Ms. Marcy Kiesman reports

DURANGO INTERSECTS LITHIUM IN PEGMATITE AT NMX EAST LITHIUM PROPERTY

Durango Resources Inc., further to the news of Nov. 15, 2023, has completed the assays and data compilation of the 810-metre drill program on the NMX East lithium property.

The NMX East property is wholly owned by Durango Resources and is located in the Eeyou-Istchee James Bay region of Quebec, directly adjacent to the Whabouchi lithium deposit. During the fall of 2023, field mapping of the property and a short drill program was completed. The drill program was limited and only tested a portion of one of the dikes on the property. Four drill holes were conducted on the initial test dike totalling 810 m of drilling and pegmatite was encountered in each of the holes.

Drilling

Hole 1 was drilled to 207 m drill depth and intersected pegmatite at drill depths of 34 m to 34.5 m (852 parts per million (ppm) lithium (Li)) and again at 84 m to 94 m, 98 m to 117.5 m (530 ppm Li and 1,290 ppm rubidium (Rb)), 139 m to 139.5 m (336 ppm Li) and 143 m to 144 m. Rubidium assays averaged 670 ppm over 11 metres beginning at 99 m downhole in the pegmatite. The highest lithium values were found in a metasomatic halo in the country rock immediately adjacent to the pegmatite dike and ranged up to 489 ppm Li. This is a known phenomenon that can occur in LCT (lithium, cesium, tantalum) pegmatites where there is an early expulsion of an aqueous fluid from the dike during emplacement (Errandonea-Martin et al., 2022).

Hole 2 was drilled to a depth of 300 m and intersected pegmatite at a depth of 216 m to 217 m, 227 m to 235 m, 261 m to 283.5 m and 293 m to 296.5 m returned intermittent pegmatite with country rock. The country rock was not submitted for assay:

• 214.83 m to 235.72 m downhole depth totalling 28.83 m averaged 205 ppm Li (with a high value of 537 ppm Li) and an average of 355 ppm Rb (with a high of 832 ppm Rb).
• 259.6 m to 284.36 m downhole depth totalling 24.76 m averaged 193 ppm Li (with a high of 665 ppm Li) and averaged 643 ppm Rb (with a high of 1,090 ppm Rb).
• 291.91 m to 297.69 m downhole depth totalling 5.78 m averaged 191 ppm Li (with a high of 372 ppm Li) and averaged 546 ppm Rb (with a high of 706 ppm Rb).

Hole 3 encountered pegmatite beginning at 10 m downhole and continued through to a downhole drill depth of 103 m, totalling 93 m (305 feet) of consecutive pegmatite. At 106.5 m to 150.5 m (in the same hole), the pegmatite returned and was interbedded with country rock for a consecutive 44 m (144 feet). The hole finished at a drill depth of 201 m. Beginning at approximately nine m to 74 m downhole, rubidium assays returned an average of 917 ppm Rb over the 65 m (213 feet) within the pegmatite, with the highest level being 1,880 ppm Rb, and lithium was also elevated in each sample with the average being 147 ppm Li and the highest value being 471 ppm Li. Rubidium assays also averaged 439 ppm over 68 m (223 feet) from 81.5 m to 149.7 m downhole within the pegmatite, and the highest lithium value was 747 ppm Li at 116 m downhole depth. Assays were not submitted on hole 3 after 151 m downhole depth as it was country rock.

Hole 4 intersected pegmatite at downhole depth of seven m from surface and continued to 26.5 m for a consecutive 19.5 m (approximately 64 feet). Assays returned an average rubidium level of 998 ppm Rb over 21 m (approximately 68 feet) from 6.5 m to 27.5 m downhole depth and lithium was anomalous in every sample, averaging 110 ppm Li with the highest assay being 425 ppm Li. The hole was stopped at 102 m, which marked the completion of the planned drill test program on the selected portion of one of the dikes running parallel to the Whabouchi deposit. Assays after 27.5 m downhole were not submitted as it was country rock.

Marcy Kiesman, chief executive officer of Durango, stated: "We pleased to have met our objectives of proving pegmatite exists on the NMX East property, and that it continues below surface with significant size. Given our proximity to the Whabouchi mine and drill assays of up to 852 ppm lithium, the results of our newly discovered 305 feet near-surface intersection, it is clear additional exploration needs to be undertaken on the NMX East property. The next step is to find the hot zone by using pegmatite zonation on our information gathered from this program."

Mapping

At least four additional pegmatite dikes were identified during the field visit. Molybdenum was discovered in a pegmatite outcrop in the southwest portion of the NMX East property. Molybdenite is a soft metallic mineral composed of molybdenum disulphide (MoS2), the primary ore of the metal molybdenum. Molybdenite is used as a dry lubricant due to its excellent lubricating properties. Molybdenum is a versatile metal known for its high melting temperature and corrosion resistance, and is most commonly used in steel and alloy production.

Geologists use molybdenite to gather significant information about pegmatite. The rhenium-osmium (Re-Os) molybdenum geochronology technique helps determine the time of pegmatite crystallization. Molybdenum isotopes provide insights into the magmatic and metasomatic processes the pegmatite underwent during and after formation, respectively. Pegmatites exhibit different mineral zones based on changing conditions during formation, and molybdenite could be linked to specific zones that reflect temperature, pressure or fluid composition variations.

A follow-up exploration program, including additional mapping and drilling on the property, has been recommended in addition to dating the molybdenum to determine if the age coincides with neighbouring Nemaska Lithium's Whabouchi mine, which hosts proven and probable lithium reserves of 36.7 million tonnes (Mt) grading 1.16 per cent Li2O (lithium oxide). Additional zonation work on the pegmatites is planned for 2024 before the next phase of drilling.

Melanie Mackay, PGeo (OGQ (Ordre Des Geologues du Quebec) special authorization 10317, EGBC (Engineers and Geoscientists British Columbia) 35256, APEGA (Association of Professional Engineers and Geoscientists of Alberta) 305012), is the qualified person for Durango and approves the technical content of this news release.

About Durango Resources Inc.

Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The company is also positioned for discovery with a 100-per-cent interest in a strategically located group of properties in the Windfall Lake and Troilus gold camps in the Abitibi region of Quebec, Canada.

We seek Safe Harbor.