Camino Minerals Corp said it started core drilling at the high-grade Lidia zone at its Los Chapitos copper project near the coastal town of Chala in Arequipa department, Peru.
The company is initially focusing its drilling towards new discoveries and is targeting mineralization extensions at the Lidia Zone, 4 kilometers (km) north from previous drill intercepts along a major controlling fault structure.
The Lidia Zone is a vein system with rock chip samples of artisanal workings channel samples returning grades up to 9.3 grams per ton (g/t) gold, and up to 5.1% copper.
The discovery and development stage copper exploration company received the necessary Start of Operations certificate from the Ministry of Energy and Mines in addition to the drilling permit in August.
Camino chief executive officer Jay Chmelauskas said: “We commenced our 2021 drilling campaign at Los Chapitos with a traditional Pachamama mother earth ceremony. We recognize that the copper that we use for our technologically intensive lifestyles comes from concentrated copper endowments in the earth's crust. Peru has a particularly large endowment of copper mineralization as the second-largest copper producer in the world.
"We are testing the geological endowment at Los Chapitos by drilling at new locations that demonstrate the potential for large new discoveries.
Chief geologist Jose Bassan added: “Drilling has advanced to a depth of 76 meters and nearing the target mineralization zone.
“We are starting to see trace chalcopyrite in a rock assemblage of volcanic Andesitic Tuff with moderate alteration and the presence of epidote, chlorite, hematite, magnetite and carbonates, plus evidence of magnetite replacement by specularite. We are within the same metallogenic system previously drilled along the Diva Trend fault system that had significant copper intercepts at Adriana.
Incentive stock options
Camino recently granted incentive stock options to various directors, officers, employees, and consultants to purchase up to 5.5 million common shares of the company on or before September 1, 2026, at an exercise price of 18 cents per share in accordance with its stock option plan.
Activities update
Camino is focused on advancing its high-grade Los Chapitos copper project towards potential resource delineation and new discoveries.
It has also commenced field studies at its copper and silver Plata Dorada project.
Camino has also recently acquired the Maria Cecilia copper porphyry project.