Duran Ventures (DRV.V) has entered into a letter of intent with Tartisan Resources (CSE:TTC) to sell its Don Pancho polymetallic project in Lima, Peru. Duran will receive C$50,000 in cash and 500,000 shares of Tartisan when the deal is being completed, whilst Duran will receive an additional 500,000 shares when certain milestones have been reached. And finally, Duran will retain a 2% NSR, of which half could be repurchased by Tartisan for C$500,000.
Don Pancho is a relatively early-stage exploration property which has been subject to a 2,000 meter drill program, executed by the project’s previous operator. According to Duran, ‘new information and modelling suggests a different drilling direction is warranted’, so it does look like Tartisan will have to design a new exploration program to maximize its exploration efficiency. Tartisan will also acquire the Ichuna exploration property in Peru.
Duran is also still processing rock at its Aguila Norte processing plant (80% owned), and after having processed purchased mineral, Duran has now started to feed its own rock to the plant. We met up with CEO Jeff Reeder during PDAC, and are expecting a more in-depth update from the company on its Aguila Norte plant (and plan).