Duran Ventures Reports Latest Positive Results From 2011 Aguila Drill Program
05.08.2011 | Marketwire
Highlights include Step Out Holes North of Main Aguila Pit Area Intersecting Mineralized Sedimentary Wallrock, including 244 metres of 0.32% Copper and 0.040% Molybdenum (0.59% CuEq%) in AGD-023 and 302 metres of 0.33% Copper and 0.016% Molybdenum (0.44% CuEq%) in AGD-026.TORONTO, ONTARIO -- (Marketwire - Aug. 5, 2011) - Duran Ventures Inc. (TSX VENTURE: DRV) ("Duran" or the "Company") is pleased to provide additional results from the ongoing resource drilling program at the Company's 100% owned Aguila Porphyry Copper("Cu")-Molybdenum("Mo") Project in Peru. Initial results from drill hole 11AGD023 were reported in an earlier Company news release (News release dated June 28, 2011, at http://www.duranventuresinc.com/news.php). Hole 11AGD023 was drilled on section 10100N, holes 11AGD024 and 11AGD025 were drilled on section 9900N, and hole 11AGD026 was drilled on section 10200N. All drill holes are located on The Aguila Project is located in the Department of Ancash in north-central Peru, some 400 kilometres northwest of Lima.
The 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 once the drill program is completed. As of July 29th, over 8500 metres have been drilled with 17 holes completed and 4 in progress. A fourth drill rig, which was previously working on the Company's Corongo Project, was mobilized to Aguila on July 15th in order to accelerate the drilling program. The accompanying map and table shows the location of all drill holes and a summary of significant copper and molybdenum drill intercepts from the current drill program.
Diamond drill hole 11AGD023 was drilled at an azimuth of 70 degrees and an inclination of -70 degrees to a final depth of 699 metres on section 10100N. 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 244 metre interval from 243 to 487 metres depth intersected both diorite porphyry intrusive rock and host sedimentary wallrock, and averaged 0.32% Cu and 0.040% Mo(Cu equivalent value of 0.59%).
Diamond drill hole 11AGD024 was drilled on section 9900N at an azimuth of 70 degrees and an inclination of -70 degree to a final depth of 590 metres. The initial 189 metres from surface averaged 0.30% Cu and 0.022% Mo (Cu equivalent value of 0.46%).This interval consists of a mix of diorite porphyry intrusive rock and host sedimentary wallrock.
Diamond drill hole 11AGD025 was also drilled on section 9900N, approximately 110 metres to the west of hole 11AGD024. The hole was drilled at an azimuth of 70 degrees and an inclination of -70 degrees to a final depth of 662.6 metres. The 321.5 metre interval from 21.0 to 342.5 metres depth averaged 0.22% Cu and 0.047% Mo (Cu equivalent of 0.54%). This interval intersected sedimentary wallrock with local narrow intervals of diorite porphyry intrusive material.
Diamond drill hole 11AGD026 was drilled on section 10200N. The hole was drilled at an azimuth of 70 degrees and an inclination of -70 degrees to a final depth of 668.5 metres. The initial 562.1 metres from surface averaged 0.25% Cu and 0.010% Mo (Cu equivalent of 0.32%), which includes a 302.1 metre interval from surface which averaged 0.33% Cu and 0.016% Mo (Cu equivalent of 0.44%). These intervals predominantly cut host sedimentary wallrock with minor diorite porphyry intrusive rock.
The Company is very pleased with progress and results from the drill program to date, which is focused on defining the size and tenor of the mineralized system in the main Aguila intrusive body and associated altered and mineralized halo in the host sedimentary rock. The current program and previous historical drilling has so far covered an irregular area of approximately 400 metres N-S and more than 500 metres E-W, with a vertical extent exceeding 500 metres. The Cu-Mo mineralization remains open laterally and down plunge. The remainder of the drill program will be focused on expanding the known mineralized area to the extent that the planned meterage will allow. Numerous geological, geochemical, and geophysical targets will remain to be drill tested after the conclusion of the present drill program.
Company geologists believe that the Aguila Project is comparable in terms of style/grade of mineralization and geological setting to the nearby Magistral deposit but that Aguila may offer greater tonnage potential. A feasibility study on the Magistral deposit was carried out by MTB Project Management Professionals in December of 2007. Compañia Minera Milpo S.A.A ("Milpo") obtained the Magistral project in a Peruvian government auction in April of 2011 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.
Assay Information
Diamond drill core is photographed and then cut in half with a diamond saw, with one half of the core delivered directly to the analytical laboratory and the other half stored on site for future reference and assay verification. Assaying is carried out by ALS Chemex, a laboratory whose quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. Samples are prepared 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 with an 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, check assays carried out at a second laboratory, as well as secure care and custody of samples.
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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
and 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 11.8 699.0 687.2 0.20 0.031 0.41
including 11.8 487.0 475.2 0.23 0.039 0.49
including 11.8 356.5 344.7 0.20 0.043 0.50
and 243.0 487.0 244.0 0.32 0.040 0.59
11AGD024 9900N 0.0 590.0 590.0 0.21 0.019 0.34
including 0.0 189.0 189.0 0.30 0.022 0.46
and 314.5 392.6 78.1 0.34 0.007 0.39
11AGD025 9900N 4.5 662.6 658.1 0.17 0.029 0.37
including 21.0 342.5 321.5 0.22 0.047 0.54
11AGD026 10200N 0.4 665.8 665.4 0.22 0.008 0.28
including 0.4 562.5 562.1 0.25 0.010 0.32
including 0.4 302.5 302.1 0.33 0.016 0.44
*INDICATES PREVIOUSLY RELEASED PARTIAL OR FULL 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 vary significantly in actual extraction and processing. The Company feels this is a reasonable long term ratio to use for this purpose.
Company Information
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".
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.
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.
Contact Information
Duran Ventures Inc.
Jeffrey Reeder
(647) 302-3290
Duran Ventures Inc.
Cary Pothorin
(250) 816-1940
info@duranventuresinc.com
www.duranventuresinc.com