Candente discovers significant mineralization at Luna
Tue 14 May 2002
News Release
Ms. Joanne Freeze reports
LUNAHUANA, PERU - MOST SIGNIFICANT MINERALIZATION TO DATE
Candente Resource's exploration on its Luna property (100-per-cent
undivided interest) indicates that the new Blanquitos zone hosts the most
significant mineralization found to date and is believed to significantly
increase the mineral potential of the Luna property.
Blanquitos has now been traced over a 1,500 metre (4,920 foot) length and a
width of 25 to 100 metres. Two distinct styles and ages of mineralization
have been identified within this trend. Earlier mineralization is gold and
copper combined and a later phase comprises gold alone. Both styles
crosscut and have mineralized several different rock types including
mudstones, bituminous limestones, volcaniclastic sediments and diorite to
microdiorite stocks.
The later gold mineralization occurs in hydrothermal alteration zones
associated with tertiary feldspar porphyry stocks. Gold values of up to six
grams per tonne occur over an area extending 10 metres by five metres in
one of these zones. An additional five metres of similar but less intense
alteration carries 0.57 gram per tonne gold. The porphyries intrude all
older rocks and their alteration crosscuts the earlier gold-copper
mineralization. Hydrothermal alteration comprises strong pervasive
silicification, brecciation and stockwork of quartz and limonite veinlets
and microveinlets, and argillic alteration. Disseminated pyrite occurs
throughout.
The earlier copper-gold mineralization is associated with pervasive silica
alteration and stockwork zones of quartz, actinolite, chlorite and
magnetite. This mineralization is believed to fit an iron-oxide copper-gold
setting, which has previously been recognized within both the Santa Rosa
and Negritos trends on the property. This style of alteration is much more
pervasive at Blanquitos than in the other two zones. Each of the three
zones extends over distances of approximately one kilometre each and widths
of up to 300 metres. They parallel each other following a
north-northwesterly strike.
Three induced polarization (high chargeability) anomalies have been
identified as excellent targets for bulk-tonnage mineralization on the
property. One anomaly occurs within the Negritos zone and another follows
the same trend as the Blanquitos zone. The geophysical data are currently
being correlated with all geological data to date to assist with
delineating drill targets.
In another matter, the exercise price of warrants described as part of the
private placement reported in Stockwatch April 24, 2002, and revised as
reported in Stockwatch on May 3, 2002, has been increased to comply with
TSX Venture Exchange regulations. The exercise price will now be 44 cents
per share during the first 12 months and 49 cents per share during the
second 12 months. |
