New York, NY (PRWEB) June 11, 2010
Mining MarketWatch Journal has published a review on Duran Ventures Inc. (TSX-V: DRV) (US listing: DUVNF) offering insight and opportunity afforded investors as DRV.V has developments of significance on two fronts in Peru; 1) Duran's 100% owned Ichuña property is located less then three kilometers from the Gold Fields-Buenaventura Chucapaca Discovery (5.6M Oz Gold Equivalent) in Southern Peru and is completely ring-staked by Gold Fields. 2) Duran Ventures is also advancing their 100% owned concessions located in Central Peru where geologists agree that Duran's Aguila copper-molybdenum porphyry deposit is part of a large porphyry cluster in a major mineral district actively taking shape with Peñoles and Duran Ventures holding key ground. It now appears that matters will be coming to a head shortly as Peñoles is still aggressively drilling with four rigs and is now making the rounds in the local community, going through the process of preparing the community for a mine. A Peñoles resource estimate is imminent and if any mine is to be built they would need to involve Duran as DRV.V has a sizeable ore body on one side of the gully and all the flat land across the gully and sloping up to where Peñoles is drilling.
The full review and valuation commentary may be found at http://miningmarketwatch.net/drv.htm online.
1) Major New Discovery (Gold Fields-Buenaventura 5.6M Oz Gold Equivalent Chucapaca) Adjacent to Duran's Ichuña Project - Duran's Ichuña is Completely Ring-staked by Gold Fields
Duran's 100% owned 1000 hectares Ichuña property is located less then three kilometers from the Gold Fields-Buenaventura Chucapaca Discovery in Southern Peru. They have blanket staked the entire area however Duran Ventures (via Double Jack) was there several years before this discovery was made. DRV.V is the only publicly traded company with land in the immediate area of this major new discovery. Mineralization on Ichuña is controlled by north-south trending structures related to altered intrusive bodies. Copper values range as high as 12.75% and silver up to 8.2 ounces silver per tonne.
At a press conference on one month ago Nicholas Holland, Chief Executive for Gold Fields Ltd. described the Chucapaca discovery; "This is probably the most significant discovery in South America over the last few years. ... we think this could get a lot bigger."
Holland said that although the published figure is for resources of about 5.6 million ounces of gold equivalent, "We believe that there is a lot more here than 5.6 million ounces [equivalent]." "There is potential for an underground operation together with an open pit operation. By next year we should be able to get to completion of a pre-feasibility study with certain elements taken to feasibility level," he added. He said any mine there should be "very competitive" on a price basis.
Jeffrey Reeder, P.Geo., CEO of Duran Ventures Inc. offered the following comment when Mining MarketWatch Journal asked him about recent developments in the area, "Chicuchaca is a major discovery adjacent to our Ichuña property -- we are onto something quite big in a major new discovery area. Duran has performed some sampling on Ichuña and have come across some incredible copper grades." Mr. Reeder explained how it appears that Duran has intrusive rocks that are likely part of the same system as Chicuchaca and how these porphyry diorites can be associated with incredible copper grades -- it is not uncommon for these metalgenenic provinces to be proximity related and he offered numerous examples in Peru where big gold mines are found right adjacent to some the bigger copper mines.
2) Peñoles Moving Forward with a Mine Adjacent to Duran's Aguila Project
Duran Ventures Inc. represents exceptional value and is poised for significant upside revaluation as it is advancing their 100% owned concessions located in Central Peru where geologists agree that Duran's Aguila copper-molybdenum porphyry deposit is part of a large porphyry cluster in a major mineral district actively taking shape, with Peñoles and Duran Ventures holding key ground.
It now appears that matters will be coming to a head shortly as Peñoles is still aggressively drilling with four rigs just south of Duran's claim line and is now making the rounds in the local community, going through the process of preparing the community for a mine. A Peñoles resource estimate is imminent and if any mine is to be built they would need to involve Duran as DRV.V has a sizeable ore body on one side of the gully and all the flat land across the gully and sloping up to where Peñoles is drilling; DRV.V has the only logical place to build plus it would make no sense for two mines to be built. The inherent value of Duran's Aquila should materialize in share price appreciation for DRV.V shareholders as this scenario approaches a climax.
Duran's 100% owned Aguila copper-molybdenum deposit has yielded impressive grades in the order of 0.5 - 0.6%+ copper (ie.718m grading 0.555% Cu and 0.041% Mo = 1%+ copper equivalent ) and is host to a past producing open-pit mine. Drilling has expanded the deposit to the west, east and at depth, encountering higher grade porphyry than other companies in Peru (many the subject of buy-outs in the US$400M - 500M region), the deepest hole is over 600m from surface down and is still in copper mineralization.
To date most of Duran's drilling has focused in and around the Aguila pit (central zone) where Duran has established a large deposit, encountering numerous stellar intercepts flanking an IP anomaly. Results from the last hole drilled in the Aguila central zone graded 0.69% Copper and 0.042% Molybdenum over 396m, affirming the strength of the mineralized system at Aguila, as well as the considerable tonnage potential. The mineralized area established so far is large yet represents only a fraction of the prospective contact from that one IP anomaly alone which stretches 1400m in length and is open in all direction. The size potential at Aguila is enormous as there are many other IP anomalies on the property believed to be equally as prospective.
A highly profitable exit strategy for DRV.V shareholders is fast approaching. Duran has the ore body on the south facing slope and across the gully Peñoles are drilling on the North facing slope. Logically, if there is any mine operation it will be between the two ore bodies, it will be gravity fed -- Duran owns the flat areas and if Peñoles wants to build anything they have to build on DRV.V ground. Shareholders of DRV.V are in a very good position here with the majority of the flat ground in the middle of the two projects as that would make the most sense as to where you would put a mining operation. Duran owns the middle ground area that goes up the slope to Peñoles' property; Penoles will have to be coming to DRV.V pretty soon because they are now actively going around to the community and they are talking about building a mine there and are preparing a resource estimate. As of June 1, 2010 they have 4 rigs (back now that the rainy season has ended) drilling just off the southern claim line of Duran. From the aggressive pace of drilling, indications in reports, conversations with professionals that have insight, and excitement at the Peñoles camp it is not unreasonable to expect/anticipate at least a 300M - 400M tonne resource estimate and feasibility study to proceed. Judging from the drilling Duran has performed to date DRV.V is going to be having maybe at least a couple hundred million tonnes of ore right on the other side there. Peñoles is a tough group to get in bed with and keep up with so DRV.V would likely want to sell its properties to them for a substantial share price. Certainly with these new developments the share price of DRV.V should move up to closer to at least $0.30 to reflect the near term/imminent nature of developments and inherent value of the enormous copper-molybdenum deposit shareholders have now.
Mining MarketWatch Journal contacted Jeffrey Reeder, P.Geo., CEO of Duran Ventures Inc. to see what the plans were for Aguila in the interim as there is much DRV.V can do to enhance the value in the interim, he offered the following insight "I think we should drill the wall rock as it's going to add to the overall size to the things -- if we want to go to 200M-300M tonnes we're going to have to start drilling the wall rock. We need to get the big size potential in there because Peñoles is going to come out with a resource and when they come out with a resource by the end of the year hopefully we can be doing the same.
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