Vancouver, British Columbia, February 19, 2013. Candente Copper Corp. (TSX:DNT, BVL:DNT, US:CCOXF) ("Candente Copper" or "the Company") is pleased to report results from the first exploration hole of the 2013 drilling program on the Cañariaco Sur porphyry copper-gold system.
Hole CS-12-003 was drilled vertically to 528.5o metres (m) and highlights of this hole include:
CS-12-003: 528.5 metres (m) averaging 0.29% copper equivalent from 0 to 528.50m (0.24% copper, 0.07 grams per tonne ("g/t") gold and 0.9 g/t silver).
- including: 113.5m averaging 0.42% copper equivalent from 10.5 to 124.0 metres (0.35% copper, 0.10 g/t gold and 1.4 g/t silver). This intercept occurrs within a longer intercept of 239.5m grading 0.33 % copper equivalent from 10.5m to 250m depth (copper 0.27%, gold 0.08 g/t and silver 0.9 g/t).
Results from all holes drilled at Cañariaco Sur, including those from a 1999 campaign by Billiton and the 2008 campaign by Candente, are detailed in Table 1 below.
"We are extremely pleased with the results obtained from the first drill hole of the 2013 drilling program at Cañariaco Sur. CS-12-003 adds to the very positive results obtained from the two holes Candente Copper drilled at Cañariaco Sur in 2008" commented Sean Waller, President of Candente Copper. "These three drill holes are widely spaced and each hole contains copper and gold mineralization extending over 500m from surface to the end of the hole, indicating that Cañariaco Sur has the potential to be a very significant system.
Results from hole CS-12-003 are especially encouraging as it was targeted to test a strong induced polarization ("IP") chargeability anomaly thought to represent the pyrite halo of a porphyry deposit. This anomaly was initially identified by a historic geophysical survey and was better defined by a second recent IP survey which combined with the first survey gives IP coverage to the entire Cañariaco Sur target area. Based on the interpretation of the combined IP surveys and observations made from hole CS-12-003, the pyrite halo is now anticipated to be situated 300m to 400m further to the west thus extending exploration potential in that direction. Sulphide mineralization is first observed at approximately 40m down hole and occurs both in disseminations and within quartz and quartz-sulphide veins until the end of the hole. Total sulphide mineralization content averages approximately 2% and consists of chalcopyrite, chalcocite, bornite, molybdenite and pyrite. Moderate to strong potassic and phyllic alteration has mostly obliterated volcanic and various porphyritic intrusive rock textures. Locally strong quartz-sulphide stockwork veining is also associated with potassic and phyllic alteration.
Drill holes CS-08-001 and 002, drilled by Candente Copper in 2008 are located approximately 200m east and 400m northeast, respectively, from hole CS-12-003 and were targeted to verify the results of holes CS-99-001 and CS-99-002 drilled by Billiton in 1999 . The centre of Cañariaco Sur is located approximately 1.5 kilometres (km) southwest of the Cañariaco Norte deposit (now under feasibility study). Based on the drilling to date at Cañariaco Sur significant copper and gold mineralization occurs over an area of approximately 500m x 500m and is open in all directions and at depth.
Drill holes CS-13-004 and 005 have been completed to 411m and 265m, respectively and drilling has commenced on hole CS-13-006. Results from these holes will be reported as they are received. All holes completed to date are presented below.
Table 1 - Ca̱ariaco Sur, Peru: DDH Drilling Summary
|Hole||Total Length (m)||From (m)||To (m)||Width (m)||Cu (%)||Au (g/t)||Ag (g/t)||Cu Eq* (%)|
*Copper equivalent grades are based on metal prices of: copper US$2.50/lb, gold US$1,035 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).
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:
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3
Investor Relations, Peru
tel.: (511) 715-2001 ext 107