Candorado Operating Company Ltd.

Candorado Operating Company Ltd.

December 07, 2007 08:00 ET

Candorado Discovers High-Grade Copper-Gold Mineralization in Trenching and Drilling on Deer Lake Property, Little Fort, B.C.

KELOWNA, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2007) - Candorado Operating Company Ltd. (the ''Company") (TSX VENTURE:CDO)(FRANKFURT:HQU)(BERLIN:HQU) is pleased to announce that it received further results from the recently completed exploration program on the Deer Lake property previously announced on November 26, 2007.

Surface Sampling

Four of six trenches and one test pit encountered new zones of copper-gold mineralization the significant results of which are shown in the table below. The discovery of a mineralized zone in Trench DTR3 brings the extent of the Lightning Zone to 55 metres. A 0.30 metre angular float boulder (DTR3-Flt, FH) excavated from overburden one metre above bedrock returned among the highest copper-gold grades ever reported on the property. The discovery of this high-grade float close to mineralized bedrock suggests a nearby source.

Road construction 350 metres easterly of the Lightning Zone uncovered massive magnetite-pyrite skarn with disseminated copper mineralization in bedrock. This new discovery referred to as the "Road Showing" was explored by Trench DTR4. Approximately 70 metres to the southeast, Test pit DTP3 was excavated to evaluate a strong magnetic low. At a depth of 2.5 metres bedrock containing gold rich magnetite-chalcopyrite skarn was discovered. The sizeable magnetic anomaly in the area of these new mineralized zones presents a high priority target for future exploration.

Surface sampling on the property has yielded copper-gold mineralization in float and bedrock over a wide area. Gold, although often associated with copper mineralization, has been discovered in magnetite-iron sulphide rich rocks. In 2000 Mr. Gerry Ray reported 5.26 g/t gold from large boulders of magnetite-pyrrhotite-pyrite approximately 1.1 kilometres westerly of drill hole DL07-10.

Trench/Test Width Gold Copper
Pit Zone (m) (g/t) (%)
DTR1 Lightning 5.60 1.29 0.54
3.30 0.79 0.44
DTR3 Lightning 3.75 0.73 0.50
includes DTR3-Flt Grab 6.60 6.50
DTR3-FH Grab 19.20 4.60
DTR4 Road 9.85 0.39 0.20
includes 3.00 0.52 0.43
DTR6 Lightning 4.40 0.48 0.42
4.50 0.89 0.32
DTP3 Road Grab 5.80 0.49


As previously reported (Nov 27, 2007) sulphide and magnetite mineralization as well as skarn alteration was encountered in most of the drill holes. Holes were drilled to test magnetic anomalies, mineralization exposed by trenching or historic mineral occurrences. The following table lists the significant drill results.

DDH Zone From To Length Au Cu
(m) (m) (m) (g/t) (%)

DL07-01 Lightning 33.75 47.90 14.15 0.60 0.37

includes 37.60 47.90 10.30 0.64 0.48
DL07-03 Shaft Zone 37.80 42.90 5.10 0.06 0.16
57.00 67.15 10.15 0.16 0.16
DL07-05 Road 6.30 20.05 13.75 0.27 0.17
includes 12.33 20.05 7.72 0.29 0.21
35.75 37.92 1.87 0.94 0.41
DL07-06 Road 23.86 36.00 12.14 0.19 0.24
includes 23.86 29.22 5.36 0.21 0.35
DL07-09 Lightning 25.05 28.70 3.65 0.38 0.12
DL07-10 Lightning 42.85 46.00 3.15 0.80 0.27
76.80 80.35 3.55 0.16 0.49
90.30 122.30 32.00 0.56 0.14
includes 90.30 91.30 1.00 8.10 2.20
includes 120.00 122.30 2.30 1.06 0.03

As previously reported (Oct 16, 2007) drill hole DL07-01 intersected chalcopyrite-pyrrhotite-magnetite mineralization 30 metres below surface. This mineralization represents the down-dip extension of the Lightning Zone that was recently discovered by trenching a strong magnetic anomaly within 50 metres of large float boulders containing up to 4% Cu and 14.9 g/t Au.

DL07-03, drilled to test a strong magnetic anomaly at the Shaft Zone, intersected two distinct zones of magnetite-chalcopyrite mineralization up to 10 metres wide. Results from DL07-04 drilled from the same site are pending.

Drill holes DL07-05, 06 were designed to test the Road Showing and intersected considerable widths of skarn containing massive magnetite-pyrite mineralization. Mineralization is open to depth and given the discovery in Test Pit TP3 a considerable lateral extent is evident.

Results for holes DL07-07 and 08 drilled to test the Red Showing and Rio Zone magnetic anomaly are pending and will be released when available. DL07-09 tested the eastern projection of the Lightning Zone and intersected a narrow zone of copper-gold mineralization that contains up to 0.01% Mo.

DL07-10, tested the western projection of the Lightning Zone beneath Trench DTR6. This drill hole yielded very significant results. Extensive skarn altered, predominantly volcanic rock containing zones of high-grade copper and gold mineralization was intersected. Visible gold was found in a quartz veinlet in altered sediments at 80.05 metres. This is the first evidence of visible gold ever reported in a drill hole on the property. Another intersection of significance is a one metre sample of chalcopyrite rich skarn containing 8.1 g/t gold and 2.2% copper. Molybdenum is anomalous throughout most of this hole with values ranging up to 179 ppm Mo. This is potentially very significant as it may signify a higher temperature environment such as that associated with a buried intrusion. Results for the final 37 metres of this drill hole are pending.

Results for the 2007 program will continue to be released as they become available. Surface and core samples have been submitted to Eco Tech Labs in Kamloops for gold and multi-element analysis. Quality assurance and quality control (QA/QC) included the insertion of analytical standards and blanks in addition to the laboratory's internal QA program. Copper and gold values exceeding 10,000 ppm and 1,000 ppb (1 g/t) respectively were assayed.

Exploration on the Deer Lake property is being conducted under the supervision of W. Gruenwald, P. Geo, of Geoquest Consulting Ltd. a "qualified person" as defined by National Instrument 43-101.

About Candorado

Candorado is a B.C. based mineral exploration Company with extensive mineral tenures in Central, Northern and Southern British Columbia. The Company is in the midst of several exploration projects involving geochemical and geophysical programs as well as drill testing high priority targets and will report on results as soon as they are available.

ON BEHALF OF THE BOARD OF DIRECTORS of Candorado Operating Company Ltd.

Rene Bernard, CEO

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.

Contact Information

  • Candorado Operating Company Ltd.
    Daniel Gallagher
    (250) 979-2595
    (250) 860-2957 (FAX)