TORONTO, ONTARIO -- (Marketwired) -- 06/27/13 -- Duran Ventures Inc. (TSX VENTURE: DRV)(LMA: DRV) ("Duran" or the "Company") is pleased to provide the following update on its optioned properties in Peru.
Don Pancho Project
The Company's partner has commenced exploration on the Don Pancho property, located on the western margin of the historic Cerro de Pasco polymetallic belt in central Peru. More specifically the Don Pancho project covers an area of 800 hectares and is located nine kilometres west of the historical Santander silver-lead-zinc mine currently being developed by Trevali Resources Corp. Previous mapping and sampling by the Company show that the surface silver-lead-zinc mineralization is associated with an extensive breccia zone measuring approximately 800 x 300 metres containing abundant sphalerite, argentiferous galena, and pyrite. Previous sampling by the Company returned significant values of silver, lead, and zinc.
Community agreements are in place and a more detailed sampling/mapping and geophysical program consisting of Induce Polarization, Resistivity and Magnetics has been completed. The initial results show a strong north-south trending IP anomaly coincident with surface mineralization measuring over 1000 metres N-S ranging between 200 to 300 metres in width flanked to the east by a NNW-SSE cross-cutting magnetic high. The Company is extremely encouraged by the initial results and drilling is expected to commence later this year.
The Company's partner, Rio Alto Mining Limited, has completed seven diamond drill holes totalling 2754 meters on the Company's Ichuna Cu-Ag project located 120 kilometres northeast of Arequipa in the Department of Moquegua in Southern Peru and adjacent to the Chucapaca Project of Gold Fields Limited and Compania de Minas Buenaventura S.A.A. ("Buenaventura"). Drilling focused along intrusive and limestone contact(s) where access and community agreements are in place. The drilling did not return significant results along this contact. The necessary access agreements could not be secured to properly drill test the area of the IP geophysical NW-SE anomaly measuring over 1500 metres in length.
The Company is also pleased to announce that it has acquired a 50 percent interest in three mining concession applications in the Department of Ayacucho, Peru. Duran will form a joint venture with Darwin Resources Corp. ("Darwin"), a Canadian exploration company, and the joint venture will be known as the Parihuana project.
The properties were applied for simultaneously by Duran and Darwin after the area became available on January 2, 2013. As there were no other competitors on the majority of the staked area, and rather than compete at an auction, Duran and Darwin agreed to collaborate on a 50/50 joint venture. The titles of the new concessions are pending and once approved, a management committee will be formed that will approve work programs and budgets.
The Parihuana project is located in the province of Parinacochas, Department of Ayacucho. The project consists of 1,500 hectares and is prospective for gold-copper skarn, porphyry and vein-style mineralization. A number of artisanal gold and copper mines are known in the general region. Reconnaissance mapping and sampling of the properties are under way.
New Land Positions
The Company has acquired by application and received titles on concessions totaling 7,491 hectares located along the prospective Cerro de Pasco polymetallic belt in central Peru. The properties consist of two blocks of contiguous concessions located 6 kilometres east and 15 kilometres southeast of Buenaventura's Uchucchacua Mine located in the province of Oyon in the Department of Lima, approximately 260 kilometers northeast of the city of Lima. The Uchucchacua Mine produced in excess of 10 million ounces of silver in 2011. Duran concessions cover similar geology as the Uchuccacua Mine and are located 15 kilometres west of a new Cu-Au porphyry discovery called Quicay 2 by a private Peruvian mining company. The new Quicay 2 discovery was recently announced at the ProEXPLO 2013 Conference in Peru in mid-May.
Duran Ventures is a Canadian exploration company focused on the exploration and development of porphyry copper, precious metal, and polymetallic deposits in Peru. The Company's principal project is the Aguila Copper-Molybdenum Porphyry Project with related silver-lead-zinc mineralization. An updated resource estimation was recently completed at the Aguila project (See News Release June 7, 2013). Jeffrey Reeder, P. Geo., a qualified person as defined in National Policy 43-101, is responsible for all technical information contained in this news release.
Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchange and the Bolsa de Valores de Lima: Symbol "DRV"
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. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are disclosed in the Corporation's documents filed from time to time with the TSX Venture Exchange and, among others, the Ontario Securities Commission as well as under the heading "Risk Factors" in the Company's annual and interim Management Discussion and Analysis.
Duran Ventures Inc.
Most Popular Stories
- NSA Defends Global Cellphone Tracking Legality
- Top Websites for U.S. Hispanics
- Ad Counts Rise in 2013 for Hispanic Magazines
- Networks Vie for U.S. Hispanic TV Viewers
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Apple Activates Customer-Tracking iBeacon
- Dell Offers Undisclosed Number of Employee Buyouts
- 2013 Tech Gift Guide: iPad Mini Still Hot; Chromecast a Great Low-Cost Option
- A Biography of Jonathan Ive, Apple's Creative Chief
- Authorities Close to Deal with JPMorgan Chase over Madoff Response