Durango Receives BC Mines Permitting for Limestone
Vancouver, BC / TheNewswire / May 23, 2022 – Durango Resources Inc. (TSX.V-DGO) (Frankfurt-86A1) (OTCQB -ATOXF), (the “Company” or “Durango”) is pleased to announce that it has received from the British Columbia Ministry of Energy, Mines and Petroleum Resources permitting which authorizes the production of up to 10,000 tonnes of limestone for the next five years on the Mayner’s Fortune property located near Terrace, BC.
Durango’s Mayner’s Fortune property is 7.5km south of the Terrace airport with an area of interest consisting of a two-kilometre-thick metasedimentary sequence hosting at least six sub parallel N to NE striking limestone (with minor marble) units. The first limestone unit has historical inferred reserves of 454,000 tonnes grading 96.3% limestone which is a non-43-101 compliant resource and has not been verified by the Company. * Representative samples taken from exposed outcrop have returned calcium carbonate levels of up to 99.9% at surface.
The Company plans to do additional mapping near the fifth limestone unit, followed by trenching, test drilling and production (if warranted). The area is easily accessible and can be driven to by logging roads and has been mapped and measured at 1.6km long at surface. Previous reports have indicated that limestone units one and three are of high quality and size but due to the ease in accessibility and the grand size Durango is interested to see if the fifth limestone unit is high quality at depth.
Marcy Kiesman of Durango stated, “We are happy that the Ministry of Mines has had time to review our documentation and issue Durango the bulk tonnage permit. Our geological team is now working on timing for a site preparation visit to Mayner’s which will be followed by additional exploration.”
Global Growth of Limestone Market
In 2022, the global limestone market size was valued at USD $72 billion with the expectation to grow at a compound annual growth rate (CAGR) of 7.3% for the next seven years. The use of limestone for water treatment and purification activities is one of the forces driving the demand of limestone in coming years. Global Limestone Market Size, Share & Growth Report, 2030 (grandviewresearch.com)
*The historical reports have not been verified by the Company and therefore should not be relied upon. The technical contents of this press release were approved by Melanie Mackay, P.Geo., professional geologist, an independent qualified person as defined by National Instrument 43-101.
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 and Troilus gold camps 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.
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