Durango Resources Inc. Issues Update on Windfall Lake Exploration Program
Vancouver, October 23, 2017 - Durango Resources Inc. (TSX.V-DGO), (the "Company" or "Durango") announces that a consulting team has recently visited the Windfall Lake area to prepare for an exploration program in the Windfall Lake area. Durango expects to complete an expedited exploration program on the 8,653ha in the Windfall lake exploration camp area located in the Urban Barry Greenstone Belt, and has mandated a consultant to compile all geological work in the area and to visit the property to verify access to the claim blocks. The consultant has also been instructed to present an exploration program to Durango demonstrating the priority of the properties in the area.
After the recent visit, the consultant confirms that the properties are easily accessible via a gravel road that originates from Lebel Sur-Quevillon. The properties are traversed by many secondary logging roads which will facilitate the access to the areas for soil and till sampling, the induced polarization survey and geological mapping for future exploration work.
Durango's claim blocks in the West, North and Northwest group are cross cut by important NW-SE structures which extend to the mineralized areas of Windfall Lake.
Durango's claim block in the East is situated along a major fault system holding many important anomalies and showings.
The proposed exploration program on the blocks will follow the precedents and guidance that have been made from a large explorer in the immediate area who has had exploration success. The following have been proposed to Durango by the consultant:
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1.Reconnaissance of area will give opportunity to identify all access needed to perform an effective exploration program;
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2.Till sampling of each claim block to identify gold trend anomalies;
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3.Soil sampling;
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4.IP (Induced Polarization) survey;
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5.Every claim block will be geologically mapped and sampled;
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6.All till anomalies will be interpreted to identify gold sources; and
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7.Any significant IP anomalies will be drilled.
On March 29, 2017, Durango optioned 1,242Ha of its 100% owned 9,895Ha in the Windfall camp area to BonTerra Resources Inc. ("Bonterra") (TSX.V-BTR) Figure 1.
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The terms of the Trove property option agreement are as follows:
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--On signing, Durango received $150,000 cash and 1,500,000 shares of Bonterra (March 29, 2017);
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--On or before the first anniversary, Bonterra is required to pay an additional $150,000 cash and 1,500,000 shares of Bonterra; and
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--On or before the second anniversary Bonterra is required to pay an additional $200,000 cash to Durango and is required to spend $1,000,000 in exploration work.
The Trove property remains wholly owned by Durango until all terms of the option agreement are fulfilled. If, and when, the above requirements are all met by Bonterra, Durango will transfer full title of the property to Bonterra. Durango will retain a 2% net smelter royalty which Bonterra may purchase 50% of the royalty at any time for $1,000,000 cash. Bonterra will issue an additional 2,000,000 common shares to Durango as a discovery bonus if, and when, Bonterra produces a technical report compliant with National Instrument 43-101 showing a minimum of 500,000 ounces in inferred resource of gold.
Additional updates on the exploration of Durango's Windfall Lake properties will be released as they become available.
The technical contents of this release were approved by George Yordanov, P.Geo, an independent qualified person as defined by National Instrument 43-101. The property has not yet been the subject of a National Instrument 43-101 report.
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 limestone property and the Golden Triangle properties in northwest British Columbia, the Decouverte and Trove & Windfall gold properties in the Abitibi Region of Quebec, and certain lithium properties near the Whabouchi Mine and the Buckshot graphite property near the Miller Mine in Quebec, the Dianna Lake silver project in northern Saskatchewan, the Whitney Northwest property near Timmins, Ontario.
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
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 commencement and completion of future exploration, raising of capital to complete exploration and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, including market conditions, 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 its 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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