Duran Announces SEDAR Filing of Updated Technical Report for Aguila Copper/Moly Resource Estimate; and Provides Corporate Upd...
22 Julho 2013 - 6:00PM
Marketwired Canada
Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) ("Duran" or the "Company") is
pleased to report that it has filed an updated technical report pursuant to
National Instrument 43-101 ("NI 43-101") in support of the Company's June 7,
2013 news release announcing an updated resource estimate for its 100% owned
porphyry copper/molybdenum Aguila Project, Peru. The Aguila Project is located
in Peru's north central Ancash Department, 40 kilometres south of the Magistral
copper/molybdenum deposit of Compania Minera Milpo SAA ("MILPO") and some 120 km
north of Peru's largest polymetallic mine, the Antamina Mine held by
BHP/Xstrata/Teck/Mitsubishi.
The Company included data from its 2012 trenching and 2013 drilling programs for
the purpose of this update. Table 1 presents the updated Total Resource Estimate
as prepared by James A. McCrea P.Geo., and presented in the Company's June 7,
2013 News Release. The Initial Resource Estimate from March 8, 2012 is presented
in Table 2.
Table 1
Mineral Resource Statement(i) for Duran Ventures Inc., Aguila Project, Peru,
James A. McCrea, P.Geo., June 7, 2013
----------------------------------------------------------------------------
Contained Metal
Quantity Grade (%) (Million lb)
Category 000' tonnes Cu Mo CuEq Cu Mo
----------------------------------------------------------------------------
Open Pit Resources
Indicated 112,335 0.40 0.031 0.49 987.59 76.59
Inferred 82,350 0.31 0.022 0.36 561.40 40.51
----------------------------------------------------------------------------
Underground
Resources
Indicated 7,068 0.32 0.020 0.37 50.39 3.13
Inferred 41,529 0.37 0.028 0.45 337.58 25.87
----------------------------------------------------------------------------
Total Resources
Indicated 119,403 0.40 0.030 0.48 1037.98 79.72
Inferred 123,879 0.33 0.024 0.39 898.98 66.38
----------------------------------------------------------------------------
(i) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures have been rounded to reflect the relative
accuracy of the estimates. Open pit mineral resources are reported at a copper
cut-off grade of 0.22 percent copper equivalent and underground mineral
resources are reported at a cut-off grade of 0.26 percent copper equivalent.
Copper equivalent grades are based on the G&T Metallurgical Services Ltd.
determined metallurgical recoveries of 93 percent copper and 91 percent for
molybdenum in the intrusive rocks and 83 per cent copper and 82 per cent
molybdenum in the sedimentary rocks. Metal price assumptions of US$2.85 per
pound of copper and US$13.85 per pound of molybdenum oxide have been used. CuEq
is calculated using elemental molybdenum analysis.
Table 2
Mineral Resource Statement(i) for Duran Ventures Inc., Aguila Project, Peru,
SRK Consulting (Canada) Inc., March 8, 2012
----------------------------------------------------------------------------
Contained Metal
Quantity Grade (%) (Million lb)
Category 000' tonnes Cu Mo CuEq Cu Mo
----------------------------------------------------------------------------
Open Pit Resources
Indicated 27,750 0.61 0.04 0.79 374.5 22.0
Inferred 299,640 0.26 0.02 0.36 1,743.9 125.5
----------------------------------------------------------------------------
Underground
Resources
Inferred 55,880 0.32 0.03 0.48 394.2 40.7
----------------------------------------------------------------------------
Total Resources
Indicated 27,750 0.61 0.04 0.79 374.5 22.0
Inferred 355,520 0.27 0.02 0.38 2,138.2 166.2
----------------------------------------------------------------------------
(i) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures have been rounded to reflect the relative
accuracy of the estimates. Open pit mineral resources are reported at a copper
cut-off grade of 0.22 percent copper equivalent and underground mineral
resources are reported at a cut-off grade of 0.26 percent for copper equivalent.
Copper equivalent grades are based on averaged metallurgical recoveries of 87
percent copper and 88 percent for molybdenum and metal price assumptions of
US$2.85 per pound of copper and US$13.85 per pound of molybdenum.
Company Outlook
The updated resource estimation represents over a 430% tonnage increase in the
"Indicated Resource" with a corresponding increase in contained copper of 662
million lbs of copper and 52 million lbs of molybdenum at the Aguila project
from the initial resource estimate of 2012. Additional 2012 and 2013 exploration
drilling and trenching in the Aguila central core area and a reduction of "unit
block size" for modeling purposes (from earlier 12x12x12 meter blocks to 6x6x6
meter blocks for current estimate) contribute to the upgraded tonnage
classification. Geostatistical and geological review of the data provide
verification of the classification.
A corresponding 35% tonnage decrease in the "Inferred Resource" from the initial
resource estimate of 2012 can be attributed to the tonnage converted from
inferred to indicated classification and, additionally, the present estimate
used methodology that constrained the interpolation of grades to inside a 0.1%
copper cut-off domain (grade shell). This effectively limited the presence of
peripheral lower grade mineralization occurring in the host sedimentary rocks
that had been captured in the earlier estimate.
Duran believes that the 100% owned Aguila deposit now demonstrates a significant
enhancement of the copper/molybdenum resource. Mineralization at Aguila remains
open to the west of the Aguila pit shell, to the east, and at depth to the
southwest following the steeply plunging intrusive rocks. Additional porphyry
style copper/molybdenum mineralization is believed to underlie silver/lead/zinc
mineralization occurring 2 kms to the east at Pasacancha, and the Company has
several geophysical (Induced Polarization) anomalies that remain untested to the
south of the Aguila pit shell.
Corporate Update
Rio Alto Mining Ltd. has notified the Company that it has relinquished the
option on the Ichuna Cu-Ag property. Seven diamond drill holes totaling 2,754
metres were completed along intrusive and limestone contact(s) where access and
community agreements are in place. The drilling did not return significant
results along this contact. The necessary access agreements could not be secured
to properly drill test the area of the IP geophysical northwest-southeast
anomaly measuring over 1,500 metres in length. The Ichuna project is located 120
kilometres northeast of Arequipa in the department of Moquegua in sourthern
Peru, and adjacent to the Chucapaca project of Gold Fields Ltd. and Compania de
Minas Buenaventura SAA. The Company will continue discussions with the local
communities to continue the exploration work.
Company Information
Duran Ventures Inc. is a Canadian exploration company focused on the exploration
and development of porphyry copper and molybdenum, precious metal, and
polymetallic deposits 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 other than the Aguila Project mineral resource
estimation as presented by James A. McCrea, P.Geo., a qualified person as
defined in National Policy 43-101.
Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture
Exchange and the Bolsa de Valores de Lima: Symbol "DRV"
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeffrey Reeder
(416) 867-1591
info@duranventuresinc.com
www.duranventuresinc.com
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