- Camino (COR) has received authorisation from Peru’s Ministry of Energy and Mines to begin drilling and exploration work at its Los Chapitos project
- Starting from next week, the company’s Peru-based geological team will undertake mapping, sampling and refining of targets for a planned drill program in September
- In addition, the company received approval from the General Directorate of Mining (DGM) of the Ministry of Energy and Mines to develop drilling platforms along a five-kilometre mineralised trend
- Earlier this month, the company finalised its 100 per cent ownership of the project pursuant to an agreement with Minas Andinas SA signed in July 2016
- Camino (COR) is up 11.54 per cent and is trading at C$0.14 per share
Camino (COR) has received authorisation from Peru’s Ministry of Energy and Mines to begin drilling and exploration work at its Los Chapitos project.
Located in the Peruvian Iron Oxide Copper Gold belt, the Los Chapitos property covers 22,500 hectares and hosts a total of 39 claims.
Starting from next week, the company’s Peru-based geological team will undertake mapping and sampling work at the project, along with the refining of targets for a proposed drill program in September this year.
In addition, Camino has received approval from the General Directorate of Mining (DGM) of the Ministry of Energy and Mines allowing for the testing of copper mineralisation and the development of drilling platforms along a five-kilometre trend.
Up to ten workers are expected to arrive at the Los Chapitos project in July and August, and the company has adjusted its travel, work and accommodation measures pursuant to its new COVID-19 operating policy.
Jay Chmelauskas, President and CEO of Camino, believes the company is one of the first junior explorers to begin work in Peru since the onset of coronavirus-related restrictions.
“Our geologists will be mapping drill targets, particularly new copper mineralisation identified along trend to the south of the maiden drill program in 2017 and 2018 to drill this September.
“Our vision is to expand the known areas of copper mineralisation, target new areas of mineralisation, and begin to determine the size of the copper system at Los Chapitos,” he added.
Earlier this month, Camino finalised its 100 per cent interest in the Los Chapitos project pursuant to an option agreement with Minas Andinas SA. Under the terms of the deal, which was signed on July 19, 2016, the company issued a total of approximately C$680,000 in cash to Minas Andinas, along with 500,000 common shares.
Minas Andinas will retain a 1.5 per cent net smelter return royalty agreement, payable up to a maximum amount of $13.62 million, and will be adjusted on a yearly basis according to the US Consumer Price Index. Camino has the right of first offer to purchase this net smelter return royalty.
Camino (COR) is currently up 11.54 per cent and is trading at 14 cents per share at 12:56pm EDT.
