December 17, 2013 - Durango Resources Inc. (the "Company") is pleased to announce it has acquired a 100% interest in mineral claims located in northern Ontario adjacent to XMET Inc., (TSX.V-XME) ("XME") and Zenyatta Ventures Inc., (TSX.V-ZEN) ("ZEN") graphite properties including ZEN's Albany deposit. The newly acquired claims are sandwiched between XME and ZEN, adjoining both the ZEN Albany graphite deposit and the XME Blackflake graphite project.
XME announced on November 27, 2013 via www.sedar.com where Bill Yeomans, PGeo, for XME stated, "Our preliminary VTEM survey data indicates a circular conductive feature situated within a magnetic low flanking a northwest-trending magnetic diabase dike. This favourable environment bears similarities to the setting in which the Zenyatta hydrothermal graphite pipes were emplaced. The strong Zenyatta conductors are circular in nature and are situated within a magnetic low flanking the margin a northwest-trending diabase dike. Xmet continues to evaluate other potential targets in the vicinity considered to be similar to the Zenyatta graphite pipes with the prospect of enhancing its property position."
Subsequently, on December 12, 2013, via www.sedar.com, XME's chief executive officer, Alexander Stewart, stated, "As a result of this second EM survey, Xmet has discovered a new strong conductive anomaly measuring approximately 300 metres by 800 metres, and has since completed additional staking to cover the entire anomaly and abutting lands to bring its project total to 237 claim units. This anomaly is of particular interest as its size and strength of response supersedes the previously discovered anomalies and will be our immediate focus. Xmet now has three conductive anomalies of significant size, and considers these results to be very encouraging toward its objective of discovering and defining a hydrothermal graphite deposit on its Blackflake project. Our next step is to drill these targets and prove up what we have."
Durango is acquiring 100% of the strategically positioned ground from a director and a third party. The terms for the acquisition are nil to the director and 250,000 common shares of the Company to be issued to an arm's length third party vendor. The agreement for the acquisition of the claims is subject to TSX Venture Exchange approval.
Durango is a natural resources company engaged in the acquisition and exploration of mining/exploration properties, mainly for gold and other precious metals. The Company has a 100% undivided interest in the McGillivray Property in British Columbia, the Sol Riche and Tresor Nord/Sud REE properties in Montviel Township in Quebec, the Trove and Descouverte gold properties in the Abitibi of Quebec, the Montpellier and St. Sixte graphite properties in the Grenville region of Quebec, and the Stubble gold property in Saskatchewan.
For further information on Durango, please refer to www.sedar.com.
Marcy Kiesman, Chief Executive Officer
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties, as it relates to Durango Resources Inc., please refer to the Company's Prospectus filed with SEDAR.
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.
Leave a comment...