Centenera Signs Option Agreement to Acquire El Penon Gold Project, San Juan Province, Argentina

- November 9th, 2016

Vancouver, British Columbia — Centenera Mining Corporation (the “Company”) – (TSXV: CT, OTCQB: CTMIF), announces that, subject to TSX Venture approval, it has signed a property option agreement, whereby it has been granted the exclusive option (the (“El Option”) to acquire a 100% interest in the El Penon Gold Project (“El Penon” or the “Project”). The Project is located in San Juan Province within a geological terrane called the Precordillera, which hosts several known gold deposits including the Gualcamayo gold mine operated by Yamana, located approximately 80km to the north. Initial work will comprise mapping, prospecting and stream sediment sampling.

Vancouver, British ColumbiaCentenera Mining Corporation (the “Company”) – (TSXV: CT, OTCQB: CTMIF), announces that, subject to TSX Venture approval, it has signed a property option agreement, whereby it has been granted the exclusive option (the (“El Option”) to acquire a 100% interest in the El Penon Gold Project (“El Penon” or the “Project”). The Project is located in San Juan Province within a geological terrane called the Precordillera, which hosts several known gold deposits including the Gualcamayo gold mine operated by Yamana, located approximately 80km to the north. Initial work will comprise mapping, prospecting and stream sediment sampling.
Project Background
The Project was first explored in 2004, when the Project was acquired by Committee Bay Resources (“CBR”) and work continued sporadically through to 2006. The exploration program was based on a Nevada (Carlin-type) exploration analog. The prospective Precordillera is in a typical basin-and-range setting similar to Nevada and is underlain by a sequence of predominantly “dirty limestone” or calcareous argillite, arenite and debris flow which are thrust over more massive, micritic limestone.
The CBR work comprised initial stream sediment sampling and follow-up. A total of 85 stream sediment samples were taken, returning gold values from below detection to 2.5 g/t gold. The majority of samples are low-level stream sediment anomalies with 36% >20ppb and 9% >200ppb. Elevated multi-element gold pathfinder elements include silver, arsenic, antimony, thallium, mercury, tellurium and tungsten. This signature is similar to Nevada and reinforced the Carlin-model for CBR. In total, the historical sampling defined anomalous geochemistry over 9km strike length. Rock sampling that accompanied the stream sediment sampling did not identify the source of the gold mineralization, which is assumed to be reasonably proximal to the stream anomalies and within the El Penon project area.
The area was later identified as an exploration target by regional targeting work commissioned by Cardero Resource Corp. (“Cardero”) in 2007. Cardero commissioned structural consultants to complete a comprehensive structural targeting and alteration mapping from Aster satellite imagery. The report identified a number of moderate to high-priority exploration targets in the Precordillera belt, including El Penon. Cardero geologists followed up on a number of targets in the field but the El Penon target was not followed up for logistical reasons. At the time, Cardero geologists were unaware of the previous work carried out by CBR or the geochemical anomaly.
Readers are cautioned that a qualified person has not yet completed sufficient work to be able to verify the historical information, and therefore the information should not be relied upon.
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