Duran Ventures Inc. ("Duran" or the "Company") announces that Rio Alto Mining Limited ("Rio Alto") has notified the Company that it has decided not to exercise its option on the Minasnioc Gold-Silver project ("Minasnioc Project"), located in the Department of Huancavelica, Peru.
The Company will review Rio Alto's progress and will continue to seek agreements with the local communities. The Company has a very capable community relations staff and has shown considerable success in reaching agreements with communities at Duran's projects.
Duran acquired the Minasnioc Project in a closed-bid government auction in 2010. The Minasnioc Project covers an area of 3800 hectares and is located in the Department of Huancavelica, approximately 300 kilometres southeast of Lima. The Company purchased an extensive database from the previous operators which included detailed assays for 41 drill holes totaling 5863 metres drilled, and extensive surface sampling results. Note that the historic drill results by the previous owners have not yet been verified by Duran Ventures and therefore must be considered not National Instrument 43-101 compliant and should not be relied upon.
The Company's geologists confirmed the presence of a high-sulphidation (acid sulphate) epithermal gold- and silver-bearing system developed in Tertiary volcanic rocks. Extensive zones of argillic and advanced argillic alteration are present, with areas of massive and vuggy silica with associated alunite. The gold-silver-bearing part of the epithermal alteration system covers an area of two kilometres by two kilometres.
The Company believes that the Minasnioc Project has the potential to host a near surface oxide gold resource indicated by the previous historic results. The previous operator's drill results show widespread gold mineralization over an extensive area. Historic surface samples show further potential to expand the mineralized zones.
Comparable high sulphidation oxide gold properties in southern Peru include Minera IRL's Corihuarmi and Minera Aruntani SAC's Arasi and Tucari Mines. This style of oxide gold mineralization allows for lower initial capital expenditures and low cost extraction.
The Company is excited to have the Minasnioc Project (which will be 100% owned) returned to Duran, and will commence initial social review of the area to be able to commence exploration in 2015.
Mr. Jeffrey Reeder, Duran's President and CEO, states, "We view the Minasnioc Project as having the early exploration earmarks of a high sulphidation, epithermal gold-silver system that may host a near surface mineralized zone that may be amenable to bulk minable open pit extraction and heap leach methods. This type of precious metal project is very desirable in the current financial climate of high capital cost aversion."
The Company is well funded with approximately $6 million in the treasury as of June 30, 2014. The Company has also been in discussions with third parties regarding possible joint ventures on various projects in the Company's extensive and diverse property portfolio. There is no guarantee that any of the negotiations will result in a joint venture arrangement.
Jeffrey Reeder, P.Geo., and a qualified person as defined in National Instrument 43-101, is responsible for all technical information contained in this news release.