Toronto, Ontario–(Newsfile Corp. – January 18, 2018) – Duran Ventures Inc. (TSXV: DRV) (“Duran” or the “Company”) is pleased to announce that the Company has been provided a drilling update on its 100% owned Panteria copper—gold project by Minera Antares Peru SAC, a wholly owned subsidiary of First Quantum Minerals Ltd. (collectively “First Quantum”). First Quantum received all necessary permits in August of 2017 and drilling commenced in late September.
The initial drilling focused on testing a conceptual buried porphyry target over the main Panteria area. New geological, geochemical and geophysical information gathered since 2014 by both Duran and First Quantum showed several distinct targets within an area covering 2,000 metres by 1,200 metres. Five drill holes have been completed to date for a total of 3,345 metres. A sixth hole is near completion with a target depth of 750 metres.
First Quantum’s geologists note that multiple porphyry phases have been intersected in the drilling and some of the porphyry phases are mineralized while one is considered as being post mineral. Of the six holes drilled, holes 2, 4, 5 and 6 have intersected porphyries and breccias with visible chalcopyrite. These porphyry bodies are located within coincident IP anomalies and low resistivity areas. It is also important to note that First Quantum is still processing core and that a major part of assay results are pending and expected in mid-to-late February.
Duran’s technical team will review all core in February once assays and core have been processed. Maps with the drill locations can found in the Panteria Project section of the Company’s website (http://www.duranventuresinc.com/projects/panteria/). Significant exploration progress elsewhere on the property focused on the Ronaldo Zone located 4 kilometres east of the main Panteria Zone. Twenty-two line kilometres of induced polarization geophysical survey was conducted over the Ronaldo Zone in last quarter of 2017. On surface this zone exhibits characteristics of an epithermal gold-silver system. The next phase of exploration will test the possibility that an underlying porphyry may exist in this area.
First Quantum will suspend drilling after hole 6 due to weather conditions typical for this time of year. Analytical results are pending but preliminary information from logging potentially gives encouragement to justify a second exploration campaign after rainy season. The Company is very pleased with the Social Programs being implemented by First Quantum. The Company encourages shareholders and potential investors to review the videos provided by First Quantum regarding the social and technical work on the Company’s homepage and the Panteria Project section of Duran’s website (http://www.duranventuresinc.com/). Jeffrey Reeder, CEO of Duran, commented: “Drilling at Panteria by First Quantum has intersected visible copper mineralization in several distinct porphyry bodies.
The presence and the location of a buried porphyry based on early conceptual geological modelling before the drilling is proven to be correct. Large porphyry systems generally have several different porphyritic and breccia events with associated distinct alteration patterns. It is clear that Panteria hosts a mineralized system which further exploration will define its potential.” First Quantum and Duran entered into a property option agreement on Panteria in March of 2016 whereby First Quantum may earn up to 80% of Panteria by delineating a mineral resource, and reporting the resource in compliance with National Instrument 43-101, in excess of 1 million tonnes of copper equivalent within 5 years and making a series of escalating payments with a maximum cumulative total of US $500,000 after the initial due diligence period. If First Quantum proceeds to a decision to mine, it has the option to buy the remaining 20% equity from Duran for 2 cents (US $0.02) per pound of copper equivalent based on 20% of delineated reserves. Duran will retain a 0.5% net-smelter-return royalty
. The details of the Agreement are outlined in the Company’s press release dated March 15, 2016. 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
