Candente identifies new gold/silver zone at Alto Dorado
2004-04-22 18:10 ET - News Release
Ms. Joanne Freeze reports
CANDENTE DISCOVERS NEW GOLD-SILVER ZONE AT ALTO DORADO, NORTHERN PERU
Candente Resource has identified a new gold-silver target by mapping and rock chip sampling within the Alto Dorado property. The new target has a high-level epithermal signature with gold grades of up to 15 grams per tonne (g/t) and silver of up to 117 g/t in an extensive siliceous quartz stockwork zone covering a minimum area of 500 metres by 300 metres.
Diamond drilling will commence on the property in May of 2004. The drilling will be carried out by Kluane Drilling of Vancouver, which uses a very portable rig requiring no road building and minimal site disturbance. Approximately 3,000 metres of core drilling are currently planned for the Alto Dorado property. Eleven drill targets have been delineated to date, by geological mapping, rock chip sampling, trenching and geophysical surveys comprising 204 line kilometres of magnetics and 40 line kilometres of time domain electromagnetic soundings (TDEM) surveys. An additional 60 line kilometres of TDEM and 30 line kilometres of induced polarization (IP) surveys are planned to delineate additional drill targets. Similar geophysical surveys have previously been used in Peru to assist in the discovery of orebodies with mineralization similar to that being found on the Alto Dorado property.
Six other high-level gold and gold-silver targets have also been identified over a 15-kilometre arc of alteration on the property. Porphyry gold-copper mineralization underprints the high level (sulphidation) gold and gold-silver zones. Some of the high sulphidation gold and gold-silver targets have similarities to the Yanacocha and Pierina gold mines and Barrick's recent gold discovery, Alto Chicama, 36 kilometres to the north-northwest. Average gold grades in these deposits are from one to three g/t, and the cutoff grade is 0.35 g/t.
One of the largest gold zones on the Alto Dorado property, Toril, covers a minimum area of three kilometres by 1.8 kilometres and has drill targets comprising five highly resistive zones identified by TDEM underlying gold-bearing vuggy silica breccias. In the breccias, gold grades ranging from 0.5 to 3.6 g/t have been obtained from 27 samples of outcrops, trenches and pits. A second gold-silver zone, Ana, also has a highly resistive drill target identified by TDEM.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
