Aguila Showing Size Potential For Duran Ventures

Vancouver — Drilling efforts at the Aguila copper-molybdenum prospect in Ancash, Peru, are starting to define a sizable zone for owner Duran Ventures (DRV-V, DUVNF-O).

Long intercepts have become the norm at Aguila, where Duran has been drilling since mid-2007. The latest long intercept came from hole 13, which returned 578.4 metres grading 0.427% copper and 0.046% molybdenum from surface. The top 146 metres comprised diorite porphyry with an average grade of 0.93% copper and 0.043% moly; the drill then entered mixed diorite and quartzite-siltstone with slightly lower grades.

Hole 13 was collared 50 metres southwest of hole 8, which previously returned 0.626% copper and 0.049% molybdenum over 522.3 metres. On the other side of hole 8 — 125 metres northeast — Duran just completed drilling hole 14, for which results are not yet available. The core showed 75 metres of mineralized sedimentary host rock followed by more than 300 metres of altered and mineralized diorite porphyry and intrusive breccia.

Closer to the south side of the zone, hole 12 also hit a long interval of mineralized rock. From surface to 281 metres depth, the drill cut diorite porphyry grading 0.62% copper and 0.026% moly; the next 286 metres comprised quartzite and siltstone grading 0.11% copper and 0.034% moly. Together, the intervals averaged 0.36% copper and 0.03% molybdenum over 564 metres.

And hole 11, collared 100 metres to the northeast, returned 0.42% copper and 0.029% molybdenum over 604 metres, from surface.

Work at Aguila is currently focused on what’s called the Aguila Pit zone, where a pit remains from a copper mine that operated for a few years in the 1970s. Duran has identified a second target a few hundred metres to the northeast, called the Aguila East porphyry complex.

Aguila is one of two major targets on the adjacent El Halcon and Pasacancha concessions. The other is Pasacancha, a historic silver mine where Duran has hit silver-lead-zinc grades in preliminary drilling.

Until recently, the Aguila project was a 50-50 joint venture between Duran and MacMillan Gold, but in early December the two companies merged. Duran issued 31 million shares to MacMillan shareholders; the new Duran has 59 million shares outstanding. As a result of the merger, Duran now holds the Peru properties outright and will no longer have to pay a 5% net smelter return royalty on future production from those sites.

Duran had over $2 million in working capital at the end of October. News of the latest drill intercept, hole 13, lifted the junior’s share price 2¢ to 17¢. The company has a 52-week trading range of 15¢-$1.57.