Mamaniña Project

Property Description:

The Mamaniña property consists of eight concessions covering 4069 hectares located in the Province of Huaylas in the Department of Ancash, Peru. Duran was the successful bidder for these concessions in a closed-bid auction held by the Peruvian Government in 2011, outbidding a large international mining company and a large Peruvian mining company.

The concessions are located approximately 13 kilometres to the south of the Racaycocha-Aguila Copper-Molybdenum Porphyry Project currently being developed by Industria Peñoles of Mexico. The Mamaniña concessions are considered by Duran geologists to be a high quality copper-molybdenum exploration target similar to the Racaycocha-Aguila area. The large world class Antamina Cu-Zn-Mo jointly owned by BHP-Billiton, Glencore, Teck and Mitsubishi Corporation is located 112 kilometers to the south.

Location Map of Mamaniña

Layout

Concession Map

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Property History and Geology:

Previous work performed by Queenstake Resources Limited and Alamos Minerals Limited in a joint venture operated from 1995-1997, and Monterrico Metals PLC during 2001-2008, defined both porphyry copper-molybdenum and copper-gold-zinc skarn mineralization on surface. Company geologists confirmed the geological characteristics of the previous work programs and recommended the acquisition of the new concessions.

Satellite Image

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Mamaniña Geology

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Queenstake and Alamos found copper-molybdenum bearing porphyritic stocks hosted by clastic and carbonate sediments at Mamaniña. Carbonate replacement skarn-type mineralization occurs at contacts between the intrusive and sedimentary units. An airborne magnetic and radiometric geophysical survey defined an anomaly two kilometres in diameter which coincides with these mineralized zones on surface. Sampling by Queenstake and Alamos returned values of up to 2.1% copper, 0.6% zinc, and 9.48 grams of gold per tonne.

In late 2012, Duran acquired the extensive historic database and drill core from Monterrico. A very limited diamond drill program in late 2002 targeted near surface copper anomalies in the skarn area over 1,000 metres east and north east of the area where topography suggests a buried porphyry center. Reports note that drilling intersected high-grade copper mineralization including 25 metres at 1.65% copper from 14 meters below surface. It was also noted that low grade gold was discovered in the same hole.

Mamaniña Property, Copper in Rocks and Soils Geochemistry

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Mamaniña Property, Molybdenum in Rocks and Soils Geochemistry

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Mamaniña Property, Gold in Rocks and Soils Geochemistry

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Mamaniña Property, Ground Magnetics Total Field RTE

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Mamaniña Property, Resistivity at 50m Depth

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Mamaniña Property, Chargeability at 50m Depth

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