Duran Acquires Three GOLD Properties IN Northern PERU
DURAN ACQUIRES THREE GOLD PROPERTIES IN NORTHERN PERU
(Toronto, Ontario – April 24, 2017) Duran Ventures Inc. (TSXV: DRV; BVL: DRV)(“Duran” or the
“Company”) is pleased to announce the acquisition of th ree gold-silver mineral concessions in Northern
Peru through direct application with the Peruvian Ministry of Mines or by direct purchase. All concess ions
are 100% owned with no underlying royalties, are road accessible, were subject to varying forms of small
scale artisanal mine workings, and were acquired as potential mineral sourc es for Duran’s 80% owned
Aguila Norte Mineral Processing Plant (“Aguila Norte” or the “Plant”). The three properties acquired are
summarized below.
Miton de Oro
The Miton de Oro property is accessed via 157 kilometres o
f mostly asphalt road from Aguila Norte and
consists of a 700 hectare concession application that was recently won in a closed bid auction that
included Barrick and Newmont as competitors. Mineralization at Miton de Oro is considered similar to the
past producing Machacala Au-Ag mine located 8.5 kilometres to the northwest. Historic production
records that cannot be verified by the Company from the Machacala mine noted by the previous
operators that 232,645 tons of ore were mined with average grades of 6 g/t Au and 10 g/t Ag. Highlights
of initial reconnaissance sampling on the Miton de Oro property of an abandoned, 22 metre long
artisanal drift located in the east of the property that exploited Low Sulphidation epithermal quartz veins
hosted in pyroclastic rocks returned 127.1 g/t Ag with 1.15 g/t Au, 881.7 g/t Ag with 1.32 g/t Au, and
574.21 g/t Ag and 0.34 g/t Au on sample and vein widths of up to 40 cm. Hand selected quartz vein
material from this artisanal workings dump pile returned 660.4 g/t Ag and 1,706.6 g/t Ag. Several other
areas on the property have returned strong Au-Ag mineralization and will require further follow up. A
large Low Sulphidation target may exist on the property.
The initial focus will be on the area of the artisanal workings. Exploration will involve reopening the
historic workings where high grade silver and gold mineralization is located. Initial exploration will
comprise of exploration drifts along and perpendicular to the mineralized structures. Any mineralized
material from the drift will be shipped to Aguila Norte for processing. The Company intends to start the
permitting for underground exploration once title is officially granted within the usual six week period.
Indio Inka
The 100% o
wned, 470 hectare Indio Inka Property is located roughly 224 kilometres by mostly asphalted
road from the Aguila Norte processing plant. Duran’ s subsidiary Hatum Minas SAC purchased 100% of
the property with a small cash payment with no underlying royalties. The property is located
approximately 5 kilometres northeast of Eloro Resources’s Victoria Gold Project in Northern Ancash.
The property’s principal showing consists of high gr ade gold hosted in a near vertical, silicified breccia
structure that roughly parallels bedding in the host lutite. The mineralized structure reaches 1 to 2 metres
wide, and has been subject to artisanal development on two levels. Sampling within the old working,
mostly from oxide/sulphide mix material, has returned results ranging from 1.48 to 13 g/t Au on 12
samples with sample lengths ranging from 0.4 to 1 metre. Initial metallurgical samples have shown 89%
Au recovery (64% passing -200 mesh) from a Au-Ag-Cu concentrate flotation test in sulphide material
and 92% Au recovery (90% passing -200 mesh) in cyanidation bottle roll tests in oxide material. The
Company plans to extend the current mineralization by exploration drifting along the mineralized
structures.
Pueblo de Oro
The 500 he
ctare Pueblo de Oro property is located in the Ancash Department near the small town of
Pueblo Libre. The property is accessed via roughly 292 kilometres of mostly asphalt roads from the
Aguila Norte plant and encompasses epithermal, oxide gold-silver mineralization hosted in fractured,
brecciated, and faulted quartzites of the Chimu Formation. Historical mine workings are localized in a
highly brecciated fault zone parallel to the hinge of an overturned, tightly folded syncline where at least
two periods of exploitation have occurred including small, artisanal style tunnels and a large
mechanically exploited stope measuring roughly 3,450 square metres entering the hill for 170 metres
with widths of up to 30m. The area was originally claimed in 1980 by a private Peruvian company and
was allowed to lapse in 2013. The property was visited and sampled by MacMillan Gold (now Duran) in
1996 but only recently acquired by Duran by application in 2014 with other bidders. Due to errors in other
competitor’s applications, the Peruvian Ministry rejected the applications and no closed bid auction was
necessary. Duran was notified by the Ministry that it has been awarded the property and title registration
should be completed in the next few weeks.
Sampling in the old workings has returned up to 7.33 g/t Au and 1058 g/t Ag in individual samples with
sample lengths of 0.6m and 0.4m respectively. In total, 36 random samples were taken underground and
averaged 0.73 g/t Au and 66.9 g/t Ag. It is apparent that the Au-Ag grade depends on the brecciation
intensity. The old mine dumps returned anomalous results from grab samples with individual samples
assaying 4 g/t Au and 431 g/t Ag. In total, 14 samples were collected from the old mine dumps and
averaged 0.81 g/t Au and 151 g/t Ag. These samples are random grab samples outside the workings and
are not necessarily representative of the mineraliz ation hosted on the property. The Company intends to
conduct mapping to understand the structural controls on the gold-silver mineralization.
The Company intends to find a partner to initially explore the property. The Chimu quartzites are
excellent hosts for precious metal mineralization in Northern Peru. Barrick’s massive Alto Chicama Mine
and Tahoe’s La Arena mines are excellent examples of this type of precious metal mineralization. The
exploration target at Pueblo de Oro is underground high grade operation similar to PPX Mining’s Igor
Project in Northern Peru. Any agreement will first assess the economics of treating mineral at Duran’s
Aguila Norte plant during the development stage.
Jeffrey Reeder, CEO and President of Duran states “The Mineral Processing business is very
competitive and secure mineral feed is the key to success. Our eventual corporate goal is to feed our
Aguila Norte Plant with mineral from 100% owned Duran properties. These acquisitions are within
acceptable transportation distances to the Aguila Norte Plant. We will continue to seek partners for our
properties and focus on creating joint ventures and royalty streams. The acquisitions of these properties
follow our business model as a Cash and Prospect Generator.”
Quality Assurance and Quality Control
All sample lots were delivered to the
ir respective laboratory by Company geologists where the laboratory
crushed, pulverized, and split the sample for assay. No quality control material was submitted with the
samples.
Miton de Oro samples were analysed for Au and Ag using fire assay with gravimetric finish by G&S
laboratories of Trujillo, Peru, a private and independent laboratory. Two check samples were submitted
to Minera Platinum, a separate private and independent laboratory, for Au and Ag analysis also using fire
assay with gravimetric finish and the results fell within acceptable error limits.
Indio Inka samples were analysed by Inspectorate Services SAC for gold by fire assay with atomic
absorption finish and with 44 element aqua regia digestion ICP emission spectroscopy. Samples
containing more than 10 g/t gold were re-assayed analyzed using fire-assay with gravimetric finish.
Reanalysis of the over-limit samples using fire-assa y with gravimetric finish duplicated the previous
results. No quality control material was employed in the sampling. All samples were also submitted for
gold analysis by fire assay with ICP emission spectr oscopy and achieved similar results to gold by fire
assay with atomic absorption finish.Metallurgical tests for the Indio Inka property were completed by
Minares Sur and Minera Platinum, two private and independent Peruvian laboratories.
Pueblo de Oro samples were analyzed by Inspectorate Services Peru SAC for gold and silver by fire-
assay with atomic absorption finish. Over-limit gold and silver were reanalysed by fire assay with
gravimetric 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.
About Duran
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 polici
es 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
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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 Canadi an 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 c an be no assurance that they will prove to be
correct. In evaluating forward-looking statements and information, readers should carefully consider the
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