- Announce that it has entered into an agreement to acquire 100% of the Dianna Lake Silver Project
- Consists of 131 hectares located 17 kilometres northwest of Uranium City, Saskatchewan.
Vancouver, BC / March 22, 2016 – Durango Resources Inc. (the “Company” or “Durango”) is pleased to announce that it has entered into an agreement to acquire 100% of the Dianna Lake Silver Project, which consists of 131 hectares located 17 kilometres northwest of Uranium City, Saskatchewan.
Durango’s new Dianna Lake Silver Project covers an historic area in which, from 1968 to 1969 two high grade, primarily native silver-bearing exploration targets of between 30,000 to 50,000 tonnes grading 5-10 oz/tonne silver, approximately 600 metres apart were determined by trench grab sample assays, according to an 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 5 million tonnes averaging 0.4 oz/t Ag and 0.4% 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 IP 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 oz/ton silver values of 2,458.4, 684.4, 647.4, 600.2, 464.2, and 454.8 oz/ton Ag. Out of 18 grab samples, 13 samples assayed between 185.0 and 2,458.4 oz/ton silver. Pit 2 grab samples returned reported highs of 298.0 oz/ton Ag and 197.0 oz/ton Ag (out of 7 samples ranging from 12.2oz/ton Ag to 298.0 oz/ton Ag) (1). (The Company cautions that grab samples are selective and may not be representative of the mineralization on the property.)
Durango has agreed to pay up to $150,000 to an arms-length vendor over a period of three years upon completion of a financing for 100% title to the mineral claims and an additional $150,000 upon achieving a 43-101 indicated resource of a minimum of 50,000 ounces of silver.
President and Director of Durango, Marcy Kiesman, states, “We are pleased to add a significant asset to Durango’s growing portfolio of high-potential projects. We look forward to advancing on the next steps to creating value for our shareholders as we now plan for the upcoming exploration season.”
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 been the subject of a National Instrument 43-101 report.
References:
“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, P.Eng., 1980.
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 NMX East lithium property near the Whabouchi mine and 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 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 timing of mineral resource estimates, 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.
