficial oxide mineralization will transition too sulphides about 250 meters below surface. The Katty Zone lies along trend about 1 kilometer to the southeast, measures 50 meters by 125 meters and returned average values of up to 3.23% copper across 10 meters. Interpretation of the magnetic survey data shows a structural connection between the Adriana and Katty zones. The initial phase of drilling will test below the exposed surface oxide mineralization and continue to depth into the geophysical anomalies. A summary presentation of the results from the geophysical surveys, and updated surface sampling, can be found on the Company's website at www.caminominerals.com.
Prospecting in the latter part of 2016 resulted in the discovery of a new zone of high grade copper mineralization. The Vicky Zone is located along the southeast extension of the Adriana – Katty trend. It is characterized by a cluster of narrow shears containing high grade copper oxide (1.2% to 7.4% copper), which sit above a structurally constrained magnetic anomaly, similar to the magnetic anomaly at Adriana. The mineralization is poorly exposed and activities early this year will include trenching to further define the exploration potential of this new zone.
The Company also wishes to announce that it has decided to reduce its holdings in the Red Beds project, and as such has returned the claims under option to the vendor. In the Company's opinion, permitting will require substantially longer than originally anticipated. Camino will retain the four claims, covering 1,700 hectares, it staked covering the eastern end of the system. The project will be placed on care and maintenance.
About Camino Minerals Corporation
Camino is a discovery-oriented mineral exploration company. The Company is focused on the acquisition and development of high grade copper and precious metal projects. For more information, please refer to Camino's website at www.caminominerals.com.
Cautionary Note Regarding Forward-Looking Statements and Information
This News Release contains "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking information may include, but is not limited to, information with respect to our planned exploration activities, the adequacy of our financial resources, the estimation of mineral reserves and resources, the results of future exploration and drilling. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in the Company's annual disclosure materials, filed with the securities regulatory authorities in Canada and available at www.sedar.com. Readers are encouraged to read these materials. Prospective investors should not place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Camino Minerals Corporation
For further information: and investor inquiries, contact: Ken McNaughton, President and Chief Executive Officer, Phone (604) 566-8778, [email protected], http://www.caminominerals.com