Durango Provides Update on Exploration Activities
Vancouver, BC / TheNewswire / April 8, 2020 – Durango Resources Inc. (TSX.V-DGO) (Frankfurt-86A1) (OTCQB -ATOXF), (the “Company” or “Durango”) provides an update on the status of its exploration activities and financial position in relation to the unstable market conditions resulting from the COVID-19 pandemic.
Currently all exploration activities near Durango’s Windfall Lake Québec properties have been shut down, making them inaccessible. During this time of closure, Durango’s Technical Committee is reviewing the historical data previously collected on its East Barry property. The East Barry property is 6,100 hectares in size and runs parallel to the 1,188 hectare Trove property in the Windfall Lake area, where the two projects are bisected by Osisko Mining Inc. (TSX-OSK). Osisko has recently disseminated very encouraging results from their drill programs in the area.
Durango’s East Barry property previously returned up to 2.19 g/t gold in till including visible gold grains (see Durango news release dated July 23, 2018). To further define the 5km gold trend on the East Barry property, additional follow up work plans may include more till sampling, mapping and Induced Polarization surveys.
The recent second quarter financial statements of Durango dated January 31, 2020 reported $204,018 cash on hand and the Company subsequently received a tax refund of $183,828 from Revenu Québec and a GST refund of $20,694. Further, in March 2020, Durango closed a private placement offering for gross proceeds of $200,000, leaving the Company in a solid cash operating position to withstand the current adverse market conditions.
Marcy Kiesman, CEO of Durango stated, “Durango’s exploration milestones are still on track despite the shut down near our Windfall properties. The slow down related to the COVID-19 pandemic is giving our technical team an opportunity to carefully review all historical data collected on the East Barry claim block and they are designing a program which is expected to begin as soon as the Windfall area of Québec opens up and is safe for exploration.”
Further details on the East Barry exploration program and related private placement to finance the work will be shared as they become available.
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, 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.