Drilling Results From Mitsui on Candente's El As de Zinc Property in Peru
11/16/2006
VANCOUVER, BRITISH COLUMBIA, Nov 16, 2006 (MARKET WIRE via COMTEX News Network) --
Candente Resource Corp. (TSX: DNT) ("Candente") is pleased to announce that Compania Minera Santa Luisa S.A. ("Santa Luisa"), a subsidiary of Mitsui Mining and Smelting Co., Ltd. of Japan ("Mitsui") has intersected a significant zone of lead-zinc mineralization on Candente's El As de Zinc Property in Central Peru. Santa Luisa has reported that the lead-zinc mineralization averages 0.94% lead (Pb) and 5.98% zinc (Zn) over 22.70 meters (m) and contains several higher grade zones including 1.63% Pb and 9.89% Zn over 7.05 m.
The high grade mineralization was intersected approximately 100 m away (down dip) from an outcrop of similar lead-zinc mineralization. Both zones are believed to be connected in a lensoidal or blanket-like form, which are typical styles for many lead-zinc deposits.
Three other drill holes also intersected lead-zinc mineralization in narrower zones indicating excellent exploration potential for the property. One of these zones in AZ DDH-03 contains 0.08% Pb and 3.70% Zn over 1.15 m.
Interval Lead (Pb) Zinc (Zn)
Hole From To Meters Feet (%) (%)
AZ DDH-2 344.45 367.15 22.70 74.46 0.94 5.98
344.45 345.45 1.00 3.28 2.64 13.66
352.50 359.55 7.05 23.12 1.63 9.89
360.70 361.30 0.60 1.97 0.64 7.30
362.00 363.30 1.30 4.26 2.02 13.26
A total of 2,498.05 m core drilling has been completed in six holes to date. This drilling has only tested approximately 525 m of strike length of the favourable host rocks which outcrop over 9 kilometers on the property. Santa Luisa, who holds an option on the property from Candente's subsidiary Cia. Minera Oro Candente S.A., funded and operated the exploration program.
At El As de Zinc, four distinct zones of zinc-lead mineralization have been discovered in outcrop on the property. Average zinc (Zn) and lead (Pb) grades from sampling to date appear to be in the range of: 10.6% Zn & 1.88% Pb over 3.25 m; 3% Zn & 0.64% Pb over 3.6 m; 4% Zn & 0.35% Pb over 6.5 m and 22% Zn & 4% Pb over 1 m. Higher grades reach as high as 47.5% Zn & 5% Pb over 2 m and 9% Zn & 2.4% Pb over 7 m. This mineralization has some very distinctive characteristics which resemble two kinds of world class lead-zinc deposits often referred to as Mississippi Valley Type (MVT) and Irish Type.
Santa Luisa operates the Huanzala mine, approximately 75 km by road from the El As de Zinc property. Zinc and lead ores from El As de Zinc could be trucked to Huanzala and processed there. The Huanzala Mine has a concentration plant with capacity for 1700 tonnes per day. Most of the zinc concentrates from Huanzala are sent to smelters in Japan and lead concentrates are sent to the Doe Run operation nearby at La Oroya, Peru.
Santa Luisa has an option to earn an 80% interest in the El As de Zinc project by making staged payments of US$200,000 and drilling 10,000 metres (spending approximately US$1,500,000) within three years. Candente may convert their retained 20% interest into a sliding scale NSR based on the price of zinc. The NSR will be scaled to the price of zinc and vary from 1% to 3%. At current zinc prices (US$1.97/pound (lb) or US$3,102/tonne) the NSR would equal 3%.
Joanne Freeze, P.Geo., is the Qualified Person as defined by NI 43-101 whom has reviewed this news release.
Candente is a diversified copper and gold exploration company with gold, silver, copper and zinc projects in Peru and Mexico, including an advanced exploration stage leachable copper project, Canariaco. Candente subscribes to principles which ensure that its exploration and development activities are beneficial to the local communities.
ON BEHALF OF THE BOARD OF DIRECTORS
Joanne Freeze, P.Geo., President & CEO, Candente Resource Corp.
Release No. 186
This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Candente relies upon litigation protection for forward-looking statements.
Contacts: Candente Resource Corp. Kelly Gray (604) 689-1957 or Toll Free: 1-877-689-1964 Candente Resource Corp. Evelyn Cox (604) 689-1957 or Toll Free: 1-877-689-1964 Email: info@candente.com Website: www.candente.com
SOURCE: Candente Resource Corp.
mailto:info@candente.com candente.com
Copyright 2006 Market Wire, All rights reserved. |
