- Finalized its exploration plan for its properties near Nemaska Lithium’s Whabouchi deposit
- One of the closest land positions to Nemaska Lithium’s proposed Whabouchi pit
- Boundary 1.4 kilometres to the east of the proposed pit and contiguous with more than 8 kilometres of Nemaska’s property boundary
Vancouver, BC / July 18, 2016 – Durango Resources Inc. (TSX.V-DGO), (the “Company” or “Durango”) announces that it has finalized its exploration plan for its properties near Nemaska Lithium’s Whabouchi deposit in northern Quebec. Durango boasts one of the closest land positions to Nemaska Lithium’s proposed Whabouchi pit, with its boundary 1.4 kilometres to the east of the proposed pit and contiguous with more than 8 kilometres of Nemaska’s property boundary.
The first phase of exploration will consist of a detailed mapping and sampling program and will take place over the course of approximately two weeks, commencing in early August. The program will target geophysical and historical lithogeochemical anomalies, with the goal of identifying pegmatite bodies underlying the property. Various targets of the survey are outlined below.
Of particular interest to the Durango technical team are a series of geophysical signatures in both the historical total field and gradiometric magnetic surveys reported in the 2011 Tucana Lithium Report on the Abigail Property (1). These anomalies indicate some potential for an extension from the Whabouchi deposit, or a trail of similar pegmatite intrusions, towards the northeast, crossing the north-central portion of Durango’s eastern claim block, as shown below in Figure 1 and Figure 2.
Figure 1: Total Field Magnetic Survey
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Figure 2: Gradiometric Magnetic Survey
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Larger images available at: http://www.durangoresourcesinc.com/projects/nmx-east-quebec/
The Company cautions that these are preliminary interpretations. There has been insufficient exploration to define a mineral resource on the property and it is uncertain if further exploration will result in mineralization or mineral resources being identified on the property.
Durango has also coordinated with the Cree First Nation of Nemaska to arrive on site in the coming weeks. The Company is fully financed to execute the first phase of exploration at its Nemaska properties, as well as its 100%-owned Dianna Lake Silver Prospect in northern Saskatchewan (see Durango news, July 13, 2016).
Pending the success of the sampling program and identification of any anomalous lithogeochemical values, the following phase may consist of trenching across the identified anomalous zones, as warranted. Further information on the second phase of exploration will be provided after the conclusion of Phase 1.
Marcy Kiesman, CEO of Durango comments, “We were very pleased to hear on July 13th, Nemaska Lithium announced a drill program targeting the eastern zone of its proposed Whabouchi pit to add near-surface resources. This new information, in addition to the surge of recent activity in the area, has greatly reinforced the potential of Durango’s key land position in the Nemaska region. We expect to get boots on the ground following the completion of our sampling program at Dianna Lake, which is currently underway.”
Additionally, the board has granted an aggregate of 650,000 options to directors, officers and consultants of the Company. Each option is exercisable for one common share at an exercise price of $0.10 for a period of two years from the date of grant.
The technical contents of this release were approved by Mr. Case Lewis, P.Geo., a Qualified Person as defined by National Instrument 43-101. The property has not yet been the subject of a National Instrument 43-101 report.
References
- (1)Theberge, D. (2011). NI 43-101 Technical Report Pertaining to the Abigail Property, Nemiscau Area, Northern Quebec, Canada, prepared for Tucana Lithium Corp.
About Durango Resources
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 certain lithium properties near the Whabouchi mine, the Buckshot graphite property near the Miller Mine in Quebec, the Dianna Lake silver project in northern Saskatchewan, 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 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 the purchase, development, completion of the Financing, commencement and completion of 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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