Candente Discovers a Second Copper-Gold Porphyry on the Canariaco ...

Tag : chalcopyrite

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2008) - CandenteResource Corp. (TSX:DNT)(BVL:DNT)(WKN:GW4) ("Candente" or the"Company") is pleased to announce that drilling has identified asecond copper-gold porphyry located 1.3 km south of Canariaco Nortedeposit. The first hole (CS08-001) in the Canariaco Sur porphyryintersected average grades of 0.35% copper, 0.15 grams per tonnegold and 1.43 grams per tonne silver (0.43% copper equivalent - seetable below) from 180 to 535 metres. Within this 354 metreinterval, drilling intersected 0.41% copper, 0.17 grams per tonnegold and 1.59 grams per tonne silver (0.50% copper equivalent) from300 to 400 metres. Individual two metre sample intervals assayed ashigh as 0.78% copper, 0.36 grams per tonne gold and 4.2 grams pertonne silver demonstrating that the gold:copper ratio in CanariacoSur may be higher in this deposit than in Canariaco Norte.
A second hole (CS08-002), collared 320 m north of hole CS08-001,was completed over a length of 506 metres - assays are pending andexpected within a month. Both holes intersected mineralizedporphyry rocks similar to those hosting the Canariaco Nortedeposit. These two holes confirm the presence of very significantmineralization within a large (2.3 kilometres) porphyry system atCanariaco Sur.
Other exploration work indicates that Canariaco Norte, CanariacoSur and a third target, Quebrada Verde, are part of an extensiveporphyry complex covering a minimum length of five kilometres andan average width of two kilometres. "The existence of one or moreadditional porphyry deposits in such close proximity to CanariacoNorte could add significantly to the economics of the projectthrough shared infrastructure and facilities," commented JoanneFreeze, President and CEO.
The porphyry complex is covered entirely by the Canariaco property,which is held 100% by Candente. Geological mapping, geophysics andgeochemical sampling by Candente, and by Billiton (includinglimited drilling) in 1999, indicate the potential for additionalporphyry copper-gold mineralization within the complex.
A Preliminary Economic Assessment (Scoping Study) underwayevaluating an open pit mining operation utilizing grinding andflotation for the Canariaco Norte deposit is due in mid October.This is a slight delay to include gold and silver content recentlyestimated and new metallurgical results. The economic study will bebased on the September 2008 mineral resource estimate whichcontains 6.47 billion ("B") pounds ("lb") copper, 1.43 million("M") ounces ("oz") gold and 36.5 M oz silver in the Measured andIndicated categories. An additional 1.21 B lb copper, 0.25 M ozgold and 6.77 M oz silver are contained in the Inferred category(see NR 249 dated September 18, 2008). Environmental ImpactAssessment ("EIA") studies and feasibility level metallurgicaltesting are also underway.
Geological and Geophysical Details for Canariaco Sur and QuebradaVerde
In addition to the mineralization intersected in drilling,Canariaco Sur has significant potential based on results fromseveral preliminary exploration activities conducted by Candenteand Billiton. These include coincident: Magnetic high; InducedPolarization (IP) resistivity low and chargeability high; soilswith elevated levels of copper of up to 5,720 ppm (0.57%) and goldup to 330 parts per billion covering over an area of 0.9 by 1.4kilometres and potassic alteration within a principallybiotite-feldspar porphyry which has been mapped over a length of2.3 kilometres. Mineralization at Canariaco Sur is primarilychalcopyrite and bornite in a porphyry, similar to that which hoststhe bulk of the copper mineralization at the Canariaco Nortedeposit.
In the Quebrada Verde area, recent geophysical surveys havedelineated a large IP chargeability high centered on a resistivityanomaly and covering an area of 0.8 km by 2.0 km. Argillic andminor phyllic alteration occur in biotite-feldspar porphyry similarto that which hosts the bulk of the copper mineralization at theCanariaco Norte deposit. A magnetic high could represent potassicalteration at depth. In addition, anomalous levels of copper of upto 2,200 ppm (0.22%) and up to 497 ppb gold in soils cover an areaof approximately 0.7 by 0.9 kilometres. The geochemical anomaliesat Canariaco Sur and Quebrada Verde are much stronger than thoseoccurring in soils at Canariaco Norte. Volcanic host rocks arebelieved to be masking lateral surface expression of the CanariacoSur and Quebrada Verde porphyry as they also do over parts of theCanariaco Norte deposit.
Samples were sent by Candente to ALS-Chemex in Lima, Peru (BVQI ISO9001/2000 accredited). The analytical procedure used for gold isFire Assay with an Atomic Absorption finish on a 30 gram split. Theanalytical procedure used for copper is Four Acid Digestion with amulti element Inductively Coupled Plasma ("ICP") finish on a 0.25 gsplit.
Piotr Lutynski, P.Eng., Manager Exploration, and Robert van Egmond,P.Geo., Manager Geology Canariaco, are the Qualified Persons asdefined by National Instrument 43-101 for the project discussedabove and they have reviewed and approved the contents of thisrelease.
Additional information on the company and project is available atwww.candente.com and http://www.candente.com/s/PeruProjects_Canariaco.asp.
About Candente Resource Corp.
Candente is a diversified exploration company with copper, gold,silver, and zinc projects in Peru and Mexico. The Canariaco Nortecopper deposit located in Northern Peru, has a significant copper,gold and silver resource (see NR 249 dated September 18, 2008).Candente's directors and management have a track record in thediscovery and development of copper, gold and silver deposits andsubscribe to principles, which ensure that exploration anddevelopment activities are beneficial to the local communities.
This news release may contain forward-looking statements includingbut not limited to comments regarding the timing and content ofupcoming work programs, geological interpretations, receipt ofproperty titles, potential mineral recovery processes, etc.Forward-looking statements address future events and conditions andtherefore involve inherent risks and uncertainties. Actual resultsmay differ materially from those currently anticipated in suchstatements. Candente relies upon litigation protection forforward-looking statements.
CAUTIONARY NOTE TO U.S. INVESTORS
We advise U.S. investors that this news release uses terms whichare not recognized by the United States Securities and ExchangeCommission ("SEC"), including "mineral resources", "measuredresources", "indicated resources" and "inferred resources". Theestimation of measured and indicated resources involves greateruncertainty as to their existence and economic feasibility than theestimation of proven and probable reserves. U.S. investors arecautioned not to assume that mineral resources in these categorieswill be converted to reserves. The estimation of inferred resourcesinvolves far greater uncertainty as to their existence and economicviability than the estimation of other categories of resources.U.S. investors are cautioned not to assume that estimates ofinferred mineral resources exist, are economically mineable, orwill be upgraded into measured or indicated mineral resources. U.S.investors are cautioned not to assume that mineral resources in anyof these categories will be converted into reserves.
NR250
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