- letter of intent with Duran Ventures Inc. (V-DRV) for the purchase of the Don Pancho zinc-lead-silver property in Peru
- Agreement with Duran to acquire 100% of the Don Pancho polymetallic zinc-lead-silver project located in the Department of Lima Peru, 110 kilometers north-northeast of Lima, comprising one concession of 600 hectares
Toronto, Ontario (FSCwire) – Tartisan Resources Corp. (CSE: TTC) (“Tartisan”, or the “Company”) is pleased to announce the signing of a letter of intent with Duran Ventures Inc. (V-DRV) ( “Duran”) for the purchase of the Don Pancho zinc-lead-silver property in Peru.
Letter of Intent
Tartisan Resources Corp. has entered into an agreement with Duran to acquire 100% of the Don Pancho polymetallic zinc-lead-silver project located in the Department of Lima Peru, 110 kilometers north-northeast of Lima, comprising one concession of 600 hectares and is the subject of a NI 43-101 compliant Report prepared in December 2014 available for viewing on SEDAR.
The project is located in a prolific polymetallic mineral belt in central Peru with several operating mines in the area including the world class Iscaycruz and Yauliyacu polymetallic mines operated by Glencore-Xtrata Plc located 50 kilometers to the north-northwest. Trevali Mining Corporation’s Santander silver-lead- zinc mine is located 9 kilometers to the east and Buenaventura’s silver-lead-zinc Uchucchacua mine is located 63 kilometers to the north, (10 million ounces of silver produced in 2011). Infrastructure is considered excellent with ready access and a power line crossing the property en route to the Santander mine.
Don Pancho Project
Previous exploration on the property included an extensive surface mapping and sampling program, geophysics and a 2000 metre diamond drilling program of 6 holes conducted by a private Peruvian company.
Mapping and sampling shows an extensive NNW-SSE trending breccia zone measuring over 800 metres in length and 150 to 200 metres in width. There are numerous old workings and underground drifts located within this zone. The 2014 diamond drilling program shows large intersections of polymetallic mineralization, including 40 metres of 0.88% Zn, 0.40% Pb and 7.7 g/t Ag, 22.65 metres of 1.00% Zn, 0.26% Pb and 6.85 g/t Ag and 1.15 metres of 4.38% Zn, 3.25% Pb and 61.1 g/t Ag, (see Duran’s Press Release September 2, 2014). Surface sampling from the previous operator has revealed very interesting values, including 13.9 metres of 28.1 g/t Ag, 2.43% Pb, and 2.42% Zn, 2.8 metres of 28.1g/t Ag, 1.06% Pb, and 9.07% Zn and 13 metres of 8.38g/t Ag, 0.39% Pb, and 2.22% Zn. Sampling of underground workings in Yanapallaca area before the previous operators retuned 106 g/t Ag, 3.26% Pb and 17.56% Zn over 2.00 metres. (see 43-101 Technical Report on Don Pancho filed December 30th, 2014 on Sedar). Please note that the true width of the mineralization both on the surface and underground workings cannot yet be determined as the controls of the mineralization is yet to be fully understood.
A program of geophysics, diamond drilling and underground drifting is envisioned. Structural analysis on the geology suggests previous drilling did not properly test the potential of the property.
The Agreement will permit Tartisan to acquire a 100% undivided interest in the property by paying $50,000 and issuing 500,000 common shares by March 31, 2017. Upon completion of 5,000 metres of drilling and/or underground development a further 150,000 shares are payable and if a NI 43-101 compliant resource is published, a further 150,000 shares are payable and if the Company loses control of the project either by sale or joint-venture, a further 200,000 shares are payable. Duran will retain a 2% net smelter return royalty, of which half (1%) can be purchased by Tartisan for US$500,000.
Tartisan Resources Corp. common shares are listed on the Canadian Securities Exchange (CSE:TTC). Currently, there are 63,287,629 shares outstanding (82,759,982 fully diluted).
For further information on Tartisan, please contact Mr. D. Mark Appleby, President & CEO and a Director of the Company, at 416-804-0280 (email@example.com). Additional information about Tartisan can be found at the Company’s website at www.tartisanresources.com or on SEDAR at www.sedar.com. For further information on Duran, please contact Jeff Reeder at 647-302-3290 (firstname.lastname@example.org) or www.duranventuresinc.com
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Jeff Reeder P.Geo. a qualified person in the context of NI 43-101 has reviewed and approved the technical content of this News Release
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Source: Tartisan Resources Corp. (CSE:TTC)