Camino Minerals reported that drilling has started at its Los Chapitos project, located in southern Peru.
AK Drilling International S.A., based in Lima, Peru, has supplied a track mounted RC drill rig which was mobilized to site on March 26 and began working the following day.
The initial program is expected to be completed in about 3 weeks and will total between 2,500 and 3,000 meters of drilling, in 10 holes. The drill holes are planned to range in depth from 150 meters to 350 meters. Mineralization at the Adriana and Katty Zones will be the principle targets of this program. Assays will be released as they become available.
It should be noted that Peru has been experiencing much heavier than normal precipitation as part of this year's rainy season. This has mostly affected the northern half of the country. To date, there have been no storms in the region around Chala, located in southern Peru, which have affected access to the project or limited our field activities.
The Company also reports that as approved by the TSX Venture Exchange on March 20, 2017, the Company has completed the debt settlement transaction with Ken McNaughton, the President and CEO of the Company. A total of 1,500,000 common shares were issued to Mr. McNaughton at a deemed price of $0.34 per share, in settlement of outstanding debt of $510,500. The common shares are subject to a four month hold period expiring July 21, 2017.