FYI-
Candente Gold Acquisitions in Newfoundland
candente.com
News Release - Wednesday, January 15, 2003
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Release No. 65
Flamingo Property
Candente is pleased to announce the Company has optioned a new bulk tonnage
gold target in Southwestern Newfoundland. Gold mineralization on the
Flamingo Property has been traced to date over an area covering one square
kilometre in bedrock, soils and heavy mineral concentrate samples. The
styles of gold mineralization at Flamingo are similar to those found in
deposits containing from 1 to 7 million ounces gold World wide such as the
Kumtor deposit in Kyrgyzstan where Cameco produces approximately 500,000
ounces annually.
Results from previous explorationists on the Flamingo property over an area
measuring one square kilometre include:
-3.8 gpt (grams per tonne) Au, 3.4 gpt Au, 8.7 gpt Au, 12.5 gpt Au, 13.2
gpt Au, 25.7 gpt Au, 49.8 gpt Au and 62.9 gpt Au in bedrock grab samples
-1.4 gpt Au, 1.6 gpt Au, 1.9 gpt Au, 7.9 gpt Au from a series of test pits
to the south of the bedrock grab samples above
-3.2 gpt Au over 7 meters from a series of chip channel samples
-0.69 gpt Au, 1.1 gpt Au, 2.1 gpt Au, 2.2 gpt Au, 5.7 gpt Au in soil
samples
-13.4 gpt Au, 36.6 gpt Au, 79.6 gpt Au and 104.9 gpt Au from a series of
HMC (Heavy Mineral Concentrate) samples along the south side of a lake
Candente's sampling of mineralization over an area measuring 400 square
metres is as follows:
-0.91 and 1.19 gpt Au from a clay/limonite/quartz-cemented breccia
-5.5 gpt Au, 13.5 gpt Au and 25.8 gpt Au from quartz veins cut by sheeted
quartz-arsenopyrite-pyrite veinlets and stockwork zones in altered granite
-0.86, 2.5 and 4.9 gpt Au in hematized albitized (?) felsic intrusive rocks
-1.4, 2.1, 3.0, 4.8 gpt Au from vein breccias and fracture zones in sheared
granite
The Company has optioned the Flamingo Property from Gilbert Lushman and
Edwin Northcott of Newfoundland. The option is exercisable over a period
of four years and terms include: cash payments totaling Cdn$105,520; an
issuance of a total of 120,000 common shares; and an aggregate of
Cdn$500,000 in exploration expenditures. The Company has the right to
acquire an undivided 100% interest in the property subject to a 2.5% NSR.
The NSR may be reduced from 2.5% to 1.5% with a payment of Cdn$1,000,000.
A finder's fee of 20,000 shares will be paid to a third party for
introductions on the Flamingo property. First year commitments comprise
Cdn$25,520 in cash, 20,000 shares and exploration expenditures of
Cdn$40,000.
On the Flamingo Property, gold occurs both freely and as inclusions in
arsenopyrite. Gold mineralization occurs in granitoid/schist host rocks as
lower grade stockwork/sheeted veins and as microfracture-style of
mineralization with higher grade shears in both intrusion and schistose
host rocks. The gold occurs with coincident Pb-Bi-As-Ag-Sb-W and minor
Pb-Zn-Cu associated with arsenopyrite, pyrite, galena, sphalerite and
chalcopyrite. Both the styles of mineralization and geochemical signature
described above are typical of intrusion related and orogenic gold
deposits.
The Flamingo Property comprises 239 claims and has excellent access as it
is located 3 km west of a paved highway and the nearest seaport is located
60 km west-northwest of the property.
Weirs Pond, Radio Range, Jackson's Arm
The Company has also optioned three other gold properties in Newfoundland.
The Weirs Pond Property comprises 5 claims and is under option from
Alexander and Robert Stares. The Radio Range Property comprises 12 claims
and is under option from Calvin Crocker and James Richard Crocker. The
Jackson's Arm Property comprises 66 claims and is under option from ASK
Prospecting, Krinor Resources Inc. and Alex Turpin.
All three of these optioned properties are contiguous with wholly owned
Candente properties. Both of the Weirs Pond and Radio Range properties are
located in the Botwood Basin. Gold mineralization in these areas has been
found in glacial till samples and in grab samples of bedrock.
The options on each of the Weirs Pond and Radio Range Properties are
exercisable over five years and terms include: cash payments totaling
Cdn$55,000; an issuance of a total of 100,000 common shares; and an
aggregate of Cdn$200,000 in exploration expenditures on each property. The
Company has the right to acquire an undivided 100% interest in the
properties subject to a 2.5% NSR. The NSR may be reduced from 2.5% to 1.5%
with a payment of Cdn$1,000,000. First year commitments comprise Cdn$3,000
in cash, 10,000 shares and exploration expenditures of Cdn$10,000. First
year exploration and cash commitments have already been met on each
property.
The Jackson's Arm Property is located in Western Newfoundland and covers
rocks similar in age and type to those considered to be favourable for
hosting Carlin and other bulk tonnage styles of mineralization. Gold
mineralization has been found to date in:
-HMC tills up to 15,100 ppb (15 gpt) gold;
-Two trenches which have uncovered boulders with gold values from 2.6 to
35.5 gpt and 27 to 78 gpt with a one tonne boulder giving 58 gpt
-In grab samples of bedrock 7.28 and 1.24 gpt.
The Jackson's Arm Property option is exercisable over five years and terms
include: cash payments totaling Cdn$97,360; an issuance of a total of
232,000 common shares; and an aggregate of Cdn$756,000 in exploration
expenditures. The Company has the right to acquire an undivided 100%
interest in the property subject to a 2.5% NSR. The NSR may be reduced
from 2.5% to 1.5% with a payment of Cdn$1,000,000. First year commitments
comprise Cdn$4,360 in cash, 36,000 shares and exploration expenditures of
Cdn$46,000.
Island Pond Option from Cornerstone Capital Corp.
The Phase I drilling program was completed in December 2002 on the Island
Pond Property. All results will be announced by both companies as soon as
they have been received and compiled. Cornerstone is the Operator of the
Project.
Candente is a junior exploration company focused on the acquisition,
exploration and development of world-class gold and copper projects. For
more information on our current exploration progress, visit
www.candente.com and/or call us at: (604) 689-1957; toll free at
1-877-689-1964; or e-mail to: investor@candente.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Joanne C. Freeze"
Joanne C. Freeze, P.Geo
President & CEO
CANDENTE RESOURCE CORP.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. 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.
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Copyright (c) 2002 CANDENTE RESOURCE CORP. (DNT) All rights reserved. For
more information visit our website at candente.com or send
mailto:investor@candente.com
Message sent on Wed Jan 15, 2003 at 9:55:43 AM Pacific Time |
