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 “FQM”), has received all necessary permits and approvals to commence drilling on Duran’s Panteria Cu-Au project (“Panteria”). FQM entered into an option agreement (the “Agreement”) on Panteria in 2016. Panteria is comprised of several contiguous concessions covering 7,204 hectares located 200 kilometres (“km”) southwest of Lima in the Huancavelica Department. The permits allow the construction of 20 drill pads and drilling is expected to commence by the third week in August.
The Panteria project was first identified and staked by Duran’s exploration team in 2007. Subsequently additional concessions were acquired by application and the property now covers 7,204 hectares. In 2004, Rio Tinto carried out a small three-hole diamond drill program focusing on magnetic highs. No induced polarization (“IP”) geophysical work was ever conducted by Rio Tinto. Historical reports noted anomalous Cu-Au in the drill holes. In 2014 Duran carried out surface geochemistry and geophysical surveys consisting of 567 rock samples, 68 km of magnetics and 31.5 km of IP surveys defining two distinct target areas called the Panteria and the Ronaldo zones. After further interpretation, coupled with new geophysical information, Duran believed that Rio Tinto’s drill holes were collared several hundreds of metres west of the main area where geological and geophysical data suggest the possible location of a porphyry centre.
In 2016 FQM expanded the geophysical survey by adding 20.1 km of IP coverage. New geochemical sampling by FQM on the main Panteria zone revealed widespread Au-Cu-Mo geochemical anomalies. In particular, soil sampling in 2016 revealed N-S trending 3500 metre long molybdenum anomaly (>15ppm) ranging between 500 and 1000 metres wide. New geophysical interpretations by FQM also confirm that historical drilling did not properly test priority targets.
Under the terms of the Agreement FQM may earn up to 80 per cent 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 FQM proceeds to a decision to mine, it has the option to buy the remaining 20-per-cent equity from Duran for 2 cents (US $0.02) per pound of copper equivalent based on 20 per cent 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.
Jeffrey Reeder, Chairman and Chief Executive Officer of Duran, commented: “We are extremely pleased with the work performed by First Quantum both technically and socially. Attracting a partner like First Quantum shows Duran’s grassroots exploration success in identifying areas with exploration potential that had been previously overlooked.”
Duran also announces that Mr. Joseph Del Campo has resigned, effective immediately, from the Company’s board of directors due to outside business commitments. The Company would like to thank Mr. Del Campo sincerely for his contributions to Duran since joining the board in 2006.
Jeffrey Reeder, P.Geo., and 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.