well-funded mineral exploration
Precious and base metal projects - Mexico.
Camino Minerals Corp.; TSX.V: COR, Vancouver, British Columbia; is a new, well-funded mineral exploration company that was formed in connection with Goldcorp Inc.'s C$300-million acquisition of Canplats Resources Corp. ("Canplats").
Camino is led by Canplats' former management and is focused on precious and base metal projects located in Mexico.
$4.1 million in the treasury - Oct. 19, 2011
Camino Minerals holds three projects (Rodeo, El Rincon and Mecatona) located within the Central Mexican Silver Belt, which has produced more than 3.3 billion ounces of silver and 5.8 million ounces of gold, and a large project (Maijoma) which covers a newly-recognized mineral district in northeast Chihuahua State.
The Rodeo gold project is located 150 kilometres north of the city of Durango, Durango State, Mexico, and is comprised of two claims covering 13,099 hectares (51 square miles). The property is easily accessed by paved highway.
Rodeo hosts gold and silver mineralization related to a low sulfidation epithermal system that is controlled by major north-northwest and east-northeast trending fault systems.
Canplats Resources Corp. ("Canplats") drilled a total of 3,449 metres in 25 holes at Rodeo from 2004-2007 before concentrating its activity on the Camino Rojo discovery. Past drilling by Canplats tested approximately 600 metres of the 5-kilometre long epithermal system and only two holes exceeded a depth of 200 metres. A reverse circulation drilling by Canplats in 2004 confirmed the presence of near-surface gold mineralization, hosted in quartz rich structures, over significant intervals, hole BR-06 returned 5.5 g/t Au and 12.5 g/t Ag over 28 metres, including 35.6 g/t Au and 37.0 g/t Ag over 1 metre. Subsequent diamond drilling in 2007 returned broad mineralized intervals, including 0.23 g/t Au and 8.68 g/t Ag over 103.1 metres (hole BRD-002).
Between July and September 2011, Camino completed a 6,150 metre diamond drilling campaign. Preliminary results were made available in early October (see news release dated October 7, 2011). Final results and interpretation are expected by the end of the year.
The El Rincon gold project is located 120 kilometers northeast of the city of Durango, Mexico. It is comprised of one mineral claim covering 12,946 hectares (50 square miles) and is accessed by paved highway.
Largely overlain by post mineral volcaniclastic rocks and ignimbrites, El Rincon is situated along the same northeast-trending structural corridor as the El Castillo mine, located 3 kilometers to the west, and Silver Standard's San Agustin deposit.
Camino has completed a 16 hole reverse circulation drill program, totaling 2,932.5 metres, at El Rincon with six of the 16 holes intersecting several mineralized horizons ranging from 1.5 to 16.5 metres in thickness (see news release dated March 18, 2011, for further details). Mineralization in the upper horizon was associated with sugary and glassy smoky quartz veinlets hosted in a strongly oxidized dacite porphyry. In the lower horizon, mineralization was associated with quartz veinlets as well as finely disseminated pyrite within clay to propylitic altered dacite porphyry intruding Mesozoic sediments.
This was the first drill program to be carried out by Camino at El Rincon, with drilling focused in and around an area known as the Ventana Zone, located in the southwest area of the property. El Rincon remains highly prospective as the recently completed drill program tested just a fraction of the overall property.
Camino Minerals holds a 100% interest in the El Rincon property,
The Mecatona gold prospect is located 20 kilometers south of the city of Parral and is comprised of 7 mineral claims covering 5,300 hectares (20.5 square miles). The property is easily accessed by paved and gravel roads.
In the Mecatona district, basal Lower Cretaceous sediments are overlain by Tertiary volcanic and associated minor granitic intrusive rocks. The property geology is dominated by Tertiary flow-banded rhyolites (rhyodacites) with minor rhyolitic flow breccias.
Preliminary mapping and rock sampling on the Mecatona property has outlined a broad north-northwest trending vein swarm and alteration corridor which has yielded strong silver and base metal lithogeochemical anomalies.
Camino Minerals holds a 100% interest in the Mecatona property, subject to an underlying finder's fee with La Cuesta International (a privately owned company whose two principal partners are Perry Durning and F.L. "Bud" Hillemeyer) and back-in rights held by Silver Standard Resources Inc. Upon the completion of US$1.5 million in project expenditures, Silver Standard has the one-time right to acquire a 51% interest in Mecatona by funding US$3 million in exploration expenditures