- Durango Resources (TSXV:DGO), an underperforming microcap lithium stock, is reporting a 93-metre pegmatite intersection at its NMX East lithium property in James Bay, Quebec
- Assays from the property, which borders Nemaska Lithium’s spodumene-rich Whabouchi deposit, are forthcoming
- Durango Resources is acquiring and exploring mineral properties in Quebec and British Columbia with a focus on lithium, gold and limestone
- Durango Resources stock (TSXV:DGO) has fallen by 56.25 per cent since 2018
Durango Resources (TSXV:DGO), an underperforming microcap lithium stock, is reporting a 93-metre pegmatite intersection at its NMX East lithium property in James Bay, Quebec.
The result stems from the inaugural 800 m drill program on the property, which tested for lithium-cesium-tantalum pegmatites below surface in one prospective dyke. All four drill holes encountered pegmatite mineralization, according to Wednesday’s announcement.
NMX East borders Nemaska Lithium’s Whabouchi deposit, which is one of the richest spodumene deposits in the world. Nemaska expects the deposit to produce 36 million tonnes of spodumene over 33 years.
Durango’s drilling occurred approximately 2.8 kilometres from the center of the Whabouchi pit.
Drill core has been logged and processed with 242 drill core samples en route to Activation Laboratories in Ancaster, Ontario, for assay analysis.
“We are thrilled to have met our objectives of proving pegmatite exists on the property, and that it continues below surface with significant size,” Marcy Kiesman, CEO of Durango Resources, said in a statement. “Given our proximity to the Whabouchi deposit and our previous grab sampling at surface assaying 320 ppm lithium, we look forward to the results of our newly discovered 93 m near-surface intersection.”
Durango Resources is acquiring and exploring mineral properties in Quebec and British Columbia. Its land package is prospective for lithium, gold and limestone.
Durango Resources stock (TSXV:DGO) is down by 12.5 per cent on the news trading at C$0.035 per share as of 10:01 am ET. The stock has fallen by 56.25 per cent since 2018.
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