Toronto, Ontario–(Newsfile Corp. – May 23, 2018) – Duran Ventures Inc. (TSXV: DRV) (BVL: DRV) (“Duran” or the “Company”) is pleased to announce that IAMGOLD Corporation’s Peruvian subsidiary IAMGOLD Peru S.A. (“IAMGOLD”) has entered into a surface right agreement on its now named Mansa Musa Project in southern Peru. Duran and IAMGOLD entered into anOption Agreement in December, 2017 allowing IAMGOLD to earn up to 75% in three stages by completing cumulative cash payments totalling $500,000 US, delivering a prefeasibility study and by securing project financing. The details of the earnin can be reviewed on the Company’s website.
The surface agreement with the local community now allows IAMGOLD access to conduct exploration work consisting of geological mapping and sampling, geophysical surveys and drilling programs. Duran received notice that IAMGOLD will start the field work at the end of May. As a result, IAMGOLD will now enter into the first option and will make an option payment of $75,000 US once the surface agreement has been legalized on the Public Notary and after execution of the public deed. Duran is extremely pleased that IAMGOLD has secured the surface agreement in a very efficient and timely manner. As a result, a full field season of exploration can commence on this highly prospective gold-silver property.
The Mansa Musa gold-silver property is located in the department of Huancavelica, Peru, approximately 310 kilometres southeast of Lima. In 2010 and 2011, the Company was granted the initial 1,000 hectare concession that covered previous drilling by Barrick Gold Corp. and Compañia de Minas Buenaventura SAA. Duran, in 2012, purchased from Barrick three surrounding concessions and an extensive database, which includes: detailed assays for 41 holes totalling 5,863 metres; extensive surface sampling data; detailed geological maps; and resistivity and induced polarization geophysical survey maps. Since 2012, the Company acquired an additional 8 concessions expanding the property to cover an area of approximately 7300 hectares.
Duran’s geologists confirmed the presence of a high-sulphidation (acid sulphate) gold-silver bearing system developed in tertiary volcanic rocks. Extensive zones of argillic and advanced argillic alteration are present, with areas of massive and vuggy silica with associated alunite. The largest gold mines in Peru such as Newmont’s Yanacocha, Barrick’s Pierina and Alto Chicama mines are high sulphidation Au-Ag systems hosted in tertiary volcanic rocks. These systems are priority exploration targets for major gold producers because of the lower capital expenditures required to place these disseminated deposits into production and having favourable metallurgy.
CEO Jeffrey Reeder quotes, “The surface access agreement IAMGOLD secured is very significant allowing exploration to commence early in the field season. We are extremely pleased with IAMGOLD’s commitment to the project and look forward to promising results. The earn-in agreement with IAMGOLD is the second agreement with a major mining company on one of our wholly owned properties. The Mansa Musa project and associated Earn-inOption Agreement confirms Duran’s ability to create new projects and attract major partners. Duran’s other earn-in partner First Quantum re-started drilling in April on our Panteria Cu-Au property located 75 kilometres northwest of Mansa Musa and is expected to finish their second phase drill program during the third quarter 2018”.
Jeffrey Reeder, P Geo, 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.
