Candente-Orex Schedule Drilling for Pamel Property, Central Peru
Wednesday September 20, 5:00 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 20, 2006) - Candente Resource Corp. (TSX:DNT - News) and Orex Ventures Inc. (TSX VENTURE:REX - News) -
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Candente Resource Corp. ("Candente") is pleased to report that drilling permits have been received and drilling is planned to commence in early October 2006 on the Pamel Property in Central Peru. The main target is an extensive high sulphidation style gold-silver target. A total of approximately 3,000 metres is planned to be drilled in 8 to 12 holes. Orex will be funding all of this program as part of their option earn-in commitments.
A highly resistive body with features typical of massive silica has been delineated over a length of 2 kilometres (km) and a width of 500 metres (m) by an Induced Polarization (IP) survey. Anomalous levels of gold, silver, lead, arsenic, barium, mercury and antimony in soils occur with or near the resistive body and continue for approximately 1 km to the north-east. It is unknown what occurs in the northern portion of the property beyond the northern extent of the surveys. The elements mentioned above are typical of high sulphidation gold-silver systems and the coincidence of them with the resistive body indicate that they are related to it (See News Release 171 dated July 11th, 2006). The resistivity body occurs near surface and to a depth of at least 100 m and a high chargeability body occurs just below this. Vuggy silica often occurs at the interface between resistive and chargeable zones. Vuggy silica is the typical host rock for gold mineralization in high sulphidation deposits such as Yanacocha, Pierina and Alto Chicama (greater than 70 million (M) ounces (oz) gold) in Peru (www.barrick.com and www.newmont.com). At Pamel, vuggy silica float has been found where the highest gold values occur in soil samples.
In addition, the host rocks at Pamel are of the same age and lithologies to those hosting the Pierina, Yanacocha and some of the Alto Chicama ore bodies. Clay alterations (alunite and dickite), typical in the deposits referred to above, are also present over large areas on the Pamel property.
The Pamel Property was named after the second daughter of Candente's co-founder, Ing. Fredy Huanqui, when he recognized alteration features similar to those he had recognized at Pierina in 1994. Huanqui named the Pierina gold project after his eldest daughter when he worked for Arequipa Resources Ltd. The Pierina deposit (8.7 M oz gold) was sold by Arequipa Resources Ltd. to Barrick Gold Corp. for US$700M in 1996.
Orex has the right to earn a 51% interest in the property by incurring exploration expenditures of US$2.5 million over 3.5 years on the property. Candente has the right to operate all exploration over the 3.5 years. In addition to the exploration expenditure commitments, Candente received 60,000 shares in Orex upon approval of the Agreement by the TSX Venture Exchange and will receive staged share issuances totalling 250,000 shares in Orex by January 31st, 2008.
All results, maps and photos can be viewed at: candente.com
Michael J. Casselman, M.Sc., P.Geo., General Manager Exploration and Director, Robert van Egmond, P.Geo., Senior Geologist are the Qualified Persons as defined by NI 43-101 for the project discussed above and Joanne Freeze is the Qualified Person who has read and approved the contents of this release.
Candente is a diversified exploration company with copper, gold, silver, and zinc projects in Peru and Mexico. Candente subscribes to principles, which ensure that its exploration and development activities are beneficial to the local communities.
Orex is a junior mineral exploration company, comprised of highly
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