Durango To Focus On Gold In The James Bay Region
Vancouver, BC / TheNewswire / April 1, 2015 - Durango Resources Inc. (the "Company" or "Durango") reports that the Company has decided not to continue with the non binding letter of intent (LOI) with an arm's length group of vendors for the Lucky 7 diamond property located in the James Bay region of Quebec as announced on March 23, 2015.
Marcy Kiesman, CEO, states, "Upon review of the Lucky 7 property and related reports provided to the Company upon signing of the LOI, Durango has determined that the potential of gold projects in the region supersedes the perceived potential for diamonds. Accordingly, the Company has decided it will continue to focus its efforts on its Decouverte project and the potential JV on the neighbouring Assinica project wholly owned by Osisko Exploration Inc. as announced on March 12, 2015. The infrastructure in the Decouverte area makes exploration much more economical and we believe that there is excellent potential to discover a significant gold deposit in the area."
About Decouverte
The Decouverte property is in the Frotet-Evans greenstone belt approximately 60 kilometres southwest of the former Troilus copper-gold mine, which produced over two million ounces Au and 50,000 tonnes Cu from 1997 to 2010. The property covers approximately 5,800 hectares over a synclinal fold nose of Archean units transected by a major northeast-trending shear zone. Durango carried out a helicopter-borne DIGHEM EM/magnetic airborne geophysical survey on the property in 2011 (NR Nov. 24, 2011) and soil geochemistry and prospecting in 2013 targeting areas identified in the airborne survey. The geological setting is mainly mafic volcanics (basalts/andesites), in places strongly sheared, cut by pegmatitic granitic units, and significant sedimentary, possible sulphide facies, iron formation units. Alteration including silica, sericite and iron carbonate is noted. Significant soil values included 174 ppb gold, 0.66 ppm silver, 150 ppm nickel, 200 ppm copper and 240 ppm barium. Chip/channel rock samples gave values of 7.6 g/t gold and 6.24 g/t gold hosted in narrow quartz veins in mafic volcanics, in the contact area with the pegmatitic granite. The property is located 100 kilometres north of Chibougamau, Que., and benefits from favourable infrastructure, including road accessibility, 10 kilometres from Route du Nord, and a power line that bisects the property.
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 Decouverte and Trove gold properties in the Abitibi Region of Quebec, the Albany Spurs graphite property in northeastern Ontario and the Buckshot graphite property near the Miller Graphite mine in Quebec.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900
Facsimile: 888.266.3983
Email: durangoresourcesinc@gmail.com
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, as it relates 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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