Special Report on Recent Developments
Peñoles Moving Forward with a Mine
Adjacent to Duran's Aguila Project: - Peñoles will
have to be coming to Duran Ventures pretty soon because
they are now going around to the community and talking
about building a mine. Mining MarketWatch Journal has
confirmed that Peñoles is in now in the midst of doing a
large scale environmental baseline study. Peñoles is a
mining giant and in their year-end report they only
mentioned three projects as 'advanced exploration', this
is one of them and it appears they are going ahead with
it. They’ve been doing work with the community as part
of the social economic impact study on the area, going
around the community and showing the benefits of mining
and how it brings jobs in the community -- the community
is on side.
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."
Other noteworthy recent
developments on a second front for Duran include a major
new discovery (Gold Fields-Buenaventura 5.6M Oz Gold
Equivalent Chucapaca) adjacent to Duran's Ichuña
Project. Also there is a very exciting acquisition (by
closed bid auction) of a high sulfidation epithermal
property with good gold values in the vuggy silica --
Duran's geological team had been stalking this in
anticipation and won out against Barrick.
------ ------ ------ ------ ------ ------
|

Figure 1.
Subject Company's Logo & Imagery
|
Duran Ventures
Inc.
(TSX-V:
DRV)
Duran Ventures Inc. is a
Canadian-based mineral exploration mining company listed on the TSX Venture
Exchange (ticker symbol DRV) (US listing: DUVNF). The Company has come to our attention due,
in part, to the exceptional opportunity afforded shareholders as DRV.V
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.
Potential
catalysts on several key fronts make DRV.V an
undervalued and exceptional risk-reward
scenario. Each project offers major discovery
potential and are all located in mining friendly
politically stable Peru. Mining Marketwatch
Journal provides insight into each of these: #1)
Aguila Copper-Molybdenum
Porphyry, #2)
Pasacancha
Porphyry, #3)
Corongo Area Gold Project, #4)
Minasnioc
High Sulphidation Gold Project (New Acquisition), #5)
Ichuña
Copper-Silver Project (Adjacent to new 5.6M Oz Gold eqiv. Chucapaca
discovery of Gold Fields), #6)
Panteria
Porphyry Copper Prospect, #7)
Don Pancho
Silver-Lead-Zinc Project,
1)
Aguila copper-molybdenum porphyry - Central
Peru
- 100% Owned by Duran Ventures
Phenomenal grades
•
World class bulk tonnage potential being developed
•
Penoles drilling off claim line
New drilling affirms
the strength of the mineralized system at Aguila, as well as the
considerable tonnage potential, also a new zone that appears to be
shared with Peñoles has also been established

Figure 2.
Drill hole location map
highlighting the locations of the latest holes; 09AGD15, 10AGD16, and
10AGD17. Inset 1.: Cross - section of Aguila copper-molybdenum porphyry.
Inset 2.: Geophysical interpretation map with IP
chargeability anomaly.
Results from the last hole (10AGD016)
drilled in the Aguila central zone graded 0.69% Copper and 0.042%
Molybdenum over 396m from surface, affirming the strength of the
mineralized system at Aguila, as well as the considerable tonnage
potential. The numbers were exceptional on hole 10AGD016 from surface
and after ~300m or so down well mineralized sediments were intercepted
that still graded well, in fact the Mo values were higher; the 620m
drill hole graded 0.49% Cu, 0.033% Mo.
Related releases:
Feb. 23, 2010 "Duran
Announces 396.0 Metres of 0.69% Copper and 0.042% Molybdenum (0.98%
CuEq) in Drill Hole 10AGD016"
Jan. 13, 2010 "Duran
Drills 223.6 Metres of 0.51% Copper and 0.021% Molybdenum at Aguila"
|

Figure 3.
Geophysics |
Enormous Size Potential
The geophysics map Figure 3 (found to the left) is
a compilation of all the geophysical anomalies from the 2km x 3km grid
Duran ventures had performed on the property in 2009. In the map the
largest IP anomaly is labeled "IP2" and the location of hole 16 is
indicated. Duran collared outside the intrusive and drilled into the
anomaly intersecting tremendous grades -- the entire area all along the
contact of that IP is very prospective.
|

Figure 4.
Surface Map |
To date most of Duran’s drilling at Aguila
has focused in and around the Aguila pit (central zone) where Duran has
established a large deposit, encountering numerous stellar intercepts
flanking this IP anomaly. The mineralized area established so far is large
yet represents only a fraction of the prospective contact from 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.
Figure 4 shows the intrusive trend is
going slightly to the SW, mimicking the IP anomaly rout. Remember 2%
chalcopyrite will give you a weaker anomaly than 3% pyrite on an IP so
drilling the highest IP numbers are not always the best thing -- it
appears the best grades are flanking the IP anomaly. Right in the pit
the trend is NS then it deflects and goes to the SW – that is what the
intrusive body does too and it appears prospective all along that
contact towards Aguila West.
Mining MarketWatch Journal contacted
Jeffrey Reeder, P.Geo., CEO of Duran Ventures Inc. to ask what Duran's
next move would be on Aguila and he offered the following insight "The
more that you go from the north the more the sediment pack is widened --
the more you go south the more it coalesces the Agula East and the
Aguila Pit – if you take a look at the geological map it starts showing
that too; you have got more intrusive rocks going towards the south. We
are going to drill to the next section to the south of hole 16; if you
look at diamond drill hole 4 (drilled in 07) it shows that Aguila East
has ~180m intercept of .5 copper – the porphyries are coalescing towards
the south and that’s basically where the geophysical anomaly coalesces
as well."

Figure 4.a Drill Hole
Location Map
"The drill plan
map shows the mineralization is trending NE-SW and follows the flank of
the IP anomaly. What is very interesting that to the SW, the IP anomaly
is very large and doesn't have a high resisitivity anomaly which may
indicate the porphyry is buried only by overburden and quartzites -- A
great drill target."
Although Duran Ventures has not
commissioned a resource calculation yet Mining MarketWatch Journal notes
that drilling to date by DRV.V and old drilling by RTZ shows the
mineralization is still open and can be traced in the subsurface over
450 m and about 350 m wide and easy 400 meters depth -- this shows
approximately 175 million tonnes.
Peñoles drilling
off Duran Ventures' claim line - results described as "potential
to become an open pit mining operation"
Peñoles has been drilling
off the southern end of Duran Ventures' Aguila
copper-molybdenum porphyry system/claim line. Figure 5 shows the the location of Peñoles' drilling on what they call their Racaycocha
Project/Racaycocha discovery.
The following is a quotes
from Peñoles
website on the drilling adjacent to Duran's Aguila Project "We
drilled 7,000 meters in 2009 to quantify the copper and
gold porphyry deposit, which has potential to become an
open pit mining operation. Current results indicate
mixed mineralization in sulfides hosted in breccias and
disseminated across a vast area whose boundaries have
not yet been explored. In 2010 exploration will continue
in order to reach an estimate of mineral resources."
Aguila, Pasacancha, Aguila
West area are situated on a south facing slope and
Penoles's Rayacocha Project is located across the valley
on the north facing slope. Ideal for mining situation
since any large operation would be established between
the two areas.
The significance of Penoles only a couple thousand meters to the south of Aguila's main pit
is huge as this is Penoles' only project they are drilling in Peru and
have found reason to call up additional rigs. Duran
Ventures and Penoles are hold key ground in this mineral district, both
have about the same amount of ground. Penoles is not motivated by
projects with small scope/potential; the large porphyry clusters Duran
and Penoles are targeting are what big miners seek to produce and
generate multi million dollar revenues and make the bottom line. These
porphyry-type deposits typically amount to large bulk tonnage ore bodies
of systems and account for most of the copper production in the world,
and also represent significant sources of gold, silver, and other base
metals. The presence of Penoles adding value to the area and the fact they have pulled up
along side Duran is extremely beneficial to DRV.V shareholders and the
inherent value of Duran's project.
|

Figure 6.
New Zone |
Duran shares new zone
with Penoles
In the February 23, 2010 release Duran
revealed "First
Hole in Aguila West Reports 71.0
Metres of 0.62% Copper". This hole is ~500m to the SW of Aguila
central in an area where it is believed there are several porphyries
trending NE. This hole was drilled in the same direction as all the
other drilling that was done, mainly due to outcrop exposure and Duran
stopped it at the claim line of Penoles.
On this hole Duran hit a low
angle fault so the next time Duran will drill it to the NE and hit it
down dip. Jeffrey Reeder commented
"We showed there is yet another porphyry with
copper bearing intrusive rock – only our first hole. We are going to
come back and move our drill rig to the south-east, drill to the
north-east and we are going to start hitting the down dip extension of
the Aguila West -- we will start building tonnes that way as well."
Mining MarketWatch Journal notes the prospects of a Major coming into this
area to take advantage of the size potential that Duran and Penoles are
revealing is a distinct possibility, astute investors should be
looking to position themselves now to take advantage of what is
developing -- if Duran has 200M – 400M tonnes on its ground and Penoles
has that much then some big company is going to come in and buyout DRV.V and deal with Penoles or Penoles will buy DRV.V out – one of the
two are probably going to happen.
Background on the Aguila
Copper-Molybdenum Project
|

Figure 7.
Recent drilling at Aguila |
Duran
Ventures has been active at the El Halcon concession Aguila project
since 2003 and has now consolidated 100 percent ownership. Originally
comprising 100 hectares of property area, the project includes the past
producing Aguila open-pit copper mine. The historic resources consist of
a near surface porphyry structure bearing copper and molybdenum, from
which a low volume mining operation had been active in the 1970s.
Duran Ventures was able to add surrounding property acquisitions to its
holdings to gain control of the area immediately adjacent to the
historic deposit. As preliminary exploration work was completed a larger
area of interest was identified. Additional property area was also
acquired elsewhere in the district on the premise that other porphyry
structures may be awaiting discovery in a nearby targets that bear a
similar geological setting.
In 2008 a total of 14 drill holes were completed which have demonstrated a large
tonnage of continuous mineralization, and the deposit remains open
laterally and to depth. The first 8 drill holes were to investigate the
potential around the historic workings of a past producing open pit
mine. Another 7 holes were completed in a second drill fence to step out
the original discovery zone and expand the limits of the known deposit.
High grade and consistent lateral extension have been reported in assay
results; see June 3, 2008 release 'MacMillan
& Duran Report Entire 718.1 Metre Hole 6 Averages 0.555% Cu and 0.041%
Mo') and July 14, 2008 release 'Duran
Ventures And MacMillan Gold Report Over 1% Copper Equivalence Averages'
-- these demonstrated the existence of a near surface, copper-molybdenum
porphyry structure with significant tonnage.
|

Figure 8. Aguila
main pit
Click to enlarge
Aguila porphyry main showing where the drilling
has been. Lots of good road access to move rigs
around easily. |
World class bulk
tonnage Cu-Mo potential: 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 the
region, the deepest hole is over 600m from surface down
and is still in copper mineralization. Recent
exploration work at Aguila has now outlined a much
larger target, the dimensions of the porphyry are
believed to be large and results from recent exploration
efforts are expected soon and will improve on the
dimensions. Indications are positive for having big
porphyry at depth. There is strong potential for further
expansion of the Aguila deposit through additional
drilling.
From discussions with
management Mining MarketWatch Journal
estimates
Duran Ventures is only ~10,000m in drilling from issuing
a first estimate, a number their geologists feel will be
significant and market moving as from the results to
date and from what they can see geologically at Aguila has
serious potential to be world class.
When comparing Duran's potential to established
Cu-Mo deposits in the region such as Norsemont Mining it is important to
note that the grades at Duran's Aguila porphyry are higher. Norsemont
Mining has a defined resource of ~300+M tonnes, a market cap nearing
$200 million and is a buy out candidate at a level significantly above that -- Duran has phenomenal grades and everything points to the fact Duran has
potential for similar size porphyry and a correspondingly significant
upside move in valuation. Transactions over the last couple of years
involving copper deposits similar to what Duran Ventures is targeting in
Peru have seen multiple deals made in the $400M - $800M range.
------ ------ ------
Infrastructure, & Region
- stable, mining friendly region
|

In Peru |
|

DRV &
area Concessions |
The properties are located ~3,100 to 4,400
meters above sea level in the eastern part of the Western Cordillera of
North Central Peru. The projects are ~100km in from the coast and are
all road accessible. Power to the property is provided by an active
power line traversing the Pasacancha 1 concession and is connected to
the national grid. Nearby town are Sihuas and Pasacancha.
Peru is unanimously agreed in the mining
community to be a stable, mining friendly region. Ranking within the
Fraser Institute's Annual Survey of Mining Companies released April 2010 may be viewed
here. The mining claim and permitting process is highly transparent
and clearly laid out.
2)
Pasacancha Silver-Lead-Zinc Project - Central Peru
- 100% Owned
High silver values
•
Past producing
•
Significant bulk tonnage potential
•
Silver-Gold-Lead-Zinc target
Location:
Pasacancha is a continuation of Aguila; Duran Venture's Aguila Project
(reviewed above) and
Pasacancha project are part of the same geological system.
Peru was the top silver producing
country in the world, responsible for a recorded 118.30 million ounces
in 2008 (source Market Equities Research Group). Miners know ‘the best
place to find a new resource is amidst the workings of an old mine’ --
The Pasacancha concession is host to the past producing Pasacancha mine,
where historical production focused on high grade silver veins that have
been mapped across a large part of the property.
The Pasacancha mine workings are situated at the top of a hill above a
town with the same name. Several tunnels have been identified which
access the vein deposits at various elevations. The combined workings
have been mapped for several kilometers and this extensive underground
infrastructure serves as evidence of the intensity of mineralization
throughout the area. The historic mining activity was concentrated on
the highest grade veins and the project geologists have begun work to
search for deposit areas of interest that were overlooked by the
previous mine operator.
Early stage exploration work at this target included soil sampling and
trenching programs that covered a much wider zone surrounding the old
mine workings. The results from this work indicated the potential for a
large area of alteration bearing lower grades of silver and gold, along
with the presence of significant lead and zinc values. This has been
interpreted to suggest that a potential bulk tonnage poly-metallic
deposit of disseminated alteration may exist at Pasacancha.
|

Figure 11. Drill
rig at Pasacancha |
Rehabilitation work has been completed at several of the mine workings.
A comprehensive sampling program has tested the exposed rock surfaces
within these tunnels, and attractive values were reported; see April 24,
2008 release '0.17
g Au/t, 69.1 g Ag/t, 0.6% Pb and 0.9% Zn across 384 Metres at Pasacancha
in Peru'. In some cases the data represented a lateral extension of
several hundred meters into the hillside. These results are further
encouraging evidence that a much larger mineralized system exists at Pasacancha.
Considering the impressive lateral extent that has yielded positive
results from the early phase exploration work, there is the potential to
define a deposit at Pasacancha that could amount to 100+ million tonnes
or more. In the context of a large open pit mine, an average silver
grade of at least 2-3 ounces per tonne, plus associated by-product
credits from other recoverable metals, would represent an attractive
economic potential for development.
|

Figure 12.
Underground high grade silver breccia
High
grade silver breccia amongst sulphides shows
bulk tonnage |
Duran Ventures plans to conduct a thorough and comprehensive exploration
program designed to test for the existence of a large deposit of
disseminated lower grade silver-gold-lead-zinc mineralization. Despite
relatively challenging topography and rock conditions, the company
recently reported the first successful drill intervals from Hole 4B; see
January 26, 2009 release 'Duran
Reports Pasacancha Hole 4B Results: 104 metres (344 feet) of 35 g Ag/t
(1.1 oz Ag/t) Including 34 metres (114 feet) of 55 g Ag/t (1.8 oz Ag/t)
and 36 metres (119 feet) of 40 g Ag/t (1.3 oz Ag/t)'. This progress
has confirmed the preliminary exploration model. In order to continue
with a more intensive drill program Duran Ventures applied for and was
granted a C Permit from the Peruvian Government. Follow up work is
planned with further drilling programs, with the objective to establish
a large tonnage of mineralization by expanding the lateral boundaries
through step out drilling. |
3)
Santa Rosa and Corongo Area Gold Project - Central Peru
- 100% Owned by Duran Ventures (J.V. partner
found)
Note: Duran Ventures has found a
joint venture partner to advance this project. The details of the
arrangement may be found in the release dated March 18, 2010 entitled
"Duran
Ventures Announces Joint Venture Agreement on Corongo Gold-Silver
Property in Peru". The new joint venture partner is a junior miner
using this project as a qualifying transaction and Mining MarketWatch
has learned it will be changing its name to 'Viper Gold' -- the Corongo
project has very good gold numbers and the name change well articulates
the highly prospective nature of the project. The new joint venture
partner will be spending $1 Million to drill off high grade gold targets, DRV.V
is the operator and will control the exploration. It is a win-win
scenario for both companies -- the new entity is expected to have 13M
shares outstanding and be well funded, Duran Ventures will have 1M of
those shares. The new entity will have the right to acquire a 50%
interest in the project. This will certainly provide good excitement for
DRV.V shareholders as the project is advanced without dilution to DRV.V
and will allow DRV.V to keep focused on the big tonnage Cu-Mo-Ag at
Aguila.
Santa Rosa/Corongo
is a block of claims ~6km - 10km to the northwest of Aquila. Santa
Rosa was identified in 1998 through
fieldwork completed by Rio Tinto, a prior operator of the property as
part of a joint-venture exploration program. Historic small-scale mining
in the area produced gold, copper, and silver from vein and manto
systems that outcropped near surface. Rio Tinto completed a preliminary
series of drill holes along across a widely spaced grid in search of a
potential bulk tonnage mineralized system. The results included several
encouraging gold intervals that appeared to be related to feeder vein
structures, however lacking the continuity necessary to meet the
criteria for a larger system, Rio Tinto did not do any follow up work.
As is often the case with Rio Tinto 'walk-aways', they were not given
the attention necessary and Mining MarketWatch Journal has seen numerous
prized assets develop from Rio Tinot walk-aways. Duran Ventures is
turning up high values; see February 23, 2009 release "Duran
Reports Up To 7.8 g Gold/t, 191.0 g Silver/t, and 9.1% Copper from
Prioritizing Precious Mineral Exploration in Peru" and May 5, 2009
release "Duran
Ventures Reports Up to 14.6 g Au/t and 483.0 g Ag/t from The 100% Owned
Corongo Properties".

Figure 13.
Geology Map Corongo Project
Click Here to enlarge and
expand [PDF]
4)
Minasnioc High Sulphidation Gold Project - Central Peru
- 100% Owned by Duran Ventures
See related May 25, 2010 release "Duran
Ventures Acquires the Minasnioc High Sulphidation Gold Project with
Surface Values up to 2.9 Grams Gold per Tonne"
This is a new and exciting acquisition for
Duran Ventures. It is a high sulfidation epithermal property with good
gold values in the vuggy silica -- these type of projects are oxide and
are very low cost to put into production. These high sulfidation types
are associated with all the biggest gold deposits in Chile, Argentina,
and Peru. Not only low cost producers, they can also be significantly
less money to build a mine. The higher incidence of be economically
viability associated with these types of deposits is because they heap
leach so very well, they are just quartz that can be ground up with no
clay.
Duran Ventures acquired the Minasnioc Gold
Project in a closed-bid government auction on May 20th, 2010. A Peruvian
subsidiary of Barrick Gold Corporation (“Barrick”) and a private
Peruvian mining company were also competing for this property. The
concession covers 1000 hectares in the Department of Huancavelica,
approximately 300 kilometres southeast of Lima. This project has seen
previous intensive exploration campaigns by Barrick and Compañia de
Minas Buenaventura S.A.C. (“Buenaventura”) between 2001 and 2007, which
included surface channel sampling and drilling.
Company geologists have made initial property visits and have defined a
high sulfidation (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 by two
kilometers. This age of the volcanic host rocks and style of
mineralization is similar to Barrick’s Pierina and Alto Chicama Mines
and Newmont and Buenaventura’s Yanacocha Mine in Peru.
Initial rock chip sampling by the Company shows widespread anomalous
gold values with associated silver, arsenic, barium, lead, mercury, and
antimony geochemical anomalies, which are typical of an altered precious
metal bearing system. Samples were collected as one to four-metre rock
chips and panel samples ranging from two by two metre to five by five
metre panels. 21 of 35 samples returned assays greater than 0.1 grams of
gold per tonne, with values as high as 2.96 grams of gold per tonne. 28
of 35 samples returned silver values of greater than 1.0 gram of silver
per tonne, 11 samples returned values of greater than 10.0 grams of
silver per tonne, and one sample returned a high value of 70.6 grams of
silver per tonne.
------ ------ ------ ------ ------ ------
NOTE: The following four properties are
grouped together as they are the latest acquisitions from the merger of Double Jack
(into Duran Ventures) that are now being closed on by Duran Ventures
(in consideration for 6 million shares of DRV.V).
The properties were locked-up over a
year ago by DRV.V. Since DRV.V had locked-up the shareholders of Double
Jack there has been a couple significant developments surrounding two of
the properties (Ichuña and Don Pancho) that add enhanced attractiveness.
5)
Ichuña Copper-Silver Project - Central Peru - 100% Owned by Duran Ventures
Major New Discovery
(Gold Fields-Buenaventura 5.6M Oz Gold Equivalent Chucapaca) Adjacent to
Duran's Ichuña Project
|

Figure 14.
Copper showing on Duran's Ichuña Property |
The Ichuña Copper-Silver Project
(1,000 hectares) is located 120 kilometres northeast of Arequipa in the
Department of Moquegua in Southern Peru. A past producer from Spanish
colonial times, Hatum sampling returned strong copper and silver values
with anomalous arsenic, barium, and antimony. Mineralization 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. These copper-silver bearing structures may
be indications of porphyry copper mineralization.
NOTE:
SIGNIFICANT NEW DEVELOPMENT
New gold discovery by
Buenaventura and Gold Fields (51%/49%) on the doorstep of the Duran Ichuña property
Duran's 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.
See related Press Release by Gold Fields
entitled
"Gold Fields and Buenaventura announce major gold discovery in southern
Peru - Mineral Resource estimate of 5.6 million gold equivalent ounces"
At a press conference on Tuesday May 11,
2010 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.
Hold on to your hats, 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.
|

Figure 15.
Map showing
location of Ichuna Property in relation to the Canahuire and Chucapaca
projects of Gold Fields and Buenaventura
|

Figure 16a.
Location Map
Click to
enlarge [PDF] |

Figure 16b.
Location Map Click to
enlarge [PDF] |
In the location map (16b.) above (taken from report
found on Gold Fields website) the Gold Fields-Buenaventura property is
indicated in green, the location of the discovery is where the X
is and the Duran/Double Jack Ichuña property is the area in white they
left out. Jeffrey Reeder claimed the area in 2006 and the discovery was
only made in late 2009 -- Double Jack did not know about this when the
deal was made with Duran.

Figure 17.
Gold Fields-Buenaventura Chucapaca drill values
(sourced from Gold Fields website)
Gold Fields has intersected numerous quality intercepts including 127m of
8.55g/t gold, 44m of 9g/t gold, 170m of 3.3g/t gold, 54m of 2.64 g/t
gold, and they also have copper… ~60m of 3.13g/t gold and .49% copper,
95.8m of 1.44 g/t gold and .2% copper, 131.1m of ~2g/t and .36% copper
-- Duran's Ichuña is located only ~2.5km
away and that is where Duran had registered
12.75% copper and silver up to 8.2
ounces silver per tonne.
Jeffery Reeder has confirmed that several
months ago Double Jack was contacted by Buenaventura, before the
discovery was made public (Buenaventura not wanting to let the cat out
of the bag), asking if Double Jack was willing to sell the
property -- Double Jack had to tell them it was under option to Duran
which has first option on it.
See related June 1, 2010 release "Duran
Ventures Announces Copper and Silver Results from Ichuña Project, With
Values To 1,645 grams of Silver per Tonne and 6.9% Copper: Duran to
Exercise Double Jack Property Option";
Results have been received from the Company’s second field campaign,
which consisted of 1:5000 scale geological mapping and the collection of
148 chip and panel samples. Ichuña is located roughly three kilometers
from the Canahuire Project of Gold Fields Limited (“Gold Fields”) and
Compañia de Minas Buenaventura S.A.A. (“Buenaventura”), where these
companies have recently published a resource estimate of 83.7 million
tones of 1.9 grams of gold per tonne and 8.2 grams of silver per tonne,
for an inferred resource of 5.6 million ounces of gold (calculated as a
gold equivalent).
The [Ichuña] property is underlain by sedimentary and volcanic units
which are cut by intermediate porphyritic intrusive bodies. Company
geologists have so far defined seven mineralized zones on the property
with a variety of styles of mineralization related to intrusive events.
This includes porphyritic intrusive bodies with evidence of supergene
copper enrichment, skarn zones at the contacts between intrusive and
carbonate-rich sedimentary rock, and altered stockwork zones in
intrusive, volcanic, and sedimentary units. The evidence points to a
widespread, well-mineralized hydrothermal system related to intrusive
activity, with anomalous copper, silver, lead, zinc, arsenic, barium,
antimony, and manganese. The mineralized areas stretch over an area
larger than 1.0 x 2.5 kilometres.
Samples were collected as 0.5 to 3.0-metre rock chips and channel
samples, as well as panel samples ranging from 0.5 x 1.0-metre to 3.0 x
3.0-metre areas. Silver values ranged as high as 1,645 g Ag/T (52.9 Troy
ounces of silver/T), with 41 of 148 samples assaying greater than 10.0 g
Ag/T and 16 of 148 samples assaying over 100.0 g Ag/T. 32 of 148 samples
had copper values of greater than 1.0%, with values as high as 6.95%. 59
of 148 samples had copper values greater than 0.1%, showing very
widespread anomalous copper values. Lead and zinc values were elevated
as well, with 32 of 148 samples assaying over 0.1% lead, with high
values of 5.0% lead. 31 of 148 samples assayed greater than 0.1% zinc,
with 5 samples over 1% and as high as 1.3% zinc. A table of sample
highlights follows, and maps showing copper and silver geochemical
anomalies are shown below.
ICHUÑA SAMPLING HIGHLIGHTS – COPPER AND SILVER VALUES
|
SAMPLE NUMBER |
SAMPLE TYPE |
LENGTH m |
Cu (%) |
g Ag/T |
|
|
|
|
|
|
561 |
Chip |
4 |
3.05 |
6.0 |
|
|
580 |
Panel |
3x1 |
5.37 |
47.4 |
|
|
586 |
Panel |
2x1 |
1.95 |
32.6 |
|
|
596 |
Panel |
2x1 |
1.12 |
44.7 |
|
|
609 |
Panel |
2x2 |
1.30 |
562.0 |
|
|
618 |
Channel |
3 |
0.59 |
6.6 |
|
|
626 |
Chip |
3 |
1.70 |
22.5 |
|
|
628 |
Chip |
2.5 |
3.19 |
27.2 |
|
|
630 |
Chip |
3 |
1.23 |
38.3 |
|
|
634 |
Chip |
3 |
2.49 |
63.9 |
|
|
635 |
Chip |
3 |
2.58 |
60.5 |
|
|
636 |
Panel |
3x2 |
0.90 |
21.1 |
|
|
641 |
Panel |
2X2 |
0.49 |
167.0 |
|
|
643 |
Panel |
1x1 |
0.40 |
237.0 |
|
|
644 |
Panel |
1x1 |
0.85 |
1645.0 |
|
|
652 |
Panel |
1x1 |
2.45 |
227.0 |
|
|
653 |
Panel |
1x1 |
1.25 |
17.5 |
|
|
654 |
Panel |
1x1 |
1.87 |
9.8 |
|
|
655 |
Panel |
1x1 |
0.92 |
5.0 |
|
|
656 |
Channel |
3 |
1.18 |
9.7 |
|
|
657 |
Channel |
3 |
1.75 |
16.3 |
|
|
658 |
Channel |
3 |
3.07 |
83.0 |
|
|
659 |
Channel |
3 |
6.95 |
131.0 |
|
|
660 |
Channel |
3 |
6.11 |
320.0 |
|
|
661 |
Channel |
3 |
2.13 |
25.6 |
|
|
662 |
Channel |
3 |
4.81 |
53.1 |
|
|
663 |
Channel |
3 |
4.92 |
62.2 |
|
|
683 |
Panel |
3x3 |
1.13 |
3.0 |
|
|
684 |
Panel |
3x3 |
1.69 |
12.5 |
|
|
686 |
Panel |
3x3 |
3.16 |
18.8 |
|
|
687 |
Panel |
3x3 |
6.33 |
23.2 |
|
|
688 |
Panel |
3x3 |
1.19 |
8.2 |
|
|
689 |
Panel |
3x3 |
0.64 |
3.3 |
|
|
692 |
Channel |
1 |
1.53 |
211.0 |
|
|
694 |
Channel |
1 |
0.10 |
21.6 |
|
|
696 |
Panel |
2x2 |
0.72 |
170.0 |
|
|
698 |
Channel |
2 |
1.98 |
30.9 |
|
|
699 |
Channel |
1 |
0.63 |
43.7 |
|
|
700 |
Panel |
1X1 |
2.54 |
64.6 |
|
|
701 |
Channel |
1 |
0.50 |
534.0 |
|
|
702 |
Panel |
1X1 |
0.52 |
335.0 |
|
|
706 |
Channel |
1 |
3.31 |
155.0 |
|
|
707 |
Channel |
1 |
3.86 |
159.0 |
|
Duran's plans for Ichuña: This
summer Duran intends on spending ~$100K on Ichuña in geophysics and
geological mapping. This will position Ichuna as essentially drill ready
and an ideal potential revenue source for Duran as a joint venture
candidate, especially due to the high grade values found to date and
proximity of the property to Chucapaca.
6)
Panteria Porphyry Copper Prospect - Central Peru
- 100% Owned by Duran Ventures
The Panteria Porphyry Copper
prospect is located in the Department of Ica in south-central Peru.
It consists of one main block totalling 1,700 hectares and another 400
hectare concession two kilometres to the east. Rio Tinto Zinc operated
this project in the early 2000’s, and Hatum acquired the concession in
2007. Rio Tinto conducted a very limited exploration program comprising
of two or three diamond drill holes. The information from Rio Tinto’s
work program is currently unpublished, however the company will inquire
about obtaining the data. Hatum’s initial sampling program at Panteria
confirmed widespread anomalous copper, gold, and silver over an 800 by
250 metre zone, with local quartz-sulfide stockworks and veining in
porphyritic intrusive rocks. There are abundant copper oxides and
carbonates on surface with indications of strong surface leaching of
copper and iron sulfide minerals. Panteria has all the hallmarks of a
significant supergene copper deposit with an underlying hypogene
porphyry copper system.
Duran has advanced with surficial
geological mapping of over 200 hectares, and has collected over 200
chip, channel, and panel samples. Duran geologists have identified
extensive zones with stockwork quartz veinlets and oxidized pyrite,
which are part of a large phyllic alteration system that grades outwards
to zones of argillic and propylitic alteration. The alteration system
appears to be controlled by a northeasttrending structural zone.
NOTE: Duran's geologists have just
(late May 2010) returned from two weeks in the field on Panteria --
Mining MarketWatch Journal has confirmed the geologists have seen a lot
of copper mineralization associated with quartz "we've
got magnetic stringers in the potasic alteration zone, its another
porphyry target". Plans are for the Panteria property to also
be the beneficiary of ~$100K in geophysics and mapping this summer 2010,
hopefully advancing the project to drill ready status and creating the
potential for another revenue source for Duran Ventures as a highly
attractive JV candidate.
7)
Don Pancho Silver-Lead-Zinc Project - Central Peru
- 100% Owned by Duran Ventures
The Don Pancho Silver-Lead-Zinc
Project (600 hectares) is located in the Lima Department.
NOTE:
NEW DEVELOPMENT SINCE LOCK-UP
Duran has 100% ownership (a prior
option by a JV partner did not materialize) and is now sitting in a
potential cash flow situation for the company with prime mineralized
property next to a 2000TPD mill now being built. Trevali Resources Corp.
is fast-tracking towards becoming Latin America’s newest
Silver-Lead-Zinc producer by recommencing operations at the former
Santander Mine in west-central Peru (source:
http://www.trevaliresources.com/i/pdf/Trevali_FactSheetWeb.pdf).

Figure 18.
Partial claim map of Trevali with approximate location of Double Jack's
(NOW DURAN VENTURE'S)
600 hectares superimposed on map
There is a large breccia body on the Don
Pancho property that runs ~400m wide and 800m long that has numerous
lead-zinc showings all over the place -- Double Jack has taken a number
of samples and many are up to 250 grams of silver (~8-10 ounces) per
tonne and 4% - 5% lead-zinc. These are very similar numbers as to the
Trevali numbers and it is the same geology. The Trevali mill is only a
few kilometers away.
The Don Pancho Silver-Lead-Zinc Project
(600 hectares) is located in the Department of Lima. This project is
approximately 10 kilometres to the west of Trevali Resources’ Santander
Mine, which has updated a resource estimate (April 2009) of 5.3 MT of
3.34% Zn, 1.27% Pb, and 38 g Ag/T (indicated category) and 2.24 MT of
2.92% Zn, 0.5% Pb, and 18 g Ag/T (inferred category). The Don Pancho has
similar geology to the Santander Deposit, with carbonate-replacement
style Ag-Pb-Zn mineralization. The Don Pancho alteration system covers a
northwest-trending area of over 300 x 800 metres, with large galena and
sphalerite bearing breccias, veinlets, and stockwork zones visible on
surface.
Hatum Minas conducted several sampling campaigns on the property,
including the collection of 41 surface grab and chip samples, and a
total of 28 underground chip and channel samples. Surface samples have
returned up to 238 grams silver per tonne, 9.49% lead, and 4.15% zinc.
Underground sampling returned up to 838 grams silver per tonne, 11.6%
lead, and 7.92% zinc. Duran
8) Santa Rita and Coricancha South Properties - Central Peru
- 100% Owned by Duran Ventures
The Santa Rita and Coricancha South
Properties (1,737.88 hectares) are located 75 kilometres from Lima
in the San Mateo District in Central Peru, in an area of active and past
producing silver-lead-zinc mines. The Coricancha South Property is
located immediately south-southwest of Gold Hawk Resources’s Coricancha
Mine. Hatum’s mine dump and rock chip sampling returned ten out of
twenty-eight samples with greater than 100 grams silver per tonne, with
the highest value of 1,280 grams silver per tonne. Ten samples returned
over 1% lead, and seven samples with over 1% zinc. Gold, copper, and
molybdenum values are strongly anomalous, with up to 2.2 grams gold per
tonne, 8.8% copper, and 0.1% molybdenum.
100% ownership note:
Duran Ventures Inc. has 100% ownership of all its
Peruvian properties with no underlying royalties.
Originally Duran (under the name Duran Resources ULC)
had a 50% interest and MacMillian Gold was the
originator of the project, MacMillian and Duran merged
to form Duran Ventures Inc.
Duran's
Management & Technical
Leadership:
Skip to top
The current board of directors has a well rounded
combination of people that each contribute expertise in
disciplines necessary for a successful mining entity.
Jeffrey J. Reeder, P. Geo., Chief Executive
Officer and Director
Jeffrey J.
Reeder, P. Geo., has a B.Sc. from the University of
Alberta and since 1992 has been registered as a
professional geologist with the Association of
Professional Engineers and Geoscientists of British
Columbia. Mr. Reeder is the geologist that originally
identified and acquired the Aguila copper-moly project
in Peru for Duran Resources ULC (formerly MacMillan Gold
Corp.). Mr. Reeder has 15 years of experience in Peru
and is fluent in Spanish. Mr. Reeder's experiences prior
to joining MacMillan Gold included working with Noranda
Exploration and the Hunter-Dickenson Group of Companies.
Mr. Reeder was also responsible for identifying the
Pinaya Copper-Gold project currently being explored by
Acero-Martin Exploration.
Cary Pothorin, P.Geo.,
President
Mr. Cary Pothorin, P.Geo. is a Canadian professional
geologist in good standing with the
Association of Professional Engineers and Geoscientists
of British Columbia. He graduated in 1988 with a
B.Sc. specialized in Geology from the
University
of Alberta. Mr. Pothorin is fluent in Spanish and
his most recent experience is as VP Exploration of Acero-Martin
Exploration Inc. who had successfully advanced the
Pinaya Porphry Copper-Gold Porphyry-Skarn Deposit in
Peru
to a National Instrument 43-101 compliant resource.
Todd Bruce, B.Sc., Director
Mr. Bruce is well known in the mining and financial
communities and the Board of Duran looks forward to
benefiting from his guidance and knowledge. Mr. Bruce
has held senior management and Board positions with
Anglo Platinum, IAMGold Corporation and Crystallex. He
brings extensive operational and development experience,
and will strengthen and broaden Duran’s collective board
expertise. From September 2003 to January 2007, Mr.
Bruce served as CEO, President and Director of
Crystallex International Corporation, Highlights of his
tenure included completion of a bankable feasibility
study on, and securing an EPCM contract with SNC Lavalin
for the Las Cristinas project, financings that raised
nearly C$250 million and two drill programs that
increased gold reserves at Las Cristinas from
approximately 10 million ounces to 17 million ounces.
From February 1996 to January 2003, Mr. Bruce served as
President and Chief Operating Officer of IAMGOLD
Corporation, whose principal assets during his tenure
comprised the Sadiola and Yatala gold mines in Mali. Mr.
Bruce played a leadership role in the growth of IAMGOLD
from its initial non-producer status to attributable
gold production of almost 300,000 ounces in 2002,
financings that raised C$113 million, the implementation
of IAMGOLD’s innovative “Gold Money” policy and in the
merger of Repadre and IAMGOLD in January, 2003. From
1980 through January 1996, Mr. Bruce served in a number
of senior management positions with the South African
company Johannesburg Consolidated Investment Co. and its
successor company, the Anglo American Platinum
Corporation. Immediately prior to joining IAMGOLD, Mr.
Bruce served as Executive Director in charge of
Marketing, Business Development and Strategic Planning
for Anglo American Platinum Corporation. Mr. Bruce holds
a B.Sc. in Geology from the University of Rhodesia and a
Graduate Diploma in Engineering (Mineral Economics) from
the University of the Witwatersrand in South Africa.
John P. Thompson, P. Eng., Director
Mr. John P. Thompson, P. Eng. has a B.Sc. and a M.Sc.
from Acadia University in Nova Scotia. Mr. Thompson has
been a director since June 2006. Mr. Thompson has over
35 years of mineral exploration, advanced property
evaluation, ore reserve estimation and mining experience
and is currently a consultant to the industry and
President of John P Thompson and Associates.
Joseph Del Campo, CMA, Director
Mr. Joseph Del Campo, CMA, is a graduate of Ryerson
Polytechnical Institute in Toronto and has been a
director and audit chairman since July 2006. Mr. Del
Campo is the Chief Financial Officer of First Nickel
Inc. and is the Chief Financial Officer and a director
of Unigold Inc.
Daniel Hamilton ,
Chief Financial Officer
Mr. Hamilton has 25 years of progressive experience in
accounting and finance roles. Mr. Hamilton has completed
a bachelor of commerce and bachelor of administration at
the University of Ottawa. Mr. Hamilton worked for
several chartered accounting firms, including Stern
Cohen, Clarkson Gordon and Arthur Young of Australia.
Mr. Hamilton's many years of mining and exploration
experience were accumulated from working for Noranda
Minerals Inc., Noranda Inc., Agra Monenco Inc., AMEC
Inc. and Chrystallex International. Mr. Hamilton is
experienced at performing public reporting for junior
resource companies such as Cuervo Resources Inc. and
Amerix Precious Metals Corp.
Carmen Yuen, B.Com, Secretary and Treasurer
Ms. Yuen is a graduate of the University of Toronto with
a Bachelors of Commerce specialized in finance. Ms. Yuen
has also successfully completed her exams to qualify as
a Certified Public Accountant and awaits her
certification. Ms. Yuen's experience includes work as a
Tax Analyst with an international tax firm.
Juan Jose Ari Huanca, General Manager Peru
Dr. Juan Jose Ari Huanca studied law at the Faculty of
Law at the Universidad Nacional San Andres in Arequipa,
graduating with an undergraduate degree in 1996, and
acquired the title of Professional Lawyer in the same
year. His academic level was formally recognized as
'Brilliant', one of only three students in the history
of this legal faculty to achieve that standing. He is
the founder and General Manager of Ari and Associates
Legal Firm in Arequipa. He held various positions with
Canper Exploraciones S.A.C., operators of the Pinaya
mineral exploration project in Puno, Peru. Positions
included legal advisor, administrative manager, and
general manager from 2004 to 2008. During this time, he
was instrumental in negotiating the original property
option with the local owners, the negotiation and
removal of informal gold miners, and surface rights
agreements with local landholders. His superior ability
with strategy, planning, management, community
relations, and legal analyses is a tremendous asset to
Duran Ventures' operations in Peru.
Note: This list is not intended to be a complete overview of
Duran Ventures Inc. or a complete listing of Duran's projects, Mining
MarketWatch urges the reader to contact the subject company and has
identified the following sources for information on Duran Ventures Inc.:
For more information
contact Duran Ventures Inc.'s head office at:
Ph
(416) 867.1101
E-mail:
info@duranventuresinc.com Company's web site:
www.duranventuresinc.com
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