Toronto, Ontario–(Newsfile Corp. – April 12, 2018) – Duran Ventures Inc. (TSXV: DRV) (“Duran” or the “Company”) is pleased to announce drilling results from its 100-per cent-owned Panteria copper-gold project located 210 kilometres southeast of Lima in the Huancavelica department. Drilling was conducted by Minera Antares Peru SAC, a wholly owned subsidiary of First Quantum Minerals Ltd whereby First Quantum can earn up to an 80% interest in Panteria by completing certain milestones and payments outlined in the Company’s news release dated March 15, 2016. First Quantum received all necessary permits in August, 2017 and drilled a total of 4160 metres in six holes finishing early 2018.
The initial drill program focused on testing a conceptual buried-porphyry target over the main Panteria area. Results strongly re-inforce the property’s potential that a large copper-gold porphyry system is present within the project area and the core of the system has yet to be located. Four of the six widely spaced holes intersected copper-gold mineralization associated with strong phyllic alteration (quartz-sericite-pyrite) often overprinting an earlier potassic alteration (secondary biotite). Copper-gold mineralization associated with the typical porphyry style alteration intersected shows that there is at least a 1300 metre horizontal extent of the mineralization and alteration in the sub-surface and over a 770 metre vertical extent.
The last drill hole of the program, PANDD_006 located between holes PANDD_002 and PANDD_004 (see maps below), intersected tourmaline healed and hydrothermal breccias returning 31.30 metres of 0.497% Cu and 0.676 g/t Au or 0.94 % copper equivalent (“CuEq”) within a broader interval of 125.80 metres of 0.252% Cu and 0.283 g/t Au or 0.44 % CuEq. This type of mineralization and alteration suggests close proximity to the core of the porphyry system. A strong quartz stockwork system (A veins) was intersected in PANDD_004 and later overprinted or altered to an intermediate argillic (SCC) type alteration. This mineralization and alteration in PANDD_004 is located 400 metres north of the mineralization in PANDD_006 and possibly shows a different mineralized porphyry event. The following table summarizes the drill results:
|From (m)||To (m)||Interval (m)||Cu %||Au g/t||% CuEq|
Notes: Copper equivalent (Cu Eq.) 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.
Discussion of Results
First Quantum’s geologists note that multiple porphyry phases were intersected and alteration and mineralization styles present strongly suggest that drilling intersected the pyritic shell. Mineralized tourmaline healed breccias abundant in PANDD_006 also suggest the core of the porphyry is within close proximity. These alteration and breccia types are always peripheral in a porphyry system and further exploration is warranted. Furthermore, further drilling is required to test the conductive zones located to the west and northwest of the current drilling.
Typical copper-gold porphyry systems generally have high grade cores showing strong potassic alteration with well developed quartz stockworks systems. The hydrothermal system present at Panteria is very extensive and well developed over a wide area. The core of the system is generally much smaller and always higher grade and has yet to be located. The company is extremely encouraged that there are many intervals of peripheral copper-gold mineralization returning copper equivalent values above 0.20 % CuEq.
Duran’s technical team has reviewed the core and is very pleased with the quality of the data. Shareholders and potential investors are encouraged to visit Duran’s website to review the maps and photos of the core showing alteration types and their relative locations.
First Quantum is expected to continue the drilling once the weather improves. Duran is very pleased with the social programs being implemented by First Quantum and the Company encourages shareholders and potential investors to review the videos provided by First Quantum regarding the social and technical work on the Company’s website in the Panteria project section of Duran’s website (www.duranventuresinc.com).
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 S.A’s (“ALS”) 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 per cent copper were reanalyzed using four-acid digestion with an ore-grade ICP finish.
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.
Panteria Project: Topographic Map and Drill Hole Traces
To view an enhanced version of the Panteria Project Map, please visit:
Panteria Copper – Gold CuEq% Cross-Section Looking NW
To view an enhanced version of Panteria Copper – Gold CuEq% Cross-Section Looking NW, please visit:
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.