Duran Ventures Reports Latest Positive Results From 2011 Aguila Drill Program: Highlights include: 197 metres of 0.64% Copper (“Cu”) with 0.041% Molybdenum (“Mo”) and 117 metres of 0.87% Cu and 0.029% Mo
Duran Ventures Reports Latest Positive Results From 2011 Aguila Drill Program: TSX.V: DRV
Highlights include: 197 metres of 0.64% Copper (“Cu”) with 0.041% Molybdenum (“Mo”) and 117 metres of 0.87% Cu and 0.029% Mo
TORONTO, CANADA – June 28, 2011 – Duran Ventures Inc. (TSX-V: DRV) (“Duran” or the “Company”) is pleased to report final assay results from diamond drill hole 11AGD020, 11AGD021 and 11AGD022, and initial results for 11AGD023. Initial results from 11AGD020 were reported in an earlier Company news release, along with results from 11AGD018 and 019 (News release dated June 6, 2011, at http://www.duranventuresinc.com/news.php). Holes AGD018 to 020 were drilled on section 10000N, while holes 11AGD021 through 023 were drilled on Section 10100N, 100 metres to the north. All drill holes are located on the Company’s 100% owned Aguila Porphyry Copper- Molybdenum Project in Peru. The Aguila Project is located in the Department of Ancash in northcentral Peru, some 400 kilometres northwest of Lima.
A 15,000 metre diamond drilling program commenced on April 19th. SRK Consulting has been retained to prepare a preliminary NI 43-101 compliant resource estimate as soon as the drill program is completed. As of June 27th, 7 holes have been completed and 3 are in progress. A fourth drill rig is anticipated to arrive on site in mid-August in order to accelerate the drilling program. The following table shows significant copper and molybdenum drill intercepts from the current drill program:
| HOLE ID | SECTION | FROM (m) | TO (m) | INT (m) | Cu (%) | Mo (%) | CuEq (%) |
|---|---|---|---|---|---|---|---|
| 11AGD018* | 10000N | 0.0 | 564.5 | 564.5 | 0.61 | 0.029 | 0.81 |
| including | 0.0 | 480.8 | 480.8 | 0.69 | 0.031 | 0.93 | |
| 480.8 | 564.5 | 83.7 | 0.20 | 0.023 | 0.36 | ||
| 11AGD019* | 10000N | 0.4 | 496.0 | 495.6 | 0.31 | 0.027 | 0.50 |
| including | 0.4 | 284.0 | 283.6 | 0.22 | 0.031 | 0.43 | |
| including | 284.0 | 496.0 | 212.0 | 0.44 | 0.022 | 0.59 | |
| 11AGD020* | 10000N | 0.0 | 640.0 | 640.0 | 0.41 | 0.033 | 0.64 |
| including | 0.0 | 333.9 | 333.9 | 0.60 | 0.035 | 0.85 | |
| 333.9 | 640.00 | 306.1 | 0.19 | 0.031 | 0.41 | ||
| including | 421.6 | 459.50 | 38.0 | 0.48 | 0.025 | 0.64 | |
| 11AGD021 | 10100N | 0.0 | 525.0 | 525.0 | 0.37 | 0.030 | 0.57 |
| including | 0.0 | 335.0 | 335.0 | 0.48 | 0.036 | 0.72 | |
| including | 80.8 | 278.0 | 197.2 | 0.64 | 0.030 | 0.92 | |
| 335.0 | 525.0 | 190.0 | 0.17 | 0.020 | 0.31 | ||
| 11AGD022 | 10100N | 0.15 | 320.5 | 320.35 | 0.48 | 0.021 | 0.62 |
| including | 0.15 | 117.5 | 117.35 | 0.87 | 0.029 | 1.06 | |
| including | 117.5 | 216.3 | 98.8 | 0.29 | 0.020 | 0.43 | |
| including | 216.3 | 320.5 | 104.2 | 0.23 | 0.012 | 0.31 | |
| 11AGD023 | 10100N | 11.8 | 356.5 | 344.7 | 0.20 | 0.043 | 0.50 |
| including | 243.0 | 300.5 | 57.5 | 0.45 | 0.075 | 0.97 | |
| 356.5 | E.O.H. | RESULTS PENDING |
- INDICATES PREVIOUSLY RELEASED ASSAY RESULTS
Total Cu equivalent is the sum of the Cu% plus 6.756 times the Mo% based on an assumed 6.756:1 economic ratio of Mo to Cu selling prices (i.e. US$1.85 Cu to US$12.50 Mo). Metallurgical recoveries and net smelter returns are assumed to be 100%. These equivalence grades should not be interpreted as actual grades since the conversion ratio varies with the volatile prices of copper and molybdenum and the economic recovery of copper and molybdenum can very significantly in actual extraction and processing. The Company feels this is a reasonable long term ratio to use for this purpose. E.O.H. is ‘End of Hole’.
Diamond drill core is cut in half with a diamond saw, and one half of the core is sent to the analytical laboratory. All core samples are prepared and analyzed at ALS Chemex in Lima (a certified laboratory) using a four-acid digestion and atomic absorption method for copper and molybdenum, as well as a multi-element ICP analysis. Analysis for gold is done by a fire assay and atomic absorption finish on ten percent of drill core samples. The company has a QA/QC protocol in place which includes the use of certified standards, blanks, and duplicate samples, as well as secure care and custody of samples.
Diamond drill hole 11AGD020 is located between holes 11AGD018 and 11AGD019 on section 10000N, and was drilled at an azimuth of 70 degrees and an inclination of -70 degrees to a final depth of 640.0 metres. The initial 333.9 metres from surface intersected the main Aguila porphyry, with an average of 0.60% Cu and 0.035% Mo (Cu equivalent value of 0.85%). The interval from 333.9 to 640 metres depth, which intersected mostly altered host sediments, averaged 0.19% Cu and 0.031% Mo (Cu equivalent value of 0.41%).
Diamond drill hole 11AGD021 was drilled at the northern end of the Aguila open pit on drill section 10100N at an azimuth of 70 degrees and an inclination of -70 degrees to a final depth of 722.6 metres. The 197.2 metre interval from 80.8 metres depth to 278.0 metres depth intersected mostly porphyrytic diorite intrusive rock, and returned an average of 0.64% Cu and 0.041% Mo (Cu equivalent of 0.92%). The initial 335 metres, which included both diorite intrusive and sedimentary rock, averaged 0.48% Cu and 0.036% Mo (Cu equivalent of 0.72%).
Diamond drill hole 11AGD022 was drilled approximately 100 metres to the east of 11AGD021 at an azimuth of 70 degrees and an inclination of -70 degrees to a final depth of 557.3 metres. The initial 117.35 metres from surface averaged 0.87% Cu and 0.029% Mo (Cu equivalent value of 1.06%). This interval intersected predominantly diorite porphyry intrusive with some sedimentary rock.
Diamond drill hole 11AGD023 was drilled approximately 80 metres to the west of 11AGD021 at an azimuth of 70 degrees and an inclination of -70 degree to a depth of 699 metres. The initial 344.7 metres from surface intersected mostly host sedimentary rock with minor diorite intrusive, and averaged 0.20% Cu and 0.043% Mo (Cu equivalent value of 0.50%). The 57.5 metre interval from 243.0 to 300.5 metres intersected mostly diorite porphyry intrusive rock, and averaged 0.45% Cu and 0.075% Mo (Cu equivalent value of 0.97%). Full results for this hole will be provided in the near future.
The Company is very pleased with results from the drill program to date. The anomalous copper and molybdenum mineralization in drill holes intersected to date indicate that the Aguila system remains open in all directions, and at depth.
A representative of SRK Consulting has completed an initial site audit, which included a review of drilling, core logging, sampling, laboratory analytical, quality control, and data management procedures and practices.
Company geologists believe that the Aguila Project is comparable in terms of style of mineralization, geometry, and geological setting to the nearby Magistral deposit, which is a copper – molybdenum porphyry and skarn deposit, located some 40 kilometres to the north of Aguila. A feasibility study carried out by MTB Project Management Professionals in December of 2007 defined Proven and Probable Reserves of 113.5 million tonnes at 0.49% copper and 0.05% molybdenum. The study predicted a 15 year mine life, with initial capital expenditures of $402 million, before IGV tax (a Peruvian VAT). The central five “Magistral” concessions cover 250 hectares. (http://www.incapacific.com/s/Magistral.asp).
Compañia Minera Milpo S.A.A (“Milpo”) obtained the Magistral project in a Peruvian government auction in return for, inter alia, the obligation to invest $400 million during a 48 month period, and to make a final $8.02 million option payment in order to complete the transfer of title to Milpo.
The Company remains committed to advancing the Aguila Project in Peru. Recent political events in the Department of Puno in Southern Peru are of some concern to the mineral exploration community in Peru in general. However, the Aguila project is located in Northern Peru and not within 50 kilometres of any foreign border. Operations at Aguila will not be affected by the recent Peruvian government decree involving mineral exploration projects in the south of Peru.
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. 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)302-3290 or Cary Pothorin (250) 816-1940
Website: www.duranventuresinc.com Email: [email protected]
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.