News Details – Smallcapnetwork
Durango Resources: Drilling Begins at Découverte
/

February 2, 2024

/

PDT

Back in June, we brought drill ready mining small cap Durango Resources (CVE: DGO; OTCQB: ATOXF) to the attention of SmallCap Network members. Since then, there have been a couple of important updates for investors as drilling begins on their 100% owned Découverte Gold Property.      Investment Snapshot Small cap Durango Resources (CVE: DGO; OTCQB: ATOXF) is a Canada focused “project generator.” The Company’s portfolio of mining projects encompass everything from clean energy minerals such as lithium, copper and cobalt to traditional precious metals such as gold and silver to prospective minerals such as graphite and limestone. Drilling has just commenced on the Découverte Gold Property by Chibougamau Diamond Drilling who is very experienced when it comes to drilling in the area after having worked at the nearby Troilus Mine. Ms. Danae Voormeij, P.Geo was also appointed as Chief Geologist for the drill program. In addition, Durango Resources recently completed its till sampling program at its wholly owned properties near Windfall Lake in Québec. Results will help define a more precise drill target.  Durango Resources: A Small Cap Mining “Project Generator” To quickly recap: Small cap Durango Resources is a Canadian natural resources company focused on the acquisition and exploration of a diversified range of mineral properties around Canada. This portfolio of mining properties encompass everything from key clean energy minerals such as lithium, copper and cobalt to traditional precious metals such as gold and silver plus there is a prospective potential for other industrial or construction minerals such as graphite and limestone. The small cap also acts as a mining “project generator” with a 100% interest in the Découverte and Windfall gold properties in the Abitibi Region of Québec, and certain lithium properties near the Whabouchi mine, the Buckshot graphite property near the Miller Mine in Québec, the Whitney Northwest property near the Lake Shore Gold and Goldcorp joint venture in Ontario, the Dianna Lake silver project in northern Saskatchewan and the Mayner’s Fortune limestone property in northwest British Columbia. Durango Resources’ most exciting drill ready property would be the 2010 acquired, 100% owned and drill ready Découverte (which means “discovery” in French) Gold Project located 100 km north of Chibougamau in the new gold district of James Bay Territory in Quebec.  This region is considered to be a highly-prospective new gold district with some of the new multi-million ounce high-grade gold systems being discovered and mined include Goldcorp’s Roberto (Éléonore) and Eastmain Resources’ (TSE: ER) EauClaire (Clearwater). The Découverte project is just 60 km from the Troilus mine which produced over 2 million ounces of gold from 1997-2010 and is estimated to have another remaining 2 million ounces of reserves. The Découverte site has never been drilled or trenched before while previous site exploration work includes airborne surveys (Magnetic, EM and Resistivity), soil sampling, rock sampling, humus sampling, a geophysical ground survey, a 2017 geophysical report and an independent technical review that was completed and reported about earlier this year.  This previous work has produced enough evidence of the existence of a well-preserved gold system with the independent technical review calling for a drilling program of approximately 3,800 meters of diamond core drilling across 36 holes to test six high-priority target areas containing inferred mineralized trends ranging from 100 to 400 meters in strike length. Based on this previous work, the Company decided to start test drilling these targets.  Durango Resources and Découverte Update Over the past month, Durango Resources has issued the following news or updates mostly concerning progress at the Découverte Gold Property: On July 11th, Durango Resources announced that drilling had commenced on the Découverte Gold Property. The 2,400-meter program of diamond core drilling will test the Main Zone Nord, Main Zone Central and Shear Zone 1 at Découverte. Durango Resources’ chief geologist commented:  “We have an outstanding drilling team, experienced geologists and field technicians on the ground. Access to site is easy along the all-weather Route Nord and well-maintained logging roads. The area we are drilling was recently clear cut, further facilitating access. The first diamond drill hole hit the target as planned yesterday and we moved to the second hole this morning. We are on schedule and I have every confidence in our success with this drilling campaign.” On July 10th, Durango Resources appointed Ms. Danae Voormeij, P.Geo as Chief Geologist for the Découverte drill program. Voormeij commented: “Découverte is a grassroots gold project that has all the classic signs of a major gold deposit. Located along a major shear zone, where it takes a sharp bend, the project is hosted within a fold nose of metavolcanic and metasedimentary rocks that has been transected by northwest and northeast trending structures. Of interest is the discovery of polymict conglomerates exposed along the Main Zone, which look like Timiskaming-style, fault-bounded rocks, and indicate the presence of a major structure. Strong conductors and magnetic lows with coincident geochemical soil anomalies identify six major targets on the property.” On July 4th, Durango Resources announced that it had engaged Chibougamau Diamond Drilling to drill the Découverte Gold Property. The drilling company is very experienced with drilling in the area after having worked at the nearby Troilus Mine. Durango Resources’ President Marcy Kiesman commented: “We look forward to working with Chibougamau Diamond Drilling as they are experienced and familiar with both the area and geology. Chibougamau Diamond Drilling is working with J. Macleod Exploration from Mistassini which supplies work forces to its contracts. Durango is well positioned for discovery in the Eeyou Istchee James Bay Territory and we are excited to get the drills turning on our grassroots Découverte Gold Property.”  On June 19th, Durango Resources announced that it had completed a till sampling program at its wholly owned properties near Windfall Lake in Québec. The till samples were sent to the ODM labs of Nepean (Ontario) for analysis while the rock samples were sent to Activation Laboratories in Ancaster (Ontario). The results will be announced as they become available. Kiesman had commented:  “Durango currently holds approximately 10,000 hectares in the Windfall Lake area and has now completed a first pass till sampling program over a respectable representation of the properties. I am excited to see the follow up assays in the area which returned 3.48g/t gold in the till as they will help us define a more precise drill target.” The SmallCap Network will continue to watch Durango Resources closely over the coming months in anticipation of drilling results from the Découverte Gold Property and till sampling results for Windfall Lake.