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Aguila Copper Porphyry
January, 2012
G&T Metallurgical Report - Aguila Project
May, 2011
NI 43-101 Report – Aguila Project
The Aguila Copper-Molybdenum Porphyry Project is located in northern Ancash, Peru. The central claim area consists of 1,100 hectares covering the Aguila and Pasacancha past producing mines. Ancash is also host to the Antamina polymetallic skarn, the Pierina epithermal gold-silver, and Magistral copper-molybdenum porphyry deposits.
The Compania Minera Yuravilca put the Aguila Project into commercial copper and molybdenum production in the early 1970's. Low copper prices and poor financial management forced closure of the operations in 1974. In 1996 MacMillan Gold Corporation staked the Halcon claim over the Aguila project and the KFC claim over the Santa Rosa area, and entered into a joint venture agreement with Rio Tinto. Rio Tinto conducted an exploration program in both areas from 1998 to 1999, which included surface mapping and sampling, magnetic geophysical surveys. A total of 3,108 metres of diamond drilling was done to test multiple targets, including 1642 metres in Aguila with 5 holes, and 1465 metres in Santa Rosa with 8 holes.
Duran believes that the Aguila porphyry system consists of multiple mineralized intrusive centres over a large area. On the surface, strongly mineralized diorite intrusive bodies occur over a distance of 1,300 metres from Aguila West, Aguila, and Aguila East. The Pasacancha zone is located two kilometres to the west, and is interpreted to represent a lateral zonation of silver-lead-zinc mineralization, and is genetically related to emplacement of the main porphyry copper-molybdenum system. Where previous operators have focused only on the Aguila zone, the mineralizing system is substantially larger than this. Recent drilling at Aguila West confirms the presence of strong copper mineralization right to the western limit of the Halcon concession. Strong stockwork mineralization is also developed well into the host sedimentary rock and greatly increases tonnage potential.
A geophysical survey was carried out in late 2009 over a 2000 x 3000 metre area of the central 1100 hectare claim block. The survey included induced polarization (IP), resistivity (RES), magnetic (MAG), and gamma spectrometry (ESPEC). The survey highlighted eight large IP targets and a potassic altered zone which covers an area of over 3000 x 1000 metres. Mineral occurrences on surface, drill results to date, and the geophysical information indicate the presence of a significant mineralized district.
Duran Ventures has drilled a total of 17 holes to date at Aguila since 2007, and a total of 8,754 metres. Every hole has returned spectacular and mostly continuous copper and molybdenum intersections characterized by stockwork and disseminated mineralization. Published intersections are shown below.
Duran intends to aggressively continue with the exploration and development of the Aguila zone. We believe the potential exists for this to become a major mining district. Minera Penoles de Peru S.A. has recently published a claim of a major copper discovery in the Racaycocha area, which is located less than one kilometre to the south of the main Aguila zone. Penoles shares a property boundary with Duran Ventures to the south of Aguila, and also holds claims to the west of Aguila.
Location Map of Aguila
*Note: Total Cu Equivalent % is the sum of the Cu% plus 6.756 times the Mo% based on an assumed 6.756:1 ratio of Mo to Cu selling prices. (i.e. US$1.85 Cu to US$12.50 Mo). Metallurgical recoveries and net smelter returns are assumed to be 100%. These equivalent grades should not be interpreted as actual grades since the conversion rations vary with the volatile prices of Cu and Mo and the economic recoveries of Cu and Mo can vary significantly in actual extraction and processing. The current ratio is roughly 6.756, and the Company feels this is still a reasonable long term ratio to use for this purpose.
Sample #1337 - Drill Hole AGD002 - 102.6 m - 0.74% Cu, 0.040% Mo - Potassic
altered Diorite Intrusive with qtz-cpy-Mo veinlets and stockworks
Sample #1344 - Drill Hole AGD002 - 117.0 m - 0.18% Cu, 0.075% Mo - Quartzite &
Siltstone with potassic alteration and qtz-cpy-moly stockworks and veinlets
Detail Assay Drill Results
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