Candente Copper Announces Initial Inferred Resource for Cañariaco Sur Copper-Gold Porphyry & Updates Cañariaco Norte Resource, Peru
January 28 2022 - 6:00AM
Candente Copper Corp. (TSX:DNT, BVL:DNT) ("Candente Copper” or
“Company”) is very pleased to announce that an Initial Inferred
Mineral Resource has been estimated for the portion of the
Cañariaco Sur deposit drilled to date. Additionally the mineral
resource for Cañariaco Norte has been updated for purposes of the
2022 Preliminary Economic Assessment (“PEA”) which is nearing
completion.
Commenting on the results, President and CEO
Joanne C. Freeze stated, “We are very pleased to be able to
establish this initial Inferred Resource containing 2.2 billion
pounds of copper and 1.2 million ounces of gold* in Cañariaco Sur.
This deposit contains higher levels of gold and molybdenum than
Cañariaco Norte, minimal arsenic levels and mineralization that
starts at surface. Cañariaco Sur has the potential to
add significant value to the resources at Cañariaco Norte, 2km to
the northeast. The Initial Cañariaco Sur estimate is
based on 15 drill holes on the eastern portion of a large
geochemical anomaly which extends several hundred metres to the
west and southwest. Higher grade phyllic style
copper-gold mineralization was intersected in the western-most hole
drilled to date. Future drilling is planned for the west and
southwestern sides as well as the undrilled Quebrada Verde porphyry
target 1.5km southwest of Cañariaco Sur.”
Ms. Freeze further stated, “We are very
excited to be nearing completion of the 2022 PEA on Cañariaco Norte
with project optimizations including a smaller higher-grade starter
project, a lower initial capex and opportunities to enhance ESG
aspects.”
*Cañariaco Sur Initial Inferred Resource
(0.15% Copper Cut-off Grade)
|
|
|
|
|
|
|
Contained Metal |
Cut-Off |
Tonnes |
Cu Eq* |
Cu(%) |
Au |
Ag |
Mo |
Copper |
Gold |
Silver |
Molybdenum |
GradeCu (%) |
(M) |
(g/t) |
(g/t) |
(ppm) |
(B lbs) |
(M Ozs) |
(M Ozs) |
( M lbs) |
0.1 |
433.2 |
0.3 |
0.25 |
0.09 |
1.2 |
22 |
2.36 |
1.26 |
16.39 |
20.88 |
0.15 |
384.5 |
0.32 |
0.26 |
0.10 |
1.2 |
22 |
2.22 |
1.18 |
15.02 |
18.91 |
0.2 |
290.0 |
0.35 |
0.29 |
0.11 |
1.3 |
22 |
1.85 |
0.98 |
11.88 |
14.25 |
Notes to accompany Cañariaco Sur Initial
Inferred Resource table:
- The Mineral Resources have an effective date of January 27,
2022. The Qualified Person for the estimate is David Thomas of DKT
Geosolutions Inc.
- The Mineral Resources were estimated in accordance with the
Canadian Institute of Mining and Metallurgy ("CIM") Definition
Standards (2014) and the CIM "Estimation of Mineral Resources and
Mineral Reserves Best Practice" (2019) guidelines;
- A single 0.1% Cu grade shell domain was constructed using
implicit modelling
- Raw drill hole assays were composited to 15 m lengths broken at
domain boundaries.
- Capping of high grades was considered necessary and was
completed on assays prior to compositing. Copper assays were capped
to a 0.8% threshold and gold assays were capped at a threshold of 1
g/t.
- Block grades for gold were estimated from the composites using
ordinary kriging interpolation into 20 x 20 x 15 m blocks coded by
the 0.1% Cu grade shell.
- The mineral resource is reported above a 0.15% Cu cut-off
grade. Additional cut-off grades are shown for sensitivity purposes
only.
- A dry bulk density of 2.5 g/cm3 was used for all material.
- The Mineral Resources are reported within a constraining Lerchs
Grossmann pit shell developed using Hexagon’s MinePlan 3D™ software
using: i. A copper price of
US$3.50/lb ii. Mining cost of
US$1.60/t; iii. An combined
processing, tailings management and G&A cost of
US$6.52/t; iv. 45 degree Pit
slope angles; v. A copper
process recovery of 88%. vi.
Copper concentrate smelter terms: US$75/DMT TC, US$0.075/lb RC and
96.2% payable vii. Estimated
concentrate shipping costs of US$133.00/WMT of concentrate
- Copper equivalent grades including contributions from gold,
silver and molybdenum, were estimated using metal prices (copper
US$3.50 /lb, gold US$1, 650 /oz, US$21.5 /oz and US$11.00/lb Mo),
metal recoveries (copper 88%, gold 65%; silver 57% and molybdenum
60%) and smelter payables (copper 96.5%: gold 93%; silver 90% and
molybdenum 100%). Copper grade equivalent calculation: Cu Eq% = Cu
% + ((Au grade x Au price x Au recovery x Au smelter payable%) +
(Ag grade x Ag price x Ag recovery x Ag smelter payable%)+ (Mo
grade x Mo price x Mo recovery x Mo smelter payable%))/(22.0462 x
Cu price x 31.1035 g/t x Cu recovery x Cu smelter payable%).
- There is no metallurgical testwork on Cañariaco Sur at this
time – Cañariaco Norte average recoveries have been applied for LG
shell generation and Copper equivalent estimations.
- All figures are rounded to reflect the relative accuracy of the
estimate. Totals may not sum due to rounding as required by
reporting guidelines.
- The contained metal figures shown are in situ. No assurance can
be given that the estimated quantities will be produced.
- Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
This Cañariaco Sur estimate is based on 15 drill holes as well
as geology, geochemistry and a review of the deposit lithology,
alteration and specific gravities.
In addition, the Cañariaco Norte Mineral Resource Estimate
(previously reported on Nov 1, 2010) has been updated by David
Thomas, P.Geo., of DKT Geosolutions Inc. and Jay Melnyk, P.Eng.
Principal Mining Engineer at AGP Mining Consultants
Inc. The 0.15% Cu applied cut-off represents an
approximate breakeven cut-off, based on parameters developed during
the nearly completed 2022 Canariaco Norte PEA study. Those
results will be available shortly.
Cañariaco Norte Mineral Resource Estimate (0.15% Copper
Cut-off Grade) |
|
|
|
|
|
|
Contained Metal |
ResourceClassification |
tonnes(M) |
Cu Eq*(%) |
Cu(%) |
Au(g/t) |
Au(g/t) |
Copper(B lbs) |
Gold(M Ozs) |
Silver (M Ozs) |
Measured |
423.5 |
0.48 |
0.43 |
0.07 |
1.9 |
4.04 |
0.98 |
25.71 |
Indicated |
670.7 |
0.39 |
0.36 |
0.05 |
1.6 |
5.25 |
1.16 |
33.72 |
Measured+Indicated |
1,094.2 |
0.42 |
0.39 |
0.06 |
1.7 |
9.29 |
2.14 |
59.43 |
Inferred |
410.6 |
0.32 |
0.29 |
0.04 |
1.4 |
2.66 |
0.55 |
18.09 |
Notes to accompany Cañariaco Norte Resource
table:
- The Mineral Resources have an
effective date of January 27, 2022. The Qualified Person for the
estimate is David Thomas of DKT Geosolutions Inc.
- The Mineral Resources were
estimated in accordance with the Canadian Institute of Mining and
Metallurgy ("CIM") Definition Standards (2014) and the CIM
"Estimation of Mineral Resources and Mineral Reserves Best
Practice" (2019) guidelines;
- Domaining and grade estimation have
not changed since the 2010 mineral resource estimate. The technical
report supporting the 2010 mineral resource estimate was filed on
December 16th, 2010 and is available under the company’s public
filings on www.sedar.com.
- The Mineral Resources are reported
within a constraining Lerchs Grossmann pit shell developed using
Hexagon’s MinePlan 3D™ software using:
- A coper price of US$3.50/lb
- Mining cost of US$1.60/t;
- An combined processing, tailings
management and G&A cost of US$6.52/t;
- Variable Pit slope angles ranging
from 36 to 39 degrees;
- A copper process recovery of
88%.
- Copper concentrate smelter terms:
US$75/DMT TC, US$0.075/lb RC and 96.2% payable
- Estimated concentrate shipping
costs of US$133.00/WMT of concentrate
- Copper equivalent grades including
contributions from gold and silver, were estimated using metal
prices (copper US$3.50 /lb, gold US$1, 650 /oz, and silver US$21.5
/oz), metal recoveries (copper 88%, gold 65%; silver 57%) and
smelter payables (copper 96.5%: gold 93%; silver 90%). Copper grade
equivalent calculation: Cu Eq% = Cu % + ((Au grade x Au price x Au
recovery x Au smelter payable%) + (Ag grade x Ag price x Ag
recovery x Ag smelter payable))/(22.0462 x Cu price x 31.1035 g/t x
Cu recovery x Cu smelter payable%).
- All figures are rounded to reflect
the relative accuracy of the estimate. Totals may not sum due to
rounding as required by reporting guidelines.
- The contained metal figures shown
are in situ. No assurance can be given that the estimated
quantities will be produced.
- Mineral Resources that are not
Mineral Reserves do not have demonstrated economic viability.
The current mineral resource estimate for Cañariaco Norte is
based on 230 drill holes, as well as a review of the deposit
lithology, alteration and specific gravities.
About Candente Copper
The Company’s flagship project is Cañariaco Norte, which is the
10th largest late-stage copper resource in the world and 6th
highest in grade (RFC Ambrian, December 2021 and Haywood, December
2021). The Cañariaco Project, which includes the Cañariaco Norte
resource as well as the Cañariaco Sur resource and Quebrada Verde
prospect, is located in northern Peru’s prolific mining
district.
The Company is very pleased to now have Cañariaco Norte included
in 4 research reports that compare various global copper
projects.
RFC Ambrian: Cañariaco Norte in top 10 of 23
projects with potential to involve third party M&A (December
2021); Haywood: Cañariaco Norte is one of 18
assets selected as likely to be considered by majors looking to
acquire (December 2021); Deutsche Bank: Cañariaco
Norte identified as one of 3 projects required to meet the upcoming
copper supply-demand gap (February 2021); Goldman
Sachs: Cañariaco Norte identified with incentive copper
price in the lowest quartile of the top 84 copper projects
worldwide (October 2018).
David Thomas, P.Geo. of DKT Geosolutions Inc., Jay Melnyk,
P.Eng. Principal Mining Engineer at AGP Mining Consultants Inc.,
Joanne C. Freeze, P.Geo., CEO, are the Qualified Persons as defined
by National Instrument 43-101 for the projects discussed above and
have reviewed and approved the contents of this release.
This news release may contain forward-looking statements
including but not limited to comments regarding 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 Copper relies upon litigation protection for
forward-looking statements.
CAUTIONARY NOTE TO U.S. INVESTORSWe 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 C. Freeze” P.Geo.President, CEO and
Director___________________________________For further information
please contact:
Jonathan PatersonJonathan.Paterson@HarborAccessllc.com+1
475 455 9401info@candentecopper.comwww.candentecopper.com
NR-144
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