Candente Copper Corp. is pleased to announce that the Company has entered into a definitive agreement to option the Don Gregorio Cu-Au porphyry project to Plan B Minerals ("Plan B").
In accordance with the Agreement, Plan B has the right to earn a 60% interest in the Don Gregorio property in Peru from Candente Copper's wholly owned subsidiary, Cobriza Metals Corp. ("Cobriza") by making payments totaling USD$500,000 to the Company and completing 10,000 metres("m") of drilling within 3 years of receiving government drilling permits.
To date, the Company has received payments totaling USD$50,000. A further USD$50,000 is due 90 days after signing the Agreement. One-half of the aforementioned payments are to be used to fund Candente Copper team's work in community engagement and agreements. The Company is to also receive USD$100,000 on or before 30 days of receipt of drill permits for the first phase drill program, a further USD$100,000 within 30 days of completing the first phase drill program (5,000 m) and the final USD$200,000 within 60 days of completing the second phase (an additional 5,000 m).
"Candente has always considered the Don Gregorio as a very high quality exploration target, given the success of previous drilling in identifying significant copper and gold mineralization in a porphyry setting. We are very pleased to now have Plan B bring its expertise and commitment to further exploration at Don Gregorio.", commented Joanne Freeze, P.Geo., Candente Copper's CEO."
Candente Copper acquired Don Gregorio from the Peruvian government in a competitive auction in 2008. Don Gregorio covers a mineralized (Cu-Au) porphyry system previously drilled by other parties in 1977 and 1995. A total of 1,642 metres ("m") were drilled to date in 12 holes. Eight of these holes were drilled to depths of 107 m or less and only two holes reached depths to approximately 260 m. Mineral intercepts from the historic drilling include 153.3m of 0.394% Cu with 0.18 g/t Au. A total of 930 surface samples were collected from the 1970's to 2011 and include:
- 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