Candente Copper Corp. (TSX:DNT)(PINKSHEETS:CCOXF)(LMA:DNT)
("Candente Copper" or "the Company") is pleased to report that
results for the remaining two drill holes for the 2013 program at
Canariaco Sur have been received and that results to date indicate
a potentially higher grade zone extends to the west of current
drilling.
Results for CS-13-011 and CS-13-012 are shown with all results
from Canariaco Sur to date in Table 1 below. These last two holes
were likely drilled near the northwest edge of significant
mineralization at Canariaco Sur.
Significant copper, gold and silver mineralization at Canariaco
Sur has now been delineated over a minimum of 800 metres ('m") from
northeast to southwest, 500m to 700m northwest to southeast and to
a vertical depth of at least 460m. Mineralization remains open to
the north, west and south which indicates that the area of
significant mineralization could be much larger than delineated to
date.
Interpretation of results at Canariaco Sur indicate that most
holes have been drilled in the potassic core with the exception of
hole CS-12-003 that intersected over 200m of well mineralized
phyllic alteration before continuing into mineralized potassic
alteration to the end of the hole. CS-12-003 is the western-most
hole drilled to date at Canariaco Sur and indicates good potential
for the preservation of phyllic style mineralization to the west
and southwest of this hole.
Mineralization at Canariaco Sur is part of a much larger
sulphide system that extends for at least 4 kilometres NE-SW and
includes the Canariaco Norte copper deposit (see below under 'About
Candente Copper') to the northeast and the undrilled Quebrada Verde
prospect to the southwest.
"Drilling to date indicates that Canariaco Sur has the potential
to add significant value to the Canariaco Norte deposit given the
extent of mineralization and the proximity to Canariaco Norte which
would allow shared infrastructure and possible blending of ores.
The entire system at Canariaco Sur has not been tested yet and
given the presence of untested phyllic alteration there remains
potential for higher grade zones, comments Joanne C. Freeze,
CEO."
At Canariaco Sur, copper mineralization consists of chalcopyrite
and lesser bornite occurring as disseminations and within
quartz-sulphide veins and veinlets. Total sulphide content is low,
averaging between 1-2%. Chalcopyrite is commonly dominant over
pyrite. Copper mineralization is associated with potassic, phyllic
and to a lesser extent propylitic alteration. To date, higher
copper grades are generally associated with potassic alteration
where bornite is commonly more abundant than other alteration
types.
Potassic alteration is centred on holes CS-99-01 and 02,
CS-08-01 and 02, and the lower half of CS-12-003. To the east,
holes CS-13-004-006 and 008-009 show more moderate potassic
alteration over propylitic alteration, and further east in the
lower parts of holes CS-13-007 and 009, and all of hole CS-13-010,
alteration is dominantly propylitic with pyrite content ranging
from 1-3% and only anomalous copper values ie. rarely greater than
0.1% copper. Phyllic alteration is best preserved in the upper 250m
of hole CS-12-003 and is characterized by quartz-sericite
alteration, an obliteration of secondary biotite, and minor
quartz-sulphide D-vein stockwork. Phyllic alteration is a
copper-additive phase of alteration at Canariaco Sur and is open to
the west and southwest.
Mineralization and alteration are associated with multi-phase
and variably porphyritic intrusive rocks and intermediate volcanic
rocks. Sporadic and volumetrically insignificant igneous and
hydrothermal breccias can carry greater than 0.5% copper. Although
details of the structural control of mineralization are not well
known, the overall sulphide system appears to be primarily
controlled by northeast-southwest and northwest-southeast trending
structures.
A total of 4,205m were drilled in 10 holes during the 2012-2013
exploration program. Since discovery, a total of 5,718m have been
drilled in 15 holes on the Canariaco Sur system. The temporary
drill camp located at Canariaco Sur has been dismantled and all
materials have been stored at the Canariaco Norte Camp.
Summary results from all holes completed to date are presented
in Table 1.
----------------------------------------------------------------------------
Table 1 - Canariaco Sur, Peru: DDH Drilling Summary for 2013
----------------------------------------------------------------------------
Total Cu
Length From To Width Cu Au Ag Eq(i)
Hole (m) (m) (m) (m) (%) (g/t) (g/t) (%)
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
CS-13-008 525.65 0.00 525.65 525.65 0.21 0.05 0.6 0.25
including 8.00 316.00 308.00 0.27 0.06 0.8 0.32
including 8.00 152.80 144.80 0.32 0.06 0.9 0.36
including 241.50 316.00 74.50 0.36 0.10 1.1 0.43
----------------------------------------------------------------------------
CS-13-009 289.20 0.00 289.20 289.20 0.19 0.04 0.8 0.22
including 9.50 125.00 115.50 0.31 0.06 1.2 0.36
----------------------------------------------------------------------------
CS-13-010 424.75 0.00 424.75 424.75 0.06 0.02 0.7 0.08
including 137.00 211.00 74.00 0.12 0.02 0.7 0.14
----------------------------------------------------------------------------
CS-13-011 451.10 0.00 451.10 451.10 0.13 0.05 0.8 0.17
including 0.00 107.00 107.00 0.22 0.11 1.0 0.30
including 0.00 13.50 13.50 0.32 0.06 1.1 0.36
including 45.55 115.00 69.45 0.21 0.14 0.8 0.31
including 250.54 264.50 13.96 0.35 0.08 1.1 0.41
----------------------------------------------------------------------------
CS-13-012 400.45 0.00 400.45 400.45 0.12 0.03 0.3 0.14
including 0.00 101.00 101.00 0.22 0.06 0.8 0.27
including 0.00 15.25 15.25 0.24 0.04 1.3 0.28
including 32.00 63.00 31.00 0.24 0.05 0.5 0.28
including 77.00 101.00 24.00 0.28 0.09 0.7 0.34
----------------------------------------------------------------------------
(i)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).
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 Canariaco Norte Copper Project
located in northern Peru's prolific mining district. The Canariaco
Norte deposit contains a Measured and Indicated resource of 752.4
million tonnes grading 0.49% copper equivalent(ii), and an Inferred
Resource of 157.7 million tonnes at 0.44% copper equivalent(ii). In
addition to Canariaco Norte, the Canariaco property covers two
other porphyry targets, Canariaco Sur and Quebrada Verde.
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.
(ii)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(ii)
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.
Joanne Freeze, P.Geo., CEO and Director
NR-052
Contacts:info@candentecopper.com www.candentecopper.com 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 107nreategui@candente.com
Candente Copper (TSX:DNT)
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