Durango Signs Non-binding LOI for Lucky 7 Diamond Property

Durango Resources Inc. (TSXV:DGO) announced that it has entered into a non-binding letter of intent (LOI) with an arm’s length group of vendors regarding the Quebec-based Lucky 7 diamond property.

As quoted in the press release:

The LOI provides that Durango can acquire 45 claims totaling 2,430 hectares in seven separate claim blocks in the Otish Mountains of north-central Québec. The seven claim blocks were staked based on prospective kimberlitic targets which were identified through a regional airborne magnetic survey which allows prospectors to infer geological structures and formations hidden from plain sight.

Marcy Kiesman, CEO of Durango, commented:

This is a positive step forward which will advance Durango and align with the corporate milestones which our board has set out for 2015. Durango has been focused on primarily on gold exploration and will continue to do so while diversifying into the diamond space which had a growing demand of 3% in 2014 according to a recently published report from DeBeers Group. The Lucky 7 Properties are located in a proven area of rich producing diamonds, the Otish Corridor, which is where Stornoway Diamonds (TSX.V-SWY) flagship Renard Property resides (Québec’s first diamond mine scheduled to go into commercial production in 2017).

Click here to read the full Durango Resources Inc. (TSXV:DGO) press release.