Camino Minerals (COR.V) saw its share price decline after it announced its first diamond drill hole in June. This hole was designed to follow up on, and to twin another hole which intersected 106 meters at 1.3% copper, and whilst the assay result of 169 meters containing 0.72% copper is a very respectable result, the market reacted disappointed as the diamond drill hole was unable to duplicate the assay results from a previously drilled RC hole.
Perhaps the expectations were (too) high after that 1.3% copper interval, but let’s not forget it’s still early days at Los Chapitos, and the 169 meter of copper mineralization was encountered in the first ever diamond drill hole on the property (which we think is more representative than a reverse circulation drill hole). This hole confirmed the existence of oxide mineralization throughout the hole, but as expected, the higher grade copper values were contained in sulphide mineralization (which is preferred, as the metallurgical process in oxide zones might be a bit trickier). The hole ended in chalcopyrite, and Camino is currently drilling (or at least will drill) more holes perpendicular to the encountered fault to gain more insight in the underground structures.
We will keep an eye on Camino’s further developments, as it looks like the company is sitting on a very interesting copper porphyry project within walking distance from Chala, Peru (where Inca One Gold (IO.V) is operating its Chala One mill). It’s still early days for Los Chapitos, and Camino is in the process of determining the potential of the project.
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The author has no position in Camino Minerals, but has a long position in Inca One Gold. Please read the disclaimer
