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Cañariaco Sur is the second copper-gold porphyry intrusive body discovered to date on the Cañariaco Property and lies 1.3 km south of the centre of the Cañariaco Norte deposit. The close proximity of Cañariaco Sur to Cañariaco Norte, offers the potential to add significantly to the economics of the Cañariaco project through shared infrastructure and facilities. Candente drilled two holes, 320 metres apart, to depths of 535 and 506 metres in the Cañariaco Sur target in 2008.
Cañariaco Norte, Cañariaco Sur and a third target, Quebrada Verde, are part of an extensive porphyry complex covering a minimum length of five kilometres and an average width of two kilometres. The porphyry complex is covered entirely by the Cañariaco property, which is held 100% by Candente. Geological mapping, geophysics and geochemical sampling by Candente, and by Billiton in 1999 (including limited drilling), indicate a strong potential for additional porphyry copper-gold mineralization within the complex.
The first inclined diamond drill hole, CS08-001 intersected copper and gold mineralization from 146 metres to the end of the hole at 535 metres depth. Drill hole CS08-001 intersected average grades of 0.41% copper, 0.17 grams per tonne gold and 1.59 grams per tonne silver (0.50% copper equivalent¹) over 100 metres (from 300 to 400 metres) within a larger zone with average grades of 0.35% copper, 0.15 grams per tonne gold and 1.43 grams per tonne silver (0.43% copper equivalent¹) over 354 metres (180 to 535 metres). Individual two metre sample intervals assayed as high as 0.78% copper, 0.36 grams per tonne gold and 4.2 grams per tonne silver demonstrating that the gold:copper ratio in Cañariaco Sur could be higher than in Cañariaco Norte.
Inclined diamond drillhole CS08-002 (collared 320 metres north of CS08-001), also within the Cañariaco Sur deposit, intersected 83 metres (166 to 249 metres) of 0.47% copper, 0.15 grams per tonne gold and 1.63 grams per tonne silver (0.55% copper equivalent¹) within a larger 176 m intersection (73 to 249 metres) averaging 0.40% copper, 0.13 grams per tonne gold, 1.54 grams per tonne silver (0.48% copper equivalent¹). The lower 257 metres drilled (from 249 metres to end of hole at 506 metres depth) intersected weak copper and gold mineralization outside of the main mineralized zone.
Results Summary:
| Drill Hole |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Au (gpt) |
Ag (gpt) |
¹Cu equivalent (%) |
| CS08-001 |
0.00 |
146.00 |
146.00 |
0.095 |
0.032 |
0.581 |
0.114 |
| -600 /south |
146.00 |
180.00 |
34.00 |
0.25 |
0.11 |
1.27 |
0.31 |
| |
180.00 |
534.85 |
354.85 |
0.35 |
0.15 |
1.43 |
0.43 |
| including |
300.00 |
400.00 |
100.00 |
0.41 |
0.17 |
1.59 |
0.50 |
| including |
300.00 |
322.00 |
22.00 |
0.48 |
0.22 |
1.93 |
0.60 |
| |
|
|
|
|
|
|
|
| CS08-002 |
0.00 |
73.00 |
73.00 |
0.19 |
0.08 |
1.79 |
0.24 |
| -550 /south |
73.00 |
249.20 |
176.20 |
0.41 |
0.12 |
1.59 |
0.48 |
| including |
166.00 |
249.20 |
83.20 |
0.47 |
0.15 |
1.64 |
0.55 |
| |
249.20 |
505.75 |
256.55 |
0.16 |
0.07 |
1.31 |
0.20 |
¹ Cu equivalents were calculated using a copper price of $1.90/lb, a gold price of $600/oz and a silver price of $10/oz. Copper, gold and silver grades used are not adjusted for metallurgical recoveries as these remain to be determined.
In addition to the mineralization intersected in drilling, Cañariaco Sur offers significant potential based on results from several preliminary exploration activities conducted by Candente and previously by Billiton. These include coincident Magnetic high, Induced Polarization (IP) resistivity low and chargeability high, soils with elevated levels of copper of up to 5,720 ppm (0.57%) and gold up to 330 parts per billion covering over an area of 0.9 by 1.4 kilometres, and potassic alteration within a principally biotite-feldspar porphyry intrusive which has been mapped over a length of 2.3 kilometres. Mineralization at Cañariaco Sur is primarily chalcopyrite and bornite in a porphyry intrusive similar to that which hosts the bulk of the copper mineralization at the Cañariaco Norte deposit.
In the Quebrada Verde area, recent geophysical surveys have delineated a large IP chargeability high centered on a resistivity anomaly and covering an area of 0.8 km by 2.0 km. Argillic and minor phyllic alteration occur in biotite-feldspar porphyry intrusive similar to that which hosts the bulk of the copper mineralization at the Cañariaco Norte deposit. A magnetic high could represent potassic alteration at depth. In addition, anomalous levels of copper of up to 2,200 ppm (0.22%) and up to 497 ppb gold in soils cover an area of approximately 0.7 by 0.9 kilometres. The geochemical anomalies at Cañariaco Sur and Quebrada Verde are much stronger than those occurring in soils at Cañariaco Norte indicating a thinner leached cap. Volcanic host rocks are believed to be masking lateral surface expression of the Cañariaco Sur and Quebrada Verde porphyry intrusive as they do over parts of the Cañariaco Norte deposit.
The Cañariaco Sur and Quebrada Verde area is underlined by Calipuy volcanic sequence intruded by several phases of porphyry and locally tourmaline breccias. Calipuy volcanics consist mainly of lavas and piroclastics. Intrusives are of granodiorite composition and they vary from biotite rich (quartz diorite porphyry) to Quartz "eye" rich (quartz monzonite porphyry, quartz feldspar porphyry). Tourmaline breccias similar to those seen at Cañariaco Norte have been mapped along the margins of the porphyry intrusives.
Maps
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Regional Geology (PDF, 1.63 Mb) |
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Soil Geochemistry - Au gpt (PDF, 1.64 Mb) |
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Soil Geochemistry - Cu ppm (PDF, 1.63 Mb) |
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