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 First Quantum Minerals Ltd (collectively “First Quantum”), has recommenced drilling on the Company’s 100 percent owned Panteria copper-gold project. Six holes were drilled in late 2017 for a total of 4190 meters. Drilling was suspended due to the poor weather in early 2018.
The drill program is focused on testing a conceptual buried porphyry target over the main Panteria area. Results to date strongly reinforce the property’s potential that a large copper-gold porphyry system is present within the project area, and the core of this system has yet to be located.
The last drill hole of the program, PANDD_006 intersected tourmaline-healed and hydrothermal breccias returning 31.30 metres of 0.497 percent copper and 0.676 grams per tonne gold, or 0.94 percent copper equivalent, within a broader interval of 125.80 metres of 0.252 percent copper and 0.283 gram per tonne gold, or 0.44 percent copper equivalent. Porphyry style mineralization and alteration defined by the drilling has at least a 1,300-metre horizontal extent and over a 770-metre vertical extent in the subsurface. Copper equivalent values for by-product gold are calculated using a copper price of US$3.00/lb. and a gold price of US$1,340/oz. No allowance is made for losses in a normal mining situation. The reported intercepts are not necessarily true widths, as there is insufficient data at this time to determine the orientation of the mineralized body.
The drilling will initially consist of four priority holes totaling 2600 metres on the El Corral Zone located within the main Panteria Zone. Hole PANDD_007, the first hole of this campaign, is collared on the same setup as PANDD_006 and drilled to the north with a dip of -70. PANDD_006 was drilled to south with a -70 dip.
First Quantum can earn up to an 80 percent interest in Panteria by completing certain milestones and payments as outlined in the Company’s news release dated March 15, 2016.
All diamond drilling has been performed using HQ-diameter drill rods, reducing to NQ diameter if required. All core was shipped to First Quantum’s warehouse in Arequipa for logging and splitting. Samples were submitted for preparation at ALS Peru SA’s preparation centre in Arequipa and later analyzed at ALS’s facilities in Lima, Peru. All samples were analyzed using multi-digestion with inductively coupled plasma finish and fire assay with atomic absorption finish for gold. Samples over 1 percent copper were re-analyzed using four-acid digestion with an ore-grade ICP finish.
The Company is also pleased to announce that a total 4,047,000 warrants have been exercised since January 2018 for proceeds to the Company of $306,750.
Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation or approved the scientific and technical disclosure 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.