Cañariaco Sur and Quebrada Verde

Cañariaco Sur is the second copper-gold porphyry intrusive body discovered to date on the Cañariaco Property and lies 1.3 km south of the centre of the Cañariaco Norte deposit. The close proximity of Cañariaco Sur to Cañariaco Norte, offers the potential to add significantly to the economics of the Cañariaco project through shared infrastructure and facilities. Thirteen wide spaced holes(200-300 metres) have Cu/Au/Ag mineralization from surface to 500 meters depth. These holes, along with five holes from previous drilling confirm the presence of a large system. Interestingly, based on the drilling completed to date at Sur, there is extremely low arsenic in the system.

Cañariaco Norte, Cañariaco Sur and a third target, Quebrada Verde, are part of an extensive porphyry complex covering a minimum length of five kilometres and an average width of two kilometres. The porphyry complex is covered entirely by the Cañariaco property, which is held 100% by Candente. Geological mapping, geophysics and geochemical sampling by Candente, and by Billiton in 1999 (including limited drilling), indicate a strong potential for additional porphyry copper-gold mineralization within the complex.

Results Summary:

HoleTotal Length (m)From (m)To (m)Width (m)Cu       (%)Au (g/t)Ag   (g/t)Cu Eq*     (%)As (ppm)
CS-99-001170.500.00170.50170.500.260.16na0.3652
including 74.00126.5552.550.400.30na0.5851
CS-99-002149.500.00149.50149.500.330.08na0.3810
including 24.00130.50106.500.400.09na0.4610
CS-99-03152.500.00152.50152.500.080.03na0.0922
CS-08-001534.850.00534.85534.850.270.111.20.3526
including 146.00534.85388.850.340.141.40.4427
CS-08-002505.750.00505.75505.750.250.091.50.3254
including 69.00290.00221.000.390.131.50.4856
CS-12-003528.500.00528.50528.500.240.070.90.2929
including 10.50250.00239.500.270.080.90.3331
including 10.50124.00113.500.350.101.40.427
CS-13-004411.300.00411.30411.300.190.081.50.2528
including 214.00411.30197.300.260.112.00.3530
CS-13-005265.000.00265.00265.000.150.051.10.1949
including 178.00265.0087.000.250.061.60.3037
including 178.00215.0037.000.360.102.10.4417
CS-13-006409.200.00409.20409.200.230.101.70.3060
including 42.00267.00225.000.320.131.90.4288
CS-13-007500.000.00500.00500.000.110.041.50.1560
including 143.00250.00107.000.220.061.70.28103
including 203.75250.0046.250.330.092.20.41127
CS-13-008525.650.00525.65525.650.210.050.60.2515
including 8.00316.00308.000.270.060.80.3219
including 8.00152.80144.800.320.060.90.3621
including 241.50316.0074.500.360.101.10.4313
CS-13-009289.200.00289.20289.200.190.040.80.2217
including 9.50125.00115.500.310.061.20.3610
CS-13-010424.750.00424.75424.750.060.020.70.0818
including 137.00211.0074.000.120.020.70.1416
CS-13-011451.100.00451.10451.100.130.050.80.1750
including 0.00107.00107.000.220.111.00.3050
including 0.0013.5013.500.320.061.10.366
including 45.55115.0069.450.210.140.80.3187
including 250.54264.5013.960.350.081.10.416
CS-13-012400.450.00400.45400.450.120.030.30.1419
including 0.00101.00101.000.220.060.80.2713
including 0.0015.2515.250.2420.041.30.286
including 32.0063.0031.000.240.050.50.2810
including 77.00101.0024.000.280.090.70.3418

¹ *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).

In addition to the mineralization intersected in drilling, Cañariaco Sur offers significant potential based on results from several preliminary exploration activities conducted by Candente and previously by Billiton. These include coincident Magnetic high, Induced Polarization (IP) resistivity low and chargeability high, soils with elevated levels of copper of up to 5,720 ppm (0.57%) and gold up to 330 parts per billion covering over an area of 0.9 by 1.4 kilometres, and potassic alteration within a principally biotite-feldspar porphyry intrusive which has been mapped over a length of 2.3 kilometres. Mineralization at Cañariaco Sur is primarily chalcopyrite and bornite in a porphyry intrusive similar to that which hosts the bulk of the copper mineralization at the Cañariaco Norte deposit. 

In the Quebrada Verde area, recent geophysical surveys have delineated a large IP chargeability high centered on a resistivity anomaly and covering an area of 0.8 km by 2.0 km. Argillic and minor phyllic alteration occur in biotite-feldspar porphyry intrusive similar to that which hosts the bulk of the copper mineralization at the Cañariaco Norte deposit. A magnetic high could represent potassic alteration at depth. In addition, anomalous levels of copper of up to 2,200 ppm (0.22%) and up to 497 ppb gold in soils cover an area of approximately 0.7 by 0.9 kilometres. The geochemical anomalies at Cañariaco Sur and Quebrada Verde are much stronger than those occurring in soils at Cañariaco Norte indicating a thinner leached cap. Volcanic host rocks are believed to be masking lateral surface expression of the Cañariaco Sur and Quebrada Verde porphyry intrusive as they do over parts of the Cañariaco Norte deposit.

The Cañariaco Sur and Quebrada Verde area is underlined by Calipuy volcanic sequence intruded by several phases of porphyry and locally tourmaline breccias. Calipuy volcanics consist mainly of lavas and piroclastics. Intrusives are of granodiorite composition and they vary from biotite rich (quartz diorite porphyry) to Quartz "eye" rich (quartz monzonite porphyry, quartz feldspar porphyry). Tourmaline breccias similar to those seen at Cañariaco Norte have been mapped along the margins of the porphyry intrusives.

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