Candente Resources (CDOUF in U.S. or DNT in Canada) came out with an April 15 update one of its Peru gold mining prospects. This is one of 10 Peruvian properties controlled by Candente that Anglogold is currently considering under a six-month option that should expire in late August 2003. Text below.
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EXPLORATION ADVANCES ON THE ALTO DORADO PROPERTY, NORTHERN PERU /Release No. 73
The Company (Candente) is pleased to report that three distinct gold zones have now been identified on the Alto Dorado property in Northern Peru. Two of these zones host high sulphidation mineralization similar to that found
in the major Peruvian gold mines, Yanacocha and Pierina, where average grades are 1 to 3 grams per tonne (gpt) and cutoff grade is 0.4 gpt. The third is a porphyry gold zone, which has similarities with Chilean gold mines in the Maricunga Belt.
The Toril Zone at Alto Dorado hosts gold mineralization with values from 0.7 to 3.6 gpt in outcrop as well as in trenches and pits. To date gold has been found in vuggy silica, granular silica and quartz-alunite breccia, which are all typical of high sulphidation systems, The Toril Zone has been extended by 700 metres by geological mapping, which indicates that the zone covers at least 2.4 km by 1.8 km.
A second high sulphidation gold zone, the Ana Zone, has also now been identified 3 km west-northwest of the Toril Zone. Trenching shows that this zone covers an area 2.7 km by 1 km and contains anomalous values of up
to 0.78 gpt gold, 390 gpt silver and 21,376 ppb mercury. Alteration and mineralization including alunite, opaline and vuggy silica, hematite and
limonite occurs in structurally controlled zones. Individual structures can be traced over 500 metres in length and 2 to 12 metres in width. The southern end of the structures coalesce (connect) into a brecciated vuggy
silica body, which outcrops over an area 300 metres by 50 metres.
Recent sampling by Candente has also confirmed gold mineralization within the Olla Porphyry Zone previously identified by Hecla. Gold values of 0.46
gpt over 5 metres and 1.05 gpt over 3 metres were obtained from rock chip samples in historic (Hecla) trenches. This mineralization occurs within
potassic alteration in andesite and diorite porphyry. The Olla Zone occurs approximately 700 metres south of the Ana Zone, however, the two may overlap and be genetically related.
Geophysical test surveys are currently underway on the Toril Zone by Val d'Or Geofisica (Peru) S.A. to assist in identifying potential buried zones
of mineralization. Geophysical surveys identifying zones of both high resistivity and high chargeability have previously been used in Peru to assist in the discovery of ore bodies with mineralization similar to that being found at Alto Dorado. The geophysical surveys could be very useful, especially at Toril where weathered bedrock is known to mask buried zones of mineralization. Earlier this season, gold grades of 1.4 and 3.6 gpt were found in bedrock at a 6 metre depth in a pit. Soils sampled at surface above the pit, do not indicate the presence of this mineralization.
The Alto Dorado Property is located in Northern Peru, half-way between the Yanacocha and Pierina Mines and 36 km south-southeast of the Alto Chicama property where Barrick Gold recently announced a new discovery in excess of 7 million ounces of gold. Candente is earning a 100% interest in the property pursuant to an Option to Purchase Agreement with Hecla Mining.
Management is very encouraged by results to date at Alto Dorado and exploration will continue over the next several months to advance this project to the bedrock drilling stage. Exploration will include geological
mapping, geochemical sampling, geophysical surveys and overburden drilling.
Candente is a mineral exploration company focused on the acquisition, exploration and development of world-class gold projects and has a strategic partnership with a premier gold producer. Management has a track record of discovering world-class mines.
ON BEHALF OF THE BOARD OF DIRECTORS
Joanne C. Freeze, P.Geo., President & CEO
CANDENTE RESOURCE CORP.
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