Candente Resource Corp. (Candente) is pleased to provide the following update on the Columbia Property located in Central Peru.
Highlights
- Previously unidentified gold anomalies in rock chip samples up to 3.5 grams per tonne (gpt) and in soils, up to 671 ppb (0.67 gpt), have recently been delineated on the Columbia Property in Central Peru
- Surrounded by six small, high-grade gold and copper operations and 15km from the Raul/ Condestable Mines which have produced 20 million tonnes grading 0.5 gpt gold and 1.5% copper
- Road accessible, approximately two hours southeast of Lima
- A number of high-priority drill targets have been delineated - several additional anomalous zones will be trenched prior to drilling
High Grade Gold Results
In the Santa Rosa zone, gold and copper mineralization is exposed in trenches and outcrops over 10 to 300 metre widths, 400 metres vertically and a one km strike length. Chip samples in outcrops include values of up to 3.5 gpt gold and 3.5% copper and consecutive trench samples include 0.42 gpt gold and 1.2% copper over a 25 metre width.
A recent compilation and review of data has outlined numerous gold anomalies (up to 473 ppb) in soils east of the Santa Rosa zone over an area 2.5 by 3 km. West of Santa Rosa, a large anomaly with values of up to 671 ppb extends over one (1) square km. Both anomalous zones are open and could be much larger. The significance of the gold anomalies in soils is enhanced by the fact that although the Santa Rosa zone has significant gold mineralization in outcrop, the soils in this area only contain minor gold anomalies. These results can be seen on maps and photos at www.candente.com.
Similar to Candelaria and Olympic Dam
The Columbia Property is an iron-oxide-copper-gold target, with similarities to Candelaria in Chile and Olympic Dam (2000Mt of 1.6% Cu, 0.6 g/t Au, 0.06% U3O8 and 3.5g/t Ag) in Australia. These deposits host many different ore zones with higher grades including gold zones that are both fracture controlled and disseminated.
Six High-Grade Operations Nearby
Six small high-grade gold and copper (to 1.2 ounces of gold and 7% copper per ton) operations are located on the periphery of the property. One produced over 1,200 ounces of gold over 74-weeks. Raul/Condestable Mines, 15 kms northwest of Columbia, have produced 20 million tonnes grading 0.5 gpt gold and 1.5% copper.
A Half Million Already Invested
US$500,000 previously spent on stream sediment sampling, prospecting, geological mapping, rock chip and soil sampling, geophysical surveys, trenching and road construction.
- Anomalous gold and copper in stream sediments over 7 km by 2 .5 km
- Gold in soils and rocks (as above)
- Geophysical anomalies
- Sheeted quartz-magnetite veins and brecciation with intense chlorite-iron alteration
Corporate Update - Private Placement Cañariaco Copper Project
The Company will not be proceeding with the Private Placement announced on July 15th, 2001 having made the decision not to dilute the Company in order to drill the Cañariaco Copper project at this time. Management considers Cañariaco to be an excellent high grade leachable copper asset and will advance this project at a later date. The Company has 100% interest in Cañariaco, with no NSR, no work commitments and low annual vigencia (holding) fees of US$15,000.
Candente Summary
Candente is an exploration Company with world class projects in Peru. The Company now has 9.24 million shares out and is fully diluted at just under 13 million shares. Current exploration focus will be concentrated on delineating drill targets on the Columbia gold-copper and the El Tigre epithermal gold properties.
For more information visit www.candente.com and call us at (604) 689-1957 or e-mail to investor@candente.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Joanne Freeze, P. Geo., President & CEO
Candente Resource Corp.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.