Candente Resource Corp. (Candente) reports that all results have been received from Phase I Drilling Program and Orex Ventures Inc. (Orex) has advised Candente of their decision to withdraw from their option agreement on the Pamel gold property in Peru. Candente will now revert back to 100% ownership of the property.
The 2006 – 2007 drilling was funded entirely by Orex who had the right to earn up to 51% interest in the Pamel Property.
Drilling on the property commenced on October 29th, 2006 and was completed on February 22nd, 2007. A total of 2825.65 meters were drilled in 11 holes. Anomalous levels of gold were detected in 6 holes (range 100 to 521 parts per billion (ppb)). The drilling tested high resistivity and low chargeability geophysical targets which coincided with gold in geochemical anomalies. No significant zones of gold mineralization were encountered. However, an extensive (800 X 1500 meters) high sulphidation style alteration zone was defined to depths of 350 meters.
Spectral analysis of the core in a number of the holes drilled at Pamel identified silica-alunite alteration mineral assemblages similar to those seen in other economic high sulphidation systems in Peru such as at Yanacocha and Pierina. The alteration system tested at Pamel is only one of two systems identified on the property (See News Release of February 7th, 2007).
Candente is a diversified copper and gold exploration company focused on increasing shareholder value through discovery. Candente has an advanced exploration stage leachable copper project, Canariaco, and several other gold, copper and silver projects in Peru and Mexico. Candente subscribes to principles which ensure that its exploration and development activities are beneficial to the local communities.
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