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The Camino Rojo deposit comprises intrusive related, clastic sedimentary strata hosted, polymetallic gold, silver, zinc and lead mineralization. Mineralization is associated with a zone of potassic alteration developed in the sedimentary strata and variably mineralized dacitic dikes. Precious and base metal mineralization occurs in sheeted carbonate stockworks, veins and breccias, creating a bulk-mineable style of gold mineralization.

The deposit is situated between splays of the regional northwest trending San Tiburcio fault zone, beneath a broad pediment of Tertiary and Quaternary alluvium. This pediment is surrounded by uplands of folded marine limestone of Late Jurassic through Cretaceous ages. 

The most important ore host is the Caracol Formation, a rhythmically interbedded sequence of weakly calcareous turbiditic sandstones, siltstones and shales. The underlying Indidura Formation, comprised of regularly bedded siltstones and shales, and the Cuesta del Cura limestone, now recrystallized to white fine grained marble, host a minor amount of sulfide mineralization.

The metal suite and style of mineralization at Camino Rojo are similar to the intrusion-related deposits in the Caracol Formation and underlying carbonate rocks adjacent to the diatremes at Peñasquito.