Durango Announces It Will Retain 100% Interest in Strategically Positioned Trove Property
Press Release
Vancouver, BC / September 19, 2018 – Durango Resources Inc. (TSX.V-DGO) (Frankfurt-86A1) (OTCQB-ATOXF), (the “Company” or “Durango”) reports that it will continue to hold 100% interest in its Trove Property located in Québec.
The Trove Property is 1,188 hectares in size and is amid the Windfall Lake gold deposit which is one of the highest-grade resource stage gold projects in Canada. The Trove claims are in the Windfall-Urban Gold Camp district of northern Québec surrounded by properties held by Osisko Mining Inc. (TSX-OSK) (“Osisko”) and are a direct extension of the south west mineralized trend that BonTerra Resources Inc. (“Bonterra”) is exploring on its Gladiator Gold Deposit and Coliseum Gold property.
Marcy Kiesman, President of Durango states, “We are extremely pleased to retain 100% possession of the strategically positioned Trove Property. Durango is grateful to BonTerra for entering into the Trove Option Agreement with Durango in 2017 as it allowed for exploration and drilling on other Durango properties without dilution to shareholders. Durango is also appreciative for BonTerra’s exploration work performed on the Trove and the two-year claim renewal. We wish BonTerra enormous success as they focus on the expansion of their Gladiator Deposit, as Durango remains a large shareholder of BonTerra and will benefit from their continued success.”
On September 11, 2018, BonTerra advised Durango in writing that it will not be proceeding with further exploration activities on the Trove Property. Accordingly, pursuant to the terms of the Option Agreement, Durango will retain its 100% interest in the Trove Property.
To date, pursuant to the terms of the Option Agreement, Durango received cash payments of $300,000 and 3 million common shares of BonTerra satisfying the terms up to and including the first anniversary. Durango currently holds 1.6 million common shares of BonTerra valued at $720,000, (based on the closing trading price of BonTerra’s common shares on the TSX-V as of September 18, 2018).
Further to its news release dated March 30th, 2017, Durango entered into an option agreement (the “Option Agreement”) with BonTerra whereby BonTerra could earn a 100% interest in the Trove Property by:
– Paying $150,000 in cash and issuing 1,500,000 BonTerra common shares upon TSX-V approval (complete);
– Paying a further $150,000 in cash and issuing an additional 1,500,000 BonTerra common shares upon the first anniversary (complete); and
– Paying $200,000 in cash and completing a minimum of $1,000,000 in exploration expenditures upon the second anniversary whereby BonTerra will have exercised its option to have full title transferred from Durango to BonTerra (incomplete).
As per the Option Agreement, BonTerra was obligated to keep the claims in good standing and as such the claims will remain in good standing until the year 2020. BonTerra completed some exploration work on the Trove claims in 2017 which consisted of both humus sampling and till sampling. Assays returned gold, copper, calcium and iron in the humus sampling, as well as gold in the till sampling dispersed throughout the property. Under the Option Agreement, BonTerra is obligated to share all reports, assay results and documentation with Durango upon the conclusion of the Agreement. Once Durango is in receipt of the new information, it will be reviewed with past exploration results of Durango in efforts to design a go forward exploration plan for the Property.
Further updates will be provided as they become available.
The Company would also like to announce the issuance of 650,000 options to directors and consultants exercisable at $0.06 for a period of three years subject to TSX Venture Exchange approval.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company has 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.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
George Aizpurua, VP of Communications
First Canadian Capital Corp.
Telephone: 416.742.5600 or 647.500.2389
Email: gaizpurua@firstcanadiancapital.com
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900 or 604.339.2243
Email: durangoresourcesinc@gmail.com
Website: www.durangoresourcesinc.com
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