Release No. 65
Flamingo Property
Candente is pleased to announce the Company has optioned a new bulk tonnage gold target in Southwestern Newfoundland. Gold mineralization on the Flamingo Property has been traced to date over an area covering one square kilometre in bedrock, soils and heavy mineral concentrate samples. The styles of gold mineralization at Flamingo are similar to those found in deposits containing from 1 to 7 million ounces gold World wide such as the Kumtor deposit in Kyrgyzstan where Cameco produces approximately 500,000 ounces annually.
Results from previous explorationists on the Flamingo property over an area measuring one square kilometre include:
- 3.8 gpt (grams per tonne) Au, 3.4 gpt Au, 8.7 gpt Au, 12.5 gpt Au, 13.2 gpt Au, 25.7 gpt Au, 49.8 gpt Au and 62.9 gpt Au in bedrock grab samples
- 1.4 gpt Au, 1.6 gpt Au, 1.9 gpt Au, 7.9 gpt Au from a series of test pits to the south of the bedrock grab samples above
- 3.2 gpt Au over 7 meters from a series of chip channel samples
- 0.69 gpt Au, 1.1 gpt Au, 2.1 gpt Au, 2.2 gpt Au, 5.7 gpt Au in soil samples
- 13.4 gpt Au, 36.6 gpt Au, 79.6 gpt Au and 104.9 gpt Au from a series of HMC (Heavy Mineral Concentrate) samples along the south side of a lake
Candente's sampling of mineralization over an area measuring 400 square metres is as follows:
- 0.91 and 1.19 gpt Au from a clay/limonite/quartz-cemented breccia
- 5.5 gpt Au, 13.5 gpt Au and 25.8 gpt Au from quartz veins cut by sheeted quartz-arsenopyrite-pyrite veinlets and stockwork zones in altered granite
- 0.86, 2.5 and 4.9 gpt Au in hematized albitized (?) felsic intrusive rocks
- 1.4, 2.1, 3.0, 4.8 gpt Au from vein breccias and fracture zones in sheared granite
The Company has optioned the Flamingo Property from Gilbert Lushman and Edwin Northcott of Newfoundland. The option is exercisable over a period of four years and terms include: cash payments totaling Cdn$105,520; an issuance of a total of 120,000 common shares; and an aggregate of Cdn$500,000 in exploration expenditures. The Company has the right to acquire an undivided 100% interest in the property subject to a 2.5% NSR. The NSR may be reduced from 2.5% to 1.5% with a payment of Cdn$1,000,000. A finder's fee of 20,000 shares will be paid to a third party for introductions on the Flamingo property. First year commitments comprise Cdn$25,520 in cash, 20,000 shares and exploration expenditures of Cdn$40,000.
On the Flamingo Property, gold occurs both freely and as inclusions in arsenopyrite. Gold mineralization occurs in granitoid/schist host rocks as lower grade stockwork/sheeted veins and as microfracture-style of mineralization with higher grade shears in both intrusion and schistose host rocks. The gold occurs with coincident Pb-Bi-As-Ag-Sb-W and minor Pb-Zn-Cu associated with arsenopyrite, pyrite, galena, sphalerite and chalcopyrite. Both the styles of mineralization and geochemical signature described above are typical of intrusion related and orogenic gold deposits.
The Flamingo Property comprises 239 claims and has excellent access as it is located 3 km west of a paved highway and the nearest seaport is located 60 km west-northwest of the property.
Weirs Pond, Radio Range, Jackson's Arm
The Company has also optioned three other gold properties in Newfoundland. The Weirs Pond Property comprises 5 claims and is under option from Alexander and Robert Stares. The Radio Range Property comprises 12 claims and is under option from Calvin Crocker and James Richard Crocker. The Jackson's Arm Property comprises 66 claims and is under option from ASK Prospecting, Krinor Resources Inc. and Alex Turpin.
All three of these optioned properties are contiguous with wholly owned Candente properties. Both of the Weirs Pond and Radio Range properties are located in the Botwood Basin. Gold mineralization in these areas has been found in glacial till samples and in grab samples of bedrock.
The options on each of the Weirs Pond and Radio Range Properties are exercisable over five years and terms include: cash payments totaling Cdn$55,000; an issuance of a total of 100,000 common shares; and an aggregate of Cdn$200,000 in exploration expenditures on each property. The Company has the right to acquire an undivided 100% interest in the properties subject to a 2.5% NSR. The NSR may be reduced from 2.5% to 1.5% with a payment of Cdn$1,000,000. First year commitments comprise Cdn$3,000 in cash, 10,000 shares and exploration expenditures of Cdn$10,000. First year exploration and cash commitments have already been met on each property.
The Jackson's Arm Property is located in Western Newfoundland and covers rocks similar in age and type to those considered to be favourable for hosting Carlin and other bulk tonnage styles of mineralization. Gold mineralization has been found to date in:
- HMC tills up to 15,100 ppb (15 gpt) gold;
- Two trenches which have uncovered boulders with gold values from 2.6 to 35.5 gpt and 27 to 78 gpt with a one tonne boulder giving 58 gpt
- In grab samples of bedrock 7.28 and 1.24 gpt.
The Jackson's Arm Property option is exercisable over five years and terms include: cash payments totaling Cdn$97,360; an issuance of a total of 232,000 common shares; and an aggregate of Cdn$756,000 in exploration expenditures. The Company has the right to acquire an undivided 100% interest in the property subject to a 2.5% NSR. The NSR may be reduced from 2.5% to 1.5% with a payment of Cdn$1,000,000. First year commitments comprise Cdn$4,360 in cash, 36,000 shares and exploration expenditures of Cdn$46,000.
Island Pond Option from Cornerstone Capital Corp.
The Phase I drilling program was completed in December 2002 on the Island Pond Property. All results will be announced by both companies as soon as they have been received and compiled. Cornerstone is the Operator of the Project.
Candente is a junior exploration company focused on the acquisition, exploration and development of world-class gold and copper projects. For more information on our current exploration progress, visit www.candente.com and/or call us at: (604) 689-1957; toll free at 1-877-689-1964; or e-mail to: investor@candente.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Joanne C. Freeze"
Joanne C. Freeze, P.Geo
President & CEO
CANDENTE RESOURCE CORP.
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.