TSX Venture Symbol: COR
OTCQB Symbol:
CAMZF
Frankfurt: XC01
VANCOUVER, July 11, 2018 /CNW/ - Camino Minerals Corporation
("Camino" or the "Company") (COR: TSX-V) wishes to report that it
has filed an application with the Peruvian Mines and Energy
Ministry and INGEMMET to renounce the title for remaining claims
that formed part of the Red Beds Property located in the Department
of Cuzco, Peru.
The Red Beds Property was a sediment hosted copper project which
the Company first acquired in January
2015. Over the life of the project, there had been no
surface disturbance on the Red Beds 2 claim, and no substantive
work done on the property as a whole since June, 2016. The project
was placed on a care and maintenance status, as reported on
January 10, 2017.
Early this year, Camino initiated talks with regional and
national authorities in an attempt donate or transfer the claims
back to the government. After consultation with the Mines and
Energy Ministry, INGEMMET, and the Environmental Ministry (MINAM),
it was recommended that Camino renounce the title of the claims
which would clear the path for the government to have the area
declared an Area of Non-Admission of Petitioners for mineral
claims. Camino has recently filed those applications and expects
the title for the claims to be canceled in the near future.
Kenneth McNaughton, President and
CEO, said, "When we first got involved with the Red Beds
project, we were excited by the exploration potential and its
remote location, which at the time meant there was very little
tourism. Tourism increased dramatically over the next couple of
years, to the point that the Company decided to withdraw from the
project. While we would have preferred to explore the property and
test its resource potential, given the changes, we felt it was best
to focus our efforts at our Chapitos and Villa Hermosa
projects."
At Chapitos in the Department of Arequipa, the regional soil
sampling program is proceeding with over 4,500 samples collected
and analyzed from approximately 125 kilometers of survey line. As
expected, anomalous trends are being defined along several geologic
contacts and structural trends. This work is ongoing and results
will be reported when the program has been completed. Diamond
drilling has already outlined significant copper mineralization in
several zones at or near surface, and the objective of the soil
survey is to identify potential blind targets elsewhere on the
16,000 hectare property.
At Villa Hermosa in the Department of La Libertad in central
Peru, the property vendor has
opened up more workings on the property subsequent to the Company's
initial due diligence sampling five years ago. All of the
accessible workings have now been systematically sampled and sent
to the lab for analysis. The target at Villa Hermosa is high-grade
gold in quartz veins nested within in a 40-meter wide quartz
stockwork zone. The Company expects to complete follow-up sampling
and data compilation prior to recommending drilling. Two
privately-owned high-grade gold mines operate in the vicinity in
similar geologic settings.
About Camino Minerals Corporation
Camino is a discovery-oriented mineral exploration company. The
Company is focused on the acquisition and development of high-grade
copper and precious metal projects. For more information, please
refer to Camino's website at www.caminominerals.com.
Cautionary Note Regarding Forward-Looking Statements and
Information
This News Release contains "forward-looking information" and
"forward looking statements" within the meaning of applicable
Canadian and United States
securities legislation. Statements contained herein that are not
based on historical or current fact, including without limitation
statements containing the words "anticipates," "believes," "may,"
"continues," "estimates," "expects," and "will" and words of
similar import, constitute "forward-looking statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995.
Forward-looking information may include, but is not limited to,
information with respect to our planned exploration activities, the
adequacy of our financial resources, the estimation of mineral
reserves and resources, the results of future exploration and
drilling. Wherever possible, words such as "plans", "expects",
"projects", "assumes", "budget", "strategy", "scheduled",
"estimates", "forecasts", "anticipates", "believes", "intends",
"targets" and similar expressions or statements that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved, or the negative forms of any
of these terms and similar expressions, have been used to identify
forward-looking statements and information.
Forward-looking information is subject to a variety of known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ from those expressed or implied
by the forward-looking information, including, without limitation,
those risks identified in the Company's annual disclosure
materials, filed with the securities regulatory authorities in
Canada and available at
www.sedar.com. Readers are encouraged to read these
materials. Prospective investors should not place undue
reliance on forward-looking information.
Neither the 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.
SOURCE Camino Minerals Corporation
