Durango Intersects Lithium in Pegmatite at NMX East Lithium Property — TradingView News

(TheNewswire)

Vancouver, BC / TheNewswire / March1, 2024 – Durango Resources Inc. (TSX.V-DGO) (Frankfurt-86A1) (OTCQB-ATOXF), (the “Company” or“Durango”) is pleased to announce that further to the news ofNovember 15, 2023, the assays and data compilation of the 810m drillprogram on the NMX East lithium property is complete.

The NMX East Property is wholly owned by DurangoResources and is located in the Eeyou-IstcheeJames Bay region of Québec, directly adjacentto the Whabouchi lithium deposit. During the fall of 2023, fieldmapping of the property and a short drillprogram was completed. The drill program was limited and only tested aportion of one of the dykes on the property. Four drill holes wereconducted on the initial test dyke totaling 810m of drilling andpegmatite was encountered in each of the holes. Drillhole locationsare marked with yellow stars in Figure 1.

Click Image To View Full Size

Drilling

Hole 1 was drilled to 207m drill depth and intersectedpegmatite at drill depths of 34m-34.5m (852ppm Li), and again at84m-94m, 98m-117.5m (530ppm Li, 1,290ppm Rb), 139m-139.5m (336ppm Li),and 143m-144m. Rubidium assays averaged 670ppm over 11 metersbeginning at 99m downhole in the pegmatite. The highest lithium valueswere found in a metasomatic halo in the country rock immediatelyadjacent to the pegmatite dyke and ranged up to 489ppm Li.This is a known phenomenon that can occur in LCT(lithium, cesium, tantalum) pegmatites where there is an earlyexpulsion of an aqueous fluid from the dyke during emplacement(Errandonea-Martin et al., 2022).

Hole 2 was drilled to a depth of 300m and intersectedpegmatite at a depth of 216m-217m, and 227m-235m, 261m-283.5m,293m-296.5m returned intermittent pegmatite with country rock. Thecountry rock was not submitted for assay.

• 214.83m – 235.72m downhole depth totaling 28.83maveraged 205ppm Li (with a high value of 537ppm Li), and an average of355ppm Rb (with a high of 832ppm Rb). 

• 259.60m – 284.36m downhole depth totaling 24.76maveraged 193ppm Li (with a high of 665ppm Li) and averaged 643ppm Rb(with a high of 1,090ppm Rb). 

• 291.91m – 297.69m downhole depth totaling 5.78maveraged 191ppm Li (with a high of 372ppm Li), and averaged 546ppm Rb(with a high of 706ppm Rb). 

Hole 3 encountered pegmatite beginning at 10m downholeand continued through to a downhole drill depth of 103m totaling 93m(305 feet) of consecutive pegmatite. At 106.5m to 150.5m (in the samehole) the pegmatite returned and was interbedded with country rock fora consecutive 44m (144 feet). The hole finished at a drill depth of201m. Beginning at approximately 9m to 74m downhole rubidium assaysreturned an average of 917ppm Rb over the 65m (213 feet) within thepegmatite with the highest level being 1,880ppm Rb and lithium wasalso elevated in each sample with the average being 147ppm Li and thehighest value being 471ppm Li. Rubidium assays also averaged 439ppmover 68m (223 feet) from 81.5m to 149.7m downhole within the pegmatiteand the highest lithium value was 747ppm Li at 116m downhole depth.Assays were not submitted on hole three after 151m downhole depth asit was country rock.

Hole 4 intersected pegmatite at downhole depth of 7mfrom surface and continued to 26.5m for a consecutive 19.5m (~64feet). Assays returned an average rubidium level of 998ppm Rb over 21m(~68 feet) from 6.5m to 27.5m downhole depth and lithium was anomalousin every sample averaging 110ppm Li with the highest assay being425ppm Li. The hole was stopped at 102m which marked the completion ofthe planned drill test program on the selected portion of one of thedykes running parallel to the Whabouchi deposit. Assays after 27.5mdownhole were not submitted as it was country rock.

Marcy Kiesman, CEO of Durango stated, “We pleased tohave met our objectives of proving pegmatite exists on the NMX Eastproperty, and that it continues below surface with significant size.Given our proximity to the Whabouchi Mine and drill assays of up to852ppm lithium, the results of our newly discovered 305 feet nearsurface intersection it is clear additional exploration needs to beundertaken on the NMX East Property. The next step is to find the hotzone by using pegmatite zonation on our information gathered from thisprogram.”

Mapping

At least four additional pegmatite dykes wereidentified during the field visit. These areas are outlined in yellowon Figure 1. Molybdenum was discovered in a pegmatite outcrop in thesouthwest portion of the NMX East Property. Molybdenite is a soft metallic mineral composed of molybdenumdisulphide (MoS2), theprimary ore of the metal molybdenum. Molybdenite is used as a drylubricant due to its excellent lubricating properties. Molybdenum is aversatile metal known for its high melting temperature and corrosionresistance and is most commonly used in steel and alloyproduction.

Geologists use molybdenite to gather significantinformation about pegmatite. The rhenium-osmium (Re-Os) molybdenumgeochronology technique helps determine the time of pegmatitecrystallization. Molybdenum isotopes provide insights into themagmatic and metasomatic processes the pegmatite underwent during andafter formation, respectively. Pegmatites exhibit different mineralzones based on changing conditions during formation, and molybdenitecould be linked to specific zones that reflect temperature, pressure,or fluid composition variations.

Photo of metallic silver molybdenitecrystals in pegmatite outcrop on NMX East lithium property. BlackSharpie cap tip for scale.

A follow up exploration program including additionalmapping and drilling on the property has been recommended in additionto dating the molybdenum to determine if the age coincides withneighboring Nemaska Lithium’s Whabouchi Mine which hosts proven andprobable lithium reserves of 36.7Mt grading 1.16% Li20. Additionalzonation work on the pegmatites is planned for 2024 before the nextphase of drilling.

Melanie Mackay P.Geo (OGQ Special Authorization 10317,EGBC 35256, APEGA 305012), is the Qualified Person for Durango andapproves the technical content of this news release.

References

Errandonea-Martin, J., Garate-Olave, I., Roda-Robles,E., Cardoso-Fernandes, J., Lima, A., dos Anjos Ribeiro, M., Teodoro,A. C. 2022. Metasomatic effect of Li-bearing aplite-pegmatites onpsammitic and pelitic metasediments: Geochemical constraints oncritical raw material exploration at the Fregeneda-Almendra PegmatiteField (Spain and Portugal). Ore Geology Reviews, 150, 105155.https://doi.org/10.1016/j.oregeorev.2022.105155

About Durango

Durango is a natural resources company engaged in theacquisition and exploration of mineral properties. The Company is alsopositioned for discovery with a 100% interest in a strategicallylocated group of properties in the Windfall Lake and Troilus goldcamps in the Abitibi region of Québec,Canada.

For further information on Durango, please refer to itsSEDAR profile at www.sedarplus.com.

Marcy Kiesman, CEO

Telephone: 604.428.2900 or 604.339.2243

Email: durangoresourcesinc@gmail.com

Website: www.durangoresourcesinc.com

Forward-Looking Statements

This news release contains “forward‐lookinginformation or statements” within the meaning of applicablesecurities laws, which may include, without limitation, statementsthat address the upcoming work programs, and other statements relatingto the business, financial and technical prospects of the Company. Allstatements in this news release, other than statements of historicalfacts, that address events or developments that the Company expects tooccur, are forward-looking statements. Although the Company believesthe expectations expressed in such forward-looking statements arebased on reasonable assumptions, such statements are not guarantees offuture performance and actual results may differ materially from thosein the forward-looking statements.

Such statements and information are based on numerousassumptions regarding present and future business strategies and theenvironment in which the Company will operate in the future, includingthe price of minerals, the ability to achieve its goals, that generalbusiness and economic conditions will not change in a material adversemanner, that financing will be available if and when needed and onreasonable terms. Such forward-looking information reflects theCompany’s views with respect to future events and is subject torisks, uncertainties and assumptions, includingthose filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could causeactual results to differ materially from those in forward lookingstatements include, but are not limited to, continued availability ofcapital and financing and general economic, market or businessconditions. The Company does not undertake to update forward‐lookingstatements or forward‐looking information, except as required bylaw.

Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.

Copyright (c) 2024 TheNewswire – All rights reserved.