Assignment Agreement signed with Forte Copper on Don Gregorio Copper-Gold Project, Peru
November 30 2020 - 8:00AM
Candente Copper Corp. (TSX:DNT, BVL:DNT) ("Candente Copper”,
“Company”) is pleased to announce that the Company has entered into
an Assignment Agreement (“AA”) with Forte Copper Corp. (“Forte
Copper”), on the Don Gregorio copper-gold porphyry project.
The Company entered into an Option Agreement on
the Don Gregorio project with Forte Copper (previously known as
Plan B Minerals) in 2017. The recently signed Assignment Agreement
allows Forte Copper to move ahead with applications for drilling
permits.
Under the Assignment and Option Agreements Forte
Copper has the right to earn a 60% interest in the Don Gregorio
property by completing the following terms:
- Making payments of US$500,000 to
Candente; and
- Drilling 10,000 metres within three
years of receiving drilling permits of which 5,000 metres must be
drilled within two years; Forte Copper may pay $100/metre cash in
lieu of metres not drilled.
- The Assignment Agreement is for 5
years such that if the 10,000 metres have not been drilled
(including cash paid in lieu), then the property must be returned
to Candente Copper Corp.
To date, the Company has received payments
totalling: US$100,000 and reimbursements for fees for annual
mineral rights totalling US$41,540.
Candente Copper acquired the Don Gregorio from
the Peruvian government in a competitive auction in 2008. Don
Gregorio covers a mineralized (copper-gold) porphyry system, that
occurs within the same geological trend as Yanacocha, Cerro Corona
and Cañariaco.
Don Gregorio (previously referred to as La
Huaca) was discovered by Ingemmet (Peruvian government geological
survey) in 1974 during a regional exploration program. In 1977, 8
holes were drilled to a maximum of 107 metres ("m") and intersected
o.22 to o.56% Cu over 15m to 100m, averaging 50m and bottoming in
mineralization. These holes were not analysed for gold.
In 1992, a Newmont Buenaventura Joint Venture
(“JV”) discovered a gold ("Au") zone in surface samples covering
200m by 700m coincident with copper ("Cu") previously delineated in
a north-northwesterly trending zone. In 1995, the
Newmont-Buenaventura JV drilled 4 holes in 800m. These 4 holes were
also mineralized to final depths.
The 12 holes totalling 1,642m drilled to date
indicate copper and gold mineralization occurs over a minimum of
400m vertically from 2,600 to 2,200 metres in elevation.
Mineral intercepts in the historic drilling
include 153.3m of 0.394 percent (“%") Cu & 0.18 grams per tonne
(“g/t ") Au.
Surface samples collected to date include assays
of:
- 20m of 1.23% Cu and 0.26 g/t
Au
- 9m at 1.13% Cu and 0.90 g/t Au
- 3m at 1.36% Cu and 0.84 g/t Au
About Candente CopperCandente
Copper is a mineral exploration company engaged in the acquisition,
exploration, and development of mineral properties. The Company is
currently focused on its 100% owned Cañariaco project, which
includes the Feasibility stage Cañariaco Norte deposit as well as
the Cañariaco Sur deposit and Quebrada Verde prospect, located
within the western Cordillera of the Peruvian Andes in the
Department of Lambayeque in Northern Peru.
About Forte
CopperForte Copper is a private company that
announced a go public RTO transaction with Collingwood Resources on
August 18, 2020. Through its wholly owned Peruvian subsidiaries,
Forte either owns, controls or, has an option to control three
prospective gold and copper exploration projects in Peru. Forte
Copper’s business strategy is focused on exploration target
development, testing and resolution, and resource development
within prominent and under-explored copper and gold regions of
Peru.
Joanne C. Freeze, P.Geo., CEO, is the Qualified
Persons as defined by National Instrument 43-101 for the projects
discussed above. She has reviewed and approved the contents of this
release.This news release may contain forward-looking statements
including but not limited to comments regarding 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 Copper relies upon litigation protection for
forward-looking statements.
On behalf of the Board of Candente
Copper Corp.
“Joanne C. Freeze” P.Geo.President, CEO and
Director___________________________________For further information
please contact:
info@candentecopper.comwww.candentecopper.com
NR-124
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