Duran Ventures Reports Latest Positive Results from 2011 Aguila Drill Program Highlights Include 999.1 Metres of 0.33% Copper and 0.029% Molybdenum (0.53% Copper Equivalent) Incorporating 306.6 Metres of 0.55% Cu and 0.047 Mo (Cu Equivalent Value of
Highlights Include 999.1 Metres of 0.33% Copper and 0.029% Molybdenum (0.53% Copper Equivalent) Incorporating 306.6 Metres of 0.55% Cu and 0.047 Mo (Cu Equivalent Value of 0.87%)
TORONTO, ONTARIO -- (Marketwire) -- 09/15/11 -- Duran Ventures Inc. (TSX VENTURE: DRV) ('Duran' or the 'Company') is pleased to provide results from seven additional drill holes from the ongoing resource drilling program at the Company's 100% owned Aguila Porphyry Copper ('Cu')-Molybdenum ('Mo') Project in Peru. All drill holes are located on the Aguila Project, which is located in the Department of Ancash in north-central 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. Over 13,000 metres have been drilled to date (20 holes completed and 3 currently drilling): the 15,000 metre program is expected to be completed by early October. The table at the end of the news release provides a summary of significant copper and molybdenum drill intercepts from the current drill program, and the drill locations are shown in the map incorporated in this news release.
Diamond drill hole 11AGD029 was drilled from a site approximately 200 metres to the north of the main Aguila intrusive. The hole was drilled at an azimuth of 175 degrees and inclination of -65 degrees to a final depth of 1001.1 metres. Hole 11AGD029 was designed to fill in possible mineralized gaps existing on several of the east-west oriented sections in the main Aguila Porphyry system. The initial 499.4 metres from surface cut mostly mineralized sedimentary host rock, while the final 501.7 metres cut diorite porphyry intrusive rock. The entire drill hole returned an average of 0.33% Cu and 0.029% Mo (Cu equivalent value of 0.53%) over 999.1 metres. The initial 499.4 metre interval from surface averaged 0.24% Cu and 0.025% Mo (0.41% Cu equivalent). The final 501.7 metres from 499.4 to 1001.1 metres returned an average of 0.42% Cu and 0.033 Mo (Cu equivalent value of 0.64%), with a higher grade section from 499.4 to 806.0 metres returning 306.6 metres of 0.55% Cu and 0.047 Mo (Cu equivalent value of 0.87%). The hole was stopped due to depth limitations of the drilling equipment, and ended in mineralized diorite intrusive rock at approximately 900 metres vertical depth from surface. Mineralization in hole 11AGD029 shows a horizontal N-S projection of over 450 metres.
Initial drill testing on the Aguila East area shows that copper mineralization extends over 500 metres to the east of the central core zone of the main Aguila Porphyry. Hole 11AGD033 was drilled on an azimuth of 30 degrees and inclination of -50 degrees to a final depth of 426.8 metres, and intersected 251.7 metres of 0.33% Cu (Cu equivalent value of 0.36%) from surface. The Cu mineralization extends over 190 metres higher in elevation than the holes drilled in the central Aguila pit area.
Diamond drill holes 11AGD027 and 11AGD030 were also drilled in the Aguila East area and intersected both mineralized diorite and sedimentary wallrock. Hole 11AGD027 was drilled directly north at an inclination of -60 degrees to a final depth of 546 metres. The 118.8 metre intersection from 3.2 to 122.0 metres returned 0.20% Cu (Cu equivalent value of 0.23%). Hole 11AGD027 was collared approximately 70 metres lower in elevation than hole 11AGD033.
Hole 11AGD030 was collared on the same drill pad as 11AGD033 and drilled at an azimuth of 70 degrees and an inclination of -50 degrees to a final depth of 406 metres. There were two significant copper intersections within the initial 186 metres, including one intersection from surface to 92.5 metres averaging 0.19% Cu (Cu equivalent value of 0.24%), and a second of 46.2 metres of 0.23% Cu (Cu equivalent value of 0.26%) from 140.0 to 186.6 metres.
Diamond Drill Hole 11AGD032 was collared in the eastern edge of the central Aguila area and drilled at an azimuth of 70 degrees and an inclination of -50 degrees to a final depth of 656 metres. The hole intersected mainly mineralized wallrock from surface to 397.9 metres, and returned 0.20% Cu and 0.023% Mo (Cu equivalent value of 0.36%). The Aguila East Porphyry was intersected from 398.5 to 515 metres, and averaged 0.34% Cu (Cu equivalent of 0.41%) over 116.5 metres. The elevation difference between mineralized zones in holes 11AGD032 and 11AGD033 extends over 600 metres vertically.
Drill holes 11AGD028 and 11AGD031 were designed as step out holes to expand zones of known mineralization, or to improve data coverage on established drill sections. Diamond drill hole 11AGD028 was drilled on section 9900N as an extension hole to the west. It was drilled at an azimuth of 250 degrees and inclination of -60 degrees to a final depth of 429.6 metres. The hole cut weakly mineralized sedimentary host rock, with an intersection of 127 metres from surface averaging 0.20% Cu (Cu equivalent value of 0.23%).
Diamond drill hole 11AGD031 was drilled on section 10200N at an azimuth of 70 degrees and inclination of -70 degrees to a final depth of 592.4 metres. The hole intersected 301.35 metres of 0.26% Cu, 0.011% Mo (Cu equivalent value of 0.33%) from surface in mineralized sedimentary wallrock and minor diorite porphyry intrusive rock.
The Company is very pleased with the 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 the associated mineralized halo in the host sedimentary rock. The recent drilling in the Aguila East area shows that the Cu mineralization extends horizontally over 800 metres along an approximately east-west trend. The significant mineralized porphyry intercept in hole 29 and the mineralized intercepts in Aguila East show a vertical extent of the mineralization of over 1000 metres. The system has been drill tested over 400 metres in a north-south direction and remains open both to the north and to the south. Further drilling is required to define the ultimate shape, size and orientation of the Aguila East porphyry. Numerous geological, geochemical, infill, and geophysical targets remain to be drill tested after the conclusion of the present drill program.
Company geologists believe that the Aguila Project is comparable in style of mineralization 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 was carried out by MTB Project Management Professionals in December of 2007. Compania Minera Milpo S.A.A ('Milpo') obtained the Magistral project in a Peruvian government auction in April of 2011 in return for, 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. Milpo recently tendered an offer to acquire all shares of Inca Pacific Resources in order to acquire the area surrounding the main Magistral deposit, and simplify the project's development.
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 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.
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.
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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.
HIGHLIGHT TABLE OF 2011 AGUILA DIAMOND DRILL HOLE RESULTS
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FROM TO INT Cu Mo CuEq
HOLE ID SECTION (m) (m) (m) (%) (%) (%)
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11AGD018(i) 10000N 0.0 564.5 564.5 0.61 0.029 0.81
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including 0.0 480.8 480.8 0.69 0.031 0.93
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and 480.8 564.5 83.7 0.20 0.023 0.36
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11AGD019(i) 10000N 0.4 496.0 495.6 0.31 0.027 0.50
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including 0.4 284.0 283.6 0.22 0.031 0.43
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and 284.0 496.0 212.0 0.44 0.022 0.59
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11AGD020(i) 10000N 0.0 640.0 640.0 0.41 0.033 0.64
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including 0.0 333.9 333.9 0.60 0.035 0.85
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and 333.9 640.00 306.1 0.19 0.031 0.41
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including 421.6 459.50 38.0 0.48 0.025 0.64
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11AGD021(i) 10100N 0.0 525.0 525.0 0.37 0.030 0.57
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including 0.0 335.0 335.0 0.48 0.036 0.72
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including 80.8 278.0 197.2 0.64 0.030 0.92
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335.0 525.0 190.0 0.17 0.020 0.31
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11AGD022(i) 10100N 0.15 320.5 320.35 0.48 0.021 0.62
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including 0.15 117.5 117.35 0.87 0.029 1.06
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and 117.5 216.3 98.8 0.29 0.020 0.43
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and 216.3 320.5 104.2 0.23 0.012 0.31
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11AGD023(i) 10100N 11.8 699.0 687.2 0.20 0.031 0.41
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including 11.8 487.0 475.2 0.23 0.039 0.49
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including 11.8 356.5 344.7 0.20 0.043 0.50
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and 243.0 487.0 244.0 0.32 0.040 0.59
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11AGD024(i) 9900N 0.0 590.0 590.0 0.21 0.019 0.34
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including 0.0 189.0 189.0 0.30 0.022 0.46
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and 314.5 392.6 78.1 0.34 0.007 0.39
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11AGD025(i) 9900N 4.5 662.6 658.1 0.17 0.029 0.37
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including 21.0 342.5 321.5 0.22 0.047 0.54
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including 21.0 263.0 242.0 0.23 0.053 0.58
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11AGD026(i) 10200N 0.4 665.8 665.4 0.22 0.008 0.28
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including 0.4 562.5 562.1 0.25 0.010 0.32
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including 0.4 302.5 302.1 0.33 0.016 0.44
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11AGD027 9900N(ii) 3.2 122.0 118.8 0.20 0.004 0.23
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296.5 333.5 37.0 0.19 0.003 0.21
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383.5 407.3 23.8 0.27 0.002 0.29
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440.5 463.0 22.5 0.30 0.001 0.30
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11AGD028 9900N 0.5 127.5 127.0 0.20 0.004 0.23
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11AGD029 Long(ii) 2.0 1001.1 999.10 0.33 0.029 0.53
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2.0 395.5 393.50 0.24 0.020 0.37
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395.5 499.4 103.90 0.25 0.044 0.56
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499.4 806.0 306.60 0.55 0.047 0.87
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806.0 1001.1 195.10 0.21 0.012 0.29
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11AGD030 10000N(ii) 0.15 92.5 92.35 0.19 0.007 0.24
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140.00 186.2 46.20 0.23 0.004 0.26
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301.00 320.5 19.50 0.34 - 0.34
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11AGD031 10200N 0.15 301.5 301.35 0.26 0.011 0.33
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354.00 378.5 24.50 0.23 0.002 0.24
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11AGD032 9950N 0.60 398.50 397.90 0.20 0.023 0.36
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including 0.60 236.50 235.90 0.20 0.029 0.40
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and 298.73 342.90 44.17 0.35 0.025 0.52
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and 342.90 398.50 55.60 0.20 0.012 0.28
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398.50 515.00 116.50 0.34 0.010 0.41
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11AGD033 10000N(ii) 0.30 252.00 251.70 0.33 0.004 0.36
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(i) INDICATES PREVIOUSLY RELEASED PARTIAL OR FULL ASSAY RESULTS
(ii) INDICATES HOLE DRILLED OFF SECTION OR WITH DIFFERENT AZIMUTH
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.
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.
Contacts:
Duran Ventures Inc.
Jeffrey Reeder
(416) 867-1591
Duran Ventures Inc.
Cary Pothorin
(250) 816-1940
info@duranventuresinc.com
www.duranventuresinc.com