The current plan and strategy for 2023 inclusive of name change is intended to reflect the next stage in the Company’s development and strategy which will further align with the global shift towards electrification and decarbonization. This is the start of the next stage in the development of the Company as we deliver on our plans and strategic goals.
Highlights:
- Drill permit applications are being advanced for 20,000 meters of drilling to be completed in two phases with several priority drill targets identified to date which are expected to provide significant exploration upside;
- Resumption of activities with
Whittle Consulting Ltd. (“Whittle Consulting”) on Project Optimization with key project opportunities identified that will be incorporated in an updated optimized NI 43-101 Preliminary Economic Assessment (“PEA”) currently underway that is targeted for publication by Q3-2023; - Private Placement with
Whittle Equity Pty Ltd at 28% Premium to Market; - Name Change to
Alta Copper Corp. and Share Consolidation; - Advancement of Community Engagement;
- Upgraded Listing for U.S. investors on the OTCQB under symbol “DNCUF”;
- Key Additions to Board of Directors and Senior Management, as previously announced; and,
- Recently completed
$4 million private placement with Fortescue Metals Group Ltd. at a 26% premium to the five-day volume weighted average prices of the Company’s shares, as previously announced
“We are making game changing improvements to our 100% owned Cañariaco
We are now moving forward on several fronts and with recent additions to senior management and directors in addition to the continued support from our largest shareholder Fortescue Metals Group, we are very well positioned to attract new investors by advancing our key objectives which include drilling several high priority targets in 2023/2024, increasing community engagement and shared value initiatives while also further enhancing project economics,” stated
Drilling and Drill Permits
The Cañariaco Project has been drilled with a total of 289 core holes (85,185 meters), including resource, geotechnical, metallurgical, and hydrological drilling. By any measure, drilling to date has been modest by comparison to the large mineral resource defined to date such that further drilling is warranted to test for potential expansions and delineation of higher grades. The current Cañariaco mineral resource estimate described more fully in the “About Candente Copper” section below was drilled to a depth of 600 meters on average with numerous drill holes bottoming in mineralization and several high priority drill targets not yet drilled.
Upon receipt of all permits drilling will focus on the under explored Cañariaco Sur porphyry copper gold deposit, the undrilled Quebrada Verde porphyry target and enhancement of the Cañariaco Norte deposit.
Cañariaco Sur
Drilling to date at Cañariaco Sur has been extremely successful, leading to a very significant initial inferred resource estimate after completion of only 15 holes. Copper-gold mineralization begins at surface and is open in three directions and to depth, providing excellent potential for expansion. The Cañariaco Sur mineral resource estimate is more fully described below. Drilling in this area will be targeting higher grade zones and drilling outside of the initial resource, with the goal of expanding and upgrading the initial resource.
Quebrada Verde
The first ever drilling at Quebrada Verde is targeted to test strongly anomalous levels of copper and gold found in stream sediments, soils and rocks, underlain by altered intrusive rocks. This target appears to be on trend with the mineralized Cañariaco Norte - Cañariaco Sur corridor and the possibility exists that it could coalesce with the deposit found at Cañariaco Sur or could be a stand-alone deposit. Copper mineralization typical of a porphyry style deposit has been found in bedrock exposures in creeks in this area.
Cañariaco Norte
Drilling at Cañariaco Norte will be targeted to better delineate several higher-grade copper-gold zones which may enhance the proposed higher grade starter pit. The Cañariaco Norte deposit is open to depth, and additional drilling is planned to follow up on previous drilling terminating in mineralization.
Project Optimization
The Cañariaco copper project provides significant leverage to copper prices. The Company has now resumed its activities with
The Company is targeting to publish an optimized preliminary economic assessment which is to be jointly prepared by
Private Placement
The Company has arranged a private placement with
As described more fully above,
Name Change to
The name change to
The Company, after careful consideration, believes it is in the best interests of the Company and its shareholders as it advances to the next stage to complete a share consolidation and name change. The share consolidation will be on the basis of four consolidated common shares for each post-consolidated common share.
In view of the advanced development stage Cañariaco Project and robust economics demonstrated in the recently published preliminary economic assessment and large mineral resource estimate, the Company believes a share consolidation is appropriate as it will better position the Company to gain interest and potential investments from institutional investors and funds who are currently prevented under their investing guidelines from investing in
The share consolidation is primarily focused on gaining access to a broader pool of institutional investors by meeting the investment criteria for several institutional investors and investment funds and will have no impact on the investment merits of
A letter of transmittal with respect to the consolidation will be mailed to the Company's registered shareholders. All registered shareholders will be required to send their certificate(s) representing pre-consolidation common shares, along with a properly executed letter of transmittal, to the Company's registrar and transfer agent,
Shareholders who hold their common shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary on the procedures for processing the consolidation of their shares, and for determining their post-consolidation positions. The Company's ticker symbols are expected to remain unchanged. The consolidation remains subject to the approval of the
The Company will issue a further press release to advise shareholders of the date the common shares will commence trading on a consolidated basis under the new name and ticker.
Community Engagement
Our focus is to strengthen our ties within the community, generate local development and employment opportunities with a view to creating shared value while we obtain permits to carry out a new drilling campaign and advance the development of the project and its surroundings.
We have strengthened our community relations team, by hiring experienced Peruvian professionals with the assistance of
In addition to the professionals who previously worked at Cerro Corona and
We are very pleased to be re-opening four local community engagement offices which will allow us to further increase our presence in the community by facilitating regular information sharing sessions addressing concerns about our exploration activities and the potential development of a mine in the area in the future. By having these offices open we have been able to renew an agreement with local posesionarios (community members with special land use rights).
The Company offers financial and technical assistance for development and social programs as part of our community agreements, and these funds have been managed in the past by a
Discussions are resuming with central, regional and district government as well as local authorities, such that the Company is supporting the efforts to complete important infrastructure projects that will benefit much of the population in the Cañaris district. These projects include two extensive irrigation canals and a road improvement project.
Share Exchange Listings
The Company was upgraded on
The OTCQB Market is designed for established, investor-focused
The Company is also listed on the
About
The Company's PEA, delivered
Please refer to the technical report dated
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, statements with respect to the final approval of the
Known risk factors include risks associated with exploration and project development; the need for additional financing; the calculation of mineral resources; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; government regulation; obtaining and renewing necessary licenses and permits; environmental liability and insurance; reliance on key personnel; local community opposition; currency fluctuations; labour disputes; competition; dilution; the volatility of our common share price and volume; future sales of shares by existing shareholders; and other risk factors described in the Company’s annual information form and other filings with Canadian securities regulators, which may be viewed at www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.
On behalf of the Board of
“Joanne C. Freeze”
For further information please contact:
jfreeze@candente.com +1 604 512 3359
or
gtbonifacio@candente.com +1 604 318 6760
info@candentecopper.com
www.candentecopper.com
Source:
2023 GlobeNewswire, Inc., source