Cañariaco Norte is a pre-feasibility stage project located in northern Peru's prolific mining district approximately 700 km northwest of Lima, the capital of Peru, and approximately 110 km to the northeast of the city of Chiclayo.
Cañariaco Norte is a pre-feasibility stage project located in northern Peru's prolific mining district approximately 700 km northwest of Lima, the capital of Peru, and approximately 110 km to the northeast of the city of Chiclayo. Travel time from the project site to Chiclayo is currently a 149 km, 6-hour trip. Elevation in the project area ranges between 2,700 and 3,600 masl.
The project currently consists of 16 mining concessions, covering a total area of 13,400ha and four Jehumarca claims, of 3,600ha, for a total project area of 16,390 ha. Additional exploration potential remains within the Project area; two drill holes at Cañariaco Sur have intersected copper mineralization in a porphyry setting within a large copper–gold–silver–molybdenum geochemical anomaly, and an extensive copper–gold–silver–molybdenum geochemical anomaly remains to be drill tested at Quebrada Verde.
Given the high levels of arsenic in some areas of the deposit, the project includes a roasting plant through which the copper concentrate will be processed to lower the arsenic content to non-penalty limits. As a by-product of the roasting, the operation will produce sulphuric acid.
On July 23 2012 the Cañaris community voted in favour of granting surface access to the Company for resumption of exploration and feasibility drilling at Cañariaco for a period of three years.
However on September 30 the new president of the Cañaris community called for a new vote where 95% of the voters (around 650 people) allegedly voted against the project. Candente resources and the Peruvian government stated that this poll was not valid and did not represent the opinion of the community as a whole.
The accompanying analysis conservatively assumes production begins in 2025.