Goldcorp Takes Interest in Claims Near Durango's Decouverte Property
Vancouver, BC / TheNewswire / May 4, 2018 - Durango Resources Inc. (TSX.V-DGO) (Frankfurt-86A1) (OTCQB-ATOXF), (the "Company" or "Durango") is pleased to announce that Goldcorp Inc. is making a $3.7M strategic investment in the James Bay Territory of Quebec to create a new exploration company.
As announced on April 26, 2018, Canada Strategic Metals (TSX.V-CJC) and Matamec Explorations Inc. (TSX.V-MAT) have agreed to a business combination by way of a court-approved plan of arrangement (the "Arrangement") and will become a new gold focused exploration company to be named Quebec Precious Metals Corporation ("QPM"). In connection with the Arrangement, Goldcorp Inc. will invest $3.7M to acquire a 14% interest in QPM.
Also, in connection with the Arrangement, QPM will acquire three gold projects of Sphinx Resources Ltd. (TSX.V-SFX) by way of an asset purchase including a 100% interest in the Chemin Troilus project, which is northeast of Durango's Decouverte Property en route to the past producing Troilus mine.
Durango's Decouverte Property in James Bay, Quebec had an independent technical review completed as reported January 16, 2018, which supports a drilling program of 3,800 metres across 36 holes. Six target areas are defined on the property, each ranging from 100 metres to 400 metres along strike. Due to the previous exploration evidence of a well-preserved gold system, Durango is expecting to test drill these targets this summer.
Marcy Kiesman, CEO of Durango stated, "James Bay is considered a highly prospective new gold camp by the majors, with such quality deposits as Goldcorp's multimillion-ounce Eleonore, Eastmain's Clearwater and La Grande Sud. We are intrigued by the compelling geology at Decouverte and are excited that Goldcorp is supporting exploration and moving closer to our project. We look forward to drilling in the area this summer as we continue to advance the Decouverte property."
Decouverte is a grassroots gold project targeting greenstone-hosted orogenic gold mineralization. The property is in the Frotet-Evans greenstone belt with Troilus gold-copper mine 60 km to the northeast and Goldcorp's Eleonore gold mine 240 km to the north along the same northwest trend. The Decouverte property is 57 square kilometres (5,700 ha) and covers a section of the main Frotet-Evans shear-zone where it bends; trending from east-west to northeast.
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company has a 100% interest in the Mayner's Fortune limestone properties in northwest British Columbia, the Decouverte, Trove and Windfall Lake gold properties in the Abitibi Region of Quebec, and certain lithium properties near the Whabouchi mine, the Buckshot graphite property near the Miller Mine in Quebec, the Dianna Lake silver project in northern Saskatchewan, and the Whitney Northwest property near the Lake Shore Gold and Goldcorp joint venture in Ontario.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Durango Resources Inc.
Telephone: 604.428.2900 or 604.339.2243
George Aizpurua, VP of Communications
First Canadian Capital Corp.
Telephone: 416.742.5600 or 647.500.2389
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to completion of the Arrangement and related transactions, further exploration of the Decouverte Property, exploration results on the Decouverte Property 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 relating to Durango, please refer to the Company's prospectus filed on its SEDAR profile at www.sedar.com.
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.
Copyright (c) 2018 TheNewswire - All rights reserved.