Assignment Agreement signed with Forte Copper on Don Gregorio Copper-Gold Project, Peru
VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Candente Copper Corp. (TSX:DNT, BVL:DNT) ("Candente Copper”, “Company”) is pleased to announce that the Company has entered into an Assignment Agreement (“AA”) with Forte Copper Corp. (“Forte Copper”), on the Don Gregorio copper-gold porphyry project.
The Company entered into an Option Agreement on the Don Gregorio project with Forte Copper (previously known as Plan B Minerals) in 2017. The recently signed Assignment Agreement allows Forte Copper to move ahead with applications for drilling permits.
Under the Assignment and Option Agreements Forte Copper has the right to earn a 60% interest in the Don Gregorio property by completing the following terms:
- Making payments of US$500,000 to Candente; and
- Drilling 10,000 metres within three years of receiving drilling permits of which 5,000 metres must be drilled within two years; Forte Copper may pay $100/metre cash in lieu of metres not drilled.
- The Assignment Agreement is for 5 years such that if the 10,000 metres have not been drilled (including cash paid in lieu), then the property must be returned to Candente Copper Corp.
To date, the Company has received payments totalling: US$100,000 and reimbursements for fees for annual mineral rights totalling US$41,540.
Candente Copper acquired the Don Gregorio from the Peruvian government in a competitive auction in 2008. Don Gregorio covers a mineralized (copper-gold) porphyry system, that occurs within the same geological trend as Yanacocha, Cerro Corona and Cañariaco.
Don Gregorio (previously referred to as La Huaca) was discovered by Ingemmet (Peruvian government geological survey) in 1974 during a regional exploration program. In 1977, 8 holes were drilled to a maximum of 107 metres ("m") and intersected o.22 to o.56% Cu over 15m to 100m, averaging 50m and bottoming in mineralization. These holes were not analysed for gold.
In 1992, a Newmont Buenaventura Joint Venture (“JV”) discovered a gold ("Au") zone in surface samples covering 200m by 700m coincident with copper ("Cu") previously delineated in a north-northwesterly trending zone. In 1995, the Newmont-Buenaventura JV drilled 4 holes in 800m. These 4 holes were also mineralized to final depths.
The 12 holes totalling 1,642m drilled to date indicate copper and gold mineralization occurs over a minimum of 400m vertically from 2,600 to 2,200 metres in elevation.
Mineral intercepts in the historic drilling include 153.3m of 0.394 percent (“%") Cu & 0.18 grams per tonne (“g/t ") Au.
Surface samples collected to date include assays of:
- 20m of 1.23% Cu and 0.26 g/t Au
- 9m at 1.13% Cu and 0.90 g/t Au
- 3m at 1.36% Cu and 0.84 g/t Au
About Candente Copper
Candente Copper is a mineral exploration company engaged in the acquisition, exploration, and development of mineral properties. The Company is currently focused on its 100% owned Cañariaco project, which includes the Feasibility stage Cañariaco Norte deposit as well as the Cañariaco Sur deposit and Quebrada Verde prospect, located within the western Cordillera of the Peruvian Andes in the Department of Lambayeque in Northern Peru.
About Forte Copper
Forte Copper is a private company that announced a go public RTO transaction with Collingwood Resources on August 18, 2020. Through its wholly owned Peruvian subsidiaries, Forte either owns, controls or, has an option to control three prospective gold and copper exploration projects in Peru. Forte Copper’s business strategy is focused on exploration target development, testing and resolution, and resource development within prominent and under-explored copper and gold regions of Peru.
Joanne C. Freeze, P.Geo., CEO, is the Qualified Persons as defined by National Instrument 43-101 for the projects discussed above. She has reviewed and approved the contents of this release.
This news release may contain forward-looking statements including but not limited to comments regarding 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 Copper relies upon litigation protection for forward-looking statements.
On behalf of the Board of Candente Copper Corp.
“Joanne C. Freeze” P.Geo.
President, CEO and Director
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For further information please contact:
info@candentecopper.com
www.candentecopper.com
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