Duran Acquires Historical Drill Data and Surrounding Mineral Concessions from Barrick on the Minasnioc Gold Property, Peru
TORONTO, ONTARIO--(Marketwire - April 11, 2012) - Duran Ventures Inc. ("Duran" or the "Company") (TSX VENTURE:DRV) is pleased to announce that the Company has acquired the historical geological and drill data from Barrick Gold Corp ("Barrick") on Duran's wholly owned Minasnioc Gold Property in south central Peru. Furthermore, Duran has acquired three additional concessions (Aura Azul 6, 7 and 8) from Barrick totalling an additional 2000 hectares. The Minasnioc Gold Property, including the newly acquired concessions, now covers 3800 hectares. The Property is located in the Department of Huancavelica, approximately 300 kilometres southeast of Lima.
The Minasnioc Gold Property has seen previous intensive exploration campaigns by Barrick and Compania de Minas Buenaventura S.A.C between 2001 and 2007, which included surface channel sampling and drilling. The data acquired is currently being compiled and will be available on the Company's website shortly. Barrick's historical expenditures were reported to be approximately $2.5 million.
Sampling and mapping by the Company's geologists defined a high sulphidation (acid sulphate) epithermal oxide 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 oxide gold-silver bearing part of the epithermal alteration system covers an area of approximately 2 by 2 kilometres on the main concession wholly owned by Duran. The additional concessions acquired from Barrick cover an extensive alteration zone measuring over 4.5 kilometres east-west and up to 2 kilometres north-south. The age of the volcanic host rocks (Tertiary) and style of mineralization is similar to Barrick's Pierina and Alto Chicama Mines and Newmont and Buenaventura's Yanacocha mine in Peru.
Initial rock chip sampling by the Company in 2010 on the main concession showed widespread anomalous gold and silver values. As previously reported in the Company's news release dated May 25th, 2010, samples collected by Duran on the main concession were one to four-metre rock chips and two by two metre to five by five metre panel samples. Twenty-one (21) of 35 samples returned assays greater than 0.1 grams of gold per tonne, with values as high as 2.96 grams of gold per tonne. Twenty-eight (28) of 35 samples returned silver values of greater than 1.0 gram of silver per tonne, 11 samples returned values of greater than 10.0 grams of silver per tonne, and one sample returned a high value of 70.6 grams of silver per tonne. Sample highlights are shown below.
SAMPLE NUMBER SAMPLE TYPE LENGTH (m) (g Au/T) (g Ag/T)
526 Rock Chip 2.0 1.38 41.5
527 Rock Chip 2.0 0.59 70.6
529 Rock Chip 4.0 0.96 21.2
534 Rock Chip 1.0 0.87 6.8
535 Rock Chip 3.0 2.07 29.3
540 Panel 3x3 2.89 66.9
541 Panel 3x1 2.93 56.6
Other notable and comparable high sulphidation oxide gold properties in Southern Peru include Pan American's Pico Machay Property, Minera IRL's Corihuarmi and Aruntani's Rescatada Properties. It is important to note that the style of the oxide gold mineralization allows for low cost extraction. For example Minera IRL's Corihuami property produced 33,013 ounces of gold at an average of 0.87 g/t Au during 2010 at cash costs of $383 per ounce. The Corihuami gold mine was placed in production in 2008 for a capital cost of US$20 million. The Corihuami capital cost was recovered from pre-tax cash flow within the first 7 months of production. (Source: http://www.minera-irl.com/english/Mine/Corihuarmi/tabid/135/Default.aspx)
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The purchase consideration paid to Barrick for the data acquired and the transfer of the Aura Azul 6, 7, and 8 concessions is 1,000,000 (one million) common shares of Duran. The common shares issued will be subject to a four month hold period from the date of closing and are subject to final regulatory approval. In addition, the three concessions acquired from Barrick will be subject to a 2% Barrick NSR. The main concession already held by Duran is not subject to any royalty.
The Company is pleased with the acquisition of the historical data and the additional concessions on the Minasnioc Gold Property. Social and environmental baseline studies will commence immediately. The Minasnioc Gold Property adds a very interesting epithermal gold project to the Company's Peruvian holdings.
All samples taken by Duran were prepared and analyzed at ALS Chemex in Lima (a certified laboratory). Analysis for gold is by fire assay with atomic absorption finish. Other elements are analyzed using a multi-element ICP analysis: elements assaying over-limits with ICP procedure are re-analyzed using atomic absorption. The Company maintains secure care and custody of samples.
Duran is a Canadian exploration company focused on the exploration and development of porphyry copper, precious metal, and polymetallic deposits in Peru. Jeffrey Reeder, P. Geo., CEO and President of Duran, is a Qualified Person as defined in National Policy 43-101, and is responsible for all technical information contained in this news release.
Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchange: Symbol "DRV".
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 that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in copper and molybdenum and other commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our Peruvian activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which 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.
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