Candente-Goldcorp Schedule Drilling For Staghorn Gold Property, Newfoundland
Vancouver, British Columbia, January 6, 2005. Candente Resource Corp. - DNT:TSX is pleased to advise that Petro Drilling Company Limited of Newfoundland has been contracted to carry out a diamond drill program on the Staghorn Property. The program is scheduled to commence at the end of January, 2005 and is planned to comprise approximately 2200 metres (m) in 9 holes. The drilling program is being funded by Goldcorp Inc. - GG:NYSE; G:TSX ("Goldcorp") who has the right to earn a 70% interest in the Staghorn property by financing all exploration and acquisition costs and completing a bankable feasibility study by January 2010.
The drilling is designed to test a 2.5 kilometre (km) structural trend where gold mineralization has been found in bedrock, angular rock float, soils and heavy mineral concentrate (HMC) samples. Gold values of 0.5 to 25.7 grams per tonne (gpt) were obtained from bedrock in three distinct zones. Gold values from one of the zones (70m by 30m) range from 0.5 to 13.5 gpt (several in the 1.5 to 5 gpt range) from 1m bedrock channel samples in trenches as well as from selected bedrock chip samples and angular float. Outside the trenched area overburden masks outcrop exposure over much of the property, which covers 4900 hectares.
Several of the drill holes will test high chargeability zones within the gold trend. The high chargeability zones, which occur over a 3.2 km length, often coincide with gold-bearing sulphide mineralization found on the property. The chargeability zones were identified by an Induced Polarization (IP) survey. The styles of mineralization, host rocks, structural setting and geochemical signature found to date on the Staghorn Property are all typical of intrusion hosted-orogenic deposits such as the 175 and 19 million ounce gold deposits at Muruntau and Kumtor in Central Asia.
All samples taken were prepared by Eastern Analytical Labs Ltd. ("Eastern") in Springdale, Newfoundland. Eastern preformed fire assay with atomic absorption finish for gold. Pulps were sent to Acme Analytical Laboratories ("Acme") in Vancouver, BC for 35 element ICP + Telurium. Any samples that returned a gold value higher than 500ppb from the ICP analysis were then fire assayed for gold by Acme.
For more technical information on the Staghorn property, please refer to:
candente.com
Newfoundland Update
Exploration is also being planned for 2005 on the Linear Gold Property where Goldcorp also has the right to earn a 70% interest by financing all exploration and acquisition costs and completing a bankable feasibility study by January 2010. In addition to the Staghorn and Linear Properties, Candente holds 100% interest in 593 claims in nine gold properties in Newfoundland. During the fall of 2004, exploration work was completed on some of the properties in Newfoundland and the following is a summary of work carried out. |
