TORONTO, ONTARIO--(Marketwired - Apr 2, 2013) - Duran Ventures Inc. (TSX VENTURE:DRV)(DRV.V) ("Duran" or the "Company") is pleased to announce the completion of a diamond drilling program at the Company's 100% owned Aguila Porphyry Copper-Molybdenum Project in Ancash, Peru. A total of 1000 metres was drilled in four holes and all assays have been received by the Company.
Drilling focused in the Aguila "central pit area" where previous drilling intersected numerous, significant intersections of copper (Cu) and molybdenum (Mo). Two holes were each drilled on sections 10050 N and 10150 N. The Company's objective is to expand the measured and indicated resource previously announced by the Company (See Company's news release dated March 8, 2012). Near surface high grade Cu-Mo was intersected on both drill sections and is summarized in the following table:
|Drill Hole||From (m)||To (m)||Interval (m)||% Cu||% Mo||% Cu Eq|
|* End of hole|
|% Cu Eq - Copper Equivalent is the sum of the Cu% plus 6.756 times the Mo% based on an assumed 6.756:1 economic ratio of Mo to Cu selling prices (i.e. US$1.85 Cu to US$12.50 Mo). Metallurgical recoveries and net smelter returns are assumed to be 100%. These equivalence grades should not be interpreted as actual grades since the conversion ratio varies with the volatile prices of copper and molybdenum and the economic recovery of copper and molybdenum can very significantly in actual extraction and processing. The Company feels this is a reasonable long term ratio to use for this purpose.|
Drill holes 13AGD-045 and 13AGD-046 tested the near surface Cu-Mo mineralization along Section 10050 N. Drill Hole AGD-45 drilled on an azimuth of 70° with a dip of -65° returned from surface 117.5 metres of 0.67% Cu and 0.024% Mo for a Copper Equivalent of 0.83% hosted in porphyry. The remaining 166.85 metres intersected lower Cu-Mo grade sediments. Drill Hole AGD-46, drilled on an azimuth of 270° with a dip of -60°, is the most westerly hole on this section and intersected entirely mineralized sediments returning a consistent 0.25% Cu and 0.031% Mo or 0.46% Copper Equivalent over the 240 metre length.
Drill holes 13AGD-047 and 13AGD-048 were both drilled on an azimuth of 70° with a dip of -70° and tested the Cu-Mo mineralization along Section 10150 N where the previous drilling density was considered low. Drill Hole AGD-47 starting at 8 metres, returned 101 metres of 0.70% Cu and 0.024% Mo for a Copper Equivalent of 0.86%. The hole collared in sedimentary rocks and drilled intrusive porphyry from 44 to 106 metres. Drill Hole AGD-48 drilled 100 metres west along section of AGD-47 and intersected mainly mineralized sediments, returning a consistent 157 metres from surface of 0.30% Cu and 0.035% Mo or 0.54% Copper Equivalent. This interval contains only 13 metres of mineralized intrusive porphyry showing that the wallrock on the western and northwest portions of the Aguila mineralization appears to have higher Cu/Mo grades compared to the sedimentary wallrock east of the "central pit".
The Company will be assessing and evaluating this year's drilling in respect to these results and the current state of capital markets, as well as incorporating numerous new surface trenches west and northwest of the Aguila resource to determine the next phase of the program. The drill plan map which shows the drilling locations and intersections can be viewed at the link that follows:
Diamond drill core is photographed and then cut in half with a diamond saw, with one half of the core delivered directly to the analytical laboratory and the other half stored on site for future reference and assay verification. Assaying is carried out by ALS Chemex, a laboratory whose quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. Samples are prepared using a four-acid digestion and atomic absorption method for copper, molybdenum and silver. The Company has a QA/QC protocol in place which includes the use of certified standards, blanks, and duplicate samples, check assays carried out at a second laboratory, as well as secure care and custody of samples.
Duran is a Canadian exploration company focused on the exploration and development of porphyry copper and molybdenum, precious metal, and polymetallic projects in Peru. The Company's principal project is the Aguila Copper/Molybdenum Project. Jeffrey Reeder, P. Geo., a qualified person as defined in National Policy 43-101, is responsible for all technical information contained in this news release.
Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchange and the Bolsa de Valores de Lima: Symbol "DRV".
Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in copper and molybdenum and other commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our Peruvian activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.