Vancouver, British Columbia, April 11, 2013, Candente Copper Corp. (TSX:DNT, BVL:DNT, US:CCOXF) ("Candente Copper" or "the Company") is pleased to report the most recent results from the 2013 drilling program on the Cañariaco Sur porphyry copper-gold system.
Drill hole CS-13-006 intersected 225.00m averaging 0.42% copper equivalent* from 42.00m to 267.00m (0.32% copper, 0.13 g/t gold and 1.9 g/t silver) within a larger interval of 409.20 metres (m) averaging 0.30% copper equivalent* from 0 to 409.20m (0.23% copper, 0.10 grams per tonne ("g/t") gold and 1.7 g/t silver).
Drill hole CS-13-007 intersected 107.00m averaging 0.28% copper equivalent* from 143.00m to 250.00m (0.22% copper, 0.06 g/t gold and 1.7 g/t silver) within a larger interval of 500.00m averaging 0.15% copper equivalent* from 0 to 500.00m (0.11% copper, 0.042 g/t gold and 1.5 g/t Ag).
Drill holes CS-13-006 and 007 were collared from the same platform, approximately 200m north of holes CS-13-004 and 005 (see NR46 dated February 28, 2013) and approximately 300 m east of drill hole CS-08-002. These holes have significantly extended the zone of copper, gold and silver mineralization further to the north and east. The potential for a large copper gold porphyry system at Cañariaco Sur continues to be well supported.
Hole CS-13-006 was drilled to 409.2 metres (m) at an azimuth of 360° and inclination of minus (-) 60°. Hole CS-13-007 was drilled to 500 m, at an azimuth of 090° and inclination of -60°.
Drill holes CS-13-008 and 009, have been completed to depths of 525.70m and 289.20m and were collared approximately 500m south of holes CS-13-006 and 007. Results from these holes will be reported as they are received. Summary results from all holes completed to date are presented in Table 1 below.
|
Table 1 - Cañariaco Sur, Peru: DDH Drilling Summary to April 10, 2013 |
||||||||
|---|---|---|---|---|---|---|---|---|
|
Hole |
Total Length (m) |
From (m) |
To (m) |
Width (m) |
Cu (%) |
Au (g/t) |
Ag (g/t) |
Cu Eq* (%) |
|
CS-99-001 |
170.50 |
0.00 |
170.50 |
170.50 |
0.26 |
0.16 |
na |
0.36 |
|
Including |
|
74.00 |
126.55 |
52.55 |
0.40 |
0.30 |
na |
0.58 |
|
CS-99-002 |
149.50 |
0.00 |
149.50 |
149.50 |
0.33 |
0.08 |
na |
0.38 |
|
Including |
|
24.00 |
130.50 |
106.50 |
0.40 |
0.09 |
na |
0.46 |
|
CS-99-03 |
152.50 |
0.00 |
152.50 |
152.50 |
0.08 |
0.03 |
na |
0.09 |
|
CS-08-001 |
534.85 |
0.00 |
534.85 |
534.85 |
0.27 |
0.11 |
1.2 |
0.35 |
|
Including |
|
146.00 |
534.85 |
388.85 |
0.34 |
0.14 |
1.4 |
0.44 |
|
CS-08-002 |
505.75 |
0.00 |
505.75 |
505.75 |
0.25 |
0.09 |
1.5 |
0.32 |
|
Including |
|
69.00 |
290.00 |
221.00 |
0.39 |
0.13 |
1.5 |
0.48 |
|
CS-12-003 |
528.50 |
0.00 |
528.50 |
528.50 |
0.24 |
0.07 |
0.9 |
0.29 |
|
Including |
|
10.50 |
250.00 |
239.50 |
0.27 |
0.08 |
0.9 |
0.33 |
|
Including |
|
10.50 |
124.00 |
113.50 |
0.35 |
0.10 |
1.4 |
0.42 |
|
CS-13-004 |
411.30 |
0.00 |
411.30 |
411.30 |
0.19 |
0.08 |
1.5 |
0.25 |
|
Including |
|
214.00 |
411.30 |
197.30 |
0.26 |
0.11 |
2.0 |
0.35 |
|
CS-13-005 |
265.00 |
0.00 |
265.00 |
265.00 |
0.15 |
0.05 |
1.1 |
0.19 |
|
Including |
|
178.00 |
265.00 |
87.00 |
0.25 |
0.06 |
1.6 |
0.30 |
|
Including |
|
178.00 |
215.00 |
37.00 |
0.36 |
0.10 |
2.1 |
0.44 |
|
CS- 13-006 |
409.20 |
0.00 |
409.20 |
409.20 |
0.23 |
0.10 |
1.7 |
0.30 |
|
Including |
|
42.00 |
267.00 |
225.00 |
0.32 |
0.13 |
1.9 |
0.42 |
|
CS- 13-007 |
500.00 |
0.00 |
500.00 |
500.00 |
0.11 |
0.04 |
1.5 |
0.15 |
|
Including |
|
143.00 |
250.00 |
107.00 |
0.22 |
0.06 |
1.7 |
0.28 |
|
Including |
|
203.75 |
250.00 |
46.25 |
0.33 |
0.09 |
2.2 |
0.41 |
*Copper equivalent grades are based on metal prices of: copper US$2.50/lb, gold US$1035 per oz and silver US$17.25 per oz. Metal recoveries have not been applied in the copper equivalent calculation. The copper equivalent calculation is as follows; Cu Eq = Cu grade + (Au grade x Au price + Ag grade x Au price)/(22.0462 x 31.1035 x Cu price).
Hole CS-13-006, drilled due north, cut various potassic altered porphyritic intrusive and volcanic host rocks. Oxidation extends to a down hole depth of 70m. Sulphide mineralization averages 1 to 2% and consists of chalcopyrite, pyrite and minor patchy disseminated bornite. Sulphides occur as disseminations and within minor quartz-sulphide stockwork veining. Chalcopyrite (± bornite) is the dominant sulphide mineral to approximately 267m. Below this depth total sulphide content averages approximately 1% and pyrite is the dominant sulphide with lesser chalcopyrite (± bornite). This reversal in chalcopyrite (± bornite) content at depth is likely a function of the absence of mineralized porphyry intrusive rocks and chemically receptive andesitic volcanic host lithologies. The upper 267m of hole CS-13-006 consists of mineralized porphyritic intrusive rocks and chemically receptive andesitic host volcanic rocks, whereas below 267m volcanic rocks are siliceous and tuffaceous and while still potassic altered, are generally not as chemically receptive to mineralization.
Arsenic values associated with sulphide mineralization in holes CS-13-006 and 007 are low averaging approximately 60 parts per million (ppm) over the entire hole intervals as shown in Table 1. This is consistent with all previous holes drilled at Cañariaco Sur to date.
Sample Preparation and Analysis
A summary drill log, or "quick log", of the hole was made on site. Drill core was then transported offsite to the Company's core logging and storage facility where the core was logged in detail, split by rock saw and sampled for geochemical analyses. Core samples were bagged, sealed and sent to ALS Chemex labs in Lima, Peru. Samples received by the lab were weighed, dried and finely crushed to more than 70% of the sample passing a 2 millimetre (mm) screen. From this crushed material a 250 gram (g) sample is taken and pulverized to more than 85% of the sample passing a 75 micron screen. Base metals are analysed by conventional Inductively Coupled Plasma -- Atomic Emission Spectroscopy (ICP-AES) multi-element analysis. Gold analysis is by fire assay with an atomic absorption finish.
About Candente Copper
Candente Copper's flagship project is the 100% owned, 7.5 billion pound, Feasibility stage Cañariaco Norte Copper Project located in northern Peru's prolific mining district. The Cañariaco Norte deposit contains a Measured and Indicated resource of 752.4 million tonnes grading 0.49% copper equivalent**, and an Inferred Resource of 157.7 million tonnes at 0.44% copper equivalent**.
Sean Waller, P.Eng., President and Joanne C. Freeze, P.Geo., CEO, are the Qualified Persons as defined by National Instrument 43-101 for the projects discussed above. They have reviewed and approved the contents of this release.
**The 'Measured and Indicated Resource' listed above consists of Measured Resources of 338.1Mt at 0.48% Cu , 0.08 g/t Au, and 2.0/t Ag (0.52% Cu Eq.), plus Indicated Resources of 414.3Mt at 0.43% Cu, 0.06 g/t Au, and 1.8 g/t Ag (o.46% Cu Eq.). All resources quoted in this release are based on a 0.30% copper cut-off grade and 229 drill holes completed to March 2008. Copper equivalent** grade including gold and silver, metal recoveries (gold 55%; silver 50%) and smelter returns (copper 96.5%: gold 93%; silver 90%) applied. Copper grade equivalent calculation: Cu Eq% =(Cu % + ((Au grade x Au price x Au recovery x Au smelter return%)+(Ag grade x Ag price x Ag recovery x Ag smelter return%))/(22.0462 x Cu price x 31.0135 g/t x Cu recovery x Cu smelter return%). The metal prices used are: copper US$2.50/lb, gold US$1,035/oz and silver US$17.25/oz.
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.
CAUTIONARY NOTE TO U.S. INVESTORS
We advise U.S. investors that this news release uses terms that are not recognized by the United States Securities and Exchange Commission ("SEC"), including "mineral resources", "measured resources", "indicated resources" and "inferred resources". The estimation of measured and indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that mineral resources in these categories will be converted to reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of inferred mineral resources exist, are economically mineable, or will be upgraded into measured or indicated mineral resources. U.S. investors are cautioned not to assume that mineral resources in any of these categories will be converted into reserves.
On behalf of the Board of Candente Copper Corp.
Sean Waller, P.Eng.
President and Director
___________________________________
For further information please contact:
info@candentecopper.com
www.candentecopper.com
or:
Walter Spagnuolo
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3
Nataly Reategui
Investor Relations, Peru
tel.: (511) 715-2001 ext 107
nreategui@candente.com
NR-047