Duran Ventures Inc. (TSXV: DRV; BVL: DRV) (“Duran” or the “Company”) is pleased to announce that Minera Antares Peru SAC, a wholly owned subsidiary of TSX listed First Quantum Minerals Ltd. (collectively “First Quantum”) has commenced drilling on Duran’s 100% owned Panteria Cu-Au project (“Panteria”). In late July, First Quantum received all necessary permits and approvals to commence drilling. The Panteria project comprises several contiguous concessions covering 7204 hectares located 210 kilometres southeast of Lima in the Huancavelica Department. First Quantum plans to drill approximately 3000 metres in five diamond drill holes.
Panteria was first identified by Duran’s exploration team and the main Panteria concession was acquired by application at the Ministry of Mines in 2007. Exploration by the Company identified two distinct areas called the Panteria and the Ronaldo zones. Further work by First Quantum in 2016-2017 expanded Duran’s geophysical and geochemical surveys and coupled with additional mapping identified three distinct target areas within the main Panteria zone; El Gato, La Quebrada, and El Corral. The combined area of these three targets covers an area of 2000 metres x 1200 metres.
Each of these targets has multi-element geochemical anomalies and shows typical porphyry style alteration. The El Gato and El Corral areas have similar geophysical signature showing a resistivity low within a large and strong chargeability anomaly. These areas were not identified by the previous operator RTZ Mining. However, three holes were drilled near the La Quebrada area. Results from the last hole drilled by RTZ Mining intersected 180 metres returning 0.13% Cu, 50 ppm Mo and 0.06 ppm Au at the bottom of the hole. The La Quebrada area has an unusual low resistivity feature within a chargeable envelope coupled with a tight and discrete magnetic anomaly. Typical porphyry alteration styles are present with phyllic and quartz stockwork development.
First Quantum and Duran entered into a property option agreement (the “Agreement”) on Panteria in 2016 whereby First Quantum may earn up to 80% of Panteria by delineating a mineral resource, and reporting the resource in compliance with National Instrument 43-101, in excess of 1 million tonnes of copper equivalent within 5 years and making a series of escalating payments with a maximum cumulative total of US $500,000 after the initial due diligence period. If First Quantum proceeds to a decision to mine, it has the option to buy the remaining 20% equity from Duran for 2 cents (US $0.02) per pound of copper equivalent based on 20% of delineated reserves. Duran will retain a 0.5% net-smelter-return royalty. The details of the Agreement are outlined in the Company’s press release dated March 15, 2016.
The Company will provide updates with the progress of the drilling once all data is compiled and data verified by the Company’s geologists. Strict QA-QC controls are in place.
Jeffrey Reeder, P.Geo., and a qualified person as defined in National Instrument 43-101, is responsible for all technical information contained in this news release.
Duran Ventures Inc. is a Canadian exploration company focused on mineral processing and the exploration and development of precious and base metal properties in Peru.
Duran Ventures Inc. is a Canadian resource company Listed on the
TSX Venture Exchange and the Bolsa de Valores de Lima: Symbol “DRV”
For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290
or Oscar Pezo at (011) 511 422-1467
Website: www.duranventuresinc.com Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation. We use words such as “might”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate”, “forecast” and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.