Drilling Commences on the Don Pancho Polymetallic Property in Peru
April 23 2014 - 7:00AM
Marketwired
Drilling Commences on the Don Pancho Polymetallic Property in Peru
TORONTO, ONTARIO--(Marketwired - Apr 23, 2014) - Duran Ventures
Inc. (TSX-VENTURE:DRV)(LMA:DRV) ("Duran" or the "Company") is
pleased to announce that their partner (the "Optionee") has advised
the Company that drilling has commenced on the Don Pancho
Polymetallic Silver-Lead-Zinc Project (the "Project") located in
the Department of Lima, PerĂº. The Optionee is a well-funded private
Peruvian mining company and has the option to earn a 70% interest
in the project for cash consideration of US$2,030,000 (US$280,000
paid to date) and incurring at least US$3,500,000 of exploration
costs within the first 36 months of the agreement. To complete the
option the Optionee is required to deliver an economic study on the
project, after which the project will become a joint venture.
The Project covers an area of 800 hectares, located in a
prolific mineral belt in Central Peru. The World Class Iscaycruz
and Yauliyaca Mines operated by GlencoreXstrata plc are located 50
kilometres to the north-northwest of the Project. Production at
Iscaycruz Mine during 2013 totaled 1.2 Mt at 7.3% Zn, 0.4%Pb and
0.4% Cu (source
http://www.glencorexstrata.com/assets/Investors/GLEN-2013-Resources-Reserves-Report.pdf).
Buenaventura's Uchucchauca Mine located 63 kilometres north of the
Project produced 10,090,337 ounces of silver in 2011 (source:
http://www.buenaventura.com). Furthermore the world class Morococha
district is located 70 kilometres to the southeast of the Project.
This district hosts the Toromocho Copper Mine owned by Chinalco and
the Morococha Mines owned by Pan American Silver Corp. There is no
certainty that further exploration on the Don Pancho Project will
result in the discovery of any similar deposits.
Locally, the Project is situated nine kilometres west of the
Santander silver-lead-zinc mine owned by Trevali Resources Corp.
The Santander Mine achieved commercial production in the first
quarter of 2014. Power is supplied to the mine from the Tingo
Hydroelectric Plant located 10 kilometres west from the Project.
This hydroelectric plant is connected by an established power line
to the Santander Mine, which crosses the Project concessions, and
in turn, was recently connected by Trevali Resources to the
Peruvian National Energy Grid to power the mine and processing
plant.
The Optionee anticipates approximately 3,500 metres of diamond
drilling to test two targets at the Don Pancho Project. The primary
drill target is defined by surface mineralization consisting of
multiple Pb-Zn-Ag-Mn replacement horizons/gossans that have been
mapped along 950 metres of strike length in a corridor measuring 10
metres to 215 metres in width and hosted in prospective
stratigraphy of the Cretaceous Chimu, Santa, and Carhuaz
Formations. Drilling will also target possible disseminated or
skarn base metal mineralization that is interpreted to coincide
with a chargeability geophysical high.
Diamond drilling at the Project is accompanied with a quality
assurance and quality control ("QA/QC") program that is managed by
the Optionee. The QA/QC program has been reviewed by the Company
and it includes industry standard documentation for all aspects of
the diamond drill program and secure handling of the core samples.
Mr. Ryan Grywul P.Geo, a consultant to the Company, is a qualified
person as defined in National Policy 43-101 and is responsible for
all technical information contained in this news release.
Duran is a Canadian exploration company focused on the
exploration and development of porphyry copper, precious metal, and
polymetallic deposits in Peru.
Duran Ventures
Inc. is a Canadian resource company listed on the TSX
Venture Exchange: 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. 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 that may cause actual results to vary include but are
not limited to the speculative nature of mineral exploration and
development, including the uncertainty of resource estimates;
operational and technical difficulties; the availability to the
Company of suitable financing alternatives; fluctuations in copper
and molybdenum and other commodity prices; changes to and
compliance with applicable laws and regulations, including
environmental laws and obtaining requisite permits; political,
economic and other risks arising from our Peruvian activities;
fluctuations in foreign exchange rates; as well as other risks and
uncertainties which 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.
Duran Ventures Inc.Jeffrey Reeder(416)
867-1591info@duranventuresinc.comwww.duranventuresinc.com
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