TORONTO, ONTARIO--(Marketwired - Nov. 23, 2016) - Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) ("Duran" or the "Company") is pleased to announce that operations at the Aguila Norte Mineral Processing Plant (the "Aguila Norte Plant" or "Aguila Norte") have commenced. Mineral supplies from stockpiles and mineral secured from third party suppliers will be run through the plant through the next few months to commission Aguila Norte as it regularizes this operation and works towards commercialization. Duran has secured its 80% interest in the Aguila Norte Plant by fulfilling all terms of its agreement with the Company's Peruvian partner. Duran has been able to construct Aguila Norte using working capital through its 100% owned and debt free subsidiary, Minera Aguila de Oro SAC ("MADOSAC"). The securement was closed upon transferring 20% of the shares of MADOSAC to Duran's Peruvian partner.
Aguila Norte is a polymetallic flotation mineral processing plant located near Trujillo, Department of La Libertad, in northern Peru and accommodates a 25 tonne per hour crushing circuit, a 100 tonne per day milling circuit, a robust flotation circuit, and a +20 year tailings area with current tailings capacity of three to four years depending on the mineral treated. The plant's location near Trujillo, just off of a major highway, in an area with abundant small scale mining and very few independent mineral processing facilities provides Duran with a strategic cash flow opportunity. Mineral processing via flotation and a gravity circuit is designed to produce up to three distinct concentrates enabling processing of a wider spectrum of polymetallic and precious metal sulphide ores. Aguila Norte is considered the only plant in this area capable of producing three concentrates and gives miners and suppliers more flexibility in mineral processing.
MADOSAC has the agreements and permits in place to commence mineral processing. The Company will initially process third party mineral and will process already purchased, 100% owned mineral shortly thereafter.
Duran has access to artisan mined and stockpiled mineral from the Chucara project where the Company holds a mineral assignment agreement with the property owner (see Press Release May 11, 2016). The Company is in discussions with the artisanal miners and plans to process this mineral. Under the assignment agreement, mineral from the property can only be shipped to and processed at the Aguila Norte Plant, having satisfied the formal documentation protocol of the local authorities. The Company has started investing into the infrastructure and geological mapping/sampling to determine mineral sites for extraction from the extensive Au-Ag-Pb-Zn veining that has seen historical mining, along with undertaking several site visits with small scale mining contractors in order to achieve a consistent mineral supply from the Chucara property.
As previously noted in the Company's press release of May 11th, 2016, Chucara consists of one 675-hectare concession and hosts several small-scale artisanal mine workings, as well as three mineralized veins that were part of historical production. Initially, twenty-three samples taken by the Company from artisanal mineral being stockpiled for shipment returned the following results:
- Gold -- average of 14.96 grams per tonne (0.48 ounce per tonne) (ranging from 5.15 to 29.1 grams per tonne);
- Silver -- average of 396 grams per tonne (12.67 ounces per tonne) (ranging from 136 to 1,002 grams per tonne);
- Zinc -- average of 5.98 per cent (ranging from 1.52 per cent to 10.66 per cent);
- Lead -- average of 5.79 per cent (ranging from 1.32 per cent to 18.61 per cent).
It should be noted that the samples are from hand-sorted and stockpiled artisanal mined material and should not be considered representative of the mineralization hosted in the veins. No mineral resources, as defined under National Instrument 43-101, have been identified on the property.
New detailed metallurgical work on a sample collected from various mineral stockpiles at Chucara, conducted by Certimin SA, an accredited Peruvian laboratory, returned a head grade of 0.51 ounces gold per ton, 12.67 ounces silver per ton, 5.81% lead and 7.16% zinc. Concentrate recoveries determined from this metallurgical sample were 89.74% gold, 91.27% silver, 90.36% lead and 95.19% zinc. Further detailed metallurgical work is being conducted by Certimin SA. The Company is pleased with the progress of the understanding of both the geology and metallurgy of the mineral available at Chucara.
Quality Assurance and Quality Control
Sample collection in the field was accompanied by industry standard documentation including sample location, type, description, and width where applicable. All samples were delivered to Inspectorate Services SAC in Lima, Peru. Inspectorate is an ISO certified laboratory. At Inspectorate, the samples were crushed, pulverized, split, and assayed for gold by fire-assay with atomic absorption finish and 44-element four acid digestion ICP atomic emission spectrometry. Samples containing greater than 200 parts per-million silver, or greater than 1% lead, or greater than 1% zinc were reanalyzed using four acid digestion with atomic absorption finish. Samples containing greater than 1000 parts per-million silver were reanalysed by fire-assay with gravimetric finish. No quality control material was employed in the sampling. The sample results do compare to sample results analysed by non-accredited, private laboratories in Peru.
Jeffrey Reeder, P.Geo., and a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation, or approved the scientific and technical disclosure contained in this news release.
Duran Ventures Inc. is a Canadian exploration company focused on mineral processing and the exploration and development of precious and base metal properties in Peru.
The Company has recently updated its website content featuring the construction of the Aguila Norte Processing Plant in northern Peru. Please visit www.duranventuresinc.com to view this progress.
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.