Duran Reports Significant Silver and Copper Values from Ichuña Project
NEWS RELEASE 2010-15
Duran Reports Significant Silver and Copper Values from Ichuña Project
TORONTO, CANADA – October 6, 2010 –Duran Ventures Inc. (“Company”) (TSX-V: DRV) is pleased to provide an update on exploration activities at the Company’s Ichuña Project, located in the Department of Moquegua in Southern Peru. The Ichuña Project is located approximately three kilometres from the Canahuire Project of Gold Fields Limited and Compañia de Minas Buenaventura S.A.A., in respect of which these companies have recently published a mineral resource estimate of 83.7 million tonnes grading 1.9 grams of gold per tonne and 8.2 grams of silver per tonne, for an inferred resource of 5.6 million ounces of gold (calculated as a gold equivalent).
The Company has completed the current field campaign at Ichuña, which included detailed geological mapping at a scale of 1:2000, property wide channel sampling, and an extensive geophysical survey with VDG del Peru S.A.C. (Val D’Or Geophysics). The geophysical survey commenced on August 19th and was completed on September 29th. A total of 26.3 line kilometres of induced polarization (IP) and 97.8 line kilometres of magnetic (MAG), spectrometry (SPEC) and differential GPS (DGPS) are planned. VDG’s field crew has been demobilized from site.
Continuous channel samples were collected over a 2.5 kilometre, north-west trending mineralized zone which was identified in an earlier sampling program. Please refer to Company news release dated June 1st, 2010. Channels range up to 94 metres in length. Individual samples within each channel range from 0.5 to 3.0 metres in length. The channels were designed to cut across rather than sample along mineralized structures where identified, and define larger zones of mineralization. A total of 617 samples were collected during this field campaign: 572 samples were collected from 47 separate channels, and 45 exploration chip samples were collected. Preliminary results from the first 330 samples were released in a Company news release dated September 24th, 2010. Results from the last 192 assays received are summarized in the table below. Results from the remaining 95 samples will be released shortly.
| LOCATION | CHANNEL | FROM | TO | LENGTH (m) | Ag (g Ag/T) | Cu (%) | Pb (%) | Zn (%) |
|---|---|---|---|---|---|---|---|---|
| Sayhuani East | 34 | 0.0 | 8.0 | 8.0 | 12.6 | 0.657 | - | 0.012 |
| Sayhuani West | 35 | 0.0 | 27.0 | 27.0 | 187.5 | 0.321 | 0.133 | 0.061 |
| 36 | 0.0 | 19.5 | 19.5 | 277.3 | 0.343 | 0.665 | 0.063 | |
| 37 | 0.0 | 21.0 | 21.0 | 320.5 | 0.202 | 0.170 | 0.64 | |
| Sayhuani | 38 | 0.0 | 6.0 | 6.0 | 231.0 | 0.986 | 0.797 | 0.074 |
| 39 | 0.0 | 4.5 | 4.5 | 100.0 | 0.636 | 0.654 | 0.174 | |
| 41 | 0.0 | 6.8 | 6.8 | 101.0 | 2.460 | 0.040 | 0.262 |
Sayhuani East Zone mineralization is hosted in altered intermediate volcanic rock containing abundant iron oxide minerals. Copper oxide minerals are associated with quartz veinlets and stockworks cutting the volcanic rock. Channel 34 returned values of 12.6 grams of silver per tonne, and 0.65% copper over an 8 metre sample length.
The Sayhuani West Zone is located roughly 500 metres to the west of the Sayhuani East Zone and 500 metres to the southwest of the Sayhuani Zone. Mineralization in the Sayhuani West Zone is hosted in cherty limestone, which is strongly brecciated and locally silicified. Channels in the Sayhuani West area have intersections of up to 320 grams of silver per tonne and 0.2 % copper over 21.0 metres in Channel 37. Channel 36 returned values of 19.5 metres of 277.3 grams of silver per tonne and 0.34% copper over 19.5 metres.
The host rocks, alteration, and mineralization characteristics in the Sayhuani zone are similar to those of the Sayhuani East and West Zones. Channel 38, which is hosted in altered intermediate volcanic rock, returned values of 231 grams of silver per tonne and 0.98% copper over 6.0 metres. Channels 39 and 41 are both hosted in strongly brecciated limestone, with Channel 41 returning 101 grams of silver per tonne and 2.4% copper over 6.8 metres.
15 out of 21 individual samples from the Sayhuani West channel samples described above returned silver values over 100 grams of silver per tonne, with the highest sample returning 1000 grams of silver per tonne and 1.35% copper over 3.0 metres (sample number 1206 from Channel 36). In the Sayhuani Zone channel sampling summarized above, the highest individual silver value is 405 grams of silver per tonne over 3.0 metres (sample number 1215 from Channel 38), and the highest individual copper value is 5.0% over 2.0 metres (sample 1246 from Channel 41). Anomalous lead, zinc, arsenic, barium, and antimony are commonly associated with elevated copper and silver values in all areas.
The Company will report complete channel and chip sampling results when all assay information is received from the laboratory. Geological, geochemical, and geophysical data with maps will be reviewed together in order to define drill targets.
Assaying is carried out by the ALS Chemex Laboratory in Lima, Peru, a laboratory whose quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. A four-acid digestion with 33 element ICP-AES analysis is conducted on all samples, with silver, lead, and zinc being reanalyzed with an atomic absorption spectrometry method when analyzing over the ICP limits. Gold is assayed using a fire assay with an atomic absorption spectrometry finish. The Company maintains a secure chain of custody in storing and transporting samples.
Duran Ventures is a Canadian exploration company focused on the exploration and development of porphyry copper, precious metal, and polymetallic deposits in Peru. Cary Pothorin, 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: Symbol “DRV”
For additional information, contact: Jeffrey Reeder Tel: (647)3023290 or Cary Pothorin (250) 8161940
Website: www.duranventuresinc.com Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider 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.