- Drilling to expand zone intersected by 2004 drilling
- Preliminary Inferred Resource: 1,035 M lbs Cu & 243,000 oz Au in less than 15% of known area mineralized
Vancouver, British Columbia, June 7th, 2005. Candente Resource Corp. (DNT:TSX) is pleased to report that its subsidiary Exploraciones Milenio S.A. has commenced a Phase Two diamond drilling program on the Cañariaco Norte Zone of the Cañariaco property in Peru. Approximately 3,000 metres (m) are planned to be drilled in 8 to 12 holes to depths of 200m to 450m. This drilling will focus on expanding the copper and gold resource at Cañariaco Norte, especially in the central to southern portion of the known deposit where chalcocite (leachable copper) dominates the copper mineralization and preliminary leach testing showed 92% recovery of copper after 93 days. Drilling will be carried out on 150m spacings starting 150 metres south of the inferred resource area and Candente's Phase One (2650m) 2004 drilling grid.
The Cañariaco Norte copper porphyry system covers a minimum area of 1.2 by 1.0 km (114 hectares) as indicated to date by 23 drill holes and several outcrop exposures. The system is open in all directions laterally and to depth. Only 15 of the holes were drilled at spacings close enough to be included in a preliminary inferred resource estimate. The area over which the resource was estimated is only 300m by 300m (14 hectares) and is believed to make up less than 15% of the known surface expression of the porphyry system. The preliminary inferred resource estimates 76.5 million tonnes grading 0.614% copper (Cu) and 0.099 grams per tonne (gpt) gold (Au) at a cut-off grade of 0.30% copper. Contained metal in the inferred resource equals 1,035 million pounds of copper and 243,000 ounces of gold.
Copper grades in the mineralized zones intersected by Candente's twelve holes average 0.67% over 167m with higher grade intersections including: 0.71% over 234m; 0.85% over 205m; and 1.01% over 96m. All of the twelve holes bottomed in significant copper mineralization grading from 0.54% to 1.00% Cu. Candente drilled 12 of the 15 holes used in the resource in a Phase One program in 2004. The other 11 holes were drilled by previous explorationists between 1974 and 1999.
The Cañariaco property has excellent road access, infrastructure, elevations (2100 to 3200m), water and potential for a very low strip ratio. Drilling is being conducted by the same company as in 2004, Pac Rim S.A., using a very portable rig, which requires no road-building, incurs minimal site disturbance and achieves excellent core recoveries. The program is expected to take two months to complete. Results are expected to be received starting in 4 to 6 weeks and will be announced as significant zones are delineated. Environmental permits are in place, which allow a total of 100 holes to be drilled on the property before additional permitting is required.
In addition to Cañariaco Norte there are two other porphyry targets on the property. The three porphyry centres appear to be controlled by the same structure which is evident over a minimum of 6 kilometres. Maps and cross-sections can be viewed at: http://www.candente.com/s/PeruProjects_Cañariaco.asp
All diamond drill core will be logged and handled by Candente's geologists in accordance with industry standards. Quality Assurance and Quality Control, (QA/QC) protocols including the use of sample standards, blanks and duplicates as well as chain of custody is monitored by Mike Casselman, M.Sc., P.Geo., GM Exploration and Robert Van Egmond, P. Geo. who are the Qualified Persons (QPs) as defined by NI 43-101. Joanne C. Freeze, P.Geo., President and CEO, also a QP has read and approved the contents of this release.
Candente is a diversified copper and gold exploration company. Our focus is to increase shareholder value through discovery. Candente has an advanced exploration stage copper project, Cañariaco, and several other gold and gold-copper projects in Peru and Newfoundland, Canada. Candente's directors have individual track records in both the discovery and development of multi-million ounce gold and silver, and multi-billion pound copper deposits. Candente subscribes to principles, which ensure that its exploration and development activities are beneficial to the local communities. For more information visit www.candente.com, call us at (604) 689-1957, toll free 1-877-689-1964 or e-mail to email@example.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Joanne C. Freeze"
Joanne Freeze, P. Geo., President & CEO
Candente Resource Corp.
Release No. 133
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. Candente relies upon litigation protection for forward-looking statements.