TORONTO, ONTARIO--(Marketwired - Jan. 20, 2015) - Duran Ventures Inc. (TSX VENTURE:DRV)(DRV.V) ("Duran" or the "Company") is pleased to announce that seven additional mineral concessions have been acquired by application in late 2014 and early 2015 expanding the Company's Minasnioc Au/Ag Property land position to 6900 hectares (69 sq. km). These acquisitions cover prospective geology and demonstrate the Company's commitment to the project and the communities in the area.
The Minasnioc Au/Ag 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 1000 hectare concession that covered the previous drilling by Barrick Gold Corporation ("Barrick") and Compañía de Minas Buenaventura S.A.A. ('Buenaventura'). Duran in 2012 purchased from Barrick three surrounding concessions totaling 2800 hectares (subject to a 2% NSR) and an extensive database which includes: detailed assays for 41 holes totaling 5863 metres; extensive surface sampling data; detailed geological maps; resistivity and induced polarization geophysical survey maps.
Duran's geologists confirmed the presence of a high-sulphidation (acid sulphate) epithermal gold- and 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 gold-silver-bearing part of the epithermal alteration system covers an area of two kilometres by two kilometres.
The previous operator defined an east-west trending mineralized zone through widely spaced drilling and core sampling. The near surface mineralization appears to be open to the west and southwest as historic drill holes P-02 and P-07 intersected respectively: 55.78 metres of 0.55 g/t Au from surface and 61.40 metres of 0.51 g/t Au starting at 5.65 metres. Within the mineralized zone, high grade intercepts include drill hole P-16, located on the eastern portion, returning 1.15 g/t Au and 9.70 g/t Ag over 17.70 metres starting at 28.55 metre depth, and P-23 returning 1.24 g/t Au and 13.9 g/t Ag over 47 metres starting at a depth of 142.9 metre depth. It must be noted that the drill results are historical in nature and therefore are not 43-101 compliant and cannot be relied on.
Duran believes that the Minasnioc Property has the potential to host a near surface oxide gold resource as indicated by the previous historic results. The Company has begun discussions with local community members and newly appointed elected officials to reach surface access agreements. The Company's excellent reputation in Peru will aid present negotiations. The Company plans on drilling the areas of known mineralization on a tighter drill pattern in order to complete an initial resource on the property. Prospecting and sampling at the property on a wide scale is planned to locate and understand the local geological controls on the gold mineralization.
Duran is also pleased to announce that several prospective mining concessions were purchased for $99,000US to cover three areas totaling 2904 hectares located in the historic Huachocolpa Mining District 250 kilometres southeast of Lima in south-central Peru. The package of concessions contains numerous high grade precious and base metal veins and breccias hosted in Tertiary volcanic rocks. Numerous small miners are operating in the area and there are several local plants to treat the ores nearby. The Company plans to map and sample the veins and mineralization once the weather is favourable.
Due to the poor market conditions, numerous concessions throughout Peru lapsed during 2014 and became available in January 2015 for new applications. Duran is pleased to announce that apart from the new Minanioc area applications, an additional 8 applications for concessions were submitted on January 5, 2015. Each area was carefully selected by the Company's technical team. Of the 11 applications, 5 are in competition with other individuals and/or companies and will require a closed bid auction to determine the new title holder of the area. These applications targeted concessions hosting high grade gold and silver mineralization. The Company's geologist will first conduct a field review of the concession applications in competition which have reported historic high grade gold to determine the value of the areas. Dates for the government closed bid auctions have not yet been determined.
Shareholders and potential investors are encouraged to visit the Company's website to review the Minasnioc newly acquired concessions and its recent update of the Minasnioc database. Further updates are expected as the Company's technical team conducts a detailed compilation of the Company's 2014 generative program on its 100% owned assets. 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.
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.