Durango Resources has the potential to take-off as they explore for gold in Quebec’s Windfall Lake Gold Camp
The Windfall Lake Gold Camp in the Abitibi Region of Québec Canada is becoming a hot spot for high grade gold discovery. In 2019, Osisko Mining discovered a new near surface high-grade gold zone at their Windfall Lake Project. The intercept included 393 g/t Au over 2.2 metres and 31.0 g/t Au over 6.1 metres.
Below is a summary of some of the major deposits with contained gold (“Au”) ounces at Windfall Lake:
- Osisko Mining’s Windfall Lake Project – Indicated 1.206M Au ounces @ 9.10 g/t Au, Inferred 3.938M Au ounces @ 8.40 g/t Au.
- Bonterra Resources Barry Pit – Indicated 385,000 Au ounces @ 5.84 g/t Au, Inferred 453,000 Au ounces @ 5.14 g/t Au.
- Bonterra Resources Gladiator – Indicated 202,000 Au ounces @8.50 g/t Au, Inferred 897,000 Au ounces @ 9.10 g/t Au.
Today’s company Durango Resources Inc. (TSXV: DGO | OTCQB: ATOXF | Frankfurt: 86A1) (“Durango”) is a junior gold explorer that 100% owns the Windfall Lake Properties adjacent and near to Osisko Mining’s and Bonterra Resources high grade gold properties. There are 7 major gold deposits in close proximity to the Durango claims and 7.2M ounces of gold Indicated and Inferred (“I&I”) discovered by Durango’s immediate neighbors.
Given the success of their neighbors, it gives high hope for Durango’s current drill program at Windfall Lake. A recently announced discovery of native silver at Durango’s Windfall Lake property is also a positive sign, as Durango states, “the presence of native silver is an indicator of a last phase of hydrothermal solution precipitation after K-feldspar, pyrite and gold”.
Durango Resources Windfall Lake Properties sit adjacent to and on the same trend as Osisko Mining’s Windfall Deposit and several other high grade gold discoveries
Windfall Lake Properties (flagship, 100% owned) – Includes the Trove & East Barry Properties
Durango holds approximately 9,500 hectares in the Windfall Lake area, known as their Windfall Lake Properties. The Windfall Lake gold mining camp is located in the Urban Barry greenstone belt. Durango has been exploring the Windfall camp since 2011. Durango’s properties are easily accessible via a gravel road that originates from Lebel Sur-Quevillon.
The Trove & East Barry Properties (part of the Windfall Lake Properties) are currently completing an orientation drill program with over 2,000 assays currently being analyzed and results due out soon.
The next stage of exploration is planned to begin around May 2021. The program will augment any positive results found with the current orientation program with further drilling and/or trenching. This program of drilling and trenching will ultimately help to determine the size of the most prospective areas or zones. By drilling a series of fenced holes, the company will be able to determine where the mineralized structures start and stop and thus determine the total area size of the mineralized zone. Subject to funding, this will be followed in H2, 2022 with a definition drilling program to define the depth and begin to potentially define a resource.
Durango’s other projects in Canada (all 100% owned)
Durango currently owns 3 other projects:
- The Discovery Property – Approximately 4,200 hectares in size and covers an important geological structure in the Frotet Evans greenstone belt which has a history of producing gold and copper. The Discovery Property is located on strike with Troilus Gold and Osisko Mining and has road access and hydro lines crossing the property. In recent news Troilus Gold has been active in the region potentially growing their land holdings to over 142,000 hectares.
- Mayner’s Fortune – A significantly sized limestone resource with near term production potential.
- NMX East – Exploration stage and prospective for cesium, lithium, tantalum, and rubidium. Located adjacent to Nemaska Lithium’s Whabouchi Lithium Deposit.
Durango Resources other projects – All in Canada and 100% owned
They say in gold mining that gold is often found near other gold, especially when on the same gold bearing trend. In this case, Durango Resources is hoping this proves true at their Windfall Lakes Properties, with 7 major gold mines and 7.2M Au ounces of I&I Resources nearby.
Durango Resources is trading on a market cap of just C$6M giving early investors plenty of opportunities to be a part of any potential exploration success. With assays results at Windfall Lake expected soon and further drilling to come, management with a track record of successful gold discovery, significant insider ownership, not to mention Durango’s 3 other Canadian projects, Durango’s stock has the potential to take-off.
Disclosure: The author is long Durango Resources Inc. (TSXV: DGO).
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>