- Significant leachable copper intersected in all 25 Candente holes drilled to date (2004 and 2005)
- Leachable copper makes up 44% of the deposit grid-drilled to date
- Copper system nearly tripled laterally and more than doubled vertically
- Deposit still open in all directions
- Low strip ratio (leach cap averages only 44 m)
Candente Resource Corp. is pleased to report that copper assays have been received for the 13 holes drilled to date as part of the 4,365 metre (m) 2005 Phase II on the Canariaco Norte Zone of the Canariaco Property, Peru. All holes intersected significant widths of leachable copper which when added to the 12 holes drilled by Candente in 2004, demonstrates that leachable copper occurs over a minimum area of 1.2 kilometres (km) long by 450 m wide and up to 346 m thick.
Leachable copper (60% to 92% chalcocite and oxide copper) intersections in the 25 holes to date, exceed 100 m in 5 holes; 40 m in 17 holes and 20 m in 22 holes and make up 44% of the copper deposit to date. The leach cap required to be stripped to expose the copper mineralization varies from 0 to 82 m and averages only 44 m in thickness.
Joanne Freeze, P.Geo., President and CEO comments that, "results to date show that in addition to the fact that the Canariaco Norte deposit is proving to be substantially larger than the 2004 inferred resource (estimated to contain 1.035 billion pounds of copper and 243,000 ounces of gold), it also has a very significant leachable copper portion. The leachable copper and several other features such as: low strip ratio, low elevations, good access and infrastructure and abundant water supply, will contribute significantly to lower costs for development and copper production."
Copper mineralization occurs in several rock types. The majority of the copper mineralization occurs in a Crowded Quartz Feldspar Porphyry (CQFP) intrusive as exemplified in 2005 hole C05-14 which intersected 0.72% Cu over 72 m within a larger interval of 0.57% Cu over 369 m and in 2004 hole C04-001 which intersected 1.01% Cu over 96 m within a larger interval of 0.71% Cu over 234 m. The most southerly drill hole of the sequence (C05-17) shows that the copper mineralization also extends into volcanic/subvolcanic rocks (0.31% Cu over 96 m) that border and overlie the outer parts of the CQFP unit. The fact that the mineralization is not limited to the porphyritic intrusive rocks indicates extensive lateral potential for the deposit. C05-013 intersected predominantly late inter-mineral intrusive breccia which gave an average of 0.39% Cu over 112 m below the leach cap.
The 2005 drilling to date has nearly tripled the surface expression (from 14 to 38 hectares) and more than doubled the vertical extent of grid-drilled copper mineralization (now from 2960 m to 2320 m elevation). In addition, both the lateral and vertical limits to the deposit are still unknown. Assay results for gold, silver and molybdenum are still pending and will be released when available. Drilling will recommence in approximately two to three weeks when all assays have been received and compiled.
Grades of leachable copper intersections are detailed below in Table I. Data from other leachable copper deposits are given in Table II for comparison. For a summary of significant total copper intersections, both leachable and mixed (greater than 40% chalcopyrite), from Candente's 2004 and 2005 drilling and for more details on drilling results please refer to Tables III and IV as well as maps and sections at: www.candente.com/s/PeruProjects_Canariaco.asp.
|Hole No.||(m)||(m)||(m)||feet||Copper %||Copper %|
|DDH-05-013||No Leach Cap|
|0||26||26||85||Late Mineral Dyke|
|DDH-05-014||No Leach Cap|
|0||16||16||52||Late Mineral Dyke|
|22||152||129||423||Late Mineral Dyke|
|82||102||20||66||Late Mineral Dyke|
Table II: Leachable Copper Deposits for Comparison
|Company||Project||Status||Tonnes (Million)||Grade (%Cu)||Contained Cu (Million lbs)|
Analysis for gold is being performed on all holes and multi-element ICP, including molybdenum and silver, is being carried out on selected holes from the Phase II / 2005 drilling program. All core from drilling has been cut in half with a diamond saw and sampled at two metre intervals on the property. One half of the split core has been collected by Candente's Peruvian geologists in accordance with industry standards and is being submitted to Actlabs Laboratorio Quimico (Actlabs) in Lima, Peru. Total copper analysis and a sequential leach procedure for acid soluble copper, cyanide soluble copper and residual sulphides was carried out by Actlabs. Actlabs is carrying out the gold assays and multi-element ICP analysis as well. QA/QC procedures, including the use of sample standards, blanks and duplicates have been completed and assay checks by an independent laboratory, are currently under way. Sample chain of custody is monitored by Candente personnel. Michael Casselman, P.Geo., Robert Van Egmond, P.Geo., and Joanne Freeze, P.Geo., are the Qualified Persons for the project as defined by NI 43-101 and have reviewed this news release.
Candente is a diversified copper and gold exploration company. Our focus is to increase shareholder value through discovery. In addition to the Canariaco Project, Candente has several other gold and gold-copper projects in Peru. 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Joanne Freeze, P. Geo., President & CEO
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Candente Resource Corp.
Joanne C. Freeze
President & CEO
(604) 689-1957 or Toll Free: 1-877-689-1964