Camino Minerals Corp. advances copper exploration and development projects in South America, with recurring updates centered on the Puquios copper project in Chile and the Costa de Cobre, formerly Los Chapitos, project in Peru. Company news covers drilling results, trenching and geological modeling, project-level joint venture activity with Nittetsu Mining, and metallurgical work tied to copper recovery methods.
Camino's announcements also address equity financing, strategic shareholder participation, management and operating appointments, and project planning for its Chilean and Peruvian copper portfolio. The company's updates are primarily tied to exploration results, development readiness, partner funding arrangements, and corporate capital needs.
Camino Minerals (TSXV:COR, OTC PINK:CAMZF) and Nittetsu Mining Co., have extended their exclusive negotiation period for the acquisition of the Puquios Project, a construction-ready copper mine in Chile. The exclusivity period, initially set to end on August 31, 2024, has been extended by one week to September 7, 2024. This extension allows both parties additional time to finalize negotiations and documentation for the Proposed Acquisition. The Puquios Project represents a significant opportunity in the copper mining sector, with potential implications for Camino's market position and future operations in Chile.
Endeavour Mining has announced that wet commissioning at the Lafigué project in Côte d’Ivoire is now underway, with construction at 94% completion.
The project is on budget and a quarter ahead of schedule, with the first gold pour expected in late June.
Ore stockpiles currently stand at 1.6 million tonnes at 1.30 g/t gold, totaling 65,000 ounces. The Lafigué mine is projected to produce 90,000-110,000 ounces of gold in FY-2024 at an AISC of $900-975 per ounce.
The project has incurred $369.9 million of its $448 million initial capital expenditure, with 97% of the budget already committed.
Endeavour has focused on local employment, with 92% of the workforce being Ivorian nationals, and has partnered with the Ivorian government to provide technical skills training to local youth.
Camino Minerals has received a CAD$1.5 million third option payment from Nittetsu Mining to support further exploration of its Los Chapitos Copper Project in Peru. This payment is part of a Definitive Agreement signed in 2023, allowing Nittetsu to secure a 35% interest in the project with a total investment of CAD$10 million over three years. To date, Nittetsu has invested CAD$5.5 million. The funds will support the next phase of exploration, focusing on near-surface green oxide copper mantos and potential large sulphide copper deposits. Upcoming exploration activities include developing a new geological model for the Adriana zone and continued geological mapping at the Diva Trend to generate new drilling zones for the Fall 2024 campaign.
Camino has announced its inaugural drilling program at the Maria Cecilia copper porphyry project in Peru, starting June 1, 2024. This program aims to discover copper mineralization and estimate zonation for further drilling. Previous drilling at nearby Toropunto and Emmanuel revealed significant copper equivalent grades, indicating potential at Maria Cecilia. Camino plans to drill two 750-meter holes at Porphyry 1 and Porphyry 2 to target a large magnetic anomaly. Geological observations and recent assay results show promising copper oxide mineralization at surface levels. The project also includes newly identified Porphyry 3, which covers 0.4 by 1 km with notable copper mineralization features.
Camino has expanded its claims at the Los Chapitos copper project in Peru by an additional 1,700 hectares, following a land auction where it outbid competitors, including Rio Tinto. This increase brings the total area of Los Chapitos to 22,571 hectares. This marks Camino's second expansion in the past year. The new claims, identified as block 59 and block 54, are strategically located to connect existing claims and follow major fault structures. Rio Tinto also secured additional claims adjacent to Camino's property.
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