Latin American Minerals Drills 4.09 g/t Au Over 25.5 Metres in First Drilling on 14.8 km New Gold Trend at Paso Yobai
06 Mars 2012 - 3:00PM
Marketwired Canada
Latin American Minerals Inc. (TSX VENTURE:LAT)(OTCQX:LATNF) (the "Company")
announces results for the first five diamond-drill holes on the Tacuru target,
the first gold soil anomaly drilled on the 14.8 km long New Gold Trend of the
Company's 100% owned exploration concession located at Paso Yobai, Paraguay.
This prominent target area is located 3.5 km northeast of the Company's newly
inaugurated Mina Independencia gold pilot plant.
The Tacuru Target is a prominent gold soil anomaly, first detected in the
reconnaissance sampling program that detected and delineated the 14.8 km long
New Trend gold occurrences. After claiming the mineral rights and contracting
the surface rights with the local resident, the Company developed information on
the target through detailed soil sampling grids, auger-hole sampling, and
trenching. The Company released trench results at the target in December 2011,
showing 3.8 gpt averaged over 30.55 m. The drill permit for the project was
received Dec 22, 2011 and an initial program of six holes totalling 851.00 m of
diamond drilling was completed during January 2012. Assay results for the first
five holes have been received by the company and are presented in tabular form
at www.latinamericanminerals.com.
Highlights of the initial drilling results from the Tacuru Target are presented
below. The Company has not yet received assay results for DDH-LAT-BT-06.
----------------------------------------------------------------------------
Top Bottom Intersection
Drill Section Drill Hole (m) (m) (m)
----------------------------------------------------------------------------
Tacuru Fence A DDH-LAT-BT-01 (Bloque
Tacuru)
Nominal distance Collar location (UTM 7.23 8.40 1.17 1.21
between drill WGS84, zone 21S):
collars: 40 m
598068E, 7155086N
Azimuth: N317E, Angle:
-55 deg.
Total length: 119.60 m
------------------------------------------------------
DDH-LAT-BT-02
Collar location: 0.00 25.50 25.50 4.09
598094E, 7155056N
Azimuth: N317E, Angle:
-55 deg.
Total length: 121.50 m
------------------------------------------------------
DDH-LAT-BT-03
Collar location: 6.95 12.90 5.95 1.01
598121E, 7155027N
Azimuth: N317E; Angle:
-55 deg.
Total length: 167.40 m
----------------------------------------------------------------------------
Tacuru Fence B DDH-LAT-BT-04
Nominal distance Collar location: 0.00 17.10 17.10 3.20
between drill 598075E, 7155048N
collars: 40 m
Azimuth: N230E; Angle:
-55 deg.
Total length: 150.00 m
------------------------------------------------------
DDH-LAT-BT-05
Collar location: 4.40 18.42 14.02 2.41
598050E, 7155017N
Azimuth: N230E; Angle:47.70 54.00 6.30 1.17
-55 deg.
Total length: 145.50 m57.18 61.50 4.32 1.53
----------------------------------------------------------------------------
Miles Rideout, President and CEO of Latin American Minerals stated: "These first
results from Tacuru confirm that there is notable gold mineralization on the New
Trend and this gold is found in sandstone host units, a new mineralization style
for the project. These are breakthrough results for the Company and we will
continue to aggressively drill further targets. Our goal for 2012 is to
demonstrate the scope and dimensions of this major new discovery."
Other Paso Yobai Project updates:
In January, processing operations began at the Mina Independencia Gold Project,
also located near the town of Paso Yobai, Paraguay. These operations were halted
on January 31 by a demonstration lead by informal gold miners who were concerned
about title security of their farms and homesteads under Paraguayan law. The
demonstration was intended garner national attention for the informal mining
movement by interrupting the Company's inauguration ceremony, at which many
political and industry VIPs were expected to attend. The Company has since met
with leaders of this informal mining movement, where both parties agreed that a
mutually supportive alliance, overseen by Paraguay's Vice Ministry of Mines and
Energy (VMME) is the most productive way forward for the Paso Yobai gold
district.
On Feb. 21, VMME observers participated in the re-start of the Company's
processing operation at the Mina Independencia Project. These operations
continue without interruption.
The investment in the construction of the Mina Independencia mine and processing
facility and has allowed the Company to complete the acquisition of 99%
ownership of the permitted Minera Guaira mining concession though dilution of
the partner's interest. The exercise of the option and the initial 70% ownership
of the Minera Guaira concession were announced in 2010. The Mina Independencia
operation is located on is located on the 4.5 km Discovery Trend, located within
the Minera Guaira mining concession. The Company's partners at Minera Guaira
retain a 1% NSR for this concession, in addition to proceeds from surface
agreements. The completed acquisition of the permitted mining concession in no
way influences the rights or practices of informal miners working in the area.
Regarding these project advances, Rideout commented "The pilot plant operation
allows us to expose and bulk sample mineralized shoots on the Discovery Trend.
This work will confirm the head grades for a subsequent mine expansion program."
Regarding the informal miners, Rideout added "Our neighbours to the south have a
strong production track record, with historic production likely exceeding
100,000 oz. of gold. We are pleased that these residents are willing to work
with the Vice-Ministry to formalize and advance their work area."
About the Paso Yobai Gold Project:
The Company is developing the Discovery Trend Pilot Plant operation on the
Minera Guaira mining concession, part of the Company's larger Paso Yobai Gold
Project. The objective of the new Pilot Plant is to facilitate resource
evaluation through bulk-sampling on the Discovery Trend, which is characterised
by coarse gold mineralization extending from surface to greater than 100m depth.
The course granular gold typical of the Discovery Trend complicates conventional
resource estimation by diamond drilling due to the small sample volume extracted
in exploration holes.
The second New Trend at Paso Yobai is located on concessions that are 100% owned
by the Company. The New Trend at Paso Yobai is approximately 14.8 km in length,
located 3.5 km northeast of the Discovery Trend. The Company owns 100% of the
prospecting concessions that contain this geologic feature. The results of the
Company's 2011 work to define drill targets suggest that bulk tonnage potential
could exist at several target zones along this extensive structure. The Company
plans to focus 2012 exploration on these targets.
About the Company:
Latin American Minerals Inc. is a well-financed mineral exploration company
focused on the acquisition and development of mineral projects in highly
prospective countries of South America. In addition to the Paso Yobai Gold
Project, the Company's Itapoty Diamond Project and Chiriguelo REE/Niobium
Project are also located in Paraguay.
Dr. Waldo Perez is the Company's internal "Qualified Person" under the
requirements of National Instrument 43-101 and has approved this press release.
Sampling and Analytical Protocols:
The sampling and analytical protocols were established, implemented and
supervised by or under the direction of Dr. Waldo Perez, the Company's internal
Qualified Person as defined by National Instrument 43-101. At the drill site,
the core was placed in core boxes and delivered to a secure field core
processing center. The core was "split" using a diamond saw by experienced
exploration technicians and logged by professional geologists. The nominal
sample interval was approximately 1m, though locally the interval might be
increased to 2m or decreased to 0.5m, the interval being determined by the
logging geologists based on geologic indicators. Half of the core was left in
the core box as a permanent reference of the interval sampled and half of the
designated sample interval was delivered to the Company's sample preparation
facility, operated by Company technicians. The core samples were crushed, dried
and split. A portion of the split sample was tagged and archived as coarse
reject and the remaining portion ground to minus 200 mesh and shipped by bonded
courier to the Alex Stewart Argentina S.A. laboratory in Mendoza, Argentina. All
samples were assayed for gold and multi-elements by ICP. Gold was analyzed by
Fire Assay with AA finish using 50 gram sample. For the multi-elements, the
samples were dissolved in aqua regia and read in ICP-OES. Accuracy of results is
tested through the systematic inclusion of blanks, duplicates and certified
reference standards.
The statements made in this press release that are not historical facts contain
forward-looking information that involves risk and uncertainties. All
statements, other than statements of historical facts, which address Latin
American Minerals' expectations, should be considered forward-looking
statements. Such statements are based on management's exercise of business
judgment as well as assumptions made by and information currently available to
management. When used in this document, the words "may", "will", "anticipate",
"believe", "estimate", "expect", "intend" and words of similar import, are
intended to identify any forward-looking statements. You should not place undue
reliance on these forward-looking statements. These statements reflect our
current view of future events and are subject to certain risks and uncertainties
as contained in Latin American Minerals' filings with Canadian securities
regulatory authorities. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, our actual
results could differ materially from those anticipated in these forward-looking
statements. We undertake no obligation, and do not intend, to update, revise or
otherwise publicly release any revisions to these forward-looking statements to
reflect events or circumstances after the date hereof, or to reflect the
occurrence of any unanticipated events, unless required under applicable
securities laws. Although we believe that our expectations are based on
reasonable assumptions, we can give no assurance that our expectations will
materialize.
Latin American Minerals (TSXV:LAT)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024
Latin American Minerals (TSXV:LAT)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024
