Duran Ventures Inc.

Duran Ventures Inc.

December 29, 2008 16:37 ET

Duran Ventures Provides Pasacancha Drilling Update

TORONTO, ONTARIO--(Marketwire - Dec. 29, 2008) - George A. Brown, CEO, and Cary Pothorin, President, of Duran Ventures Inc. (TSX VENTURE:DRV) are pleased to provide the following update on exploration activities at the Pasacancha Ag-Au-Pb-Zn Target in Ancash, Peru. Cary Pothorin, P.Geo. is a Qualified Person as defined in National Policy 43-101, and is responsible for all technical information contained in this news release.

Drilling at Pasacancha has been very challenging. The fractured and brecciated nature of the sedimentary host rock results in a loss of circulation of drill fluids. Geotechnical core logging has indicated fracture intensity of over 100 fractures per metre and a Rock Quality Designator (RQD) of zero. RQD is a measure of the mechanical strength of rock as determined by measuring the amount of core pieces recovered with lengths of more than twice the core diameter. In order to advance through these difficult zones, the drill contractor attempted cementing the holes and drilling out the cement in order to stabilize the drill hole walls. Coarse granular bentonite was also used with limited success in sealing the drill hole walls.

Three attempts were made to drill Pasacancha Hole 1. The first two attempts were in November 2007 and were terminated at 43.4 metres and 54.0 metres. The third attempt began on December 1, 2007 and was finished on January 16, 2008 to a depth of 95.4 metres. None on these three attempts were drilled to target depth. The third attempt was analyzed from 2.6 metres to 89.1 metres for 86.5 metres of 0.03 g Au/t, 1.77 g Ag/t, 268 ppm Cu, 218 ppm Pb, and 618 ppm Zn. The last 6.3 metres were not included in the sample interval due to poor core recovery.

Pasacancha Hole 2 was drilled from August 11 to September 15, 2008 to a final depth of 620.8 metres. The location of this hole was selected for ease of access and for a collar location which did not have to cut through large sections of fractured sedimentary rock. This drill location and direction were not optimal given the geometry of the Pasacancha target but was selected as an acceptable location in order to attempt to complete a hole in the target. A re-evaluation of the controlling geological structures has shown that a gently dipping fault to the west of the drillhole has a major control on mineralization, and that Hole 2 passed below this fault. Values over the 615.3 metre sampled length were 0.02 g Au/t, 0.65 g Ag/t, 74.8 ppm Cu, 85.2 ppm Pb, and 324.2 ppm Zn. These assay results, although considered low, indicate widespread anomalous precious and base metal values that have helped to interpret the geological controls at Pasacancha including the relationship to the fault.

Pasacancha Hole 3 was drilled from September 24 to October 24, 2008 to a final depth of 125.45 metres. It did not reach the target and was lost due to poor drilling conditions. Geological indicators were favorable and included strongly altered sedimentary host rock and altered diorite intrusive dykes, and visible galena, sphalerite, pyrite and pyrrhotite mineralization. Common iron oxides such as goethite, limonite, and jarosite occur where the rock is oxidized near surface, and indicate the original presence of lead, zinc, silver, and iron sulfide and sulfosalt mineralization. Hole 3 returned 0.03 g Au/t, 10.1 g Ag/t, 359.8 ppm Cu, 1037.7 ppm Pb, and 204. 3 ppm Zn over the entire 124.95 sampled interval. Five individual samples of two to three metres returned results between 26.6 g Ag/t to 54.3 g Ag/t. These results are encouraging considering that they are from material that is not considered the target.

Pasacancha Hole 3B was an attempt to re-drill Hole 3 and reach the target. It was drilled from October 27 to November 11, 2008 and was abandoned at a final depth of 104.7 metres. Hole 3B was not sampled due to its close proximity to Hole 3 and not having been terminated at a greater depth.

Due to the drilling difficulties, the Company decided to drill from a site chosen to intersect the Pasacancha target through less fractured wallrock material. This site is approximately 240 metres to the south of Pasacancha Holes 3 and 3B. The access road and drill platform were constructed from November 15 to December 5, 2008.

Pasacancha Hole 4 was commenced on December 8 and was terminated at a depth of 60.3 metres on December 11 due to drilling difficulties. Hole 4B was commenced from the same location on December 12 and was completed to a final depth of 377.15 metres on December 22. Samples for Hole 4B were shipped to Lima on December 23. Results are expected in January 2009.

Management continues to view the Pasacancha Ag-Au-Pb-Zn Target as being very promising and will continue to explore and test the area's potential. We appreciate the continued shareholder support and patience during this challenging and often frustrating process.

All drill core was logged, photographed and cut in half using a diamond saw. One half of the core was systematically sampled in one to three metre intervals and sent to the Lima laboratory of Inspectorate Services Peru SAC (a certified laboratory) for preparation and multi-element ICP analysis followed by AQR/AA assaying for Cu, Pb, Zn, and 30 gram FA/AA assaying for Au and Ag. The company has a QA/QC protocol in place including the secure care and custody of samples, use of certified standards and blanks, duplicate sampling, and check sampling done by outside labs.

Investors are invited to visit the Duran Ventures IR Hub at www.agoracom.com/ir/duran where they can post questions and receive answers or review existing questions and answers. Investors may also ask questions or request to be added to the investor email list at DRV@agoracom.com.

Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchange: Symbol "DRV"

To view the Pasacancha drill location sketch, please visit the following link: http://media3.marketwire.com/docs/Pasacanchadrill1229.pdf

To view Section sketch for Pasacancha Hole 2, please visit the following link: http://media3.marketwire.com/docs/Pasacanchahole2.pdf

To view Section sketch for Pasacancha Hole 3, please visit the following link: http://media3.marketwire.com/docs/Pasacanchahole3.pdf

The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release

Contact Information

  • Duran Ventures Inc.
    George A. Brown
    (416) 867-1101
    (416) 867-1222 (FAX)
    Email: duranventures@ca.inter.net
    Website: duranventuresinc.com