AngloGold eyes Candente ground

Nine of the properties, covering 16.1 km in southern Peru, are considered prospective for high-sulphidation gold targets.

One of the southern Peru properties, dubbed Millo, is held jointly with fellow junior Geologix Explorations (GIX-V). The property hosts a 3-by-4-km hydrothermal alteration zone. Geochemical results over the zone yielded anomalous mercury and gold values around a zone of massive-to-vuggy silica, hydrothermal breccias, pervasive silicification, quartz-alunite-dickite alteration, and native sulphur and crystalline barite.

In central Peru, the Pamel property hosts the same Tertiary volcanic belt that contains the Pierina and Yanacocha gold deposits. Pamel was the first high-sulphidation target acquired by Candente as a result of the company’s initial regional exploration program, in 1997. Hydrothermal alteration typical of a high-sulphidation epithermal gold deposit covers a 2-by-4 km area.

In late February, Goldcorp (G-T) arranged a $1-million private placement in the junior. The non-brokered placement consists of 1.7 million units priced at 60 apiece. A unit consists of one share and a half warrant, and a whole warrant entitles Goldcorp to an additional share at 90 in the first year and at $1.10 in the second.

Candente expanded its focus to Newfoundland in early 2002 by optioning the Linear property from the KriASK Syndicate and hooking up with noted local prospectors Kevin and Allan Keats. The junior has since staked 1,500 claims based on regional and structural controls, lake-bottom sediment surveys, and the Keats’ knowledge of gold showings and anomalies. Regional exploration started in May 2002 and resulted in the optioning of several other properties in central Newfoundland, including the drill-ready Island Pond and Paul’s Pond from Cornerstone Capital (CTP-V).