Candente Resource Corp.: Gold and Silver Added to Canariaco Norte Mineral Resource Estimate
September 18 2008 - 1:36AM
Marketwired Canada
Candente Resource Corp. (TSX:DNT)(BVL:DNT)(WKN:GW4) ("Candente" or the
"Company") is pleased to announce that gold and silver modelling has been
completed by SRK Consulting (Canada) Inc. ("SRK"). The precious metal components
have been added to the existing copper mineral resource estimate for the
Company's wholly-owned Canariaco Norte copper project located in Lambayeque
Department, northern Peru.
As detailed in tables below, the mineral resource estimate using a 0.3% copper
("Cu") cutoff grade contains 6.47 billion ("B") pounds ("lb") Cu, 1.43 million
("M") ounces ("oz") gold ("Au") and 36.5 M oz silver ("Ag") in the Measured and
Indicated categories. An additional 1.21 B lb Cu, 0.25 M oz Au and 6.77 M oz Ag
are contained in the Inferred category.
The higher grade, near-surface Resource Shell of 102 M tonnes ("T") includes a
Measured and Indicated mineral resource grading 0.57% Cu with 0.09 grams per
tonne ("g/t") Au and 1.99 g/t Ag, which together equates to a 0.61% Cu
equivalent grade. This Measured and Indicated mineral resource contains 1.28 B
lbs Cu, 0.31 M oz Au and 6.53 M oz silver (using a 0.3% Cu cut-off grade).
Based on project-related activities and cash on hand, Candente is funded to
complete all studies planned into 2009. The company's focus is now on the
Canariaco Norte Preliminary Economic Assessment (the "PEA" or "Scoping Study")
under the direction of Sean Waller, P.Eng., recently appointed VP Development.
The PEA is expected to be completed by mid-October and will evaluate
conventional copper flotation scenarios. The PEA has been slightly delayed to
include updated metallurgical testing results and the gold and silver estimates.
Gold and silver are expected to add value to the Canariaco Norte project as
by-products.
Mr. Waller states, "I have worked on a number of international copper projects
and I chose to join Candente as I firmly believe that the Canariaco project
possesses the key components to make it as attractive as other projects
currently under consideration for development. The data we have to date confirms
my beliefs and I am very excited to be part of the Canariaco development team."
Drilling and other exploration activities are underway at Canariaco Sur and
Quebrada Verde, which are additional porphyry targets located just south of
Canariaco Norte.
A drilling program to expand the resource at Canariaco Norte is nearly complete.
The program was shortened to conserve funds due to current market conditions and
management's firm belief that engineering and economic studies will add more
value to the project than the quantification of mineralization known to continue
at depth.
Updated Canariaco Norte Mineral Resource Estimate as defined by
NI 43-101(1)(2)(3)
Measured Mineral Resources
Con- Con-
Cut- Copper tained tained Con- Con-
Off Resource Copper Gold Silver Equiv- Copper Copper tained tained
Grade (M Grade Grade Grade alent (M (B Gold Silver
(%Cu) Tonnes) (%) (g/t) (g/t) (%) tonnes) pounds) (Moz) (Moz)
0.5% 112 0.63 0.10 2.23 0.68 0.71 1.56 0.35 8.05
0.4% 175 0.57 0.09 2.08 0.61 0.99 2.18 0.50 11.73
0.3% 237 0.51 0.08 1.94 0.55 1.21 2.66 0.61 14.81
0.2% 280 0.47 0.07 1.84 0.51 1.32 2.91 0.67 16.57
Indicated Mineral Resources
Con- Con-
Cut- Copper tained tained Con- Con-
Off Resource Copper Gold Silver Equiv- Copper Copper tained tained
Grade (M Grade Grade Grade alent (M (B Gold Silver
(%Cu) Tonnes) (%) (g/t) (g/t) (%) tonnes) pounds) (Moz) (Moz)
0.5% 107 0.60 0.09 2.18 0.64 0.64 1.41 0.30 7.50
0.4% 230 0.52 0.08 1.96 0.55 1.18 2.61 0.56 14.50
0.3% 385 0.45 0.07 1.76 0.48 1.73 3.80 0.82 21.69
0.2% 542 0.39 0.06 1.56 0.42 2.12 4.68 1.01 27.18
Measured and Indicated Mineral Resources
Con- Con-
Cut- Copper tained tained Con- Con-
Off Resource Copper Gold Silver Equiv- Copper Copper tained tained
Grade (M Grade Grade Grade alent (M (B Gold Silver
(%Cu) Tonnes) (%) (g/t) (g/t) (%) tonnes) pounds) (Moz) (Moz)
0.5% 219 0.61 0.09 2.21 0.66 1.34 2.96 0.65 15.55
0.4% 405 0.54 0.08 2.01 0.58 2.17 4.79 1.06 26.22
0.3% 622 0.47 0.07 1.83 0.51 2.93 6.47 1.43 36.50
0.2% 822 0.42 0.06 1.65 0.45 3.44 7.59 1.68 43.75
Inferred Mineral Resources
Con- Con-
Cut- Copper tained tained Con- Con-
Off Resource Copper Gold Silver Equiv- Copper Copper tained tained
Grade (M Grade Grade Grade alent (M (B Gold Silver
(%Cu) Tonnes) (%) (g/t) (g/t) (%) tonnes) pounds) (Moz) (Moz)
0.5% 28 0.61 0.08 2.36 0.65 0.17 0.38 0.08 2.14
0.4% 63 0.52 0.07 1.98 0.55 0.32 0.71 0.14 3.99
0.3% 128 0.43 0.06 1.64 0.46 0.55 1.21 0.25 6.77
0.2% 231 0.35 0.05 1.35 0.37 0.80 1.77 0.35 9.98
(1) Mineral Resources do not have demonstrated economic viability. An
Inferred Mineral Resource is a classification of Mineral Resource for
which quantity and grade can be estimated on the basis of geological
evidence and limited sampling and can be reasonably assumed, but not
verified, based on geological and grade continuity. It cannot be
assumed that all or any part of an Inferred Mineral Resource will be
upgraded to a higher classification of Mineral Resource such as
Measured or Indicated.
(2) Numbers may not sum due to rounding.
(3) Copper Equivalent is calculated using a copper price of $1.90/lb, a
gold price of $400/oz and a silver price of $10/oz (copper price equals
$1.90/lb or $0.00418878/g, gold price equals $400/lb or $12.8603/g,
silver price equals $10/lb or $0.321507/g, from these a conversion
factor from g/t to equivalent % copper of 0.307018 for gold and
0.00767544 for silver are obtained. Copper Equivalent equals %Cu +
(gold g/t x 0.307018) + (silver g/t x 0.00767544). Copper, gold and
silver grades used are not adjusted for metallurgical recoveries as
these remain uncertain.
A total of 10,981 m in 32 holes have been drilled subsequent to the updated
mineral resource estimate by SRK in May 2008. Four drill holes (1,191 m) of the
32 were geotechnical holes required for pit design; 16 holes (3,551 m) were
drilled for metallurgical testing and the remaining 12 drill holes (6,239 m)
were part of the resource delineation and expansion drill program. All of the
current holes drilled below the existing resource model, bottomed in copper
mineralization confirming the vertical extension to the deposit. Inclined drill
holes targeting the lateral extent of mineralization confirmed the geological
boundaries used in the three-dimensional ("3D") model.
The gold and silver estimates are based on 60,580 m of drilling in 213 diamond
drill holes. The mineral resource estimation work completed by SRK includes all
results from all Candente drilling campaigns conducted from 2004 to 2007, as
well as the Candente 2008 resource definition drilling program. Gold and silver
assay results from sections of 2,910 m of drilling in 11 diamond drill holes
completed between 1973 and 1999 by other companies were also included following
data verification.
Sections, diagrams and complete results are available on Candente's website at
http://www.candente.com/s/PeruProjects_Canariaco.asp.
Sampling and analytical procedures conform to National Instrument ("NI") 43-101
standards. The inclusion of certified gold standards, field blanks and sample
duplicates as well as check assays completed at independent laboratories were
included as part of the quality assurance and quality control ("QA/QC") program.
Chain of custody and data verification procedures were followed to ensure that
QA/QC standards were met.
Samples were submitted to Actlabs-Skyline Peru S.A.C. in Lima, Peru, (BVQI ISO
9001/2000 accredited) and ALS-Chemex in Lima, Peru (BVQI ISO 9001/2000
accredited). The analytical procedure used for gold is Fire Assay with an Atomic
Absorption finish on a 30 gram ("g") split. The analytical procedure used for
silver is Four Acid Digestion with a multi element Induced Coupled Plasma
("ICP") finish on a 0.25 g split.
The independent mineral resource estimate prepared by SRK is reported in
accordance with Canadian Securities Administrators' NI 43-101 and conforms to
the generally accepted Canadian Institute of Mining "Estimation of Mineral
Resources and Mineral Reserves Best Practices" guidelines. Gold and Silver
grades were estimated using ordinary kriging into a 3D block model with primary
dimensions of 15 m x 15 m x 15 m. The gold and silver estimates are based on the
copper resource estimate resource shells. For resource estimation, all assay
results were composited to two-metre lengths. Further details on analytical
procedures used for precious metal grades will be included in the PEA report
which will be available on System for Electronic Document Analysis and Retrieval
("SEDAR") or the company web site within 45 days of this news release.
Robert van Egmond, P.Geo., Manager Geology Canariaco, is a Qualified Person as
defined by NI 43-101 for the Canariaco Norte project discussed above and has
reviewed and approved the contents of this release.
About Candente Resource Corp.
Candente is a diversified exploration company with copper, gold, silver, and
zinc projects in Peru and Mexico. The Canariaco Norte property, a copper deposit
located in Northern Peru, is currently in advanced resource definition and
Preliminary Economic Assessment stage. Candente's directors and management have
a track record in the discovery and development of copper, gold and silver
deposits and subscribe to principles which ensure that exploration and
development activities are beneficial to the local communities.
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 which 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.
NR249
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