Candente ups interests in Peru (March 04, 2002)

Vancouver — Candente Resource (DNT-V) has acquired the remaining 50% interest it does not already own in three Peruvian gold projects: Lunahuana, El Tigre and Las Sorpresas.

The Joanne Freeze-led junior picked up the additional stake by issuing 500,000 shares to Nanotek (ntk-v), formerly known as Britannia Gold.

Lunahuana, situated southeast of Lima, is considered prospective for iron-oxide-copper-gold mineralization similar to the Olympic Dam deposit in Australia. Previous explorers spent US$500,000 on stream-sediment sampling, prospecting, geological mapping, chip and soil sampling, and geophysical surveys. Anomalous copper and gold values were found in stream sediments over an area measuring 7 by 2 km. So far, Candente has defined three drill targets on the property.

Meanwhile, in northern Peru, exploration work at the El Tigre property has identified three distinct zones of gold mineralization over an area measuring 2 by 1 km. The gold occurs in quartz veins and veinlets crosscutting a stratiform sequence of volcanic and sedimentary rocks. A large granodioritic intrusive complex has intruded the sequence.

The Las Sorpresas property, which borders the southern edge of Newmont Mining‘s (NEM-N) Yanacocha mine, contains anomalous gold-in-stream values ranging up to 789 parts per billion, as well as anomalous mercury-in-soil values.