Durango Closes Purchase on Two Claim Blocks Adjacent to Nemaska Lithium's Whabouchi
Vancouver, BC / TheNewswire / May 30, 2016 - Durango Resources Inc. (TSX.V-DGO), (the "Company" or "Durango") announces that further to its news release dated April 20, 2016, its additional claim blocks located adjacent to Nemaska Lithium Inc.'s (TSX.V-NMX) Whabouchi Property, Lac Noir and Montagne North, have been titled and the purchase for the claims has been closed.
The Montagne North property is located to the northwest and is contiguous with Nemaska Lithium Corp.'s Whabouchi Property and the Lac Noir property is located to the southeast of Nemaska Lithium's Whabouchi Property and is also tied on to Durango's NMX East property. The purchase has been closed for both properties and Durango has received approval and titles from Quebec for both properties.
Both sets of claims are host to historically mapped pegmatites. The Lac Noir claims cover regionally mapped pegmatite outcrops, while the Montagne North claims cover pegmatite outcrops which were mapped by Nemaska Exploration (now Nemaska Lithium Inc.) and are outlined in the 2011 technical report produced for Tucana Lithium (3).
Nemaska Lithium Inc. has the world's second-richest and largest proven and probable lithium deposit in the world (1). The deposit contains 27 million tonnes of proven and probable resources, with an estimated mine life span of 26 years (2). Nemaska Lithium further announced on May 24, 2016, that it had received the first $5M tranche from Ressources Quebec for the phase 1 development of its battery-grade lithium hydroxide plant.
Marcy Kiesman, CEO of Durango, comments, "Durango has been waiting anxiously to obtain title to these claim blocks. Now that these claims have been titled, a thorough exploration program can be performed to sample the historically mapped pegmatites for lithium. We have obtained quotes for work programs on the claims and are in the final stages of preparation. We expect to provide detailed updates on these plans in the near future and intend to mobilize as the weather permits."
The technical contents of this release were approved by Mr. Case Lewis, P.Geo., a Qualified Person as defined by National Instrument 43-101. The properties have not yet been the subject of a National Instrument 43-101 report.
References
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(1)Nemaska Lithium Inc. news release dated March 11, 2016.
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(2)Nemaska Lithium Inc. news release dated April 4, 2016.
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(3)Theberge, D. (2011). NI 43-101 Technical Report Pertaining to the Abigail Property, Nemiscau Area, Northern Quebec, Canada, prepared for Tucana Lithium Corp.
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 Mayner's Fortune and Smith Island limestone properties in northwest British Columbia, the Decouverte and Trove gold properties in the Abitibi Region of Quebec, and certain lithium properties near the Whabouchi mine, the Buckshot graphite property near the Miller Mine in Quebec, the Dianna Lake silver project in northern Saskatchewan, the Whitney Northwest property near the Lake Shore Gold and Goldcorp joint venture in Ontario, as well as three sets of claims in the Labrador nickel corridor.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900 or 604.339.2243
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 the development, commencement and completion of future exploration or project development programs 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.
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