Candente Copper Corp. (TSX:DNT)(PINKSHEETS:CCOXF)(LMA:DNT)
("Candente Copper" or "the Company") is pleased to report results
from the first exploration hole of the 2013 drilling program on the
Canariaco Sur porphyry copper-gold system.
Hole CS-12-003 was drilled vertically to 528.50 metres (m) and
highlights of this hole include:
CS-12-003: 528.5 metres (m) averaging 0.29% copper equivalent
from 0 to 528.50m (0.24% copper, 0.07 grams per tonne ("g/t") gold
and 0.9 g/t silver).
-- including: 113.5m averaging 0.42% copper equivalent from 10.5 to 124.0
metres (0.35% copper, 0.10 g/t gold and 1.4 g/t silver). This intercept
occurrs within a longer intercept of 239.5m grading 0.33 % copper
equivalent from 10.5m to 250m depth (copper 0.27%, gold 0.08 g/t and
silver 0.9 g/t).
Results from all holes drilled at Canariaco Sur, including those
from a 1999 campaign by Billiton and the 2008 campaign by Candente,
are detailed in Table 1 below.
"We are extremely pleased with the results obtained from the
first drill hole of the 2013 drilling program at Canariaco Sur.
CS-12-003 adds to the very positive results obtained from the two
holes Candente Copper drilled at Canariaco Sur in 2008," commented
Sean Waller, President of Candente Copper. "These three drill holes
are widely spaced and each hole contains copper and gold
mineralization extending over 500m from surface to the end of the
hole, indicating that Canariaco Sur has the potential to be a very
significant system."
Results from hole CS-12-003 are especially encouraging as it was
targeted to test a strong induced polarization ("IP") chargeability
anomaly thought to represent the pyrite halo of a porphyry deposit.
This anomaly was initially identified by a historic geophysical
survey and was better defined by a second recent IP survey which
combined with the first survey gives IP coverage to the entire
Canariaco Sur target area. Based on the interpretation of the
combined IP surveys and observations made from hole CS-12-003, the
pyrite halo is now anticipated to be situated 300m to 400m further
to the west thus extending exploration potential in that direction.
Sulphide mineralization is first observed at approximately 40m down
hole and occurs both in disseminations and within quartz and
quartz-sulphide veins until the end of the hole. Total sulphide
mineralization content averages approximately 2% and consists of
chalcopyrite, chalcocite, bornite, molybdenite and pyrite. Moderate
to strong potassic and phyllic alteration has mostly obliterated
volcanic and various porphyritic intrusive rock textures. Locally
strong quartz-sulphide stockwork veining is also associated with
potassic and phyllic alteration.
Drill holes CS-08-001 and 002, drilled by Candente Copper in
2008 are located approximately 200m east and 400m northeast,
respectively, from hole CS-12-003 and were targeted to verify the
results of holes CS-99-001 and CS-99-002 drilled by Billiton in
1999. The centre of Canariaco Sur is located approximately 1.5
kilometres (km) southwest of the Canariaco Norte deposit (now under
feasibility study). Based on the drilling to date at Canariaco Sur
significant copper and gold mineralization occurs over an area of
approximately 500m x 500m and is open in all directions and at
depth.
Drill holes CS-13-004 and 005 have been completed to 411m and
265m, respectively and drilling has commenced on hole CS-13-006.
Results from these holes will be reported as they are received. All
holes completed to date are presented below.
----------------------------------------------------------------------------
Table 1 - Canariaco Sur, Peru: DDH Drilling Summary
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
(i) Copper equivalent grades are based on metal prices of: copper
US$2.50/lb, gold US$1,035 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).
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.
Sean Waller, P.Eng., President and Director
NR-045
Contacts: Candente Copper Corp. Walter Spagnuolo Manager,
Investor Relations + 1 (604) 689-1957 ext 3 or +1 (604)
306-8477info@candentecopper.com Candente Copper Corp. Nataly
Reategui Investor Relations, Peru (511) 715-2001 ext
107nreategui@candente.com www.candentecopper.com
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