Camino completes option agreement on Los Chapitos
Camino Corp. (TSXV: COR) announced that it has completed the exercise of its option agreement with Minas Andinas SA on the Los Chapitos property, located along the Peruvian coast.
In a press release, Camino said that as a result of the transaction, Minas Andinas has executed a transfer agreement that assigns Camino legal title to 39 claims totaling 22,500 hectares covering its Los Chapitos copper discovery.
The option agreement with Minas Andinas was initially executed on July 19, 2016. Now, Camino has completed all option exercise conditions, with the final instalment of cash and shares advanced on June 30, 2020, consisting of $150,000 in cash and 150,000 common shares of Camino. Minas Andinas, on the other hand, retains a 1.5% Net Smelter Royalty that is payable up to a maximum of $10 million and adjusted annually from 2016 to reflect the US Consumer Price Index.
“Our Los Chapitos property is a new discovery in the copper sector that gained recognition during the first exploration drill campaign initiated in 2017 and 2018. Camino has since advanced its systematic exploration at Chapitos with geochemistry mapping, geophysics and permitting, leading us to our next drill campaign planned for September,” Jay Chmelauskas, Camino president and CEO, said in the media brief.
“Drilling will be focussed on the expansion of known mantos and the discovery of potentially new copper mantos.”
Los Chapitos is located in the southern Arequipa province. Drilling has been carried out at the project’s Diva Trend which returned near-surface copper oxide and sulphide mineralization that remains open and drill intercepts grading up to 1.30% copper over 106.0 m, including 2.12% over 38.0 m.