Camino and Rio Tinto Both Acquire New Claims at Auction Nar the Los Chapitos Copper Project in Peru
Camino has expanded its claims at the Los Chapitos copper project in Peru by an additional 1,700 hectares, following a land auction where it outbid competitors, including Rio Tinto. This increase brings the total area of Los Chapitos to 22,571 hectares. This marks Camino's second expansion in the past year. The new claims, identified as block 59 and block 54, are strategically located to connect existing claims and follow major fault structures. Rio Tinto also secured additional claims adjacent to Camino's property.
- Camino successfully acquired 1,700 additional hectares of exploration claims, increasing the total area to 22,571 hectares.
- The expansion follows Camino's previous increase in claims in the past year, showing a continuous growth strategy.
- The new claims are strategically located along major geological fault structures, potentially enhancing exploration success.
- The need to compete with major players like Rio Tinto could indicate increasing competition and potential cost escalation in future auctions.
- No immediate financial or operational benefits are mentioned from the acquisition, focusing only on claim expansion.
VANCOUVER, BC / ACCESSWIRE / May 17, 2024 / Camino Corp. (TSXV:COR)(OTC PINK:CAMZF)(WKN:A116E1) ("Camino" or the "Company") is pleased to announce that it has increased its claims at its Los Chapitos copper property ("Los Chapitos" or the "Project") by an additional 1,700 hectares. In a land auction, Camino successfully competed against other bidders that included Rio Tinto, to gain titles to new exploration claims immediately adjacent to the Company's Los Chapitos copper claims. The claims increase brings the Los Chapitos areas to a total of 22,571 hectares. This is the second increase in claims by Camino in the last year (see news release dated November 8, 2023). Rio Tinto also had the winning bid for part of the auction and increased their claim position next to Camino.
The first new claim block 59 (Figure 1), is located to the northwest, connecting Camino's claims and Rio Tinto's claims, and follows the extension of a major fault structure called La Estancia (see news release dated October 24, 2023). The La Estancia fault has been mapped on Camino's existing Los Chapitos claim to extend over 12 kilometers in a northwest direction.
The second new claim block 54 (Figure 1) extends Camino's claims immediately to the north, adjacent to the existing Los Chapitos claims near the Diana prospect. The claim block is located between two major regional faults, the Rumi Puka fault that extends over 10 kilometers over Los Chapitos claims in the North-South direction, and the Pochco fault that extends over 8.5 kilometers in the East-West direction.
About Camino Corporation
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 a planned 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, FAusIMM (CP) 227922, MSc. Geologist, an independent geologist and 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 | For further information, please contact: |
/S/ "Jay Chmelauskas" | Camino Investor Relations |
President and CEO | |
Tel: (604) 493-2058 |
Neither 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.
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 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 will be different than those expected by management, that the Company will be unable to obtain or will 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.
View the original press release on accesswire.com
FAQ
What is the significance of Camino's new claims near the Los Chapitos copper project?
When did Camino announce the acquisition of new claims?
How does the new claim block 59 connect to existing claims?
Which major geological fault structures do the new claims follow?
