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

Rhea-AI Summary

Camino Minerals has received a CAD$1.5 million third option payment from Nittetsu Mining to support further exploration of its Los Chapitos Copper Project in Peru. This payment is part of a Definitive Agreement signed in 2023, allowing Nittetsu to secure a 35% interest in the project with a total investment of CAD$10 million over three years. To date, Nittetsu has invested CAD$5.5 million. The funds will support the next phase of exploration, focusing on near-surface green oxide copper mantos and potential large sulphide copper deposits. Upcoming exploration activities include developing a new geological model for the Adriana zone and continued geological mapping at the Diva Trend to generate new drilling zones for the Fall 2024 campaign.

Positive

• CAD$1.5 million third option payment received, increasing total investment to CAD$5.5 million.
• Nittetsu can secure a 35% project interest with a CAD$10 million total investment over three years.
• Focus on high-potential areas: near-surface green oxide copper mantos and large sulphide copper deposits.
• Collaboration with experienced geologists from Japan, Chile, and Peru.
• New geological model development and detailed mapping for Fall 2024 drilling campaign.

Negative

• Only CAD$5.5 million invested so far, less than the total required CAD$10 million over three years.
• Exploration results and potential discoveries are still speculative and not guaranteed.
• Dependence on continued funding and collaboration with Nittetsu for project progression.

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."

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.

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.

Jose A. Bassan, MSc. Geologist, an independent geologist FAusIMM (CP) 227922, 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	info@caminocorp.com
	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, future planned drilling programs, prospectivity for copper exploration in new targets; expectations for joint ventures and/or strategic partnerships with respect to the Company's properties 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 may be different than those expected by management, that the Company may not realize the benefits of joint ventures and/or strategic partnerships with respect to the Company's properties, that the Company may be unable to obtain or may 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 recent payment Camino Minerals received for its Los Chapitos Project?

Camino Minerals received a CAD$1.5 million third option payment from Nittetsu Mining for the Los Chapitos Copper Project.

What is the total investment committed by Nittetsu Mining in Camino's Los Chapitos Project?

Nittetsu Mining has committed to a total investment of CAD$10 million over three years to secure a 35% interest in the project.

How much has Nittetsu Mining invested in the Los Chapitos Project so far?

To date, Nittetsu Mining has invested CAD$5.5 million in the Los Chapitos Copper Project.

What are the main targets for the Los Chapitos exploration?

The main targets are near-surface green oxide copper mantos and potential large sulphide copper deposits.

What exploration activities are planned for Los Chapitos in 2024?

Activities include developing a new geological model for the Adriana zone and detailed geological mapping at the Diva Trend to generate new drilling zones.