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VANCOUVER, British Columbia, Oct. 18, 2021 (GLOBE NEWSWIRE) — Candente Copper Corp. (TSX: DNT, BVL: DNT) ("Candente Copper", "the Company") is pleased to announce that Candente Copper and Gold Fields La Cima S.A., a subsidiary of Gold Fields Limited , have conditionally agreed to commercial terms for Gold Fields to option the Arikepay copper-gold porphyry property in Southern Perú.
The proposed terms are subject to the execution and completion of a Definitive Agreement by both parties which will layout further details currently still under discussion.
"We are excited to work on completing the Definitive Agreement with Gold Fields so that we can explore and advance the Arikepay Property with such a well established and successful company. This is a great time of world demand for both gold and copper and Arikepay shows excellent potential for both. Working with Gold Fields on Arikepay, while we are dedicating so much to our Cañariaco copper project and the 2021 PEA, is a great way to add shareholder value," stated Joanne Freeze, CEO, Candente Copper Corp.
About the Arikepay Property
The Arikepay property, held by Cobriza Metals Peru S.A., (" Cobriza "), subsidiary of the Company, is located about 110 kilometres ("km") south of the city of Arequipa in southern Perú and 45 km south of the +3 billion tonne Cerro Verde copper-molybdenum porphyry deposit, owned by Freeport, SMM Cerro Verde Netherlands and Buenaventura.
Two altered and mineralized bodies have been found on the property. Alteration comprises propylitic, phyllic, silicic and potassic altered volcanic and intrusive rocks. Mineralization consists dominantly of pyrite ranging from <1% to >10% in disseminations and veinlets with lesser amounts of chalcopyrite, bornite and magnetite.
Two drilling programs have been completed on the property to date. Cobriza completed a reverse circulation ("RC") drill program in June 2012 totalling 3,630 metres ("m") in 14 holes and a third party, Compania Minera Zahena S.A.C. ("Zahena") drilled 8,908m in 14 drill holes between Dec 2013 and March 2017.
Cobriza and Zahena both initially focused on the copper potential but since 2017, Cobriza recognized a stronger potential for gold mineralization at Arikepay.
Selected highlights of copper mineralization from the RC drilling program included:
Selected highlights of gold mineralization from the drilling programs included:
*Copper equivalent (CuEq) grades include gold and silver values based on 100% metal recoveries and the following metal price assumptions: US$1,200 per troy ounce gold, US$20 per troy ounce silver, and US$2.50 per pound copper .
About Candente Copper
Candente Copper is a mineral exploration company engaged in the acquisition, exploration, and development of mineral properties. The Company’s most advanced project is its 100% owned Cañariaco project, which includes the 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. Ausenco Engineering Inc. has been engaged to conduct an updated Preliminary Economic Assessment Study ("PEA") to evaluate a new development strategy for the Cañariaco Norte Project. The updated PEA study is estimated to be completed before the end of Q4 2021.
Candente Copper also holds 100% interest in the Don Gregorio and Arikepay properties in Peru and has an option to earn 100% interest in the Canyon Creek copper-molybedum property in B.C., Canada.
About Gold Fields Limited
Gold Fields Limited is a globally diversified gold producer with nine operating mines in Australia, Ghana (including the Asanko Joint Venture), Peru and South Africa, and with the Salares Norte project under construction in Chile. It has attributable gold Mineral Reserves of around 51.3 million ounces and gold Mineral Resources of around 115.7 million ounces. Gold Fields has a primary listing on the Johannesburg Stock Exchange (JSE) Limited, with a secondary listing on the New York Stock Exchange (NYSE).
Joanne C. Freeze, P.Geo., CEO, is the Qualified Person as defined by National Instrument 43-101 for the projects discussed above. She has reviewed and approved the contents of this release.