Millo is located within the Southern Peru Trend of high sulfidation epithermal gold deposits such as Mazo Cruz, Santa Rosa, Aruntani, Rescatada. These deposits have many similarities to the low cost gold producers, Yanacocha and Pierina, situated in Northern Peru. Millo is located 50 km to the NW of Aruntani and 120 km to the SE of Rescatada (Anglo Gold) and is surrounded by claims held by Buenaventura (Newmont's partner at the Yanacocha Mine) and Minera Norte.
The Millo Property covers an extensive hydrothermal alteration zone with a halo of alteration covering 3 km by 4 km controlled by a fault system and occupying the central portion of a satellite colour anomaly. Rocks exposed on the property show characteristics of a high sulfidation gold system with anomalous values of mercury and gold and typical alteration products such as: massive to vuggy silica, hydrothermal breccias, pervasive silicification and quartz-alunite-dickite and argillic clays. Mercury anomalies are associated with the vuggy silica, massive silica and hydrothermal breccias. Barite, also common in deposits such as Pierina, is present locally and is associated with anomalous levels of gold.
Based on results from initial geochemical results, PIMA alteration studies and geological mapping, additional surface sampling and geological mapping will be carried out with the intention of extending the currently known anomalous zones. Geochemical levels are summarized as follows: Gold <5 --140 ppb, Mercury: 100 -- 175000 ppb, Silver: <2 -- 6.5 ppm, Barium: 9 -- 4319 ppm, Copper: 7 -- 52.9 ppm, Arsenic: 5 -- 485 ppm, Molybdenum: 2 -- 107 ppm, Antimony: <5 -- 695 ppm, Lead: <2 -- 3824 ppm and Zinc: 4.7 -- 486 ppm.
The Millo Property was part of the area under auction on October 23rd this year as described in Candente's News Release No. 59 dated October 10th, 2002. Candente won the auction on October 23rd and paid the Peruvian government US$28,333 and US$28,055 each for 100% interest in Areas C and E of the Millo Property. Geologix paid Candente US$28,333 for 100% interest in area C of the Millo Property. Geologix' interest is subject to a 1% NSR payable to Candente. Candente will operate exploration programs on behalf of Geologix and both areas C and E will be explored together. Each of the areas C and E cover 400 hectares (988 acres).
Geologix is a Vancouver based mineral exploration and development company with its primary focus on gold and silver properties.
Candente is a junior exploration company focused on the acquisition, exploration and development of world-class gold and copper projects in Peru and Eastern Canada. For more information on our current exploration progress visit http://www.candente.com and/or call (604) 689-1957; toll free 1-877-689-1964; or e-mail mailto:investor@candente.com.
ON BEHALF OF THE BOARD OF DIRECTORS
CANDENTE RESOURCE CORP.
"Joanne C. Freeze"
Joanne C. Freeze, President & CEO
ON BEHALF OF THE BOARD OF DIRECTORS
GEOLOGIX EXPLORATIONS INC.
"Robert D. Willis"
Robert D. Willis, President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.