NEWS............CDO has a kick at Murphy Lake
Candorado Operating has a kick at Murphy Lake
2004-04-30 17:53 ET - News Release
Mr. Rene Bernard reports
EXPLORATION COMMENCES IN THE MURPHY LAKE PORPHYRY COPPER-GOLD CAMP OF CENTRAL BRITISH COLUMBIA
Candorado has commenced its 2004 exploration on the Murphy Lake stock in central British Columbia with a program of property examination and prospecting.
The Murphy Lake stock has been explored sporadically since a horseshoe-shaped aeromagnetic anomaly was discovered over it during the late 1960s. The southern third of the stock, now controlled by GWR Resources Inc., was much more intensely explored than the northern part, because of more extensive rock outcrop in that area.
Candorado has recently acquired the central and northern two-thirds of the Murphy Lake stock.
The targets are alkalic porphyry copper-gold deposits. Normally, these deposits are hosted by monzonite or diorite intrusions into volcanic terranes. They can have a variety of shapes, from cylinders to distorted molar teeth. They can contain more than a billion tonnes of mineralization that average in excess of 0.5 per cent copper and 0.4 gram per tonne (0.012 ounce/ton) gold. These deposits can support large open-pit mines that can produce for decades.
Candorado's research in this area shows that the Murphy Lake monzonite stock may be cut by a series of east-northeasterly trending faults that have acted as conduits for mineralization. Just to the south of Candorado's ground, GWR Resources Inc. reported a drill intersection of 107 metres (351 feet) of 0.29 per cent copper and 0.35 gpt (0.01 ounce/ton) gold, among other higher grade, but shorter intersections. The company believes that GWR was drilling close to one of those structures.
The current initial 2004 exploration focused on two areas on the property: that around the 1995 drilling west of Murphy Lake and the area north of Bluff Lake close to the GWR-Candorado boundary. Both of these areas have reported mineralization.
A series of seven holes were drilled in the company's Murphy Lake showing area in 1995. The best intersections from that program were as follows:
hole ML95-01: 0.20 per cent Cu across 45 metres (148 feet) including 15 m (49 feet) of 0.41 per cent Cu;
hole ML95-04: 0.13 per cent Cu across nine m (29.5 feet) and 0.17 per cent Cu across 18 m (59 feet); and
hole ML95-06: 0.34 per cent Cu over 53 m (174 feet) including 1.14 per cent Cu over 9.3 m (30.5 feet).
Outcrops of monzonite intrusive rock were reported just to the west of the drilling. The company has examined them and has found that they have pervasive and intense potassic alteration. Such alteration always accompanies porphyry copper-gold deposits. The pervasive alteration demonstrates that porphyry copper and gold mineralization may be widespread in the Murphy Lake showing area.
Similarly, at Bluff Lake, copper and gold mineralization had been reported near the lake. Monzonite intrusive outcrops uncovered by recent logging just northwest of the lake show pervasive potassic alteration that is similar to that found in the Murphy Lake showing area.
Both of these areas are underlain by extensive structures that may be major conduits of mineralization. They are among the high-priority targets on the company's Murphy Lake property.
Detailed program planning is under way. Candorado's 2004 exploration on the Murphy Lake stock will commence in earnest soon. The company now has interests in a total of 135 square kilometres of prospective ground in the Lac La Hache area. In addition, Candorado has acquired a 50-per-cent interest in an additional 128 claims adjoining existing land that is located north and northwest of Murphy Lake which was acquired pursuant to a staking joint venture.