Base Metals

Camino Corp. (TSXV: COR) (OTC: CAMZF) (WKN: A116E1) ("Camino" or the "Company") is pleased to announce new rock chip sample results from the extensive Lidia Zone copper-gold system at the northern end of the Diva Trend at its Los Chapitos copper project. Underground samples from artisanal workings returned up to 5.12% copper (Cu) and 9.33 gt gold (Au), with the vein samples measuring 0.3 to 0.6 metres (m) in width (Table 1). The Lidia Zone is a large 3 km by 4 km area that is geochemically anomalous for high-grade copper and gold, with 238 samples taken in 201819 averaging 0.78 % Cu and up to 23% Cu and 11 gt Au. The veins are hosted within part of the volcanic sequence that forms the Chocolate Formation, which is the main host of Iron-Oxide-Copper-Gold (IOCG) deposits found along west coast of Peru. The samples are comprised of copper oxides, chrysocolla, covellite, malachite, specularite, hematite, and quartz (Photos 1 & 2). Significant siliceous alteration is associated with the Lidia Zone and can be traced along the main Diva Structure to the southeast, where it intersects with the robust copper mineralization at the Adriana Zone (see January 19, 2021 news release). Camino's 2021 exploration program will aim to determine whether the alteration at the Lidia Zone is part of a subsequent hydrothermal event and how it relates to the Los Chapitos IOCG system.

Jose Bassan, Chief Geologist at Camino, commented, "Hydrothermal veins and gold mineralization are commonly found at the top of an IOCG system. IOCG deposits can be formed by multiple hydrothermal events with different mineralizing fluid characteristics that are controlled by the same major structural feature, in our case, the Diva Trend. We have a large 3 km by 4 km area to add to our copper and gold exploration target at Los Chapitos."

Jay Chmelauskas, CEO at Camino stated, "The high-grade copper and gold results that we see at the Lidia Zone may be geologically significant because they are hosted in the same "Chocolate" volcanics that host the large copper deposits along the west coast of Peru. We will explore to determine whether there is a series of veins to bulk mine or whether the high-grade mineralization leads to a large disseminated copper manto ore body. This is another large mineralized area that is under-explored on our 220 sq km Los Chapitos land package."

Table 1. Copper & Gold Sampling at Lidia Underground Workings - Diva Trend

SAMPLE EASTING NORTHING ELEV.Location Relative to Adriana Recent DrillingVein Width Cu % Au g/t
X072858570642826888011274 km north of Adriana along the Diva Trend0.4 3.54 9.33
X072857570642826887511224 km north of Adriana along the Diva Trend 0.4 3.64 6.21
X072856570642826888511224 km north of Adriana along the Diva Trend 0.6 1.25 0.92
X072855570642826888011174 km north of Adriana along the Diva Trend 0.3 5.12 7.87

 

Adriana 2017/20 Drilling

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/1384/80250_be18b0548450eaf7_003.jpg

Figure 1. Lidia Zone - High Grade Copper & Gold

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1384/80250_be18b0548450eaf7_003full.jpg

Sampling & Geology

There is significant silicic alteration at the sample location that extends in a North-South direction with a shallow dip of 20 to 30 degrees to the Northeast. The mineralized veins are west-southwest of the siliceous body and in contact with the argillic and chalco-sodic alteration. The alteration is approximately 1 km in length and 200 metres wide. The same silicic alteration can be seen along the Diva Trend at mineralized malachite outcrops at Condori and also 4 km away at Olga, located next to the 2020 copper manto intercepts at Adriana. The pervasive silicification of the host rock has destroyed any of the primary volcanic textures. Further studies will focus on whether this siliceous alteration corresponds to a hydrothermal event subsequent to the diva trend mineralization or if it is part of the IOCG system to help guide future explorations of Los Chapitos.

At the location of underground workings at Lidia, four rock chip samples were taken across mineralization from two levels of a 15m deep vertical shaft. The workings have three levels spaced approximately every 5 meters and the samples were taken accordingly in level 1, 2, and at surface. The deeper level 3 was inaccessible. The three levels are parallel to the mineralization. The copper and gold mineralization has a North-South direction and near vertical dip with the levels extending approximately 10m, and the width of the mineralization between 0.3m to 0.6m as shown in Figure 2 and Table 1.

The geochemical analyses of the samples were labelled according to analysis batch "LI21063331" & ME-MS61 & Cu-OG62 & Au-AA23 and sent to ALS global based in Lima, Peru for analysis.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/1384/80250_be18b0548450eaf7_004.jpg

Figure 2. Diva Trend and the Underground Workings at the Lidia Zone

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/1384/80250_be18b0548450eaf7_004full.jpg

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/1384/80250_figure3.jpg

Photos 1 & 2. Hand sample in the surface vein, quartz, malachite and chocolate formation

To view an enhanced version of this image, please visit:
https://orders.newsfilecorp.com/files/1384/80250_figure3enhanced.jpg

About Camino Minerals Corporation

Camino is a discovery and development stage copper exploration company. The Company is focused on advancing its high-grade Los Chapitos copper project located in Peru towards potential resource delineation and new discoveries. In addition, the company has commenced field studies at its copper and silver Plata Dorada project. Camino is currently closing the acquisition of the Maria Cecilia copper porphyry. The Company 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.

Technical Information

Jose Bassan MAusIMM (CP) 227922, MSc. Geologist, a Qualified Person as defined by NI 43-101, 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
/S/ "Jay Chmelauskas"
President and CEO

For further information, please contact:
Camino Investor Relations
info@caminocorp.com
Tel: (604) 608-4513

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 potential for large bulk mining IOCG ore bodies at Lidia, the prospectivity of future exploration work on the Los Chapitos, Plata Dorada, and Maria Cecilia projects, or that actual results of exploration and engineering activities are consistent with management's expectations. 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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80250

News Provided by Newsfile via QuoteMedia

Teck Announces Carbon Capture Utilization and Storage Plant Pilot

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") today announced a Carbon Capture Utilization and Storage (CCUS) pilot project at its Trail Operations metallurgical complex in southern British Columbia. The CCUS pilot is expected to begin operation in the second half of 2023.

The CCUS pilot supports Teck's Net-Zero Climate Change Strategy including our goal to reduce the carbon intensity of our operations by 33% by 2030 and achieve net-zero emissions by 2050.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Cyprium Metals

Cyprium Metals Limited (ASX: CYM) – Trading Halt

Description

The securities of Cyprium Metals Limited (‘CYM’) will be placed in trading halt at the request of CYM, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Thursday, 30 June 2022 or when the announcement is released to the market.

Keep reading...Show less

Cyprium Metals Ltd AUD50M Secured Offtake Prepayment Facility for Nifty Copper

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) is pleased to announce that it has entered into an exclusive Letter of Intent with Glencore International AG ("GLN" or "Glencore") for AUD50 million in respect of a Copper Cathode Offtake Secured Prepayment Facility which will be used for funding the Nifty Copper , as part of the debt financing for the restart of the Nifty Copper Project, which includes capital expenditure, contingencies, working capital, and financing costs.

HIGHLIGHTS

- An exclusive Letter of Intent for a Secured Copper Cathode Prepayment Facility has been signed with Glencore, under which:

o Offtake arrangement for 100% of the Copper Cathode produced during Phase 1 of the Nifty Copper Project restart
o AUD50M Secured Offtake Prepayment Facility

- The Secured Offtake Prepayment Project Funding from Glencore is part of a total debt funding package for the Nifty Copper Project restart

- Advanced discussions are continuing with Senior Debt counterparties, who are undertaking due diligence activities and reviewing financing documentation

Managing Director Barry Cahill commented:

"We are very pleased to enter into an exclusive Letter of Intent for a Copper Cathode Offtake Secured Prepayment Facility with Glencore. This is part of a fully funded finance package for the restart of the Nifty Copper Project.

The restart project economics are very robust, and we have continued to make further improvements to the Nifty Copper Project during the financing process.

We are looking forward to completing our total funding package so that we can commence executing our Nifty Copper Project restart development plans."

This exclusive Letter of Intent includes a non-binding term sheet for both offtake arrangement and project funding. This is part of the targeted AUD240 million to AUD260 million debt funding package to finance the restart of the Nifty Copper Project, which is expected to include senior secured financing and secured offtake financing.

Under the terms of the exclusive Letter of Intent, CYM and GLN will work towards finalising outstanding due diligence activities, and documentation for the project funding for execution, which is being done in conjunction with ongoing advanced discussions with the potential secured senior debt providers.

Key Terms of the Copper Cathode Prepayment Facility

Indicative terms - Offtake

- 100% of Copper Cathode produced at the Nifty Copper Project, up to a maximum of 120,000 tonnes

- Offtake pricing of copper cathode shipments determined by reference to average market rates

Indicative terms - Prepayment Facility

- Facility amount: AUD50 million

- Facility term: 60 months



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



Source:
Cyprium Metals Ltd

News Provided by ABN Newswire via QuoteMedia

[subscribe_company_profile use_post="101691698"]

Keep reading...Show less

Northern Dynasty Reports Annual General Meeting Results

Northern Dynasty Minerals Ltd. (TSX:NDM)(NYSE MKT:NAK) ("Northern Dynasty" or the "Company") announces the voting results from its 2022 Annual General Meeting held on June 23, 2022 in Vancouver, British Columbia (the "Meeting

At the Meeting, a total of 215,554,654 common shares were voted, representing 40.69% of the votes attached to all outstanding common shares as of the record date. All nine nominees were elected to the Company's Board of Directors (the "Board"). The voting results were as follows:

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Ivanhoe Mines to Release Quarterly Production Results and Operations Update on July 5

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) stated today that it is unaware of any company-specific reason that might be contributing to the recent decline in the company's share price other than general market volatility.

On July 5, 2022, Ivanhoe will issue a second quarter production update on the Kamoa-Kakula Mining Complex, as well as a general operations update. In May, Kamoa Copper achieved record monthly copper production of 29,800 tonnes.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Lion Copper and Gold

Lion Copper and Gold Corp. Announces Proposed Shares for Debt Settlement

Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) ("Lion CG", or the "Company") announces that it has entered into a debt settlement agreement (the "Agreement") with a creditor dated June 22, 2022 whereby the Company has agreed to issue shares to settle debt in the amount of $100,000 owed to the creditor. The debt was incurred pursuant to an option Agreement between the Company and the creditor dated January 26, 2022. Pursuant to the Agreement the Company will issue 1,212,121 common shares of the Company at a deemed price of $0.0825 per share to the creditor.

The issuance of the common shares in connection with the debt settlement is subject to the approval of the TSX Venture Exchange and will be subject to a four-month hold period.

Keep reading...Show less

Latest Press Releases

Related News

×