Durango Provides Update on NMX East Lithium Property
Vancouver, BC / TheNewswire / October 23, 2023 – Durango Resources Inc. (TSX.V-DGO) (Frankfurt-86A1) (OTCQB -ATOXF), (the “Company” or “Durango”) is pleased to announce that further to the news of October 6 and August 30, 2023, that the drill, helicopter and field crew have arrived and started drilling and mapping at its wholly owned NMX East Property located in the Eeyou-Istchee James Bay region of Québec.
The inaugural drill program is being completed via helicopter access and the planned initial drilling is 800m to establish the extent of a known pegmatite dyke for lithium concentration below surface. While the drilling is underway, Durango has a field crew mapping the Property specifically focusing on mapping pegmatite outcrops.
The NMX East property borders the eastern perimeter of Nemaska Lithium’s Whabouchi deposit which is one of the richest spodumene deposits in the world based on its volume and grade. Nemaska Lithium reports over 36M tonnes of spodumene is expected to be produced at the Whabouchi deposit over a period of 33 years (www.nemaskalithium.com). Durango’s NMX East property claim border is approximately 1.5km from the Whabouchi Mine pit and the drill location is planned for approximately 2.8km away from the center of the Whabouchi pit.
Marcy Kiesman, CEO of Durango stated, “We are delighted to begin our inaugural drill campaign on our prospective lithium claims known as the NMX East Property. We are hopeful to delineate the extent of the pegmatites below surface due to our proximity to the Whabouchi deposit and we know from previous exploration that Durango holds lithium, cesium and tantalum pegmatites at surface on the NMX East Property.”
Additional updates will be announced as soon as they become available on the exploration program.
The Company would also like to announce the grant of 3,000,000 options to directors, officers, and consultants of the Company. The options are exercisable at $0.05 and are set to expire 5 years from the date of grant being, October 20, 2023. The options are deemed to be fully vested at the date of grant.
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company is also positioned for discovery with a 100% interest in a strategically located group of properties in the Windfall Lake and Troilus gold camps in the Abitibi region of Québec, Canada.
For further information on Durango, please refer to its SEDAR profile at www.sedarplus.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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