Durango to Visit NMX East Lithium Property
Vancouver, BC / TheNewswire / February 2, 2022 – Durango Resources Inc. (TSX.V-DGO) (Frankfurt-86A1) (OTCQB -ATOXF), (the “Company” or “Durango”) announces that it is preparing for a site visit on its wholly owned NMX East Property in Québec.
The Company is planning to visit the NMX East lithium property which neighbours Nemaska Lithium’s Whabouchi Deposit located approximately 33km east of the town of Nemaska in northern Québec. Durango’s NMX East property adjoins Nemaska Lithium’s eastern property perimeter, and the Durango claim border is less than 1.5km away from the Whabouchi mining pit.
Durango intends to launch a limited reconnaissance program in the coming month to test for the lithium bearing pegmatite occurrences below the surface. In 2016, Nemaska Lithium reported a newly discovered Doris zone extension located to the east (towards Durango’s property boundary) of the Whabouchi deposit. According to Nemaska Lithium, “the Doris zone contains 5 interconnected dykes and has now been confirmed on 420m of lateral extension and up to a maximum depth of 440m where it joins the main dyke.” Nemaska Lithium also stated that it was “prudent to consider the possible impact of its eastward continuance…” (see news release dated November 28, 2016).
To date, Durango has confirmed pegmatitic intrusions running parallel to Nemaska Lithium’s main zone and Doris discovery and Durango’s’ intrusion tested positive for lithium, cesium and rubidium as reported on September 21, 2016. The Company has engaged a crew to conduct backpack drilling to assess the pegmatite outcrops below the surface for lithium, cesium, tantalum and rubidium.
Marcy Kiesman, CEO stated, “Lithium-Cesium-Tantalum pegmatite intrusions are known to occur in dyke swarms which can go on for kilometres which is consistent with what has been seen to date in this region. Contracting a drill has been difficult this winter so we decided to begin with shallow backpack drilling to advance the property and de-risk the NMX East for future deeper drilling. We have easy, priority, at-surface targets to begin the exploration program with this winter which should give us a clear indication of what we can expect at depth.”
Recently Kitco reported (Lithium, the 'white gold' is just getting started after 300% rally in 2021 - Bank of America | Kitco News) that lithium, also known as “white gold” had a 300% rally in 2021, and that the demand is expected to rise for the foreseeable future.
The technical contents of this press release were approved by George Yordanov MSc., professional geologist, an independent qualified person as defined by National Instrument 43-101.
About NMX East
The NMX East Property is located adjacent to the Nemaska Lithium’s Whabouchi deposit which hosts the largest spodumene deposit in North America. The NMX East Property is less than 1.5km away from the pit of the Whabouchi deposit and has lithium, tantalum and cesium bearing pegmatites identified at surface. The NMX East Property has great road access and is accessible year-round via the Route du Nord.
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company is positioned for discovery with a 100% interest in a strategically located group of properties in the Windfall Lake gold camp in the Abitibi region of Québec, Canada.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements that address the upcoming work programs, and other statements relating to the business, financial and technical prospects of the Company. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.
Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of minerals, the ability to achieve its goals, the COVID-19 pandemic, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
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