Candente Copper Reviews Results for 2013 Drilling Program at Canariaco Sur
August 16 2013 - 3:00AM
Marketwired Canada
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
FOR FURTHER INFORMATION PLEASE CONTACT:
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 107
nreategui@candente.com
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