Camino Minerals (TSXV: COR) has announced high solubility results over significant copper oxide intercepts in the Lourdes zone at its Los Chapitos property in Peru. Lourdes is one of several new zones identified by the company to target additional drilling campaigns to expand known copper mineralization at Los Chapitos for an envisioned copper oxide heap-leach mine.
“A copper oxide heap-leach mine is generally the easiest and most cost-effective method to start development of a copper project,” Camino CEO Jay Chmelauskas said in a news release. “As we permit new areas for drilling at Los Chapitos, we are finding more near-surface copper mineralization amenable to our development vision. At depth, we also see potential for large sulphide mineralized bodies as a second phase to our development strategy.”
The near-surface copper oxide minerals in drill holes DCH-97 and DCH-80 had acid solubilities of 83% and 79%, and total solubilities of 92% and 87%, respectively. According to Camino, these solubility results confirm the continuity of oxide mineralization to a depth of at least 100 metres in the new zone.
The drill holes were completed as part of Camino’s July 2022 drilling campaign. DCH-97 intercepted 55.5 metres at 0.93% copper from surface, including 7.5 metres at 2.58% copper, while DCH-80 intercepted 65.2 metres at 0.70% copper from surface, including 31 metres at 1.23% copper. Another hole, DCH-83, in the Condori zone showed well-marked zonation of copper oxides and mixed and enriched supergene (with anomalous values in rhenium and gold).
Chmelauskas noted that the solubility results from Lourdes zone compare favourably to the oxide mineralization at the main Adriana zone that extends to depths of over 200 metres, and the results of geochemical analysis were consistent with mineralization described in drilling logs by Camino geologists.
“Our geological team will use this experience to continue exploring our Los Chapitos property for surface evidence along large structural faults that crosscut the property,” he said.
Los Chapitos represents an IOCG (iron oxide-copper-gold) style of deposit that extends down the Peruvian coast into Chile, where deposits such as Mina Justa (Peru), Mantos Blancos (Chile) and La Candelaria (Chile) reside. The property is located 15 km from the coastal town of Chala, with access to water, power and a major road network.
Camino optioned Los Chapitos in 2016 and now owns 100% of an expanded tenement area totalling approximately 22,000 hectares. Exploration and drilling initially focused on the Adriana and Atajo zones, and later expanded to other targets along a 10 km trend.
Shares of Camino more than doubled in early hours of trading on Wednesday, with the stock rising to $0.075 by 11:45 a.m. ET. The junior miner has a market capitalization of approximately C$10 million ($7.5m).