CaminoMinerals Corp. said July 19 that it has secured an option withMinas Andinas SA overa 100% interest in the LosChapitos copper project in Peru.
The company, through its subsidiary , can acquire theproject by making staged payments totaling US$500,000, and issuing 500,000shares.
The project is also subject to a 1.5% net smelter royaltypayable up to a maximum of US$10 million.
The property is now expanded and now includes 10 claimscovering 5,000 hectares, compared to the letter of intent signed late June, which included sevenclaims totaling 3,200 hectares.
Advance royalty payments of US$500,000 will be payable foreach 500 million pounds of copper equivalent incremental increase in measuredand indicated resources.
Camino completed two chip sample lines across the middle ofthe Atajo zone, which returned a length weighted average of 2.10% copper and9.4 g/t of silver over 38 meters, and 1.57% copper and 3.5 g/t of silver across64 meters. The Atajo zone is open along strike and at depth.
The company will undertake additional chip and trenchsampling to better define the known zones, and is working to submit a drillpermit application.