VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2011) - Candente Copper Corp. (News - Market indicators)(PINK SHEETS:CDOUF)(BVLAC:DNT) ("Candente Copper") is pleased to announce that several porphyry copper-gold targets have been delineated on several of its properties in Peru, and the Company is well financed for exploration drilling in 2011.
Having completed a financing for $30 million on February 17th, 2011, the Company is well funded for the following:
- A Definitive Feasibility Study on the Cañariaco Norte Copper Project (approximately $10 to $12M).
- Exploration drilling on the Cañariaco Sur and Quebrada Verde targets on the Cañariaco property ($5M).
- Exploration drilling on several other targets on properties 100% owned by Candente (minimum $5M), including Arikepay.
"Now that the Pre-Feasibility Study Progress Report has clearly demonstrated the robust economics of the Cañariaco Norte deposit, we are very excited to resume exploration and drilling on the Cañariaco Property, as well as several other priority targets we have defined to date on a number of our other 100% owned properties throughout Peru," commented Joanne C. Freeze, P.Geo., Candente Copper CEO.
"Having Michael Thicke join Candente Copper as VP Exploration after reviewing our portfolio of properties in Peru, has confirmed our view that we hold a number of excellent exploration targets, both adjacent to Cañariaco Norte and elsewhere in Peru."
"The coming year should be an exciting one for Candente Copper, with the potential to discover additional resources at Cañariaco Sur and Quebrada Verde, which could significantly add to the scope of the Cañariaco Norte Project," commented Michael Thicke, Candente Copper VP Exploration. "This, coupled with the drill-ready Arikepay project, the stable of quality exploration properties owned by Candente Copper, and the project generating capacity of the Peruvian exploration team positions us well for additional porphyry deposit discoveries."
Cañariaco Sur
Located 1.5 km south of Cañariaco Norte, Cañariaco Sur contains a discreet, highly anomalous zone of copper, gold and molybdenum in soil geochemistry coincident with IP and ground magnetic anomalies. Very limited previous drilling (5 holes) at Cañariaco Sur intersected porphyry style mineralization, with one of the drill holes intersecting over 350 metres of 0.35% copper, 0.15 g/t gold, and 1.4 g/t silver.
A significant difference has been noted between the mineralization encountered in drilling to date at Cañariaco Sur from that at Cañariaco Norte, namely the higher gold content of >0.1 g/t at Cañariaco Sur versus <0.1 g/t at Cañariaco Norte.
A Phase I program of 10 diamond drill holes is planned for 2011 to test the continuity and extent of copper and gold mineralization away from that intersected in previous drilling, and to collect sufficient data for an initial resource estimate.
Quebrada Verde
Located 3.5 km south of the Cañariaco Norte deposit, and immediately south-southwest of Cañariaco Sur, Quebrada Verde also contains a discreet, highly anomalous zone of copper, gold and molybdenum in soil geochemistry that is coincident with both IP and ground magnetic anomalies. The soil geochemistry, IP, and ground magnetic signatures are very similar to those observed at Sur. One shallow hole drilled in the 1990s intersected anomalous copper and gold values in altered volcanic rocks, but no drilling has tested the geochemical and geophysical anomalies delineated more recently.
A Phase I program of 5 diamond drill holes is planned to test the geochemical and geophysical anomalies at the Quebrada Verde target.
Arikepay
The Arikepay property covers six claim blocks totalling 4,000 hectares, is road accessible 109 kilometres from the city of Arequipa, and lies 45 kilometres south of the Cerro Verde copper-molybdenum mine in southern Peru.
Highly anomalous levels of copper, gold, and molybdenum ranging from 100 to 1,460 ppm copper, 50 ppb to 2,560 ppb (2.5 g/t) gold, and 0.5 ppm to 143 ppm molybdenum occur in strongly altered and leached volcanic and intrusive rocks. The copper values in the leached rocks are typical of the upper levels of other Andean porphyry copper deposits discovered in Peru, Chile, and Argentina. An apparent zoning of the system with an anomalous molybdenum core flanked by stronger copper and gold values adds to the exploration potential of Arikepay.
The anomalous gold and copper values found at Arikepay are associated with jarosite-goethite stockwork, veins, and disseminations occurring within argillic-phyllic altered rocks. Anomalous molybdenum values are associated with pervasive hematite in zones of silicification, with quartz stockwork zones occurring locally within altered areas. Propylitic alteration occurs south and southwest of the phyllic and silicic alteration, and is characterized by epidote-chlorite-magnetite in stockwork, veins, and matrix-fill in andesitic volcanic rocks.
The phyllic and silicic alteration, which is poorly exposed, covers an area approximately 700 metres north-south by 900 metres east-west, and remains open to the northwest for over 2,000 additional metres under younger gravel cover and to the northeast for approximately 500 metres under recent sand and gravel cover.
Arikepay was explored previously (believed to be in the 1990s), but only a very small area appears to have been drill tested, with the copper and gold anomalies delineated by Candente Copper remaining untested.
Miraflores
Located northeast of Trujillo in northern Peru, this early stage project contains excellent geological and geochemical evidence for the presence of porphyry copper-molybdenum mineralization. Initial mapping and rock sampling shows the presence of mineralized potassic, phyllic, propylitic, and argillic alteration, and quartz stockwork associated with intrusive rocks and breccias.
Mapping and sampling is ongoing in order to better define and characterize the mineralization and alteration prior to any geophysical and/or drilling follow-up work.
Other Exploration
A preliminary evaluation program of Candente Copper's eight other Peruvian porphyry copper properties is being lead by Mr. Thicke and Chief Geologist Ing. Enrique Bernuy. Drill targets are being developed on some of these properties and will be discussed in future news releases.
About Candente Copper
Candente Copper Corp is a TSX and BVL listed mining company focused on exploration and development of base metal mining projects in Peru and Latin America. Candente Copper's flagship project is the 100% owned Cañariaco Norte copper project located in northern Peru's prolific mining district.
The Pre-Feasibility Study Progress Report recently completed on Cañariaco Norte by AMEC Americas Ltd concludes that with a projected annual production of 262 million pounds of copper, 39,000 ounces of gold, and 911,000 ounces of silver over a mine life of 22 years, the Cañariaco Norte project has an after-tax Net Present Value of US$1,063M, and an after-tax Internal Rate of Return of 18.8% using a long term copper price reverting to US$2.25/lb and a discount rate of 8% (Candente Copper News Release 020, March 7, 2011).
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 of 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 & Director
NR-021
