- Acquired a 100% interest in 3 claim blocks adjacent to, and near, Equitas Resources Corporations’ (TSX.V-EQT) Labrador Ni/Cu project
- One claim block is located adjacent to, and to the northwest of, anomaly D of the Equitas Garland property which is located approximately 30km southeast of Vale’s Voisey’s Bay mine
Vancouver, BC / October 5, 2015 – Durango Resources Inc. (the “Company” or “Durango”) is pleased to announce it has acquired a 100% interest in 3 claim blocks adjacent to, and near, Equitas Resources Corporations’ (TSX.V-EQT) Labrador Ni/Cu project.
One claim block is located adjacent to, and to the northwest of, anomaly D of the Equitas Garland property which is located approximately 30km southeast of Vale’s Voisey’s Bay mine. On September 23, 2015 Equitas Resources Corp. announced via www.sedar.com, “Springdale Forest Products has commenced drilling with borehole GP15-001. This NQ borehole is designed to test VTEM Anomaly D, part of a two-kilometre trend of variable conductivity, coincident with a nickel-copper-cobalt lake sediment anomaly and resident in an east-west structure of the Gardar-Voisey’s Bay fault set.”
Two other claim blocks, described below, are approximately 90km to the north of Voisey’s Bay, and have historic work results reported.
E ZONE
One claim block covers the “E” Zone, where National Mineral Inventory Number (NMIN): 14E/01/Ni 002, Record ID Number: 4499, reports wide, deep, intersections of “disseminated to massive sulphide layering” including: drill intersections of 12.9 m of 0.24% Ni, 0.20% Cu, and 0.06% Co, and 54 m of 0.4% Ni, 0.43% Cu and 0.11% Co. It is not stated in the report if the second intersection is continuous like the first one (Canadian States Resources, PR, August 21, 1996). “Generally, the grades are higher than those from the adjacent Cirque (NMI File No. 14E/01/Ni003), although such comparisons may be complicated by differences in averaging techniques (Kerr and Smith, 1997).”
KRINOR
Another claim block covers the occurrence known as “Krinor”, NMIN: 14E/01/Ni 008 Record ID Number: 4511, “The best assay (probably a grab sample) from the property was 1.31% Ni, 0.52% Cu and 0.21% Co (Castle Rock Exploration, PR, October 4, 1995). Geophysical surveys were conducted during the summer of 1996, and diamond drilling commenced in mid-August 1996. According to the NMIN file no information was released at that time concerning drilling results, but three holes intersected sulphide mineralization, over widths up to 14 m. (J. O’Sullivan, personal communication, 1997) (Kerr and Smith, 1997).”
Further due diligence evaluation of historic data, derived mainly from the Voisey’s Bay discovery and subsequent staking rush and exploration follow up by the many companies involved, will be carried out over the next few months.
In consideration for 100% interest in the properties, with no net smelter royalty, the Company will issue one million shares to an arm’s length vendor, subject to TSX Venture Exchange approval. The shares will be subject to a hold period of four months plus one day from the date of issuance.
The technical and scientific data in this news release was approved by Mr. Peter Dimmell, P.Geo. (NL, ON, SK, QC(SP), a qualified person as defined by National Instrument 43-101.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company has a 100% interest in the Mayner’s Fortune and Smith Island limestone properties in northwest British Columbia, the Decouverte and Trove gold properties in the Abitibi Region of Quebec, and the Buckshot graphite property near the Miller Graphite mine in Quebec.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900
Facsimile: 888.266.3983
Email: [email protected]
Website: www.durangoresourcesinc.com
Forward-Looking Statements
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs, execution of a definitive agreement, raising of funds, obtaining regulatory approvals and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties relating to Durango, please refer to the Company’s prospectus filed on its SEDAR profile at www.sedar.com.
Neither 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.
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