Update On Durango Grant For Geophysical Exploration On Decouverte Property
Vancouver, BC / TheNewswire / September 18, 2015 - Durango Resources Inc. (the "Company" or "Durango") is pleased to provide an update on its grant from the Institut National de la Recherche Scientifique ("INRS") of Quebec for deep geophysical surveys on Durango's wholly owned Decouverte (Discovery) property. The application for the grant and its approval was previously announced on November 5, 2014 and June 1, 2015.
To finance the exploration associated with the grant, Durango has arranged a non-brokered, private placement of up to two million units at five cents per unit ("Unit") for gross proceeds of up to $100,000 to be used on the Decouverte property in Quebec, the limestone properties in BC and for general working capital. Each Unit will consist of one common share and one share purchase warrant exercisable for $0.10 for a period of one year from the closing date. The private placement may close in tranches and is subject to certain conditions, including but not limited to, the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange.
The Decouverte property is located in the Frotet-Evans greenstone belt in northern Quebec approximately 100 km to the northwest of the town of Chibougamau, 10km southwest of Beaufield Resources Inc.'s Troilus-Tortigny Property (TSX.V-BFD) and 60 km to the southwest of the former-producing Troilus mine.
Review of exploration data on the Decouverte property and surrounding area determined that the addition of property to the south was necessary to cover felsic volcanic units which showed good economic potential. This review resulted in 500 hectares of additional ground being staked by the Company.
The new claims cover the felsic volcanic units and drill hole #2-1-3 completed in 1975 by Falconbridge Nickel Mines Ltd. which reports (GM report #32937) copper mineralization grading 30,000 ppm (3%) over a length of 0.3 meters. The drill core shows volcanic units with sericite/chlorite alteration, a favorable environment for volcanogenic massive sulphide (VMS) mineralization. According to the Falconbridge report, ground geophysical surveys work well in the area and Falconbridge's sulphide drill intersections were generally associated with positive ground magnetic anomalies. The INRS grant on the Decouverte property will be utilized to focus on defining the electromagnetic (EM) anomalies from Durango's Dighem airborne survey, which may be indicative of massive sulphide mineralization. In addition, complex resistivity and/or spectral IP will be used for spectral discrimination of the electrical chargeability anomalies to evaluate the two, extensive, linear, EM anomalies which transect the property over a 4km strike length.
Marcy Kiesman, CEO, states, "The Decouverte property remains a compelling project for Durango due to its volcano-sedimentary environment and structural geology which increases the potential for a significant gold and /or VMS deposit. It is noteworthy that there are three important massive sulphide showings to the west (Fallara, Rapides Assinica and Lucky Strike) and to the East there are real VMS deposits with proven resources (Tortigny, Lessard, De Maures, Moleon). VMS deposits often occur in clusters which mean that the discovery of one may indicate that there are others nearby."
The technical information in this news release has been reviewed and approved by Peter Dimmell, FGC, P.Geo (NL, ON, SK, QC (SA #314), a qualified person as defined in National Instrument 43-101.
About Decouverte
The Decouverte property is in the Frotet-Evans greenstone belt approximately 60 kilometres southwest of the former Troilus copper-gold mine, which produced over two million ounces Au and 50,000 tonnes Cu from 1997 to 2010. The property covers approximately 5,900 hectares covering a synclinal fold nose of Archean units transected by a major northeast-trending shear zone. Durango carried out a helicopter-borne DIGHEM EM/magnetic airborne geophysical survey on the property in 2011 (NR Nov. 24, 2011) and soil geochemistry and prospecting in 2013 and 2014 targeting areas identified in the airborne survey. The geological setting is mainly mafic volcanics (basalts/andesites), in places strongly sheared, cut by pegmatitic granitic units, and significant sedimentary, oxide and sulphide facies iron formation units. Alteration including silica, sericite and iron carbonate is noted. Significant soil values included 174 ppb gold, 0.66 ppm silver, 150 ppm nickel, 200 ppm copper and 240 ppm barium. Chip/channel rock samples gave values of 7.6 g/t gold and 6.24 g/t gold hosted in narrow quartz veins in mafic volcanics, in the contact area with the pegmatitic granite. The property is located 100 kilometres north of Chibougamau, Quebec and benefits from favourable infrastructure, including road accessibility, being 10 kilometres from Route du Nord, and a power line that bisects the property.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company has a 100% interest in the Decouverte and Trove gold properties in the Abitibi Region of Quebec, the Mayner's Fortune and Smith Island limestone properties in BC and the Buckshot graphite property near the Miller Graphite mine in Quebec.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900
Facsimile: 888.266.3983
Email: durangoresourcesinc@gmail.com
Website: www.durangoresourcesinc.com
Forward-Looking Statements
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs, execution of a definitive agreement, raising of funds, obtaining regulatory approvals and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties relating to Durango, please refer to the Company's prospectus filed on its SEDAR profile at www.sedar.com.
Neither 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.
Copyright (c) 2015 TheNewswire - All rights reserved.