VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 9, 2017) – Candente Copper Corp. (TSX:DNT)(LMA:DNT)(US:CCOXF) (“Candente Copper”, “Company”) is pleased to announce that Compañia Minera Zahena S.A.C. (“Zahena”) has advised the Company that, in February 2017, they completed six holes on the Company’s Arikepay project in southern Peru.
Drill logs have been received by the Company for six diamond drill holes totalling approximately 3,813 metres (m) and geochemical results have also been received for four of the six drill holes (Appendix 1 at end of this News Release).
The holes were all drilled vertically to depths ranging from 500m to 706m and distance between holes ranges from 300m to 800m. Strongly anomalous copper, gold and silver mineralization was intersected over the entire length of each hole with values ranging from <0.1 to >0.2% copper, <0.1 to >0.5 g/t gold and <1 to >4 g/t silver. Mineralization is associated with moderate to strongly silicified and potassic altered porphyrytic tonalite and diorite intrusive rocks, and includes from 1 to >10% pyrite in disseminations and veins, trace to >0.5% chalcopyrite and trace molybdenite. Bornite mineralization was observed in one hole. Depth of oxidation varies but can exceed 100m and various copper oxide minerals were observed. Drilling continues on the property.
“While we were certainly hoping for better grades, results to date clearly demonstrate the large and robust nature of the porphyry system at depths greatly exceeding those from our own reverse circulation (RC) drilling program at Arikepay in 2012. A significant area of the system is still to be tested and the potential for higher grade intercepts remains. We look forward to the results from ongoing drilling,” commented Joanne Freeze, P.Geo., Candente Copper’s CEO.
In 2012, Candente Copper identified a mineralized porphyry system measuring at least 2,200m by 700m to 1,200m laterally and extending at least to a depth of 300m. Candente Copper had drilled 3,630m in 14 widely spaced RC holes most of which terminated at 300m due to machine capacity. Within the mineralized porphyry system, Candente Copper identified a zone of significant copper, gold and silver mineralization measuring 1,200m by 800m laterally and open at depth. Approximately two-thirds of the mineralized porphyry system is covered by recent gravel cover deposits.
In accordance with an option agreement entered into in 2013, Zahena has the right to earn up to 100% interest in the Arikepay property from Candente Copper by completing the following terms:
Zahena can earn a 75% interest in Arikepay by making USD$5 million (M) in exploration expenditures and USD$4M in payments to Candente within 4 years (“First Option”). To date, the Company has received payments of: USD$50,000 on November 28, 2013, and USD$200,000 in March, 2016. Payments of $750,000, $1,000,000 and $2,000,000 are due on March 13 of 2017, 2018 and 2019, respectively.
Upon completion of the First Option, Zahena can earn an additional 25% interest, by completing a bankable feasibility study and by paying Candente Copper USD$10M within 5 years of earning its initial 75% interest (“Second Option”). Completion of the Second Option would result in Zahena earning 100% interest in Arikepay subject to a 2% Net Smelter Return (“NSR”) to Candente Copper.
Zahena would retain the right to purchase 1% of the NSR for USD$5M at any time up to 60 days from the start of commercial production, leaving Candente Copper with a 1% NSR. A final payment of USD$5M would be made to Candente Copper 60 days from the start of commercial production or within 4 years of completion of the bankable feasibility study, whichever happens first.
About Candente Copper
Candente Copper is a mineral exploration company engaged in acquisition, exploration, and development of mineral properties. The Company is currently focused on its 100% owned Cañariaco project, which includes the Feasibility stage 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.
Joanne C. Freeze, P.Geo., CEO, and Michael Thicke, P.Geo., VP Exploration, 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.
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.
On behalf of the Board of Candente Copper Corp.
Joanne C. Freeze, P.Geo., CEO, Director
|Hole No.||EOH (m)||From (m)||To (m)||Interval (m)||Cu (%)||Au (g/t)||Ag (g/t)|
|Further Results Pending|
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