Camino Minerals: New Discovery at El Secreto Gold-Silver-Copper Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/18/13 -- Camino Minerals Corporation ("Camino" or the "Company") (TSX VENTURE: COR) is pleased to announce significant drill results from the El Secreto Gold, Silver and Copper Project ("El Secreto" or the "Project") located in Sinaloa State, Mexico. Drilling confirmed the presence of gold and silver mineralization and suggests that high-grade stockwork zones and ore shoots may exist at depth.
The 1,921.5 metre reverse circulation drill program was directed to a number of northeast-trending epithermal veins in two target areas, the Carrizal Area and the El Secreto Zone. Hole SE-12-001, located in the Carrizal Area, returned 84 metres of 0.33 g/t Au and 6.5 g/t Ag, including 30 metres of 0.58 g/t Au and 11.1 g/t Ag. Hole SE-12-003, located approximately 1.5 km southwest of hole SE-12-001 and also located in the Carrizal Area, returned 19.5 metres of 0.34 g/t Au and 21.5 g/t Ag. Hole SE-12-003 is interpreted to be a different vein from the one intercepted in hole SE-12-001. Drilling at the El Secreto Zone targeted three major sub east-west structures, with six of the seven holes intersecting anomalous gold values.
Sharing the same mineralized system, a distance of six kilometres separates the El Secreto Zone and the Carrizal Area. Similar mineralization and alteration (silicification, arsenopyrite and scorodite) can be observed at both target areas. This large system is over 9 kilometres in length, sub east-west trending, and up to 4 kilometres wide, north to south. This is comparable in size to the San Dimas District, located 40 kilometres northeast.
In addition to the geological-mineralogical footprint of the system, the anomalous gold and silver mineralized horizons intersected are highly anomalous in arsenic and antimony. In a paper written by Erme Enriquez, 1995, titled Trace Element Zonation and Temperature Controls of the Tayoltita Ag-Au Hydrothermal System, San Dimas District, Durango, Mexico, high arsenic and antimony values are found above the "Favourable Zone", which hosts all of the deposits at San Dimas. The Company believes that this mineralization is situated high in a mineral system and that high-grade stockwork zones and ore shoots, similar to the mineralization at San Dimas, may exist at depth. Camino plans to diamond drill test these targets in the near future.
"This was the first ever drill program to be carried out at El Secreto and resulted in the discovery of five mineralized vein systems," said Gordon Davis, Camino's Chairman and CEO. "The footprint of the system and the trace element signature is very encouraging. In addition to a diamond drill program, to test for high-grade stockwork zones and ore shoots at depth, we are planning additional ground work to follow up on extensive soil geochemical anomalies and mineral occurrences to identify other targets."
El Secreto is situated along the western edge of the Sierra Madre Occidental in a structural setting similar to Primero Mining Corporation's San Dimas Mine, located 40 kilometres to the northeast. San Dimas produced 102,000 gold equivalent ounces in 2011. Primero recently announced plans (see Primero's news release dated October 15, 2012) to increase mine throughput from the current 1,925 tonnes per day to 2,500 tonnes per day by the end of the first quarter of 2014. This expansion will allow for an average production target of 160,000 gold equivalent ounces per year over the next five years. The San Dimas district, which has been mined since 1757, contains a series of epithermal gold-silver veins. Historical production from the San Dimas district is estimated at 11 million ounces of gold and 582 million ounces of silver.
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El Secreto RC Drilling Results -- 2012
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Hole # Zone From To Length(i) Au g/t Ag g/t
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SE-12-001 Carrizal 85.5 169.5 84.0 0.33 6.5
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Including Carrizal 133.5 163.5 30.0 0.58 11.1
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SE-12-002 Carrizal 156.0 157.5 1.5 0.20 42.2
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SE-12-003 Carrizal 40.5 48.0 7.5 0.54 9.4
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SE-12-003 Carrizal 121.5 141.0 19.5 0.34 21.5
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SE-12-004 Carrizal 130.5 132.0 1.5 0.12 13.4
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SE-12-005 El Secreto 36.0 48.0 12.0 0.56 14.6
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SE-12-005 El Secreto 54.0 57.0 3.0 0.63 2.2
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SE-12-005 El Secreto 79.5 84.0 4.5 0.50 12.7
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SE-12-006 El Secreto 31.5 36.0 4.5 0.49 2.2
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SE-12-006 El Secreto 46.5 58.5 12.0 0.29 5.4
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SE-12-007 El Secreto 39.0 40.5 1.5 0.82 6.3
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SE-12-008 El Secreto 52.5 55.5 3.0 0.67 1.3
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SE-12-008 El Secreto 147.0 157.5 10.5 0.40 6.6
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SE-12-008 El Secreto 192.0 195.0 3.0 0.23 2.9
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SE-12-009 El Secreto 177.0 178.5 1.5 0.23 2.6
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SE-12-010 El Secreto Lost Hole
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SE-12-011 El Secreto 15.0 16.5 1.5 0.24 6.1
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SE-12-011 El Secreto 108.0 115.5 7.5 0.38 4.1
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SE-12-011 El Secreto 130.5 133.5 3.0 0.36 1.6
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SE-12-011 El Secreto 181.5 183.0 1.5 0.66 2.2
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(i) True length to be determined
About the El Secreto Gold, Silver and Copper Project
Recently consolidated by Arcelia Gold Corp. ("Arcelia"), a private BC company, through staking and the acquisition of privately held claims, El Secreto consists of three mineral concessions encompassing over 12,000 hectares (49 square miles). The Project is located approximately 100 kilometres northeast of Mazatlan, Sinaloa State, and is accessible by paved and gravel roads. The geology and mineralization obtained to date suggests that El Secreto is highly prospective for the discovery of epithermal gold-silver vein systems. The Project has never been subject to modern exploration techniques or drilling. Camino has an option to earn up to an 80-per-cent interest in El Secreto from Arcelia.
About Camino Minerals Corporation
Camino is a discovery-oriented mineral exploration company formed in connection with Goldcorp's C$300-million acquisition of Canplats Resources Corp. The Company is led by Canplats' former management and is focused on precious and base metal projects located in Mexico. For more information on Camino's projects, please refer to Camino's website at www.caminominerals.com.
A strict chain of custody was maintained by the Company during the drill program. The samples were picked up by ALS Global at Camino's field office, located in the town San Ignacio, Sinaloa, and transported directly to their Zacatecas facilities where they were prepped for shipping. The pulps were then couriered to ALS Global's laboratory in North Vancouver, Canada. Gold was analyzed using a 30g fire assay with AA finish. A 51 multi-element suite using both ICP-MS techniques was also used. A QA/QC program was in place from sample collection through to laboratory analysis. This included the use of gold standards, blanks and duplicates. Samples chain of custody was monitored and reported at every stage.
The technical information contained in this news release has been reviewed and approved by Richard Dufresne, P.Geo., Camino's V.P., Exploration, a "Qualified Person" as defined under NI 43-101.
To receive Camino's news releases, contact Blaine Monaghan, V.P., Corporate Development, at info@caminominerals.com or (866) 338-0047.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States, The securities of Camino described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical fact are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and forward-looking information under the provisions of Canadian securities laws (collectively, "forward-looking statements"). Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the company's ability to raise sufficient capital to fund exploration, changes in economic conditions or financial markets, changes in prices for the company's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Mexico, technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities, labour relations matters, and changing foreign exchange rates, all of which are described more fully in Camino's filings on SEDAR. The company undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
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.
Contacts:
Camino Minerals Corporation - Corporate Information
R.E. Gordon Davis
Chairman and C.E.O.
(604) 629-8292
Camino Minerals Corporation - Investor Inquiries
Blaine Monaghan
V.P., Corporate Development
(604) 629-8294 or Toll-Free: (866) 338-0047
info@caminominerals.com
www.caminominerals.com
