Candente Copper Corp. (TSX:DNT)(PINKSHEETS:CCOXF)(LMA:DNT)
("Candente Copper" or "the Company") is pleased to report the most
recent results from the 2013 drilling program on the Canariaco Sur
porphyry copper-gold system.
Drilling to date at Canariaco Sur has delineated significant
copper, gold and silver mineralization which extends for a minimum
of 700 metres ("m") north-south and 500m east-west and is open in
all directions. "Given the grades encountered to date, the
proximity of Canariaco Sur to the Canariaco Norte deposit, we
believe that this porphyry system has the potential to add
significantly to the value of the Canariaco project," comments
Joanne Freeze, CEO Candente Copper.
Drill hole CS-13-008 intersected 308.00 metres (m) averaging
0.32% copper equivalent(i) from 8.00m to 316.00m (0.27% copper,
0.06 g/t gold and 0.08 g/t silver) including 144.80m averaging
0.36% copper equivalent(i) from 8.00m to 152.80m (0.32% Cu, 0.06
g/t gold and 0.09 g/t silver), and 74.5m averaging 0.43% copper
equivalent(i) from 241.50m to 316.00m (0.36% copper, 0.10 g/t gold
and 1.10 g/t silver).
Drill hole CS-13-009 intersected 115.50m averaging 0.36% copper
equivalent(i) from 9.50m to 125.00m (0.31% copper, 0.06 g/t gold
and 1.2 g/t silver) within a larger interval of 289.20m averaging
0.22% copper equivalent(i) from 0.00m to 289.20m (0.19% copper,
0.04 g/t gold and 0.7 g/t Ag).
Drill hole CS-13-010 drilled to 425.75m intersected weakly
mineralized copper and gold along the entire length of the hole.
This intersection may indicate the eastern flank of the copper-gold
porphyry system at Canariaco Sur however, soil geochemistry and
geophysics indicates the system could extend further to the
east.
Drill holes CS-13-008 and 009 were collared from the same
platform, approximately 250m south of holes CS-13-004 and 005 (see
DNT NR46 dated February 28, 2013) and approximately 450m south of
drill holes CS-13-006 and 007 (see DNT NR47 dated April 8, 2013).
Hole CS-13-010 was collared approximately 300m northeast of holes
CS-13-008 and 009.
Hole CS-13-008 was drilled to 525.65m at an azimuth of 180
degrees and inclination of minus (-) 60 degrees. Hole CS-13-009 was
drilled to 289.20m, at an azimuth of 090 degrees and inclination of
-60 degrees. Hole CS-13-010 was drilled to 424.75m at and azimuth
of 090 degrees and inclination of -65 degrees.
The final two drill holes of the 2013 Canariaco Sur drilling
program, CS-13-011 and 012, have been completed to depths of
451.10m and 400.45m, respectively. These holes are located
approximately 600m northwest of holes CS-13-008 and 009 and results
will be reported once they are received. Summary results from all
holes completed to date are presented in Table 1 below.
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Table 1 - Canariaco Sur, Peru: DDH Drilling Summary to May 2, 2013
----------------------------------------------------------------------------
Total
Length From To Width Cu Au Ag Cu 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
----------------------------------------------------------------------------
CS-13-004 411.30 0.00 411.30 411.30 0.19 0.08 1.5 0.25
including 214.00 411.30 197.30 0.26 0.11 2.0 0.35
----------------------------------------------------------------------------
CS-13-005 265.00 0.00 265.00 265.00 0.15 0.05 1.1 0.19
including 178.00 265.00 87.00 0.25 0.06 1.6 0.30
including 178.00 215.00 37.00 0.36 0.10 2.1 0.44
----------------------------------------------------------------------------
CS-13-006 409.20 0.00 409.20 409.20 0.23 0.10 1.7 0.30
including 42.00 267.00 225.00 0.32 0.13 1.9 0.42
----------------------------------------------------------------------------
CS-13-007 500.00 0.00 500.00 500.00 0.11 0.04 1.5 0.15
including 143.00 250.00 107.00 0.22 0.06 1.7 0.28
including 203.75 250.00 46.25 0.33 0.09 2.2 0.41
----------------------------------------------------------------------------
CS-13-008 525.65 0.00 525.65 525.65 0.21 0.05 0.6 0.25
including 8.00 316.00 308.00 0.27 0.06 0.8 0.32
including 8.00 152.80 144.80 0.32 0.06 0.9 0.36
including 241.50 316.00 74.50 0.36 0.10 1.1 0.43
----------------------------------------------------------------------------
CS-13-009 289.20 0.00 289.20 289.20 0.19 0.04 0.8 0.22
including 9.50 125.00 115.50 0.31 0.06 1.2 0.36
----------------------------------------------------------------------------
CS-13-010 424.75 0.00 424.75 424.75 0.06 0.02 0.7 0.08
including 137.00 211.00 74.00 0.12 0.02 0.7 0.14
----------------------------------------------------------------------------
CS-13-011 451.10 results pending
----------------------------------------------------------------------------
CS-13-012 400.45 results pending
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(i) Copper equivalent grades are based on metal prices of: copper
US$2.50/lb, gold US$1035 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).
Holes CS-13-008 and 009 cut similar copper equivalent(i) grades
in the upper 100m to 15om. In addition, both holes cut various
porphyritic intrusives and volcanic host rocks that are potassic
altered with a minor phyllic overprint associated with
quartz-sulphide veins. Though total sulphides average less than
2-3% for both holes, grades greater than 0.3% copper equivalent(i)
persist in hole CS-13-008 due to the intensity of potassic
alteration and associated mineralization. Hole CS-13-009 drilled
out of weak to moderate potassic alteration into propylitic
alteration by approximately 150m with a resultant drop in copper
and gold grades with depth. Hole CS-13-010, drilled 300m northeast
of holes CS-13-008 and 009, cut weak potassic alteration
overprinting dominant propylitic alteration, possibly indicating
the eastern edge of significant copper and gold mineralization at
Canariaco Sur. Sulphides in this hole averaged 1-2%, consisting
mostly of pyrite, with resulting copper equivalent(i) values mostly
less than 0.1%.
Arsenic values associated with sulphide mineralization in holes
CS-13-008, 009 and 010 average less than 20 parts per million (ppm)
over the entire hole intervals as shown in Table 1. This low
arsenic mineralization is consistent with other holes drilled at
Canariaco Sur to date.
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-049
Contacts: Candente Copper Corp. Walter Spagnuolo Manager,
Investor Relations + 1 (604) 689-1957 ext 3 or Mobile: +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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