Candente Copper Corp. (TSX: DNT, BVL: DNT) ("Candente Copper", "the
Company") is pleased to announce that Candente Copper and Gold
Fields La Cima S.A., a subsidiary of Gold Fields Limited, have
conditionally agreed to commercial terms for Gold Fields to option
the Arikepay copper-gold porphyry property in Southern Perú.
Terms
- Cash Payments totalling up to
US$1,790,000 over 10 years:
1) US$100,000
on signing of Definitive
Agreement; 2) US$40,000
upon receiving drilling
permits; 3) US$100,000
on first and second
anniversaries; 4) US$150,000
per year until Year 5;
5) US$200,000
per year for the next 5 years
- Exploration commitments are:
1) US$3.5M
over 3 years to reach 51% interest;
2) An
additional US$3.5M over another 2 years (5 yrs total) to reach 70%
interest;
3) Complete
Feasibility and make a payment of US$10M within 10 yrs to reach
100% interest, subject to a 2.5% Net Smelter Return (“NSR”);
4) The
2.5% NSR has an option to buyout 1.5% Interest for US$6MThe
proposed terms are subject to the execution and completion of a
Definitive Agreement by both parties which will layout further
details currently still under discussion.
“We are excited to work on completing the
Definitive Agreement with Gold Fields so that we can explore and
advance the Arikepay Property with such a well established and
successful company. This is a great time of world demand for both
gold and copper and Arikepay shows excellent potential for both.
Working with Gold Fields on Arikepay, while we are dedicating so
much to our Cañariaco copper project and the 2021 PEA, is a great
way to add shareholder value,” stated Joanne Freeze, CEO, Candente
Copper Corp.
About the Arikepay PropertyThe
Arikepay property, held by Cobriza Metals Peru S.A., (“Cobriza”),
subsidiary of the Company, is located about 110 kilometres (“km”)
south of the city of Arequipa in southern Perú and 45 km south of
the +3 billion tonne Cerro Verde copper-molybdenum porphyry
deposit, owned by Freeport, SMM Cerro Verde Netherlands and
Buenaventura.
Two altered and mineralized bodies have been
found on the property. Alteration comprises propylitic, phyllic,
silicic and potassic altered volcanic and intrusive rocks.
Mineralization consists dominantly of pyrite ranging from <1% to
>10% in disseminations and veinlets with lesser amounts of
chalcopyrite, bornite and magnetite.
Two drilling programs have been completed on the
property to date. Cobriza completed a reverse circulation (“RC”)
drill program in June 2012 totalling 3,630 metres (“m”) in 14 holes
and a third party, Compania Minera Zahena S.A.C. (“Zahena”) drilled
8,908m in 14 drill holes between Dec 2013 and March 2017.
Cobriza and Zahena both initially focused on the
copper potential but since 2017, Cobriza recognized a stronger
potential for gold mineralization at Arikepay.
Selected highlights of copper mineralization
from the RC drilling program included:
- 142m of 0.51% CuEq*
- 186m of 0.43% CuEq*
- 292m of 0.39% CuEq*
Selected highlights of gold mineralization from
the drilling programs included:
- 81m of 3.05 grams per tonne (“g/t”)
gold (“Au”) and 2.04 g/t silver (“Ag”)
- 18m of 1.09 g/t Au and 0.1 g/t
Ag
- 26m of 1.29 g/t Au and 4.5 g/t
Ag
*Copper equivalent (CuEq) grades include gold
and silver values based on 100% metal recoveries and the following
metal price assumptions: US$1,200 per troy ounce gold, US$20 per
troy ounce silver, and US$2.50 per pound copper.
About Candente CopperCandente
Copper is a mineral exploration company engaged in the acquisition,
exploration, and development of mineral properties. The Company’s
most advanced project is its 100% owned Cañariaco project, which
includes the 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. Ausenco Engineering Inc. has been engaged to
conduct an updated Preliminary Economic Assessment Study (“PEA”) to
evaluate a new development strategy for the Cañariaco Norte
Project. The updated PEA study is estimated to be completed before
the end of Q4 2021.
Candente Copper also holds 100% interest in the
Don Gregorio and Arikepay properties in Peru and has an option to
earn 100% interest in the Canyon Creek copper-molybedum property in
B.C., Canada.
About Gold Fields LimitedGold
Fields Limited is a globally diversified gold producer with nine
operating mines in Australia, Ghana (including the Asanko Joint
Venture), Peru and South Africa, and with the Salares Norte project
under construction in Chile. It has attributable gold Mineral
Reserves of around 51.3 million ounces and gold Mineral Resources
of around 115.7 million ounces. Gold Fields has a primary listing
on the Johannesburg Stock Exchange (JSE) Limited, with a secondary
listing on the New York Stock Exchange (NYSE).
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
information (as such term is defined under Canadian securities
laws) including but not limited to the potential execution of a
definitive agreement with Goldfields, for discovery on the
Cañariaco Property and other statements that are not historical
facts including comments regarding the timing and content of
upcoming work programs, geological interpretations, potential
mineral recovery processes, the completion of a favourable PEA and
the expected results thereof and the acquisition of various
permits. While such forward-looking information is expressed by
Candente Copper in good faith and believed by Candente Copper to
have a reasonable basis, they address future events and conditions
and are therefore subject to inherent risks and uncertainties
including those set out in Candente Copper’s MD&A. Actual
results may differ materially from those currently anticipated in
such statements. Candente relies upon litigation protection for
forward-looking statements. Factors that cause the actual results
to differ materially from those in forward-looking information
include, without limitation, metal prices, results of exploration
and development activities, regulatory changes, defects in title,
availability of materials and equipment, timeliness of government
approvals, potential environmental issues, availability of capital
and financing and general economic, market or business
conditions. Candente Copper expressly disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except in accordance with applicable securities
laws.
On behalf of the Board of Candente
Copper Corp.
“Joanne C. Freeze” P.Geo.President, CEO and
Director___________________________________For further information
please contact:
Investor Relations |
Jonathan Paterson |
info@candentecopper.com |
Jonathan.Paterson@HarborAccessllc.com |
www.candentecopper.com |
+1 475 455 9401 |
NR-141
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