Vancouver, British Columbia, September 15th, 2021. Candente Copper Corp. (TSX:DNT, BVL:DNT) ("Candente Copper”, “Company”) is pleased to announce that it has commenced an exploration program at the Canyon Creek Copper Project in northwestern British Columbia (“B.C.”), Canada.
Exploration will focus on confirming and expanding previously discovered copper (“Cu”) and molybdenum (”Mo”) mineralization in bedrock as well as geochemical and geophysical anomalies all of which are typical of porphyry style mineralization.
The Canyon Creek property comprises 24 square kilometres and covers extensive copper-molybdenum-silver anomalies delineated by both regional stream sediments and soil sampling. The anomalous levels of Mo and Cu in soils extend over 5 km by 2 km east of the stream sediment anomalies. Mo ranges from 10 to 270 parts per million (“ppm”) and Cu ranges from 40 to 780 ppm. Please see: https://www.candentecopper.com/projects/canyon-creek-bc-canada/ for maps.
Chalcopyrite (copper sulphide) and molybdenite (molybdenum sulphide) with grades of up to 1.56% Cu; up to 0.1% Mo and up to 17.6 grams per tonne (“g/t”) silver (“Ag”) have been found within quartz veining and stockwork zones in altered intrusive rocks including quartz monzonite. This mineralization occurs in two areas covering 800 metres (“m”) by 300m and 400m by 400m, respectively and much of the area between is hidden by glacial till or other cover.
Current exploration will include stream sediment sampling, soil sampling, prospecting and geological mapping to expand the known anomalies and mineralization.
The Canyon Creek property is located in the northwestern end of the Quesnelia Zone (Terrane) approximately 160 kilometres (“km”) from the Red Chris Mine, 15 km from a main highway and 60 km from the town of Dease Lake.
Large granodiorite to quartz monzonite plutons are affiliated with the Quesnel Terrane of B.C. Overall, quartz-monzonite plutons form the largest world class deposits of Cu-Mo-Au and Cu-Mo. Examples are Edernet with 1.78 billion tonnes of 0.62% Cu and 0.025% Mo, Chuquicamata, 6.45 billion tonnes of 0.55% Cu and Bingham Canyon, 3.24 billion tonnes of 0.88% Cu, 0.02% Mo and 0.5 g/t Au. *There are no assurances that the Company will have similar results at the Canyon Creek Copper Project.
B.C. hosts 13 districts of copper-rich deposits in the production and development stage within two major zones (Quesnel and Coastal/Stikine volcanic-plutonic arc - terranes). The most prominent deposits are the Red Chris, Galore Creek, Schaft Creek, Kemess North, Mount Milligan in the north of the province; and Highland Valley and Copper Mountain in the south. Many of these deposits produce both copper and gold. *There are no assurances that the Company will have similar results at the Canyon Creek Copper Project.
For further details about the Canyon Creek Project, including the terms of the option agreement, please refer to news release dated May 26, 2021.
About Candente Copper
Candente Copper is a mineral exploration company engaged in the acquisition, exploration, and development of mineral properties. The Company is currently focused on its 100% owned Cañariaco project, which includes the Feasibility stage Cañariaco Norte deposit as well as the Cañariaco Sur deposit and Quebrada Verde prospect, located within the western Cordillera of the Peruvian Andes in the Department of Lambayeque in Northern Peru.
Please see https://www.candentecopper.com/investors/presentations for details from previous resource and engineering studies which delineated 9B lbs copper, 2M oz gold and 54M oz silver in: Measured and Indicated Resources of 752.4 million tonnes grading 0.45% copper, 0.07 grams per tonne (“g/t”) gold and 1.9 g/t silver (0.52% Cu equivalent) containing 7.533 B lb Cu, 1.67 M oz Au and 45.24 M oz Ag and Inferred Resources of 157.7 million tonnes grading 0.44% copper, 0.06 g/t gold and 1.8 g/t silver containing 1.434 B lb Cu, 0.3M oz Au and 8.932 M oz Ag.
Details from the Cañariaco Norte Copper Project Pre-Feasibility Study Progress Report
available at https://www.candentecopper.com/site/assets/files/5389/canariaco-pfs.pdf estimate NPVs and IRRs of $1.06B and 17.5% at $2.50 Cu and $1.56B and 21.5% at $2.90 Cu. The Incentive Price for Cañariaco Norte is in the lowest quartile of top 84 copper projects worldwide named by Goldman Sachs. Cash Costs are also in lowest quartile of the copper industry.
Joanne C. Freeze, P.Geo., CEO, is the Qualified Person as defined by National Instrument 43-101 for the projects discussed above. She has reviewed and approved the contents of this release.
This news release may contain forward-looking statements including but not limited to comments regarding 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 Copper relies upon litigation protection for forward-looking statements.
On behalf of the Board of Candente Copper Corp.
“Joanne C. Freeze” P.Geo.
President, CEO and Director
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