Duran Ventures takes over three gold concessions in Peru

24 April 2017 (Last Updated April 24th, 2017 18:30)

Canadian mineral exploration and development company Duran Ventures has acquired three gold-silver mineral concessions in Northern Peru through the direct application with the Peruvian Ministry of Mines or by direct purchase.

Canadian mineral exploration and development company Duran Ventures has acquired three gold-silver mineral concessions in Northern Peru through the direct application with the Peruvian Ministry of Mines or by direct purchase.

All concessions, which are 100% owned with no underlying royalties, were subject to varying forms of small-scale artisanal mine workings.

These road accessible assets including Miton de Oro, Indio Inka and Pueblo de Oro were acquired to serve as potential mineral sources for Duran’s 80% owned Aguila Norte Mineral Processing Plant.

Located 157km from Aguila Norte, Miton de Oro consists of a 700-hectare concession application that was recently won in a closed bid auction that included Barrick and Newmont as competitors.

Mineralisation at Miton de Oro is considered similar to the past producing Machacala Au-Ag mine located 8.5km to the northwest.

"The acquisitions of these properties follow our business model as a cash and prospect generator."

Initially, the focus will be on the area of the artisanal workings at Miton de Oro, while exploration will involve reopening the historic workings where high-grade silver and gold mineralisation is located.

The 470-hectare Indio Inka property, which is located around 224km from the Aguila Norte processing plant, has been acquired by Duran’s subsidiary Hatum Minas with a small cash payment with no underlying royalties.

It is reported that the property’s principal showing consists of high-grade gold hosted in a near-vertical, silicified breccia structure that roughly parallels bedding in the host lutite.

At Indio Inka, the company plans to extend the current mineralisation by exploration drifting along the mineralised structures.

Pueblo de Oro is a 500-hectare property located in the Ancash Department near Pueblo Libre and is situated about 292km from the Aguila Norte plant.

The property encompasses epithermal, oxide gold-silver mineralisation hosted in fractured, brecciated, and faulted quartzites of the Chimu Formation.

Duran president and CEO Jeffrey Reeder said: “The mineral processing business is very competitive and secure mineral feed is the key to success.

"Our eventual corporate goal is to feed our Aguila Norte Plant with mineral from 100% owned Duran properties.

"These acquisitions are within acceptable transportation distances to the Aguila Norte Plant. We will continue to seek partners for our properties and focus on creating joint ventures and royalty streams.

"The acquisitions of these properties follow our business model as a cash and prospect generator.”

Duran Ventures is focused on mineral processing and the exploration and development of precious and base metal properties in Peru.