Terms
- Cash Payments totalling up to
US$1,790,000 over 10 years:
1) US$100,000 on signing of Definitive Agreement;
2) US$40,000 upon receiving drilling permits;
3) US$100,000 on first and second anniversaries;
4) US$150,000 per year until Year 5;
5) US$200,000 per year for the next 5 years
- Exploration commitments are:
1) US$3.5M over 3 years to reach 51% interest;
2) An additional
3) Complete Feasibility and make a payment of
4) The 2.5% NSR has an option to buyout 1.5% Interest for
The proposed terms are subject to the execution and completion of a Definitive Agreement by both parties which will layout further details currently still under discussion.
“We are excited to work on completing the Definitive Agreement with Gold Fields so that we can explore and advance the Arikepay Property with such a well established and successful company. This is a great time of world demand for both gold and copper and Arikepay shows excellent potential for both. Working with Gold Fields on Arikepay, while we are dedicating so much to our Cañariaco copper project and the 2021 PEA, is a great way to add shareholder value,” stated
About the Arikepay Property
The Arikepay property, held by
Two altered and mineralized bodies have been found on the property. Alteration comprises propylitic, phyllic, silicic and potassic altered volcanic and intrusive rocks. Mineralization consists dominantly of pyrite ranging from <1% to >10% in disseminations and veinlets with lesser amounts of chalcopyrite, bornite and magnetite.
Two drilling programs have been completed on the property to date. Cobriza completed a reverse circulation (“RC”) drill program in
Cobriza and Zahena both initially focused on the copper potential but since 2017, Cobriza recognized a stronger potential for gold mineralization at Arikepay.
Selected highlights of copper mineralization from the RC drilling program included:
- 142m of 0.51% CuEq*
- 186m of 0.43% CuEq*
- 292m of 0.39% CuEq*
Selected highlights of gold mineralization from the drilling programs included:
- 81m of 3.05 grams per tonne (“g/t”) gold (“Au”) and 2.04 g/t silver (“Ag”)
- 18m of 1.09 g/t Au and 0.1 g/t Ag
- 26m of 1.29 g/t Au and 4.5 g/t Ag
*Copper equivalent (CuEq) grades include gold and silver values based on 100% metal recoveries and the following metal price assumptions:
About
About Gold Fields Limited
Gold Fields Limited is a globally diversified gold producer with nine operating mines in
This news release may contain forward-looking information (as such term is defined under Canadian securities laws) including but not limited to the potential execution of a definitive agreement with Goldfields, for discovery on the Cañariaco Property and other statements that are not historical facts including comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, the completion of a favourable PEA and the expected results thereof and the acquisition of various permits. While such forward-looking information is expressed by
On behalf of the Board of
“Joanne C. Freeze”
President, CEO and Director
___________________________________
For further information please contact:
Investor Relations | |
info@candentecopper.com | Jonathan.Paterson@HarborAccessllc.com |
www.candentecopper.com | +1 475 455 9401 |
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Source:
2021 GlobeNewswire, Inc., source