Candente Copper acquires Copper Project in British Columbia Canada
May 26 2021 - 8:00AM
Candente Copper Corp. (TSX:DNT, BVL:DNT) ("Candente Copper”,
“Company”) is pleased to announce that it has entered into an
option agreement to acquire up to 100% interest in the Canyon Creek
copper project in northwestern British Columbia (“B.C.”), Canada.
B.C. hosts 13 districts of copper-rich deposits
in the production and development stage within two major zones
(Quesnel and Coastal/Stikine volcanic-plutonic arc - terranes). The
most prominent deposits are the Red Chris, Galore Creek, Schaft
Creek, Kemess North, Mount Milligan in the north; and Highland
Valley and Copper Mountain in the south. Many of these deposits
produce both copper and gold.
The Canyon Creek property is located in the
northwestern end of the Quesnelia Zone (Terrane) approximately 160
kilometres (“km”) from the Red Chris Mine, 15 km from a main
highway and 60 km from the town of Dease Lake.
Canyon Creek comprises 24 square kilometres
covering a discrete bullseye copper-molybdenum-silver anomaly
delineated by regional stream sediment survey. The property also
covers large areas with anomalous levels of molybdenum (“Mo”) and
copper (“Cu”) in soils extending over 5 km by 2 km and is open. Mo
ranges from 10 to 270 parts per million (“ppm”) and Cu ranges from
40 to 780 ppm. Please see:
https://www.candentecopper.com/projects/canyon-creek-bc-canada/ for
maps.
Prospecting has identified two separate zones of
Cu and Mo mineralization, in outcrops of quartz veining and
stockwork zones containing chalcopyrite (copper sulphide) and
molybdenite (molybdenum sulphide). These two areas cover 800 metres
(“m”) by 300m and 400m by 400m, respectively. Mineralization, found
on surface to date, grades up to 1.56% Cu; up to 0.1% Mo and up to
17.6 grams per tonne (“g/t”) silver (“Ag”).
The mineralization, soil anomalies and
geophysical anomalies appear to be associated with an altered
quartz monzonite porphyry which intrudes rocks of the Quesnel
Terrane. Large granodiorite to quartz monzonite plutons are
affiliated with the Quesnel Terrane of B.C. Overall,
quartz-monzonite plutons form the largest world class deposits of
Cu-Mo-Au and Cu-Mo. Examples are Edernet with 1.78 billion tonnes
of 0.62% Cu and 0.025% Mo, Chuquicamata, 6.45 billion tonnes of
0.55% Cu and Bingham Canyon, 3.24 billion tonnes of 0.88% Cu, 0.02%
Mo and 0.5 g/t Au.
The property is also situated adjacent to a
major NNW striking fault (the Thibert Fault) and close to a 70 km
long E-W striking lineament.
Previous Exploration
Over $1 million has been spent at Canyon Creek
by previous explorers dating back as far as 1971 when Dolmage
Campbell/UMEX conducted IP and ground Magnetics and apparently
drilled 4 holes, although this has not been verified. Since then,
Cassiar Asbestos Corp. (1971), Noranda (1978), Paget Resources
(2008) and Sirius Resources (2012) have conducted stream sediment
and soil sampling; geological mapping, prospecting and rock chip
sampling; airborne Fugro MAG (1317 line km); ZTEM (200 line km).
There is no evidence that any of these groups conducted any
drilling.
Terms of the Agreement
The Company has entered into a legally binding
Letter of Intent (“LOI”) with property owner Chris Baldys. The LOI
provides for the following:
Acquire 100% Interest (subject to Royalty*)
by:
- Issuing a total of 1M shares over 5
years (by November 30, 2025)
- Funding exploration activities to
keep the claims in good standing until December 2027 (approximately
Cdn$45,000 per year)
Of the above the following is a Firm
Commitment:
- Issue 50,000 shares within 14 days
of signing and receiving TSX approval
- Issue an additional 50,000 shares
by November 30, 2021
- Funding exploration activities
totalling a minimum of $42,000 by December 31, 2021
*Royalty:The Vendor will be granted a royalty
equal to 1.5% of net smelter returns. The Company has the right to
buyback the first 0.5% for $500,000 and the second 0.5% for an
additional $1.5M.
The owner advises that there are no legacy
issues, no surface rights activity and no other issues that would
limit orderly exploration work (Notice of Work) applications.
About Candente Copper
Candente 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.
Please see
https://www.candentecopper.com/investors/presentations for details
from previous resource and engineering studies which delineated 9B
lbs copper, 2M oz gold and 54M oz silver in: Measured and Indicated
Resources of 752.4 million tonnes grading 0.45% copper, 0.07 grams
per tonne (“g/t”) gold and 1.9 g/t silver (0.52% Cu equivalent)
containing 7.533 B lb Cu, 1.67 M oz Au and 45.24 M oz Ag and
Inferred Resources of 157.7 million tonnes grading 0.44% copper,
0.06 g/t gold and 1.8 g/t silver containing 1.434 B lb Cu, 0.3M oz
Au and 8.932 M oz Ag.
Details from the Cañariaco Norte Copper Project
Pre-Feasibility Study Progress Report available at
https://www.candentecopper.com/site/assets/files/5389/canariaco-pfs.pdf
estimate NPVs and IRRs of $1.06B and 17.5% at $2.50 Cu and $1.56B
and 21.5% at $2.90 Cu. The Incentive Price for Cañariaco Norte is
in the lowest quartile of top 84 copper projects worldwide named by
Goldman Sachs. Cash Costs are also in lowest quartile of the copper
industry.
Joanne C. Freeze, P.Geo., CEO, is the Qualified
Person 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-131
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