TORONTO, ONTARIO--(Marketwired - Sept. 2, 2014) - Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) ("Duran" or the "Company") is pleased to provide an exploration update on its 100% owned Don Pancho, Panteria, and Ichuña projects in Peru.
Don Pancho Polymetallic Silver-Lead-Zinc Project
As previously reported in the Company's press release dated July 2, 2014, Duran's partner on the Don Pancho Project (the "Optionee") terminated the Option agreement on the Don Pancho Project located in the department of Lima. The Optionee drilled 6 diamond drill holes totalling 2021 metres. The final results from the drill program have been received and the data shows that several Pb-Zn-Ag intervals were intersected. All six holes were drilled with azimuths between 230° and 240° with various inclinations. Drill holes 1 thru 5 were drilled at the southern end of an extensive brecciated zone. Drill hole 6 was drilled approximately 600 meters north of the southern drill holes and intersected approximately 40 meters of 0.88% Zn, 0.40% Pb and 7.7 grams Ag/tonne. The mineralization starts approximately at the overburden and rock contact at 55.10 metres and ends at 99.60 metres. Please note that no samples were taken from 84.30 to 88.80 metres and drill logs show no geological information. Hole 6 was drilled to a depth of 350.6 metres and only 14 samples were taken, totalling 19.95 metres of core length over the final 156 metres.
The Company's field review of the exploration results shows that the direction of the drilling was perpendicular to the fold axis of the local and regional stratigraphy. The Company believes this was not the most optimal direction for drilling. The stratigraphy is tightly folded in the project area and regional NNE-SSW compression will result in en-echelon openings, cross cutting stratigraphy which will allow mineralizing fluids to circulate. Structural analysis on the geology coupled with previous experience in this area suggests that the drilling may have been drilled sub-parallel to any potential mineralized zones. The Company intends to re-interpret the structural controls on the mineralization to further understand the geological model, which will aid in defining new drill targets. The Company is excited by the first phase drill results which demonstrate the potential for significant Pb-Zn-Ag mineralization at the property. The following table lists the significant drill intersections and please note that the true width of the mineralized zones cannot be determined with the information available;
Drill location maps will be updated on the Company's website shortly. Diamond drill core from the Don Pancho Project was photographed and cut with one half of the core delivered directly to the analytical laboratory and the other half stored in Lima for future reference and assay verification. Assaying was carried out by ALS Minerals, a laboratory whose quality control system complies with International Standards ISO 9001:2000. Samples were analyzed for 35 Element Agua Regia ICP and with ore grade Ag, Zn and Pb Agua Regia. Analysis for gold is done by a fire assay with an atomic absorption finish. The Optionee had a QA/QC protocol in place which includes the use of certified standards, blanks, and duplicate samples.
Panteria Copper-Gold Project
The Company mobilized a technical crew to conduct a detailed mapping and sampling campaign. An extensive geophysical survey was completed by Real Eagle Exploration EIRL. The survey was comprised of 33.5 line kilometres of induced polarization (IP) and over 171.25 kilometres of magnetic and a differential GPS survey. Geological mapping coupled with rock, soil and stream geochemical sampling and is expected to be completed in September. The geological and geophysical information will allow for the definition of drill targets and will verify geological modelling. The 2014 exploration budget for Panteria is $250,000 US with a 10% contingency.
Ichuña Copper-Silver Project
At the Ichuña Project the Company has commenced discussions with the local communities in the project area in order to secure the surface access rights to the part of the property that hosts undrilled geophysical (chargeability) anomalies. Recently, Minas Buenaventura announced the purchase of Goldfield's 51% interest in the adjacent Chucapaca gold deposit for $81 million US and 1.5 % NSR on all metal sales (http://www.buenaventura.com/ir/). Minas Buenaventura is proposing an underground mine at the project, specifically on the Canahuire gold zone, located approximately three kilometres to the south of the Ichuña project. The Ichuña project shows a large untested geophysical anomaly, believed to be similar to the Canahuire zone. The discovery of the Canahuire zone was a blind target, where mineralization did not outcrop at surface.
Jeffrey Reeder, P.Geo., and a qualified person as defined in National Instrument 43-101, is responsible for all technical information contained in this news release.
Duran Ventures Inc. is a Canadian exploration company focused on the exploration and development of porphyry copper, precious metal, and polymetallic deposits in Peru.
Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchange and the Bolsa de Valores de Lima: Symbol "DRV".
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.
Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.