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- CompanyreceivesdrillingpermitforPinosinfillprogram
- Workisprogressingonanumberoffrontstoprioritizeresourcetargets
- PermitapplicationsubmittedforanambitiousdrillprogramatthehighlyprospectiveAu-Cuepithermal/porphyrydistrictofCaballoBlanco
VANCOUVER, British Columbia, Feb. 03, 2022 (GLOBE NEWSWIRE) -- CandelariaMiningCorp.(TSX-V:CAND,OTCQX: CDELF) (the “Company”) is pleased to announce the award of the drill permit for a focused infill program at the Company’s 100%-owned Pinos Gold Project in Zacatecas, Mexico, and provides a general corporate update.
A drill permit application was also submitted in late December for the Company’s flagship property at Caballo Blanco in Veracruz, Mexico. This initial Phase 1 drilling program will comprise approximately 7,000m and provide the first tests of each of the high priority targets within the highly prospective gold-copper epithermal / porphyry district. A second phase will then build upon these results, and also include resource expansion drilling at the most advanced PEA-level project within the region, La Paila. During 2022 it is expected that total drill metres of 14,000 – 15,000m will be completed, along with a variety of other exploration activities.
Mike Struthers, CEO, commented: “WearepleasedtostartthisinfillprogramatourPinosproject. Drilling is expected to commence within a few days. It is one of three strands ofwork at Pinos currently being undertaken. The drilling will seek to validate recentlyupdatedstructuralinterpretationsofthedistributionofhigher-grademineralization,together with some additional holes in other high-grade veins in different parts of themineralized system. This will provide for greater production flexibility and opportunitiesforgradeblending.Theteamarealsoassessingthehighestpotentialresourceexpansionopportunities related to extensive old workings within the license area (most of theseworkings stopped at the water table), which will influence future resource drilling plans,andundertakingfurtherexplorationonthetwoverycompellinggreenfieldtargetsexposedatsurface,furthertothe east.
“This year should also be very exciting for the Company at our Caballo Blanco licenseareainVeracruz.Ourplansforover14,000mofexplorationdrillingwillseetheCompany completing initial drill-testing of all the high-priority targets in this highly prospectiveepithermal / porphyry style, gold and copper mineralized district, which will inform futureexploration planning. Thanks to the support of our strategic partners Agnico Eagle thisprogram is fully funded.Furthermore, we anticipate the planned resource expansiondrilling at our more advanced La Paila project should lead to a resource update and byyear end the start of more advanced engineering studies on a potential open pit – heapleach operation at La Paila. I look forwards to providing more updates as our workprogresses.”
ONBEHALFOFTHEBOARD
Mike Struthers
CEO
+1 604 349 5992
For further information, please contact:
Candelaria Mining Corp.
Investor Relations
+1 604 349 5992 | info@candelariamining.com
CautionaryNoteRegardingForward-lookingStatements:Thispressreleasecontainscertain“forward-lookingstatements”and“forward-lookinginformation”underapplicableCanadiansecurities laws. Forward-looking statements and forward-looking information include, but are notlimited to, statements with respect to the terms, the use of proceeds and the timing of closing oftheOffering.Forward-lookingstatementsarebasedontheopinionsandestimatesasatthedatethestatementsaremade,andarebasedon anumberofassumptionsandsubjecttoavarietyofrisks and uncertainties and other factors that could cause actual events or results to differmateriallyfromthoseprojectedintheforward-lookingstatements.Manyoftheseassumptionsarebased on factors and events that are not within the control of the Company and there is noassurance they will prove to be correct. Factors that could cause actual results to vary materiallyfromresultsanticipatedbysuchforward-lookingstatementsincludechangesinmarketconditionsor metals prices, unanticipated developments on the Company’s properties, and other risksdescribed in the Company’s public disclosure documents available under the Company’s profileatwww.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is definedin policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy ofthisrelease.
