Montreal, Quebec, Canada /March 11 2016 – Uragold (TSX Venture: UBR) is pleased to announce the start of an exploration program focused on the detection of deep sulphide mineralization targets on the Company’s Beauce Gold project located in the Beauce region of Southern Quebec. The research program, approximately 80% of which is funded through governmental grants, will bring together an international world-renowned multi-disciplinary geophysical team oriented on studying and identifying the location of potentials hard rock sources of the Beauce Gold property.
GOLD PROJECTS TO BE SPUN OUT TO UNLOCK VALUE
Bernard Tourillon, Chairman and CEO of Uragold stated, “Our decision to participate in this government funded exploration program at this time represents the official start of the Company’s plan to spin out its’ gold assets into a separate publicly traded company, first contemplated in our press release of December 1, 2015. We believe the spin out will serve to unlock the true value of our gold assets for our shareholders, all of whom will receive shares in the new company, while allowing each company to focus on their respective core competencies. Details of the spin out, subject to shareholder and regulatory approval, will be provided in due course.”
BEAUCE GOLD PROPERTY-SEARCHING THE SOURCE OF THE LARGEST PLACER GOLD DEPOSIT IN EASTERN NORTH AMERICA
The Beauce Gold project area hosts a six (6) km long unconsolidated gold bearing sedimentary unit (a lower saprolite and an upper brown diamictite) holding the largest historical placer gold deposit in eastern North America. Uragold exploration work to date identified delicate gold in saprolite, indicating a close proximity to a bedrock source of gold providing significant potential for further exploration discoveries. (Please refer to Uragold National Instrument 43-101 report dated January 8, 2015).
Patrick Levasseur, President and COO of Uragold stated, “For the past 150 years, every 50 years has seen the occurrence of major placer gold mining operation on the property. Regardless of this, there have been few attempts made to identify the bedrock source of this prolific historical placer gold deposit.” Mr. Levasseur further stated: “Having such a team of world renowned professionals working on our project and using the latest in geophysical technology for gold exploration on our Beauce Gold property is outstanding.”
WORLD RENOWNED GEOPHYSICAL TEAM
The multi-disciplinary geophysical team is composed of members from:
-MERN (Energie et Resources Naturelles du Quebec) ;
-Paris VI – Sorbonne (Universite Pierre et Marie Curie) and
-Zonge International from Tucson Arizona (Zonge.com)
The multi-disciplinary geophysical will take magnetic and gravimetric measurements along different sections, perpendicular to the geology of the St-Simon-les-Mines gold placer area. Subsequently, they will complete an electromagnetic survey, from 0 to 2,000 m, to document the geoelectric characteristics of Bellechasse gold belt in St-Simon-les-Mines.
The Beauce Gold project has been the subject of exploration by UBR and INRS. The INRS electrical resistivity and IP survey demonstrated the presence of strong chargeability anomalies in the bedrock located below the gold placer quaternary units (News release 2013-05-23, Uragold’s Beauce survey indicates vertical anomaly).
The geophysical and petrophysical study is majority funded through a grant from the FQRNT-Mines (Fonds de recherche du Quebec – Nature et technologies) (FRQNT) with a contribution from Uragold.
Marc Richer-Lafleche PhD, P. Geo, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this press release.
About The Beauce Gold project
The Beauce Gold Project is a unique, historically prolific gold field located in the municipality of Saint-Simon-les-Mines in the Beauce region of Southern Quebec. Comprising of a block of 37 claims 100% owned by Uragold Bay Resources, the project area hosts a six km long unconsolidated gold bearing sedimentary units (a lower saprolite and an upper brown diamictite) holding the largest placer gold deposit in eastern North America. The gold in saprolite indicates a close proximity to a bedrock source of gold providing significant potential for further exploration discoveries.
About Uragold
Uragold is also the largest holder of High Purity Quartz properties in Quebec, with over 3,500 Ha under claims. Quartz from the Roncevaux property successfully passed rigorous testing protocols of a major silicon metal producer confirming that our material is highly suited for their silicon metal production.
Uragold, with its worldwide exclusive usage of PyroGenesis’ PUREVAP(TM) QVR, is endeavouring to become a vertically integrated High Purity Silicon Metal (99.99% Si), Solar Grade Silicon Metal (6N Purity / 99.9999% Si) and/or Higher (9N Purity / 99.9999999% Si) producer.
The PUREVAP(TM) QVR process’s big advantage is its one step direct transformation of Quartz into High Purity Silicon Metal (99.99% Si), Solar Grade Silicon Metal (6N Purity / 99.9999% Si) and/or Higher (9N Purity / 99.9999999% Si) producer, thereby potentially allowing Uragold to manufacture high value material for the same operating cost presently being paid by traditional producers to make Metallurgical Grade Si (98.5% Si) using the traditional arc furnace approach.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company’s on-going filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the 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.
For further information contact
Bernard J. Tourillon, Chairman and CEO Tel (514) 907-1011
Patrick Levasseur, President and COO Tel: (514) 262-9239
www.uragold.com
Vancouver, BC / March 9, 2016 – Durango Resources Inc. (the “Company” or “Durango”) (V-DGO) (OTC-ATOXF) is pleased to announce further information on its 100% owned Whitney Northwest Gold Project located north of the Lake Shore Gold Corp (T-LSG) and Goldcorp Inc. (T-G) joint venture Whitney Project north of the city of Timmins, Ontario, and 9 kilometres ENE of the city of Timmins.
In addition to its close proximity to the Whitney Project, on which Lake Shore Gold announced an expansion to its mineralized zone on February 4, 2016, Durango’s Whitney Northwest property is located directly adjacent to the north of the Bell Creek Mine Complex, which includes the Bell Creek Mine and the Bell Creek Mill. The Whitney Northwest project is located approximately 4 kilometres west-northwest of the Bell Creek Mine resource.
Durango’s Whitney Northwest property covers the projected extensions of several north-south and east-west trending regionally mapped faults. The Porcupine area is well known for hosting mesothermal Archean shear-hosted gold deposits. Durango’s Whitney Northwest Gold Project lies between the gold-bearing Destor-Porcupine Fault to the south (>60 million oz of historic production to the end of 2006) and the gold-bearing regional Pipestone Fault to the north.
The most significant gold mineralization at the nearby Bell Creek Mine occurs in two lithostructural settings: a) near or along an ultramafic-to-mafic contact zones (the Bell Creek and West Zone), and b) within the mafic volcanics sequence (North Zones). (2) Initial work at Durango’s Whitney Northwest is planned to consist of detailed field mapping and attention will be given to identifying geological analogues to nearby deposits such as the Bell Creek Mine and the Lake Shore Gold Whitney Project.
The Bell Creek Mine is an underground mine located northeast of Timmins, Ontario, close to Goldcorp Inc.’s (“Goldcorp’s”) Hoyle Pond Mine. The mine is a former producer that was operated by a number of owners from 1987 to 1994, producing a total of 113,000 ounces of gold (576,000 tons at an average grade of 5.6 grams per tonne). Lake Shore Gold acquired the Bell Creek Mine, and the Bell Creek Mill, in December 2007 from the Porcupine Joint Venture, a joint venture between Goldcorp and Kinross Gold Corporation. (1)
The Bell Creek Mill receives ore from the Lake Shore Gold Bell Creek Mine and Timmins West Mine and currently achieves throughput levels of around 3,500 tonnes per day. During the first nine months of 2015, a total of 952,000 tonnes of ore was processed at Bell Creek Mill at an average grade of 4.6 gpt and an average recovery rate of 96.7%, resulting in 136,200 recovered ounces of production. (1)
The technical contents of this release were approved by Mr. Case Lewis, a vendor of the property and a Qualified Person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report.
About the Whitney Northwest Project
Durango’s Whitney Northwest Gold Project is located within the western part of the Archean-aged Southern Abitibi Greenstone Belt, a supracrustal complex of moderately to highly deformed, usually greenschist facies, volcanic-dominated oceanic assemblages that are approximately 2.7 million years in age. Supracrustal rocks in the Timmins region are assigned as members of seven volcanic and two sedimentary assemblages within the Western Abitibi Subprovince of the Superior Province. Intrusions were emplaced during the Archean and Proterozoic eons.
The Whitney Northwest Gold Project lies between the gold-bearing Destor-Porcupine Fault to the south (>60 million ounces of historic production to the end of 2006) and the gold-bearing regional Pipestone Fault to the north. The property covers the interpreted extension of several north-south and east-west trending faults.
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 in Quebec, the Buckshot Property near the Miller Mine in Quebec, as well as three sets of claims in the Labrador nickel corridor.
References
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.
RECENT HIGHLIGHTS
Exceptional Properties
Electrum Gold-Silver Property, British Columbia – 100% owned
The Electrum property has a rich history with some of the highest grade hand-mined ore mined in North America combined with excellent logistics. The property is located directly between two high-grad vein gold/silver mines; the past producing Silbak Premier mine and Pretiums high-grade Brucejack mine (production in 2017).All three lie within the Iskut mineral district (a particularly prolific part of the Canadian Cordillera) with numerous geological similarities between them.
The Electrum Property holds significant potential to attract mining companies when considering its high-grade nature combined with the exceptional logistics in place.
The high-grade ELECTRUM PROPERTY recently had a program run on it. CLICK HERE for the Electrum presentation and HERE for the 2015 drill program presentation. The highly mineralized gossans on the Electrum are shown in the image at the top of this page.
2015 Drill Program Presentation
Treaty Creek Gold-Copper Property, British Columbia – 51% Joint Venture
Treaty Creek Property
Treaty Creek is located in British Columbia’s prolific Golden Triangle; one of the richest areas of mineralization in the world with one new mine having come online in 2015 (Imperial Mines Red Chris) and another scheduled for 2017 (Pretium Brucejack) and at least three more world-class mining projects headed toward production.
Mineralization in the Treaty Creek claims area lies within the same broad hydrothermal system that generated the several deposits on the Seabridge Gold KSM and the Pretivm Brucejack properties that lie immediately southwest of the Treaty Creek claims. So far over 130 million ounces of gold, 800 million ounces of silver and 20 billion pounds of copper (all categories included), representing one of the greatest concentrations of metal value on the planet, have been delineated within the geological system shared by KSM, Brucejack, and Treaty Creek.
Seabridge Gold’s KSM is the world’s largest undeveloped gold/silver project by reserves while Pretium’s Brucejack is the highest grading undeveloped large-scale gold project in the world.KSM has just past the environmental and permitting stage while the Brucejack is in construction phase.
Treaty Creek is part of the same large hydrothermal system as it’s neighbours, hosts the same bedrock geology as its neighbours, the same magneto-telluric (MT) anomalies that proved to be large deposits on the neighbours claims, the same major fault system (Sulphurets) that is responsible for KSM’s deposits, and initial exploration and drilling show similar results to initial drilling on KSM.
The Treaty Creek property is in a strategic location as it’s included in Seabridge’s plan for the KSM to go into production. Seabridge has proposed twin tunnels that would take the KSM ore through American Creek’s Treaty Creek property to a processing plant and tailings pond.
Vancouver, BC / March 04, 2016 – Durango Resources Inc. (the “Company” or “Durango”) announces that it has strategically added additional ground to its property adjacent to Canada Carbon’s Miller Mine Property in Quebec and also to its NMX East property adjacent to Nemaska Lithium’s proposed Whabouchi Mine via an online staking application through GESTIM.
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 in Quebec, the Buckshot Property near the Miller Mine in Quebec, 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.
Montreal, Quebec, Canada /March 3, 2016 – Uragold (TSX Venture: UBR) is pleased to announce that pre-testing analysis of its Raw Quartz material has yielded purity levels as high as 4N (99.99%) SiO2.
Bernard Tourillon, Chairman and CEO Of Uragold Stated: “Using these new results, Theoretical modeling of PyroGenesis PUREVAP(TM) Quartz Vaporization Reactor (QVR) process seem to indicate that transforming Raw Quartz into High Purity Silicon metals with a minimum purity of 4N (99.99 %) is within reach and with anticipated process improvements further testing could achieve purity of 5N (99.999 %) and even further to 6N (99.9999 %)“.
The Raw Quartz material was taken from Uragold’s 100% Owned Martinville property, located in the Eastern Townships region of Quebec. The analysis completed at the INRS – ETE (Institut National de la Recherche Scientifique, Eau Terre Environnement) laboratory in Quebec City were required for theoretical modeling purposes of PyroGenesis PUREVAP(TM) QVR process.
Martinville Raw Quartz Results Indicate That Even Before Any Benefaction The Material Meets Industry Standards For Ultra High Purity Quartz.
Ultra High Purity Quartz has become one of today’s key strategic minerals with applications in pharmaceutical and high-tech industries, semiconductors, telecommunication, optics, microelectronics, and solar applications.
The price of Ultra High Purity Quartz can range from $US 300 (SiO2 99.95 % or 3N + Purity) –
> $US 5,000 per ton (SiO2 99.997 % or 4N + Purity)1 due to the importance of this mineral to almost every industry in the world.
Bernard Tourillon Further Stated “Reaching 4N (99.99 +%) SiO2 Purity without any benefaction is outstanding and confirms the exceptional quality of the Martinville Quartz. The Ultra High Purity of our raw quartz will allow Uragold to develop both its Solar Grade Si business and its Ultra High Purity Quartz business, therefore reducing its technology risk while increasing its potential revenues steams.
Total Impurities Count < 100 Ppm Measured In Martinville Raw Quartz Assay Results
The analytical data measured in the INRS – ETE laboratory confirms the presence of very pure silica (SiO2) with very low total concentration in all the major contaminants, around the 100 ppm threshold, for the Martinville property. Total contaminant concentration (ppm) was calculated by summing the following elements (Ti, Fe, Mn, Mg, Ca, Na, K, P, Cr, Ba, Sr, Cu).
2016 MARTINVILLE TOTAL IMPURITIES GRAPH:
Click Image To View Full Size
Figure 1: Total concentration of contaminants (ppm) from the Martinville Property silica samples are closely ranged above and below the 4N grade on the right. 4N Purity implies impurities concentration in the material are 100 ppm or less. (INRS Data).
2016 MARTINVILLE TABLE OF RESULTS:
Click Image To View Full Size
This table represents the analytical data measured by the INRS laboratory.
The Martinville Property:
The total exploration area of the Martinville deposit is 2.42 Km2. The deposit consists of hydrothermal quartz veins encased in schist’s.
In 1995, a geophysical survey resulted in an exploration potential estimated at over 1,000,000 tons of SiO2 using the 200 m surface length of the quartz vein, with an average width of between 2 m and 23 m and assuming a continuation up to 30 M of depth. (GM53696: Pierre Vincent, Constellar Geosciences. 1995.).
All the information on exploration potential herewithin presented is historical in nature and while relevant, the information was obtained before the implementation of National Instrument 43-101 and as such does not meet National Instrument 43-101 reporting standards. The historical estimate should not be relied upon until the Company can confirm them.
Testing Methodology:
In order to have a good sampling spread, 7 samples were taken at different zones of the quartz vein outcrop in 2014. The material was sent to the INRS ETE laboratory in Quebec City to be prepared for testing for Silica values. To avoid metal contamination the samples were cleaned using silicon carbide (abrasive) and subsequently pulverized with an agate mortar and pestle. 7 prepared samples were re-tested for major and trace elements by multi acid (HF, HNO3-HCl-HClO4) total digestion, ICP/OES (26 elements). The assay was performed using Atomic emission spectroscopy (Varian, axial Vista).
Marc Richer-Lafleche PhD, P. Geo, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the analytical contents of this press release.
About Uragold
Uragold, with its worldwide exclusive usage of PyroGenesis’ PUREVAP(TM) QVR, is endeavouring to become a vertically integrated High Purity Silicon Metal (99.99% Si), Solar Grade Silicon Metal (6N Purity / 99.9999% Si) and/or Higher (9N Purity / 99.9999999% Si) producer.
The PUREVAP(TM) QVR process’s big advantage is its one step direct transformation of Quartz into High Purity Silicon Metal (99.99% Si), Solar Grade Silicon Metal (6N Purity / 99.9999% Si) and/or Higher (9N Purity / 99.9999999% Si) producer, thereby potentially allowing Uragold to manufacture high value material for the same operating cost presently being paid by traditional producers to make Metallurgical Grade Si (98.5% Si) using the traditional arc furnace approach.
The science behind PyroGenesis PUREVAP(TM) QVR process is solid:
What is unique and ground breaking is the combination of these three proven processes into one step.
Uragold is also the largest holder of High Purity Quartz properties in Quebec, with over 3,500 Ha under claims. Despite the abundance of quartz, very few deposits are suitable for high purity applications. High Purity Quartz supplies are tightening, prices are rising, and exponential growth is forecast. Quartz from the Roncevaux property successfully passed rigorous testing protocols of a major silicon metal producer confirming that our material is highly suited for their silicon metal production.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company’s on-going filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the 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.
For further information contact
Bernard J. Tourillon, Chairman and CEO Tel (514) 907-1011
Patrick Levasseur, President and COO Tel: (514) 262-9239
www.uragold.com
1 Source Richard Flock, Industrial Minerals December 2013
Vancouver, BC / March 3, 2016 – Durango Resources Inc. (the “Company” or “Durango”) is pleased to announce that it has added more ground to its property adjacent to Metanor Resources Moroy discovery in Quebec via an online staking application through GESTIM.
President and Director of Durango, Marcy Kiesman, states, “Durango is aggressively positioning itself with ground adjacent to the World’s next Lithium Mine and beside two recent significant gold discoveries that were made in Ontario and Quebec. The two gold discoveries were made in areas where most believed it was improbable, however with simple exploration new gold discovery zones were revealed. At Moroy, it occurred a kilometer away from the historic mining, and at the Whitney gold project the new shallow gold deposit was discovered between several historic vertical mining operations which produced over 18 million ounces of gold. The close proximity of Durango’s projects coupled with the geology give an excellent opportunity for discovery with Durango. With the current state of mineral exploration, Durango will be negotiating with several drilling companies on drilling for discovery. If you wish for Durango to contact you in this regard, email your contact information to: [email protected].”
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 in Quebec, the Buckshot Property near the Miller Mine in Quebec, 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.
Vancouver, BC / March 02, 2016 – Durango Resources Inc. (the “Company” or “Durango”) is pleased to announce that it has entered into an agreement to acquire 100% of the Whitney Northwest Gold Project. The property consists of 256 hectares located near the Lakeshore Gold Corp. (T-LSG) and Goldcorp Inc. (T-G) joint venture ground north of the city of Timmins, Ontario, and 9 kilometres ENE of Timmins.
Durango’s new Whitney Northwest Gold Project is located approximately 5 kilometres northwest of the Lake Shore Gold Corp and Goldcorp joint venture “Whitney Project†ground where Lake Shore announced a new shallow-depth gold discovery on February 4, 2016. Subsequently on February 8, 2016 Lake Shore announced that Tahoe Resources Inc. (T-THO) would acquire Lake Shore in a $945 million deal.
Durango will issue 1.5 million shares on TSX approval and pay $25,000 on completion of financing for 100% title to the mineral claims.
President and Director of Durango, Marcy Kiesman, states, “The acquisition of the Whitney Northwest Gold Project is a great step in creating new value for Durango’s shareholders. We are excited to have the opportunity to enter an area of great significance for gold mining in Ontario with a desirable land position tied onto Lakeshore and Goldcorp’s joint venture ground.â€
The technical contents of this release were approved by Mr. Case Lewis, a vendor of the property and a Qualified Person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report.
About the Whitney Northwest Project
Durango’s Whitney Northwest Gold Project is located within the western part of the Archean-aged Southern Abitibi Greenstone Belt, a supracrustal complex of moderately to highly deformed, usually greenschist facies, volcanic-dominated oceanic assemblages that are approximately 2.7 million years in age. Supracrustal rocks in the Timmins region are assigned as members of seven volcanic and two sedimentary assemblages within the Western Abitibi Subprovince of the Superior Province. Intrusions were emplaced during the Archean and Proterozoic eons.
The Whitney Northwest Gold Project lies between the gold-bearing Destor-Porcupine Fault to the south (>60 million ounces of historic production to the end of 2006) and the gold-bearing regional Pipestone Fault to the north. The property covers the interpreted extension of several north-south and east-west trending faults.
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 Decouverté and Trove gold properties in the Abitibi Region of Quebec, and the NMX East lithium property near the Whabouchi mine in Québec, 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.
RECENT HIGHLIGHTS
Exceptional Properties
Electrum Gold-Silver Property, British Columbia – 100% owned
The Electrum property has a rich history with some of the highest grade hand-mined ore mined in North America combined with excellent logistics. The property is located directly between two high-grad vein gold/silver mines; the past producing Silbak Premier mine and Pretiums high-grade Brucejack mine (production in 2017).All three lie within the Iskut mineral district (a particularly prolific part of the Canadian Cordillera) with numerous geological similarities between them.
The Electrum Property holds significant potential to attract mining companies when considering its high-grade nature combined with the exceptional logistics in place.
The high-grade ELECTRUM PROPERTY recently had a program run on it. CLICK HERE for the Electrum presentation and HERE for the 2015 drill program presentation. The highly mineralized gossans on the Electrum are shown in the image at the top of this page.
2015 Drill Program Presentation
Treaty Creek Gold-Copper Property, British Columbia – 51% Joint Venture
Treaty Creek Property
Treaty Creek is located in British Columbia’s prolific Golden Triangle; one of the richest areas of mineralization in the world with one new mine having come online in 2015 (Imperial Mines Red Chris) and another scheduled for 2017 (Pretium Brucejack) and at least three more world-class mining projects headed toward production.
Mineralization in the Treaty Creek claims area lies within the same broad hydrothermal system that generated the several deposits on the Seabridge Gold KSM and the Pretivm Brucejack properties that lie immediately southwest of the Treaty Creek claims. So far over 130 million ounces of gold, 800 million ounces of silver and 20 billion pounds of copper (all categories included), representing one of the greatest concentrations of metal value on the planet, have been delineated within the geological system shared by KSM, Brucejack, and Treaty Creek.
Seabridge Gold’s KSM is the world’s largest undeveloped gold/silver project by reserves while Pretium’s Brucejack is the highest grading undeveloped large-scale gold project in the world.KSM has just past the environmental and permitting stage while the Brucejack is in construction phase.
Treaty Creek is part of the same large hydrothermal system as it’s neighbours, hosts the same bedrock geology as its neighbours, the same magneto-telluric (MT) anomalies that proved to be large deposits on the neighbours claims, the same major fault system (Sulphurets) that is responsible for KSM’s deposits, and initial exploration and drilling show similar results to initial drilling on KSM.
The Treaty Creek property is in a strategic location as it’s included in Seabridge’s plan for the KSM to go into production. Seabridge has proposed twin tunnels that would take the KSM ore through American Creek’s Treaty Creek property to a processing plant and tailings pond.