TORONTO, ONTARIO--(Marketwired - July 2, 2014) - Duran Ventures Inc. (TSX VENTURE:DRV)(DRV.V) ("Duran" or the "Company") is pleased to announce that the Company has recently signed a community agreement to initiate an exploration program on its 100% owned Panteria Cu-Au project, located approximately 220 kilometers south of Lima in the Huancavelica Department, Peru. The property comprises several concessions totalling 7200 hectares.
The Company will mobilize a technical crew to Panteria in order to conduct a detailed mapping and sampling campaign. An extensive geophysical survey will be conducted by Real Eagle Exploration EIRL which will include 25 line kilometres of induced polarization (IP) and over 100 kilometers of magnetic and a differential GPS survey. The objective of this work program is to provide sufficient geological, geochemical, and geophysical information to allow for the definition of drill targets.
Previous exploration in the project area was conducted by Rio Tinto PLC in 2003. This work focused on an individual concession covering 400 hectares which is now part of Duran's property. Rio Tinto's exploration work was comprised of sampling and mapping, a magnetic survey, and three Diamond drill holes totaling 1152 metres. A large hydrothermal/porphyry system was identified covering an area 2.5 x 2 kilometres. The third and final hole, drilled to a depth of 375 metres, intersected propylitic altered quartz-feldspar-hornblende porphyry ending in a potassic style alteration with a weak quartz stockwork. Magnetite was also noted ranging between 5 to 10%. According to an internal report by Rio Tinto, gold values range from 10 to 420 ppb Au and copper ranges from 276 ppm to 4470 ppm Cu with an average of 1120 ppm over its entire length. Individual assays are not available but histogram Cu plots show that the mineralization is strongest starting at 200 meters to the end of the hole. Please note that the Company does not have the raw data or core to verify historic results.
The Company expects that the first ever induced polarization (IP) survey, coupled with conceptual geological modeling, will locate new porphyry targets on this extensive property. More specifically, an un-tested coincident geochemical, geological, and magnetic signature typical of a high level porphyry system located 500 meters east of the previous drilling suggests the potential to host a porphyry center. Further work will consist of a property wide regional sampling and mapping program. The field work is expected to be completed by mid-September.
Duran's partner on the Don Pancho Project has advised the Company of its intent to terminate the Option agreement on the Don Pancho polymetallic silver-lead-zinc 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 not yet been received. The Company intends to review the core and data and will update shareholders once the property and all data is delivered to the Company.
Jeffrey Reeder, P.Geo a qualified person as defined in National Instrument 43-101, is responsible for all technical information contained in this news release.
About Duran
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.