Posted by AGORACOM
at 8:59 AM on Thursday, October 22nd, 2020
Candente believes the Conceptual Exploration Targets have potential grading from 0.5 g/t Au to 2.75 g/t Au containing between 50,000 and 100,000 oz Au
VANCOUVER, British Columbia, Oct. 22, 2020 (GLOBE NEWSWIRE) — Candente Gold Corp. (TSXV:CDG) (“Candente Gold” and/or the “Company”) is pleased to announce that a due diligence site visit to the Cocula Gold Project in Jalisco, Mexico has been completed. Samples were collected to check historical reporting and also to conduct preliminary metallurgical test work to assist in determining the best methods for processing material from the deposit.
The most extensive work on the Cocula Project to date was conducted by Timmins Gold Corp. (“Timmins”) between 2007 and 2011. Timmins delineated disseminated gold, silver, lead, zinc and copper mineralization as well as higher grade zones of the same metals. The mineralization has been found, to date, near and at-surface, over an 800m length and 54 metre depth within a NW-SE trending fault zone.
Timmins work comprised comprehensive exploration which included geological mapping, geochemical sampling, trenching, Reverse Circulation (“RC”) drilling (1,974 meters (“m”)) and leach testing. Significant results from the RC drilling and trenching included 54m grading 4.97 grams per tonne (“g/t”) gold in a trench across the center of the mineralized area. An RC hole drilled beneath this trench encountered 37.5m grading 1.3 g/t gold including 7.5m grading 5.8 g/t from surface to a 7.5m depth.
The Company has reviewed the above as well all reports and data available and considers there is potential for conceptual exploration targets including a lower grade bulk tonnage, potentially leachable deposit as well as a higher grade/lower tonnage core of the deposit. Based on all of the existing exploration data and previous resource estimates to date the Company believes the Conceptual Exploration Targets have potential for: 500,000 to 6,000,000 tonnes grading from 0.5 g/t Au to 2.75 g/t Au containing between 50,000 and 100,000 oz Au with secondary credits from silver, lead, zinc and copper. The above is based on exploration to date by Timmins and other and does not include additional exploration potential. The potential quantity and grade described above is conceptual in nature, that there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Check sampling conducted by Ing. Humberto Hernandez, Geological Engineer, member of Asociación de Ingenieros Mineros, Metalúrgistas y Geólogos de México, has confirmed grades of 5.663 g/t gold over 6 metres and 4.322 g/t gold over 8 metres in quartz breccia bodies which also contain galena and sphalerite.
Samples have also been collected for preliminary metallurgical testing to assist the Company in identifying potential opportunities for a leaching and/or a flotation operation. Some of the extraction processes being considered could involve the use of the recently optioned SDA plant in Acaponeta. This work is being overseen by Ing. Gerardo Moreno, Geological Engineer and Miner, of Grupo Constructor Germo based in Durango, Mexico.
The Cocula Project area is located within the Ameca Mining District of Jalisco State which is home to Agnico Eagle’s El Barqueño Project and Endeavor Silver’s Terronera Project.
Candente Gold has launched a comprehensive growth strategy to build a cash flowing business platform and gain access to properties with near surface exploration potential while maintaining El Oro as its flagship asset and an integral part of the overall growth strategy. The acquisition of the SDA Plant, the El Dorado historic mines and the Cocula Project signifies an important first step.
The financial benefits from Western Mexico operations and the addition of specialized personnel will translate across platforms to strengthen our efforts to explore and potentially mine. The Company is currently evaluating other properties that are complimentary to the SDA plant, El Dorado and the Cocula Project.
El Oro is a district scale gold project encompassing a well-known prolific high-grade gold dominant gold-silver epithermal vein system in Mexico. The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins (Ref. Mexico Geological Service Bulletin No. 37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores*)
Modern understanding of epithermal vein systems indicates that several of the El Oro district’s veins hold excellent discovery potential, particularly below and adjacent to the historic workings of the San Rafael Vein, which was mined to an average depth of only 200 metres.
Joanne C. Freeze, P.Geo., President, CEO and Director and Matthew Melnyk, CPG., Director Operations and Director are Qualified Persons as defined by National Instrument 43-101 for the projects discussed above, however they have not been able to visit the Cocula Project recently due to COVID virus travel restrictions. The work discussed in the News Release is either historical and documented by public records or conducted by Mexican professionals with qualifications similar to those of QP’s registered in Canada. Ms. Freeze and Mr. Melnyk have reviewed and approved the contents of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
On behalf of the Board of Candente Gold Corp. “Joanne Freeze” P.Geo. President, CEO and Director
For further information please contact: Joanne Freeze President & CEO Tel: + 1 (604) 689-1957 [email protected]
Posted by AGORACOM
at 12:52 PM on Monday, September 28th, 2020
Signed the Definitive Agreement to earn up to a 100% interest in the San Dieguito de Arriba beneficiation plant
VANCOUVER, British Columbia, Sept. 28, 2020 (GLOBE NEWSWIRE) — Candente Gold Corp. (TSXV:CDG) (“Candente Gold” and/or the “Company”) is pleased to advise that the Company has signed the Definitive Agreement (in keeping with the Memorandum of Understanding (“MOU”) signed April 28 th , 2020) with Magellan Acquisition Corp. (“Magellan”) which gives Candente Gold the right to earn up to a 100% interest in the San Dieguito de Arriba beneficiation plant (“SDA Plant”) and take over their rights to a lease agreement on the El Dorado Property, both located in Nayarit State, Mexico.
SDA Plant
The SDA plant consists of a flotation plant which also includes a precious metals leach circuit – Merrill Crowe system and associated assets, licenses and agreements. The plant has a ten year operating history at 100 tonnes per day but can be expanded to process mined material at a rate of up to 200 tonnes per day. Historically its operation has been based on sales of flotation concentrates to smelters, and payment for precious metals content. The plant lies within the rich Sierra Madre Occidental mineralized belt, which historically has yielded millions of ounces (“oz”) of precious metals and offers multiple high grade gold and silver epithermal vein opportunities.
The mill was operational from 2007 (by Minerales Vane S.A. de C.V.) until April 2017, processing material from various operations in the region on a both a profit sharing and toll basis. The toll materials were tested prior to processing to estimate recoveries and concentrate grades. Typical reported recoveries were in the range 85 to 92% for gold and 72 to 77% for silver. The mill operated as recently as February 2019 for processing of a bulk sample of approximately 600 tonnes. Due Diligence uncovered the requirements for usual wear and tear maintenance estimated at $95,000 to restore the mill to functional condition in order to receive and run a 1,000 tonne bulk sample from El Dorado. The Company has initiated discussions for potential lines of credit facilities with offtake groups.
El DoradoGold-Silver Project
The El Dorado Gold-Silver Project is located in the Pacific Coastal Plain, State of Nayarit, within a district of epithermal vein systems which is known to host high grade gold and silver in several veins. The El Dorado vein trend is the principal vein system within the property covering an area of 5 km x 3.5 km in size. Veining follows a general northeasterly strike dipping steeply to the NW. A continuous reef outcrop forms a ridge 1.5 kilometers (“km”) in length. Additional discontinuous outcrops both to the NE and SW indicate a strike length of 3.5 km.
The El Dorado vein system has a history of small-scale mining from two veins. Mining in the area has been documented during the periods of: 1900 to 1927; 1965 to 1975; 1975 to 1983; and 1985 to 1990, often producing direct-to-smelter grade material. Most recently, from 1985 to 1990, material from three levels to a depth of 30 meters (“m”) below the surface was shipped to the “El Venado” processing plant located near Ruiz, Nayarit, for toll treatment to produce a flotation concentrate. Historical metallurgical balance sheets from this plant indicate the grade of the material was in the order of 5 grams per tonne (“g/t”) gold and 70 g/t silver.
Prospero Silver Corp. explored the El Dorado property between 2010 and 2011, through a series of comprehensive exploration programs which included historical data reviews, geological mapping, geochemical sampling, trenching and drilling. A total of 4,950 m were drilled in 28 diamond core holes to an average depth of 150 m, over a strike length of 440 m. The drilling intersected multiple steeply-dipping silicified mineralized zones extending from near-surface to the 150 metre drilled depth.
Significant results reported by Prospero on Dec 10, 2010 ( https://pr.globenewswire.com/FileDownloader/DownloadFile?source=ml&fileGuid=83e6aacd-f015-48bc-af52-1e3f95cf6d9b ) included 16.17 meters grading 4.03 g/t gold, 204 g/t silver, 4.0% lead, and 1.75% zinc; and 2.32 meters grading 6.04 g/t gold and 140 g/t silver. The range of widths and grades of the holes within the central portion of the Hundido historical mine area were reported to range from 1.45 meters to 11.22 meters (true widths). The Company’s Qualified Persons have not verified Prospero’s drilling results as due to COVID travel restrictions, they have not yet been able to examine the drill core nor assay data and are therefore relying on data provided in News Releases filed on Sedar by Prospero in 2010 and 2011 and verified by their Qualified Persons.
Prospero also reported that the mineralized zone is 400 meters long and extends up to 180 meters at depth. Within the mineralized zone Prospero intersected grades ranging from 3.0 to 40.0 g/t Au and 57 to 500 g/t Ag over true widths that range from 0.52 meters to 11.2 meters.
To the Company’s knowledge, a NI 43-101 compliant mineral resource estimate has not been completed for the El Dorado property, however in July 2011, Prospero conducted an in-house historical resource estimate based on their drilling described above as well as a review of summary cross sections, limited production documentation and other mine records, as well as results from samples of mine dumps, underground sampling (46 by Fresnillo) and 283 surface outcrop samples collected by both Prospero and previous explorers and exploiters.
Candente Gold believes that Prospero’s Qualified Person (“QP”) is very well qualified and that the parameters used to arrive at the historical resource estimate are relevant and reliable, however the categories used in the estimate do not appear to be compliant with CIM Definition Standards. The Company’s QP cannot verify that a qualified person has done sufficient work to classify the historical estimates as current mineral resources and therefore the Company is not treating the historical estimates as current mineral resources. Historical reviews of the potential tonnes and the potential grades quoted below are conceptual in nature.
Prospero’s historical resource estimate was calculated using polygonal resources in 10 blocks based on intersections from 10 holes covering/in the Hundido and Intermedia Veins, using a tonnage dilution factor of 25% and a specific gravity of 2.8. Metal equivalencies were based on a gold price of US$1,000 per ounce (“oz”) and a silver value of US$20 per ounce.
Prospero’s historical estimate for the Hundido and Intermedia Veins is 190,000 tonnes grading 7.0 g/t gold and 173 g/t silver containing a historical resource of 40,926 oz gold and 1,014,030 oz silver. The grades and tonnages attributable to each vein are as follows:
HISTORICALESTIMATE/MINERALIZATION INDICATED BY DRILLING
Vein
True Width m
Tonnes
GoldEquivalentg/t
Hundido
2.3
89,000
7.01
Intermedia
8.3
91,000
15.17
Notes:
1. Polygonal resources based on intersections from 10 holes.
2. Tonnage reduced by 25% to allow for mining dilution and recovery loss.
3. Does not constitute Reserves under SEC Industry Guide 7 nor Resources under current CIM Definition Standards
Based on all of the existing exploration data and previous historical resource estimates to date the Company believes that a Conceptual Exploration Target within 150 metres of surface has potential for: 110,000 to 200,000 tonnes of material grading from 4.4 to 9.8 g/t gold and 113 to 239 g/t silver containing between 22,500 and 41,000 oz gold and 500,000 to 1,000,000 oz silver, with secondary credits from lead and zinc. This in-situ conceptual estimate of the potential tonnes and grade is contained in unmined portions of the veins as previously delineated. It does not include vertical extensions of the veins below 150 m nor along strike where the veins have been mapped for 3.5 km nor additional exploration potential. The potential quantity and grade described above is conceptual in nature, that there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person for the Company before the intersection widths and grades can be verified to be compliant with current NI 43-101 standards. The Company’s QP has not done sufficient work to verify the above-mentioned intersections.
In addition to the data described above, exploration potential outside of the area of historical mining and Prospero’s drilling is believed to be excellent based on the 3.5 km strike length of the vein structures as indicated by vein outcroppings, argillic alteration and silicification. Along this trend, potential exists for both high-grade veins and lower-grade bulk tonnage stockwork zones that have been observed to extend over tens of meters in width in both the hanging wall and footwall of the El Dorado vein system (“Magellan Gold Corporation, Form 10-K Annual Report US SEC dated Dec 31, 2018, File No. 333-174287”) ( https://pr.globenewswire.com/FileDownloader/DownloadFile?source=ml&fileGuid=f7eae2de-c9e8-4748-9f41-78d2cd4ca914 ). Both the northeasterly striking as well as east-west striking splits of the main structure exhibit structural complexity and potential for multi-meter wide precious metal mineralization. Anomalous base metal assays (100’s to 1000’s of parts per million lead, zinc and copper) are ubiquitous as evidenced by the common occurrence of visible galena, sphalerite and chalcopyrite in outcrop and dumps.
El Dorado lies 50 km south of the SDA Plant, 70 km north-northwest of Tepic, the state capital, and 180 km southeast of Mazatlan, Sinaloa. The project has excellent road and rail infrastructure.
Terms of the Agreement
Candente Gold has the Option to earn up to a 100% interest in the Plant and assume the Lease Agreement to the El Dorado Property by making staged payments in shares totalling a value of US$1.425 million over 30 months as well as $5,000 on signing the MOU and 5,000,000 shares on signing the Definitive Agreement and obtaining TSXV approval. Share values are to be calculated using a 30 day VWAP. The Company also has the option to earn a partial interest in the plant and pay Magellan Acquisitions a fee for usage based on percentage owned. (See News Release No. 077 dated April 28 th , 2020 for more details)
Candente Gold also has the right to assume the rights and obligations of a Lease Agreement Magellan Acquisitions had with the owner of the El Dorado Ingenieros Mineros, S.A. de C.V. (“IMSA”). Candente Gold has the right to explore and exploit form the El Dorado property while IMSA retains a negotiable NSR of 3.5% and is obligated to either perform US$20,000 of work on the property in 2020 and $25,000 in 2021 or make payments of US$5,000 per quarter.
About Candente Gold
Candente Gold has launched a comprehensive growth strategy to build a cash flowing business platform and gaining access to properties with near surface exploration potential while maintaining El Oro as its flagship asset and an integral part of the overall growth strategy. The acquisition of the SDA Plant and the El Dorado historic mines signifies an important first step. The Company is currently evaluating other properties that are complimentary to the SDA plant and El Dorado Property.
The recently announced profit-sharing agreement on the Cocula Property in Jalisco affords Candente the opportunity to establish a second production center in Western Mexico. Whereas the target properties to provide feed for the SDA plant are dominantly underground targets, the Cocula Property hosts near surface, gold-silver-lead which may be amenable to open pit mining and either leaching or flotation, bringing an element of diversification the Western Mexico operations.
El Oro is a district scale gold project encompassing a well-known prolific high-grade gold dominant silver epithermal vein system in Mexico. The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins (Ref.Mexico Geological Service Bulletin No. 37, Mining of the El Oro andTlapujahuaDistricts. 1920, T. Flores*)
Modern understanding of epithermal vein systems indicates that several of the El Oro district’s veins hold excellent discovery potential, particularly below and adjacent to the historic workings of the San Rafael Vein, which was mined to an average depth of only 200 metres.
Joanne Freeze, P.Geo., President, CEO and Director and Matthew Melnyk, CPG., Director Operations and Director, are Qualified Persons as defined by National Instrument 43-101 for the project discussed above. Ms. Freeze and Mr. Melnyk have reviewed and approved the contents of this release.
On behalf of the Board of Candente Gold Corp. “Joanne Freeze” P.Geo. President, CEO and Director
For further information please contact: Joanne Freeze President & CEO Tel: + 1 (604) 689-1957 [email protected]
Posted by AGORACOM
at 5:01 PM on Thursday, September 10th, 2020
Candente Gold will be entitled to receive 70% of any potential profits that may be derived from mining and processing of ore from the Cocula Gold Project.
VANCOUVER, British Columbia, Sept. 10, 2020 (GLOBE NEWSWIRE) — Candente Gold Corp. (TSXV:CDG) (“Candente Gold” and/or the “Company”) is pleased to announce the signing of a Letter of Intent (“Agreement”) to enter into a profit sharing agreement on the Cocula Gold Project (“Cocula”) in Jalisco State, Mexico whereby Candente Gold will be entitled to receive 70% of any potential profits that may be derived from mining and processing of the deposit. The addition of Cocula to our asset base represents another critical step in the Company’s growth strategy for Western Mexico. In addition to untested exploration potential, the Project contains gold mineralization at surface, hosted in quartz veins, stockwork zones and oxidized, mineralized breccias.
Timmins Gold Corp. explored the Cocula property between 2007 and 2011 through a series of comprehensive exploration programs which included geological mapping, geochemical sampling, trenching and 1,974 meters (“m”) of Reverse Circulation (“RC”) drilling. Significant results included 54m grading 4.97 grams per tonne (“g/t”) gold in a trench across the center of the mineralized area. An RC hole drilled beneath this trench encountered 37.5m grading 1.3 g/t gold including 7.5m grading 5.8 g/t from surface to a 7.5 m depth. Near and at-surface, mineralization delineated by drilling and trenching has been traced for at least 800m along strike within a NW-SE trending fault zone.
To the Company’s knowledge, a NI 43-101 compliant mineral resource estimate has not been completed for the Cocula property however Timmins Gold Corp. conducted various in-house resource estimates. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and therefor the Company is not treating the historical estimates as current mineral resources. Historical reviews of the potential tonnes and the potential grades quoted below are conceptual in nature.
In December of 2008, consultant (Pedro Teran) contracted by Timmins Gold Corp., estimated an internal resource estimate for the portion of the deposit delineated by their RC drilling and trenching results, including assays from 1,552 surface samples. The geologist applied a geological model appropriate to the observed mineralization to build a MineSight block model and derived an estimate of 5,796,023 tonnes grading 0.58 g/t gold containing 108,081 ounces (“oz”) gold (the cutoff grade was not defined and CIM categories are not clear).
The Company has reviewed the above as well all reports and data available and considers there is potential for conceptual exploration targets including a lower grade bulk tonnage, potentially leachable deposit as well as a higher grade/lower tonnage core of the deposit. Based on all of the existing exploration data and previous resource estimates to date the Company believes the Conceptual Exploration Targets have potential for: 500,000 to 6,000,000 tonnes grading from 0.5 g/t Au to 2.75 g/t Au containing between 50,000 and 110,000 oz Au with secondary credits from silver, lead, zinc and copper. The above is based on exploration to date by Timmins and other and does not include additional exploration potential. The potential quantity and grade described above is conceptual in nature, that there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
The Agreement provides for the following payments to be made by Candente Gold to the owners (the Lopez family) of the Cocula Gold Project:
1. $10,000 upon signing of the Letter of Intent; 2. $20,000 upon signing of a Definitive Agreement (“DA”) and completion of due diligence within 60 days; 3. $210,000 in staged payments to be made every 6 months over a 36 month period starting 6 months after signing the DA. 4. Upon commencement of production, the owner of the Property will receive a minimum consideration of $25,000 per quarter deductible from mining profits for each quarter.
It will be Candente Gold Corp.’s responsibility to put the Property into production and the Lopez Family will retain 25% of the profits derived from mining, processing and product sales. The Company has also agreed to pay 5% of profits to Mingeo International as a finder’s fee such that the Company will have the rights to retain 70% of all profits. Mingeo is a non-arms length party.
In addition, the Company welcomes Mr. Barney Lee to the team overseeing operations in Western Mexico. Barney has over 30 years of experience working in operations in Mexico with numerous companies including the El Sauzal Mine for Glamis Gold and Goldcorp; as Director for Premium Exploration operations in Nayarit and Jalisco and on the Cocula Property for Timmins Gold. Most recently Mr. Lee has been working on the Los Cardones Project for the Invecture Group and on the Guadalupe de los Reyes Project for Prime Mining. He has also worked for Barrick Gold, Kennecott and Excellon Resources. Additionally, Mr. Lee is skilled in dealing with Mexican land tenure, fiscal and accounting matters. His role going forward will be to manage operations in Western Mexico.
The Project area is located within the Ameca Mining District of Jalisco State which is home to Agnico Eagle’s El Barqueño Project and Endeavor Silver’s Terronera Project. It is hosted in a Mesozoic age volcano-sedimentary package of the Guerrero Terrane intruded by dioritic and granitic stocks. Mineralization is hosted in multi-lithic breccia within a NW-SE trending fault zone that has been traced for at least 800m in strike length. The fault zone coincides with the contact of andesites from the volcano-sedimentary package and a granodioritic stock. A younger sequence of Tertiary age andesites and basalts locally covers portions of the host units.
About Candente Gold
Candente Gold has launched a comprehensive growth strategy to build a cash flowing business platform and gain access to properties with near surface exploration potential while maintaining El Oro as its flagship asset and an integral part of the overall growth strategy. The acquisition of the SDA Plant and the El Dorado historic mines signifies an important first step.
The financial benefits from Western Mexico operations and the addition of specialized personnel will translate across platforms to strengthen our efforts to explore and potentially mine. The Company is currently evaluating properties that are complimentary to the SDA plant and El Dorado Property.
El Oro is a district scale gold project encompassing a well-known prolific high-grade gold dominant gold-silver epithermal vein system in Mexico. The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins (Ref. Mexico Geological Service Bulletin No. 37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores*)
Modern understanding of epithermal vein systems indicates that several of the El Oro district’s veins hold excellent discovery potential, particularly below and adjacent to the historic workings of the San Rafael Vein, which was mined to an average depth of only 200 metres.
Joanne C. Freeze, P.Geo., President, CEO and Director and Matthew Melnyk, CPG., Director Operations are Qualified Persons as defined by National Instrument 43-101 for the projects discussed above. Ms. Freeze and Mr. Melnyk have reviewed and approved the contents of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
On behalf of the Board of Candente Gold Corp. “Joanne Freeze” P.Geo. President, CEO and Director
For further information please contact: Joanne Freeze President & CEO Tel:+1(604)689-1957 [email protected]
Posted by AGORACOM
at 8:16 AM on Wednesday, August 19th, 2020
Sun River Gold has made the final payment of US$111,000
Sun River has the option to acquire 100% of the Tailings Project
VANCOUVER, British Columbia, Aug. 19, 2020 (GLOBE NEWSWIRE) — Candente Gold Corp. (TSXV:CDG) (“Candente Gold” and/or the “Company”) is pleased to advise that Sun River Gold (“Sun River”) has made the final payment of US$111,000, to increase their ownership in the Mexico Mine Tailings at El Oro Mexico, such that the company’s NPI will be reduced from 10% to 5% after the first US$1,500,000 is received by the Company.
The Mexico Mine Tailings contain an Inferred Resource* of 1,267,400 Tonnes grading 2.94 Au g/t, 75.12 Ag g/t containing 119,900 ounces of gold and 3,061,200 ounces of silver.
Sun River has the option to acquire 100% of the Tailings Project by making staged payments totalling US$300,000 (paid), bring the tailings into commercial production by October 31, 2021, and grant to the Company a 10% NPI, Life of Mine royalty (the “Candente Royalty”) as well as the Municipality’s 8% NPI on production from the properties. Sun River had the right to reduce the NPI payable to the Company to 5% by paying an additional US$200,000 in payments (now paid).
Candente Gold’s subsidiary, CCM El Oro Jales, has an agreement with the municipality of El Oro which provides the Company the right to recover all available gold and silver from the tailings deposit and pay to the Municipality of El Oro an 8% Net Profits Interest (“NPI”). Candente Gold also retains the first US$1.5M from the 8% NPI payable to the Municipality. Sun River must make all NPI payments to the Municipality.
Sun River is a private Arizona based corporation managed by an experienced team of mining professionals with a combined 80 years of mining experience in Mexico, including specific experience in the reprocessing of old gold and silver tailings. Sun River has advised the Company that it has completed a preliminary internal engineering study (“Internal Study”) for the Mexico Mine Tailings Project, and that it intends to continue development of the project with the objective to enter commercial production. Sun River has recently advised the Company of the following key points in the development of the project:
Sun River has signed a letter of intent and made a down payment to purchase 25 hectares of land near the township of Nopalera approximately 5km by road north of the current location of the Mexico Mine Tailings, which is suitable for plant site and residue storage.
The project life is estimated by Sun River to be 1 year of engineering and construction and 4 years of tailings material reclaim and processing (at 1,000 tonnes per day) followed by reclamation.
Sun River advises that based on flotation test work at a recognized, independent US metallurgical lab, a standard metallurgical flotation process is expected to recover 65% of the gold and 60% of the silver to a marketable concentrate.
Sun River intends to market the gold/silver concentrate on the open market.
Sun River intends to contract with a local contractor who will use front end loaders and dump trucks to reclaim the tailings material and haul it to the proposed process plant approximately 5 kms away.
Jim Bradbury, partner in Sun River Gold, Registered Professional Metallurgical Engineer in the State of Arizona, is considered the Qualified Person for the content of the Internal Study. The metallurgical test work has been conducted by Minerals Technology LLC, a recognized metallurgical testing laboratory located in Tucson, Arizona whose clients include Florence Copper, ASARCO and BASF Mining Solutions.
*Note: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the accuracy of the estimate. For more information see “National Instrument 43-101 Technical Report on the Inferred Mineral Resource Estimate of the Mexico Mine Tailings” prepared by Nadia Caira, P.Geo. and Allan Reeves, P.Geo., dated August 25, 2014 with an effective date of July 8, 2014 available at www.sedar.com.
About Candente Gold Candente Gold’s flagship asset is El Oro, a district scale gold project encompassing a well-known prolific high-grade gold dominant silver epithermal vein system in Mexico. The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins (Ref. Mexico Geological Service Bulletin No. 37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores*).
Modern understanding of epithermal vein systems indicates that several of the El Oro district’s veins hold excellent discovery potential, particularly below and adjacent to the historic workings of the San Rafael Vein, which was mined to an average depth of only 200 metres.
Candente Gold is dedicated to being a responsible Community partner participating in Shared Value Initiatives.
Joanne C. Freeze, P.Geo., President, CEO and Director is a Qualified Person as defined by National Instrument 43-101 for the project discussed above. Ms. Freeze has reviewed and approved the contents of this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Information This news release may contain forward-looking information (as such term is defined under Canadian securities laws) including but not limited to information regarding the processing of tailings to generate short-term cash flow, the potential for discovery in the El Oro district and other statements that are not historical facts. While such forward-looking information is expressed by Candente Gold in good faith and believed by Candente Gold to have a reasonable basis, they address future events and conditions and are therefore subject to inherent risks and uncertainties including those set out in Candente Gold’s MD&A. Factors that cause the actual results to differ materially from those in forward-looking information include, without limitation, gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, potential environmental issues, availability of capital and financing and general economic, market or business conditions. Candente Gold expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
On behalf of the Board of Candente Gold Corp. “Joanne Freeze” P.Geo. President, CEO and Director
For further information please contact: Joanne FreezePresident & CEO Tel: + 1 (604) 689-1957 [email protected]
Posted by AGORACOM
at 11:48 AM on Tuesday, August 4th, 2020
SPONSOR: Candente Gold is creating a growth strategy encompassing its Mexican assets to build a cash flowing business. Recent acquisition of the SDA Plant and the El Dorado Historic Mines is the first step. Their growth strategy is to build a cash flowing business platform and gain access to properties with near surface exploration potential while maintaining El Oro as its flagship asset, and an integral part of the overall growth strategy. El Oro is a district scale gold project encompassing a well-known prolific high-grade gold-silver epithermal vein system in Mexico that has several undeveloped veins and has tremendous exploration potential. Click Here for More Info
LONDON (Reuters) – Gold’s rally has halted just below $2,000 an ounce partly due to fierce technical resistance, but an eventual break above that level is likely, freeing prices for more record highs, technical analysts said.
The gold price XAU= has surged 30% this year to an all-time peak around $1,975 an ounce and is one of 2020’s best-performing assets.
The rally was driven by a belief that gold will hold its value better than other assets as fallout from COVID-19 ripples through the global economy.
Central bank stimulus has pushed inflation-adjusted U.S. bond yields to record lows, making non-yielding gold more attractive, and the dollar has weakened sharply, making bullion cheaper for buyers with other currencies.
The never-before-reached $2,000-an-ounce mark is a major psychological resistance level, with gold’s 49-year trend channel resting just below it at $1,983, said Commerzbank technical analyst Karen Jones.
Only an end-of-month or, better yet, end-of-quarter close above these levels will signal a break from the channel, she said.
“Tighten your stops … unless the top of my range is taken out in a convincing manner … upside from here is marginal.”
Technical analysts seek patterns and signals in price charts which allow them to predict and interpret moves. Traders and automated trading systems also take prompts from technical signals.
Because gold’s rally has been so fast, a downward correction is likely and could be brutal, analysts said, before the market attempts another stab higher.
Early support is coming in around its 20-day moving average, at $1,875, and the bottom of its 4-month uptrend, around $1,830.
Below that is more powerful support at the 20-week moving average, currently at $1,755, said Tom Pelc, an independent technical analyst formerly at Nomura and RBS.
Such a fall wouldn’t necessarily doom the longer-term uptrend.
“We continue to see this improving volatility backdrop, so there’s no sign that the long-term trend is changing,” said Richard Adcock, a former UBS and now independent technical analyst.
“The market can carry on higher than people expect,” he said.
If resistance is broken, Fibonacci extensions offer short-term targets. These are based on the idea that a rally will extend in predictable proportions extrapolated from a previous rally. One is at $2,067, said Pelc, another comes in at $2,286.
That could only be the beginning of a multi-year move. Lucas ratios — a tool using a sequence of numbers similar to Fibonacci’s — suggest gold could rise to $3,598.80 an ounce in 4-5 years, said Pelc.
Reporting by Peter Hobson; Editing by Veronica Brown and Emelia Sithole-Matarise
Posted by AGORACOM
at 12:48 PM on Thursday, June 18th, 2020
Retained WSP Canada Inc. (WSP) to assist Vertical with its quarry permitting application.
Vertical’s operations partner, Magnor Exploration Inc., will work with WSP to support the preparation, drafting and submission of the full quarry permitting request
VANCOUVER, BC / ACCESSWIRE / June 18, 2020 / VERTICAL EXPLORATION INC. (TSX-V:VERT) (“Vertical”or “the Company”) is pleased to announce it has retained the services of WSP Canada Inc. (WSP) to assist Vertical with its quarry permitting application to the Government of Quebec for its St-Onge Wollastonite project located in the Lac-Saint-Jean region of Quebec.
Vertical’s operations partner, Magnor Exploration Inc., will work with WSP to support the preparation, drafting and submission of the full quarry permitting request, including an application under Section 22 of the Environmental Quality Act for a Certificate of Authorization (CA) from the Quebec Ministry of Environment and Fight against Climate Change (MELCC) as well as a request for a BEX (Bail d’Exploitation Miniere Permit) from the Quebec Ministry of Energy and Natural Resources (MERN).
WSP Canada Inc. is part of WSP Global Inc., which is one of the world’s leading professional services firms providing engineering and design services to clients in the transportation and infrastructure, property and buildings, environment, power and energy, resources, and industry sectors, as well as offering strategic advisory services. WSP Global Inc. has approximately 49,000 employees working in 500 offices across the globe.
Vertical is very pleased to have retained such a prominent professional services firm to support its quarry permitting application for St-Onge and looks forward to providing further updates on the permitting application in the near future.
Vertical advises that the production decision on the St-Onge deposit was not based on a feasibility study of mineral reserves, demonstrating economic and technical viability, and as a result, there may be an increased uncertainty of achieving any level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially minable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will occur as anticipated or that anticipated production costs will be achieved.
ABOUT VERTICAL EXPLORATION
Vertical Exploration’s mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company’s flagship St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.
Posted by AGORACOM
at 8:12 AM on Wednesday, June 3rd, 2020
Agrinova Research and Development is helping develop the agricultural applications of their Wollastonite Deposit
Physicochemical properties of Wollastonite have shown beneficial results for agriculture and forestry
The safety of the product for agriculture has been demonstrated and various potential markets have been targeted
VERTICAL EXPLORATION INC. (TSXV:VERT) (“Vertical” or “the Company”) In 2018, Vertical Exploration inc. called upon the expertise of Agrinova Research and Development to carry out a project aimed at developing the agricultural applications of their wollastonite deposit located in Saint-Ludger-de-Milot in Lac-Saint-Jean.
As the physicochemical properties of wollastonite have shown beneficial results for agriculture and forestry, the safety of the product for agriculture has been demonstrated and various potential markets have been targeted.
The application of wollastonite has significant potential to be used, especially in organic farming, to improve the response of many cultures to abiotic and biotic stresses. In this sense, Agrinova, through its Nordic Field Crop Innovation Group, will undertake, in spring 2020, a trial of the application of wollastonite in organic cereals. This test will be carried out with material from the deposit and according to a rigorous experimental system installed on a farm in the Saguenay – Lac-Saint-Jean region. The test aims to establish a dose-response of the product in relation to the grain yield and to observe, if applicable, the attenuation of the effects relating to stress. For more information regarding the Agrinova report please refer to our press release dated May 14th, 2019.
ABOUT AGRINOVA
AGRINOVA (www.agrinova.qc.ca), the Center for Research and Innovation in Agriculture, is a Technology Access Centre located in Alma, Quebec that provides technical help and services to farmers and agricultural companies throughout the province in order to help them access new technologies and assist them with the adoption of innovative new technologies and practices.
ABOUT VERTICAL EXPLORATION
Vertical Exploration’s mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company’s flagship St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.
ON BEHALF OF THE BOARD
Peter P. Swistak, President
FOR FURTHER INFORMATION PLEASE CONTACT: Telephone: 1-604-785-5513
Posted by AGORACOM
at 11:13 PM on Thursday, March 12th, 2020
Vertical Exploration is developing its St. Onge Wollastonite as a soil additive for optimizing marijuana growth. Recently engaged AGRINOVA’s Phase 1 Reseach program also demonstrated Wollastonite can potentially become BNQ certified for agricultural use in Quebec. Recently signed distribution agreement with AREV Brands International to Supply St-Onge Wollastonite to the Cannabis and Hemp Industries. Click Here for More Info.
Definitive
distribution agreement to partner on the sale of Vertical’s
wollastonite from its world-class St-Onge Deposit in place.
Supplying the fast growing cannabis and hemp industries.
Vertical’s high quality Wollastonite has been shown to be beneficial to cannabis plants in a variety of ways
In every case the most optimal results occurred with an admixture rate of 10% to 15% wollastonite to the growth medium.
The
high-grade St-Onge Wollastonite deposit has pit-constrained mineral
resources of: 7,155,000 tonnes Measured@ 36.20% Wollastonite &
6,926,000 tonnes Indicated@ 37.04%
B.C. Buds Testing Confirmed Wollastonite is critical to marijuana growers
Engaged
AGRINOVA over the past year to conduct research and testing of
Vertical’s St-Onge wollastonite on a range of important agricultural end
uses.
WOLLASTONITE
St-Onge-Wollastonite
Deposit located approximately 90 kilometres Northwest of the city of
Saguenay, in St-Onge township, in the Saguenay-Lac-St-Jean region of
Quebec, Canada.
Research and testing in the Phase 1 program for use in cannabis growth was managed and monitored by AGRINOVA, a highly-regarded Center for Research and Innovation in Agriculture in Quebec
Posted by AGORACOM-JC
at 4:32 PM on Friday, February 28th, 2020
AGORACOM Clients Attending PDAC 2020
THEREGAL PROJECT
B.C.’s Next Premier
Silver, Lead, Zinc, Copper Deposit?
Affinity Metals holds under option, a 100% interest in the Project, located within the northern end of the prolific Kootenay Arc, a highly prospective mineralized trend.
Treaty Creeks’ GOLDSTORM zone hosts a conceptual volume of ONE BILLION TONNES rock grading close to one gram per tonne gold and is open to the north, east, and at depth. Â
A major drill program is being planned for spring to develop a resource calculation. The focus has been on the gold enriched Goldstorm Zone which is on trend with, and part of, the same geological system as Seabridge Gold’s neighboring KSM deposits.
American Creek been selected to do a formal presentation at the conference. The presentation will be held on Tuesday, March 5 at 2:00PM in room #802
HPQ Silicon Resources designs, develops, manufactures and commercializes plasma base processes
The innovative PUREVAP “Quartz Reduction Reactors†(QRR), will permit the One Step transformation of Quartz (SiO2) into High Purity Silicon (Si) at prices that will promote considerable renewable energy potential.
Lomiko hosts high-grade graphite at its La Loutre Property in Quebec. The company is working toward a Pre-Economic Assessment (PEA) that will increase its current indicated resource of 4.1 Mt of 6.5% Cg to over 10 Mt of 10%+ Cg in order to supply and develop graphite materials for the green economy.
Posted by AGORACOM
at 8:45 AM on Thursday, February 27th, 2020
The Wollammo product consists of 100% St-Onge Wollastonite
A premium grade natural Wollastonite mineral product that helps to increase plant available silicon, calcium and magnesium in soils and enhance plant stress tolerance, increase yields and improve pest management for a variety of agricultural crops.
VERTICAL EXPLORATION INC. (TSXV:VERT) (“Vertical”or “the Company”) is pleased to provide an update regarding its recent, highly encouraging, test marketing and customer awareness efforts for the Company’s high-quality St-Onge Wollastonite.
Vertical’s
distribution partner, Wollammo Distribution Inc. (Wollammo), received
significant positive interest in its Wollammo product at the 2020 BC
Home and Garden Show that took place at BC Place Stadium in Vancouver
from February 19th – 23rd. The Wollammo product, which consists of 100%
St-Onge Wollastonite, is a premium grade natural Wollastonite mineral
product that helps to increase plant available silicon, calcium and
magnesium in soils and enhance plant stress tolerance, increase yields
and improve pest management for a variety of agricultural crops.
The
prestigious BC Home and Garden Show has been a staple in British
Columbia consumers’ calendars since 1971, attracting more than 50,000
plus qualified visitors each year which makes it one of the largest home
and garden shows in the province. The 2020 Show featured high-interest
exhibits, high-profile industry personalities and the latest home,
garden and lifestyle trends. The Wollammo Distribution team was one of
over 400 exhibitors, hosting a high profile vendor booth at the event.
Throughout
the five day Show, the Wollammo team received an excellent response
from event patrons for the St-Onge based Wollammo product – the team
provided over 3800 test market Wollammo packaged samples to interested
home, garden and larger agricultural customers which far exceeded its
initial estimate of 2000 samples for the entire event. Thousands more
consumers also visited the booth to specifically touch, feel and find
out more about the Wollammo product and its valuable agricultural uses.
Matt
Harvey, Director of Wollammo Distribution Inc., commented: “My team and
I were simply overwhelmed by the positive response we received at the
BC Home and Garden show regarding our premium Wollammo product. The
people and businesses that visited our booth were very eager to learn
about all the numerous plant health benefits of the natural
calcium-silicate rich St-Onge Wollastonite. The Wollammo test market
samples literally flew off our display shelves – we now have hundreds of
new customers and enquiries to follow-up on in the days and weeks
ahead, including a large range of agricultural companies and wholesale
businesses that want to further test and potentially purchase our
Wollammo product as soon as possible.”
Peter
P. Swistak, President/CEO of Vertical Exploration Inc., also commented:
“I was personally at the Show, working alongside Matt and his excellent
team, to help provide up to date information about our premium St-Onge
Wollastonite to the thousands of interested people and also the retail
and wholesale businesses that visited our booth. The BC Home and Garden
Show has been an unqualified success for our Company and the Wollammo
brand, and it bodes extremely well for our plans to move quickly ahead
with our Quebec quarry permitting process and on to future sales to a
wide range of agricultural and cannabis customers following that.”
Vertical
anticipates providing further updates regarding the numerous test
market opportunities and partnerships, that both the Company and its
Wollammo Distribution partner are currently following up on, that have
arisen as a result of attending the 2020 BC Home and Garden Show in
Vancouver.
ABOUT VERTICAL EXPLORATION
Vertical
Exploration’s mission is to identify, acquire, and advance high
potential mining prospects located in North America for the benefit of
its stakeholders. The Company’s flagship St-Onge Wollastonite property
is located in the Lac-Saint-Jean area in the Province of Quebec.
ON BEHALF OF THE BOARD Peter P. Swistak, President/CEO
