Candente Copper Commences Exploration Program on Canyon Creek Copper Project in British Columbia Canada
September 15 2021 - 8:00AM
Candente Copper Corp. (TSX:DNT, BVL:DNT) ("Candente Copper”,
“Company”) is pleased to announce that it has commenced an
exploration program at the Canyon Creek Copper Project in
northwestern British Columbia (“B.C.”), Canada.
Exploration will focus on confirming and
expanding previously discovered copper (“Cu”) and molybdenum (”Mo”)
mineralization in bedrock as well as geochemical and geophysical
anomalies all of which are typical of porphyry style
mineralization.
The Canyon Creek property comprises 24 square
kilometres and covers extensive copper-molybdenum-silver anomalies
delineated by both regional stream sediments and soil
sampling. The anomalous levels of Mo and Cu in soils
extend over 5 km by 2 km east of the stream sediment
anomalies. 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.
Chalcopyrite (copper sulphide) and molybdenite
(molybdenum sulphide) with grades of up to 1.56% Cu; up to 0.1% Mo
and up to 17.6 grams per tonne (“g/t”) silver (“Ag”) have been
found within quartz veining and stockwork zones in altered
intrusive rocks including quartz monzonite. This mineralization
occurs in two areas covering 800 metres (“m”) by 300m and 400m by
400m, respectively and much of the area between is hidden by
glacial till or other cover.
Current exploration will include stream sediment
sampling, soil sampling, prospecting and geological mapping to
expand the known anomalies and mineralization.
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.
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. *There are no assurances that
the Company will have similar results at the Canyon Creek Copper
Project.
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 of the province;
and Highland Valley and Copper Mountain in the south. Many of these
deposits produce both copper and gold. *There are no assurances
that the Company will have similar results at the Canyon Creek
Copper Project.
For further details about the Canyon Creek
Project, including the terms of the option agreement, please refer
to news release dated May 26, 2021.
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-138
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