- Announced further to its news of March 22, 2016, the Company has closed the purchase of its 100% interest in the Saskatchewan ground known as the Dianna Lake Silver Prospect by payment of $150,000
- The Dianna Lake silver project consists of 131 hectares located 17 kilometres northwest of Uranium City, Saskatchewan
- Host to Past Grab Samples as High as 2,480 Oz/ton Silver
Vancouver, BC / April 21, 2016 – Durango Resources Inc. (TSX.V-DGO), (the “Company” or “Durango”) announces further to its news of March 22, 2016, the Company has closed the purchase of its 100% interest in the Saskatchewan ground known as the Dianna Lake Silver Prospect by payment of $150,000.
The Dianna Lake silver project consists of 131 hectares located 17 kilometres northwest of Uranium City, Saskatchewan.
It was reported this week on April 20, 2016 in the Financial Times article, “Silver surges to best performing commodity” by Henry Sanderson, “An explosive two-week rally has made silver one of the best performing commodities this year, fueled by a surge in interest from hedge funds.”
Marcy Kiesman, CEO stated “The Financial Times article referenced above outlines the Silver commodity price surge in recent weeks and the Dianna Lake Silver Prospect was drilled prior to the recent 2011 silver price highs, therefore it is a relatively new prospect being introduced to silver players worldwide. An exploration program will be announced in the coming months and, pending adequate funding, is currently planned to include drill hole testing. Having the opportunity to re-initiate exploration on a silver prospect that has not been explored in the past fifteen years is an exciting opportunity as Durango positions for discovery.”
About the Dianna Lake Silver Prospect
Durango’s Dianna Lake Silver Prospect covers a historic area in which, from 1968 to 1969, two high-grade, primarily native silver-bearing exploration targets of between 30,000 and 50,000 tonnes grading five to 10 ounces per ton silver, approximately 600 metres apart, were determined by trench grab sample assays, according to a historic evaluation report composed for Comaplex Resources in 1980(1) *.
* Potential quantities and grades are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Additionally, the main silver-bearing zone is spatially associated with a large zone of low-grade, disseminated copper-silver mineralization in which “drilling of two IP anomalies indicated approximately five million tonnes averaging 0.4 ounce per ton Ag and 0.4 per cent Cu” (undefined category historic resource estimate), according to the same report (1) **.
** A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the issuer is not treating the historical estimate as current mineral resources or reserves. Further work must be carried out to verify all historic information before a resource estimate is possible.
Fourteen additional induced polarization anomalies in the historic exploration area surrounding Dianna Lake and the nearby Doug Lake remain yet undrilled, according to the Comaplex Resources report (1), four of which occur within the property boundary of Durango’s Dianna Lake silver project.
Previous work on the claims was reported in 1969, 1980 and 1998 and included diamond drill holes, trenches, and pits primarily across two zones where mineralization was identified at or near surface. One zone was reported to have five trenches exposing Ag-Cu mineralization over approximately 80 metres. Historic grab samples from Pit 1 of this zone included ounce-per-ton silver values of 2,458.4, 684.4, 647.4, 600.2, 464.2, and 454.8 ounces per ton Ag. Out of 18 grab samples, 13 samples assayed between 185.0 and 2,458.4 ounces per ton. Pit 2 grab samples returned reported highs of 298.0 and 197.0 ounce per ton Ag (out of seven samples ranging from 12.2 to 298.0 ounces per ton Ag) (1). (The Company cautions that grab samples are selective and may not be representative of the mineralization on the property.)
The technical contents of this release were approved by Case Lewis, P.Geo., a qualified person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report.
References
(1) “Evaluation report of the Dianna Lake silver-copper property, CBS 3141, S-97735 and S-97736, Uranium City area, Saskatchewan, Canada, for Comaplex Resources International Ltd.” E.G. Kennedy, PEng, 1980.
About Durango Resources Inc.
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 NMX East, Lac Noirs, Montagne North and Boomerang lithium properties near the Whabouchi mine, the Buckshot graphite property near the Miller Mine in Quebec, the Whitney Northwest property near the Lake Shore Gold and Goldcorp joint venture in Ontario, as well as three sets of claims in the Labrador nickel corridor.
For further information on Durango, please refer to its website and its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900 or 604.339.2243
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 future exploration or project development programs 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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