VANCOUVER, BC / ACCESSWIRE / April 1, 2015 / Durango Resources Inc. (the "Company" or "Durango") reports that the Company has decided not to continue with the non binding letter of intent (LOI) with an arm's length group of vendors for the Lucky 7 diamond property located in the James Bay region of Quebec as announced on March 23, 2015.
Marcy Kiesman, CEO, states, "Upon review of the Lucky 7 property and related reports provided to the Company upon signing of the LOI, Durango has determined that the potential of gold projects in the region supersedes the perceived potential for diamonds. Accordingly, the Company has decided it will continue to focus its efforts on its Decouverte project and the potential JV on the neighbouring Assinica project wholly owned by Osisko Exploration Inc. as announced on March 12, 2015. The infrastructure in the Decouverte area makes exploration much more economical and we believe that there is excellent potential to discover a significant gold deposit in the area."
About Decouverte
The Decouverte property is in the Frotet-Evans greenstone belt approximately 60 kilometres southwest of the former Troilus copper-gold mine, which produced over two million ounces Au and 50,000 tonnes Cu from 1997 to 2010. The property covers approximately 5,800 hectares over a synclinal fold nose of Archean units transected by a major northeast-trending shear zone. Durango carried out a helicopter-borne DIGHEM EM/magnetic airborne geophysical survey on the property in 2011 (NR Nov. 24, 2011) and soil geochemistry and prospecting in 2013 targeting areas identified in the airborne survey. The geological setting is mainly mafic volcanics (basalts/andesites), in places strongly sheared, cut by pegmatitic granitic units, and significant sedimentary, possible sulphide facies, iron formation units. Alteration including silica, sericite and iron carbonate is noted. Significant soil values included 174 ppb gold, 0.66 ppm silver, 150 ppm nickel, 200 ppm copper and 240 ppm barium. Chip/channel rock samples gave values of 7.6 g/t gold and 6.24 g/t gold hosted in narrow quartz veins in mafic volcanics, in the contact area with the pegmatitic granite. The property is located 100 kilometres north of Chibougamau, Que., and benefits from favourable infrastructure, including road accessibility, 10 kilometres from Route du Nord, and a power line that bisects the property.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company has a 100% interest in the Decouverte and Trove gold properties in the Abitibi Region of Quebec, the Albany Spurs graphite property in northeastern Ontario and the Buckshot graphite property near the Miller Graphite mine in Quebec.