Latin Metals Inc. (
“Latin Metals”
or the
“Company”) -
(TSXV: LMS)
(OTCQB: LMSQF) provides an update from its
100% owned Organullo Project (“
Organullo” or the
“
Project”) where an existing option agreement with
AngloGold Argentina Exploraciones S.A.
(“
AngloGold”), a wholly owned subsidiary of
AngloGold Ashanti plc. (NYSE: AU, JSE: ANG) provides AngloGold with
an option to earn up to an 80% interest in the Project. The Company
has received data from AngloGold’s previously completed airborne
magnetic and radiometric geophysical survey, which defines a high
priority structural corridor for drill testing in the priority West
Graben.
Figure 1: Map showing Total magnetic
Intensity (Reduced to Pole) over the Organullo
andAna Maria properties. Historical drilling and
AngloGold’s planned drilling also shown,together
with the location of the Cross Section included as Figure
2.
Figure 2: Schematic cross section through
the Organullo Graben showing advancedargillic
alteration being constrained within the West Graben by the Medial
Fault
Prior to initiating the airborne magnetic and
radiometric survey, AngloGold completed mapping and sampling at
Organullo to define three drill target areas with high-temperature
advanced argillic alteration extending over a strike length of more
than 6km.
The Organullo project is transected by a
north-northeast-trending large-scale graben, which measures 5km
across. The graben itself is displaced by the Medial Fault which
divides the graben into West Graben and East Graben (Figure 1).
The eastern portion of the graben is where all
the historical exploration has been undertaken, in close proximity
to the historical Julio Verne Mine. This side of the graben is
typified by strong but peripheral phyllic alteration and
underground mining at Julio Verne mine focused on high-grade veins.
Results from historical drilling around the mine highlights
moderate, bulk-tonnage grade gold mineralization with occasional
high-grade veins.
The western portion of the graben has been
largely ignored by at least eight previous operators who were
focused on the vicinity of the Julio Verne mine. AngloGold took a
different and holistic approach to the property and, for the first
time identified intense, proximal, advanced argillic alteration in
volcanic rocks and breccias pipes located within the West Graben.
This geological environment is prospective for porphyry copper-gold
and high-sulphidation epithermal gold deposits, and it has never
been tested by drilling.
AngloGold’s exploration thesis, if correct,
could result in the discovery of a significant mineral deposit at
Organullo. The interpretation is supported by multiple data sets
including geological mapping, WorldView-3 imagery, photogeological
interpretation, TerraSpec data, and ASTER data, as well as
geochemical analysis. Within the newly prioritized West Graben,
drill targets are further supported by higher-temperature
alteration mineralogy and favourable deposit-scale structural
settings.
With drill targets already identified and a
drill permit application submitted for approximately 12,000m of
drilling, AngloGold took the additional step of completing an
airborne geophysical survey. The survey collected magnetic and
radiometric data over the Organullo property. The results add
weight to the validity of the AngloGold drill targets with a
distinct zone of magnetically complex signatures coinciding with
West Graben and coincident with the already-defined drill targets.
This complex magnetic signature contrasts with the historically
drilled East Graben, where the magnetic signature is flat and where
drill hole results can be interpreted as peripheral to a
porphyry-epithermal system.
About Latin
Metals
Latin Metals is a mineral exploration company
acquiring a diversified portfolio of assets in South America. The
Company operates with a Prospect Generator model focusing on the
acquisition of prospective exploration properties at minimum cost,
completing initial evaluation through cost-effective exploration to
establish drill targets, and ultimately securing joint venture
partners to fund drilling and advanced exploration. Shareholders
gain exposure to the upside of a significant discovery without the
dilution associated with funding the highest-risk drill-based
exploration. For more information, please get in touch with
Latin Metals Investor Relations at 604-638-3456 or via email at
info@latin-metals.com.
Stay up-to-date on Latin Metals
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Qualified Person
Keith J. Henderson, P.Geo., is the Company's
qualified person as defined by NI 43-101 and has reviewed the
scientific and technical information that forms the basis for
portions of this news release. He has approved the disclosure
herein. Mr. Henderson is not independent of the Company, as he
is an employee of the Company and holds securities of the
Company.
On Behalf of the Board of Directors of
LATIN METALS INC.
“Keith Henderson”
President & CEO
For further details on the Company readers are
referred to the Company's web site (www.latin-metals.com) and its
Canadian regulatory filings on SEDAR+ at www.sedarplus.ca.
For further information, please contact:
Keith Henderson890-999 West Hastings StreetVancouver, BCCanada
V6C 2W2Phone: 604-638-3456E-mail:
info@latin-metals.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Cautionary Note Regarding
Forward-Looking Statements
This news release contains forward-looking
statements and forward-looking information (collectively,
"forward-looking statements") within the meaning of applicable
Canadian and U.S. securities legislation, including the United
States Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical fact, included
herein including, without limitation, statements regarding the
negotiation of the Option Agreements and exercise of the Option for
the Properties, the anticipated content, commencement, timing and
cost of exploration programs in respect of the Properties and
otherwise, anticipated exploration program results from exploration
activities, and the Company's expectation that it will be able to
enter into agreements to acquire interests in additional mineral
properties, the discovery and delineation of mineral
deposits/resources/reserves on the Properties, and the anticipated
business plans and timing of future activities of the Company, are
forward-looking statements. Although the Company believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Often, but not always,
forward looking information can be identified by words such as "pro
forma", "plans", "expects", "may", "should", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", "believes",
"potential" or variations of such words including negative
variations thereof, and phrases that refer to certain actions,
events or results that may, could, would, might or will occur or be
taken or achieved. In making the forward-looking statements in this
news release, the Company has applied several material assumptions,
including without limitation, market fundamentals will result in
sustained precious metals demand and prices, the receipt of any
necessary permits, licenses and regulatory approvals in connection
with the future development of the Company’s Argentine projects in
a timely manner, the availability of financing on suitable terms
for the development, construction and continued operation of the
Company projects, and the Company’s ability to comply with
environmental, health and safety laws.
Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to
differ materially from any future results, performance or
achievements expressed or implied by the forward-looking
information. Such risks and other factors include, among others,
operating and technical difficulties in connection with mineral
exploration and development and mine development activities at the
Properties, including the geological mapping, prospecting and
sampling programs being proposed for the Properties (the
"Programs"), the fact that the Company’s anticipated interests in
the Properties will only be an option and there is no guarantee
that such interest, if earned, will be certain, actual results of
exploration activities, including the Programs, estimation or
realization of mineral reserves and mineral resources, the timing
and amount of estimated future production, costs of production,
capital expenditures, the costs and timing of the development of
new deposits, the availability of a sufficient supply of water and
other materials, requirements for additional capital, future prices
of precious metals and copper, changes in general economic
conditions, changes in the financial markets and in the demand and
market price for commodities, possible variations in ore grade or
recovery rates, possible failures of plants, equipment or processes
to operate as anticipated, accidents, labour disputes and other
risks of the mining industry, delays or the inability of the
Company to obtain any necessary permits, consents or authorizations
required, including TSX-V acceptance for filing of the Option
Agreements, any current or future property acquisitions, financing
or other planned activities, changes in laws, regulations and
policies affecting mining operations, hedging practices, currency
fluctuations, title disputes or claims limitations on insurance
coverage and the timing and possible outcome of pending litigation,
environmental issues and liabilities, risks related to joint
venture operations, and risks related to the integration of
acquisitions, as well as those factors discussed under the heading
"Risk Factors" in the Company's latest Management Discussion and
Analysis and other filings of the Company with the Canadian
Securities Authorities, copies of which can be found under the
Company's profile on the SEDAR+ website
at www.sedarplus.ca.
Readers are cautioned not to place undue
reliance on forward looking statements. Except as otherwise
required by law, the Company undertakes no obligation to update any
of the forward-looking information in this news release or
incorporated by reference herein.
Figures accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/c9ad5db5-b54e-4031-a1a2-00f210924351
https://www.globenewswire.com/NewsRoom/AttachmentNg/28fe21cb-27a5-4f90-8895-2de47cc553e0
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