Drilling targeted combinations of Induced Polarization (IP) chargeability highs, gold bearing structures interpreted from ground magnetics and airphoto interpretation, and associated anomalous gold values from trenches, rock float and lake bottom sediments. Several targets remain untested due to problems with weather and drilling. Some of the untested targets are chargeability anomalies under Woods Lake, which could not be drilled due to warm weather, which affected the strength of the ice and ability to support a drill rig. In addition, one hole did not reach bedrock due to difficulties in penetrating deep overburden.
Of the twelve holes drilled, nine tested for gold in a number of different target combinations along the main trend of gold mineralization. Two holes tested the potential for Buchans and Messina style volcanogenic massive sulphide (VMS) stratigraphy. The final hole was located to test a unit of felsic volcanic rocks that trend into the north end of Wood Lake where elevated base metal values occur in lake-bottom sediments. These felsic units occur within the stratigraphic unit that hosts the Messina VMS discovery. This hole did not reach bedrock due to overburden drilling difficulties.
The following grades and widths of gold mineralization were intersected in two holes that tested a felsic sill/dyke along a major structure: 1.49 grams per tonne (gpt) over 1.5 m, 1.69 gpt over 1.5 m, 2.01 gpt over 0.9 m, 6.25 gpt over 1.0 m and 11.25 gpt over 1.5 m within two larger intervals of 1.47 gpt over 22.5 m and 0.23 gpt over 52.9 m from the respective holes. While these results are considered to be anomalous, the possibility of encountering a large bulk tonnage gold deposit within the explored area has been reduced.
The two holes that tested for VMS style stratigraphy did not intersect any base metal mineralization within interbedded mafic volcanic and sedimentary rocks. IP chargeability highs were explained by the presence of thinly banded pyrite within the sedimentary units. The more favourable felsic volcanic stratigraphy in the northern portion of the Staghorn property remains untested.
In light of the results obtained and the recent base and precious metal VMS discovery made by Messina Minerals Inc., 35 km to the northeast of the Staghorn property, the sequence of felsic volcanic and sedimentary rocks found in the northern portion of the Staghorn property, is considered to have the best potential for further exploration on the property.
On another matter, the Company is pleased to announce the appointment of Ascenta Capital Partners Inc. as an investor relations consultant. Ascenta's principals have over 40 years of combined experience with micro to midcap resource and technology companies and Fortune 500 multinationals. Ascenta initially will receive Cdn$3500 per month and options to purchase up to 150,000 common shares at $0.70 per share which will be vested over 18 months.
Candente is a diversified exploration company whose focus is to increase shareholder value through discovery. Candente has an advanced exploration stage copper project, Cañariaco, and several other gold and gold-copper projects in Peru and Newfoundland. Candente's directors have individual track records in both the discovery and development of multi-million ounce gold and silver, and multi-billion pound copper deposits. For more information visit www.candente.com, call us at (604) 689-1957, toll free 1-877-689-1964 or e-mail to info@candente.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Joanne C. Freeze"
Joanne Freeze, P. Geo., President & CEO
Candente Resource Corp.
Release No. 132
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.