Durango Provides Corporate Update
Vancouver, BC / TheNewswire / February 18, 2021 – Durango Resources Inc. (TSX.V-DGO) (Frankfurt-86A1) (OTCQB -ATOXF), (the “Company” or “Durango”) announces that the drilling campaign on its wholly owned Trove and East Barry Properties at Windfall Lake is still underway.
Currently, Durango is drilling holes on the northern portion of the Trove Property which was inaccessible until late 2020 due to late cold weather conditions. Approximately 3,400 meters has been drilled on the Trove Property in 2020 and 2021 over 12 holes. The Trove exploration program was designed to test the high priority Induced Polarization (“IP”) anomalies in the northern section of the Trove Property. So far, the majority of the mineralized sections were encountered within 200 meters below surface, with some exceptions encountering mineralization at depths of 300m and more.
East Barry Property
In January, Durango drilled three scout holes on the East Barry Property totaling 1,969 meters to try to determine the location of the felsic dykes in intrusive pluton. The scout holes enabled Durango to derive structural and lithological data on the East Barry and to test till anomaly targets which were previously inaccessible.
More than 2,000 samples are pending assay results at multiple labs for both the Trove and East Barry properties. Durango has encountered further lab delays due to a Covid-19 breakout at one of the processing facilities earlier this month, so the Company has secured additional labs to help alleviate the turnaround time and assay delays. Durango’s exploration and drill teams have not been exposed and continue to remain safe and healthy at the camp.
Durango has hired Guernsey based Core Consultants (Pty) Limited (“Core”) to assist with corporate investor relations and market awareness. Core is a marketing, public relations and research consultancy owned by Ms. Lara Smith, primarily focused on the mining and natural resources sectors. Core deals at an arms’ length with the Company, and prior to engagement did not hold directly, or indirectly, any interest in Durango or its securities and had no right or intent to acquire such interest. Durango has signed a three-month agreement at a rate of $40,000USD per month which will include Core Consultants providing an unbiased marketing approach through their existing distribution platforms.
Marcy Kiesman, CEO of Durango, stated, “Durango is looking forward to working with Core Consultants to enhance our corporate profile among investors both locally and internationally. We believe that Core will be valuable to tell the Durango story to investors as we strengthen the Company with further fundraising plans thus accelerating and expanding our exploration efforts at Windfall Lake.”
Lara Smith, Managing Director of Core, noted, “Durango is an exciting company to work with and has an interesting story to tell. We look forward to sharing the developments of its Windfall Lake Property over the coming months in what’s been described as one of the best gold bull markets in recent history.”
Durango announces this contract in accordance with the requirements of TSX Venture Exchange Policy 3.4 – Investor Relations, Promotional and Market Making Activities that it has, subject to regulatory approval, engaged a third-party firm to assist with investor relations and awareness campaigns aimed at increasing the profile of the Company among investors.
The technical contents of this press release were approved by George Yordanov, professional geologist, an Independent Qualified Person as defined by National Instrument 43-101. The Trove Property has not yet been subject to an NI-43-101 report.
Trove Property, Québec
Durango owns 100% interest in the Trove claims, which are surrounded by Osisko Mining Inc. (TSX-OSK), in the Windfall Lake area between Val d’Or and Chibougamau, Québec. The 1,185-hectare property is compelling due to the coincidence of gold found in tills coinciding with magnetic highs, several Induced Polarization anomalies and two faults crosscutting the property. The fault systems north and south of the Trove, control gold mineralization elsewhere, indicating the Trove has excellent exploration potential. Durango received all the final drill permits for the Trove property in September 2019 and is currently undertaking its inaugural drill program.
East Barry Property, Québec
Durango owns 100% interest in the East Barry claims which run parallel to Trove claims. The East Barry block is over 7,740 hectares in size and borders the eastern perimeter of Osisko’s holdings and the southern perimeter of Bonterra’s holdings and is less than 4km south of the Gladiator deposit. The East Barry claims host a gold trend which covers approximately 10km in length and is subparallel to the main Barry Fault held by Osisko Mining. In 2018, a till sampling program was conducted by Durango and one of the till samples returned forty-two (42) pristine gold grains with reported gold values of 2.184 g/t Au. A high count of pristine gold grains indicates that the gold has travelled a very short distance from its source. The East Barry block underwent an Induced Polarization (“IP”) survey in 2018 which identified a high priority target coincident with the high count of pristine gold grains.
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.
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.