Durango Reports Consolidation Near its Discovery Property in Frotet Evans Greenstone Belt
April 1, 2021 (Source) — Durango Resources Inc. (TSX.V-DGO) (Frankfurt-86A1) (OTCQB -ATOXF), (the “Company” or “Durango”) reports that Troilus Gold Corp. (“Troilus”) (TSX-TLG) announced on March 23, 2021 that it entered into a definitive agreement with UrbanGold Minerals Inc. (“UrbanGold”) (TSXV-UGM) to acquire all the issued and outstanding common shares of UrbanGold, for approximately $19M.
If the consolidation completes, the Troilus land holdings will be over 142,000 hectares and magnify its position as the largest mineral claim holder in the region. Durango’s Discovery (Découverte) Property is located on strike to the southwest of the past producing Troilus mine and neighbours UrbanGold. The Discovery Property is 6,700ha in size and covers an important geological NE-SW regional structure. The Property has great road access and it is located a few kilometers from the Route du Nord.
Durango’s technical team is in the process of preparing an exploration program for the Discovery Property in June 2021, after it completes its exploration program at Windfall Lake and will announce the plans in more detail as they become available. https://durangoresourcesinc.com/_resources/images/Decouverte4-tn.jpg
Durango CEO, Marcy Kiesman, stated, “Durango is situated on strike with the Troilus Gold mine and will become a direct neighbour of Troilus Gold upon completion of the proposed transaction. This consolidation of the region is positive for Durango and for the exploration and growth of all of the assets in the area.”
The technical contents of this press release were approved by George Yordanov, professional geologist, an Independent Qualified Person as defined by National Instrument 43-101. The Discovery Property has not yet been subject to an NI-43-101 report.
Discovery (Découverte), Québec
Durango owns 100% interest in the Discovery claims, which are adjacent Osisko Mining Inc. (TSX-OSK) and are 60km away from Troilus Gold Inc.’s past producing mine. The claims are located 100km away from Chibougamau, Québec in the Frotet Evans greenstone belt with year-round road access from the Route Nord. The 6,700-hectare property is compelling due to the structurally important south dipping synclinal fold nose deformed by a northwest fault zone and northeast structures.
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company is positioned for discovery with a 100% interest in a strategically located group of properties in the Windfall Lake gold camp in the Abitibi region of Québec, Canada.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements that address the upcoming work programs, and other statements relating to the business, financial and technical prospects of the Company. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.
Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of minerals, the ability to achieve its goals, the COVID-19 pandemic, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
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.
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