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Candorado acquires international copper-gold project in southwestern British Columbia
New high grade copper and silver mineralization reported.
KELOWNA, BC, Nov. 15 /CNW/ - Candorado has just obtained an option to
acquire 100% interest in the International-constitution property subject to a
2% net smelter return from Harold Adams for cash payments totaling $100,000
over 6 years and a work commitment on the property of $100,000 to be completed
by October 31, 2005. The net smelter return can be bought back by the company
for $500,000.
The International is a well-known copper-gold prospect that was
discovered in 1901 and was explored intermittently until 1986. It is located
on Boulder Mountain just west of Tulameen, near Princeton in southwestern
British Columbia.
The area around the International is covered by Triassic-age Nicola Group
volcanics and associated intrusions. This is in the southern part of the
Quesnel terrane, which hosts most of the porphyry copper and gold deposits in
the province. The International is located between two very productive parts
of the Quesnel terrane. To the south at Princeton, the Copper Mountain
intrusions and surrounding Nicola Group volcanic rocks host the Copper
Mountain and Ingerbelle porphyry copper-gold deposits that were developed in
sequence as the Similco mine. To the north in the Merritt-Kamloops area, the
Craigmont, Afton, and Ajax deposits were put into production.
Mineralization around Boulder Mountain is diverse. Some showings resemble
massive sulphide mineralization and others are vein and fracture hosted. Four
selected samples of massive sulphide mineralization reported in the B.C.
MINFILE (092 HNE 122) assayed 0.10-0.12 gm/mt (0.0030-0.0035 oz/ton) gold,
39.1-87.8 gm/mt (1.14-2.56 oz/ton) silver, and 8.36-20.8% copper.
Reportedly, a mineralized zone extending over approximately 350 meter
length with width up to 4 meters was discovered during subsequent expansion
staking. The staking team send samples of this mineralization to the lab. The
results of which are as follows;
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ET No. Tag No. Au Au Ag Ag Cu
(g/t) (oz/t) (g/t) (oz/t) (%)
1 Sample No. 1 0.06 0.002 10.0 0.29 6.78
2 Sample No. 2 0.16 0.005 62.0 1.81 7.28
3 Sample No. 3 0.18 0.005 46.0 1.34 8.66
4 Sample No. 4 0.04 0.001 38.0 1.11 9.67
5 Sample No. 5 0.07 0.002 36.0 1.05 5.16
6 Sample No. 6 0.21 0.006 104 3.03 11.9
Additional rock chip and soil samples have been send to the lab for
analysis. We are expecting results soon.
Candorado will be exploring this mineralizing system for its bulk tonnage
porphyry copper-gold potential as well as its high-grade massive sulphide
potential.
Rene Bernard, President
ON BEHALF OF THE BOARD OF DIRECTORS of Candorado Operating Company Ltd.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of the
information contained herein.
>>
For further information: Contacts: Rene Bernard, CEO, (250) 878-8593,
renebernard@shaw.ca; Kirk Reed, VP Investor Relations, (403) 203 0014,
kreed@shaw.ca