- Signed a letter of intent with Duran Ventures Inc. for the purchase of the Ichuña Copper-Silver property in Peru
- Recently entered into an LOI with Duran regarding the purchase of the Don Pancho property
Toronto, Ontario – Tartisan Resources Corp. (CSE: TTC) (“Tartisan”, or the “Company”) Tartisan Resources Corp. (“Tartisan” or the “Company”) is pleased to announce that the Company has signed a letter of intent (“LOI”) with Duran Ventures Inc. (V-DRV) for the purchase of the Ichuña Copper-Silver property (“Ichuña” or the “Project”) in Peru. Tartisan recently entered into an LOI with Duran regarding the purchase of the Don Pancho property (see Company’s new release dated February 22, 2017).
Tartisan has entered into an agreement with Duran to acquire 100% of the Ichuña Copper-Silver property in Peru located in the department of Moquegua, 825 kilometres southwest of Lima, comprising one concession of 1000 hectares. More specifically, the Ichuña property is located 120 kilometres northeast of Arequipa and is contiguous to the San Gabriel Project, previously called the Chucapaca Project, a gold-silver discovery announced in 2010 through a joint venture with Goldfields Ltd. and Compañia de Minas Buenaventura (“Buenaventura”). An initial resource of 83.7 MT, 1.9 g/t Au, 8.2 g/t Ag and 0.09% Cu for an 5.6 million equivalent Au ounces was published in May 2010*. *(https://www.goldfields.co.za/med_news_article.php?articleID=592)
In August 2014, Buenaventura announced the purchase of Goldfield’s 51-per-cent interest in the San Gabriel Project for $81-million (U.S.) and a 1.5% net smelter royalty (“NSR”) on all metal sales. Currently Buenaventura is proposing an underground mine at the project, specifically on the Canahuire gold zone, located approximately three kilometres to the south of the Ichuña project.
Duran acquired the 1000 hectare Ichuña concession in 2006 before the discovery at San Gabriel. Extensive high grade surface Cu-Ag mineralization was initially observed by Duran’s geologists and was later followed up by a property wide geophysical survey in 2010. The work identified a large IP geophysical anomaly trending northwest-southeast measuring over 1,500 metres in length. It is important to note that the discovery of the Canahuire zone was a blind target with a strong geophysical response. Economic mineralization in the Canahuire zone does not outcrop at surface and follows a recessive area. The geophysical anomaly on Ichuña has similar characteristics to the Canahuire zone.
Duran optioned the property to a third party in 2013 and limited work was undertaken, which included seven diamond drill holes totaling 2,754 metres. Drilling focused only along intrusive and limestone contact(s) where access and community agreements were in place. The drilling did not return significant results along this contact. More importantly, the IP target was not tested adequately as only one hole collared at the most south western tip was completed. A program of more detailed geophysics and diamond drilling is planned to test this extremely interesting target.
The agreement will permit Tartisan to acquire a 100% undivided interest in the Project by paying a total $50,000 and issuing 500,000 common shares by May 17, 2017. Upon completion of 5,000 metres of drilling and/or underground development, a further 150,000 shares are payable, and if a National Instrument 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 to Duran. Duran will retain a 2%NSR, 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 (firstname.lastname@example.org). 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 (email@example.com) 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.
Neither the TSXV, CSE/CNSX nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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)