Figures 2, 3, and 4 can be viewed at the links that follow:
Figures 2 and 3:
Duran President and CEO, Jeffrey Reeder, states, "We are very excited by the presence of a 71.1 million tonne core of Indicated Resources, representing higher grade mineralization, primarily in the intrusive rocks that averages 0.52% copper equivalent. Our preliminary metallurgical study demonstrated 93% copper and 91% molybdenum recoveries respectively, in these intrusive rocks."
Positive preliminary metallurgical results determined by G&T Metallurgical Services Ltd. (G&T) (See News Release Jan. 9, 2012) confirmed that the copper/molybdenum mineralization is amenable to standard flotation processing with good recoveries and no deleterious elements.
Resource Estimation Methodology - James A. McCrea, P.Geo.
The Aguila Project mineral resource estimate was prepared by James A. McCrea, P.Geo. Mr. McCrea has over 25 years of experience as a geologist and almost 20 years doing resource estimates.
The database used to evaluate mineral resources for the Aguila deposit contains 51 diamond drill holes (24,720 metres) and 21 lines of surface channel samples (3,155.63 metres). All drilling and sampling programs were undertaken by Duran between 2007 and 2013 with the exception of five diamond drill holes completed by Rio Tinto between 1998 and 1999. All diamond drill holes were completed using HQ and NQ (or thin wall) drilling tools. Drill hole collars were surveyed with differential GPS. Duran submitted approximately 278 core samples for specific gravity measurements to the ALS Chemex laboratory in Lima, Peru. The specific gravity measurements and lithologies logged for each interval were reviewed and it was noted that there was little difference in specific gravity with respect to lithology so an average specific gravity value of 2.78 was assigned globally to all rock types. The specific gravity value is used to convert block volumes into tonnage.
The Aguila deposit is composed of three major lithological units; two intrusive stocks intruding a mixed sedimentary unit (shales to quartzite). Lithological boundaries for the main two intrusive units were interpreted and modelled as wireframe solids by Duran and verified by the author (a grade shell using a 0.1% copper cut-off was built to constrain the sedimentary unit). The assay intervals within the three lithologic units were analyzed using histograms and cumulative probability plots to determine appropriate capping levels. Capping was implemented to control the influence of high grade outliers. The capped assays were composited to 3.0 metres for all lithologies.
Variograms were modelled for copper and molybdenum in each lithologic unit in the Aguila deposit. A grade shell using a 0.1% copper cut-off was built to constrain the estimate in the sedimentary unit and limit the influence of the low grade halo around the deposit. A partial (percent) model was constructed for each lithologic unit to give accurate volume to tonnage conversions. The block size selected was 6 by 6 by 6 metres, which represents a reasonable pairing to possible equipment size selections for the size of the pit, in the author's opinion.
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