On April 18, 2017, Camino Minerals Corp. (TSX-V: COR) released drill results from its copper exploration project, Los Chapitos in Peru. The company intersected in hole CHR-002 1.30 per cent copper over 106 metres, with the hole ending in mineralization, including a section of 2.12 per cent copper over 38 m and hole CHR-001 intersected 0.47 per cent copper over 76 m, including 0.67 per cent copper over 22 m. These results put the company on the radar as a company to watch. On August 25th, John Kaiser of Kaiser Research Online appeared on the Discovery Watch to discuss Camino’s results, its market activity and future prospects.
According to Kaiser, there were good results but as he studied the data it became apparent to him and the company that there was a magnetic anomaly next to hole CHR-002 which suggested there might be a sulphide body at a 200-metre depth. Combined with the data that hole CHR-002 ended in mineralization, the hope was that once they get into the sulphide body that there would be high tonnage and high grade copper in this anomaly. The next phase of drilling was designed to target this anomaly with drill hole DCH-012 (hole 12).
The results drove the company’s share price to an intraday high of $2.21 settling at $1.24 by the end of the day. However, since then the stock has retreated to 47 cents at time of publication, largely in part because the company did not find what it thought was there.
On Aug. 28, the company released results from the Adriana and Katty zones on the los Chapitos project, that included hole 12. Kaiser said that the results were not what the company was expecting. Hole 12 was great until it hit the anomaly; the mineralization very quickly faded out and the company’s theory did not pan out. As a result, the company is choosing not to use IP anomalies as a targeting-tool on this project. Nonetheless, Kaiser and the company are still optimistic about the results and the project.
The company reported drill highlights for the Adriana zone from DCH-012 which intersected 0.93 per cent copper over 96.5 metres, including 2.03 per cent copper over 19.5 m and 5.01 per cent copper over 4.5 m and which DCH-019 intersected 0.97 per cent copper over 42.0 m, including 3.31 per cent copper over 7.5 m. Some drill highlights from the Katty zone included DCH-010 which intersected 0.70 per cent copper over 43.5 m, including 1.85 per cent copper over 5.6 m and DCH-014 which intersected 1.20 per cent copper over 21.4 m, including 2.70 per cent copper over 7.9 m. It is early in the exploration program and the company has plenty of work coming up.
Kaiser believes it is a still interesting project without the sulphide anomaly. The company has about 8,000 to 10,000 metres of drilling planned at the Adriana Zone plus another 2,000 to 3,000 metres at the Katty Zone. Over the next two to three months as the company drills this trend, they will put together a resource estimate. He feels it may not be that great unless they hit something different from the current trend. In addition, the company is applying for permitting at the Atajo zone.
When Kaiser asked Ken McNaughton, President of Camino, why the company is moving forward so aggressively, McNaughton replied because they are seeing copper in all of the core. Kaiser concludes that Camino results were not as spectacular as he had hoped but the company has the cash and is marching in the right direction.
***The author does not own any shares in Camino and provided this report for information purposes. The author was not compensated for this article.
Tweet with hash tag #miningfeeds or @miningfeeds and your tweets will be displayed across this site.
|Australian Mines Ltd.||AUZ.AX||+900.00%|
|Adex Mining Inc.||ADE.V||+50.00%|
|Casa Minerals Inc.||CASA.V||+30.00%|
|Rare Element Resources Ltd.||REE||+26.63%|
|Astro Resources NL||ARO.AX||+25.00%|
|Tearlach Resources Ltd.||TEA.V||+21.05%|
|MacDonald Mines Exploration||BMK.V||+16.67%|
|GME Resources Ltd.||GME.AX||+16.67%|
|Black Iron, Inc.||BKI.TO||+16.28%|