Latin Metals Inc. (“Latin Metals”
or the
“Company”) - (TSXV: LMS) (OTCQB: LMSQF), is
pleased to announce it has successfully completed payment
obligations to the underlying owner (the “
Vendor”)
to vest a 71% ownership interest in the Cerro Bayo and La Flora
properties (collectively “
Cerro Bayo” or the
“
Properties”) in Santa Cruz Province, Argentina,
strengthening the Company’s precious metals portfolio. Latin Metals
has an option for 100% ownership, subject to a 0.75% NSR royalty
(of which 0.5% can be purchased for US$1 million).
Exploration Potential at Cerro
Bayo
The Cerro Bayo and La Flora properties,
previously optioned out to Barrick Gold Corporation (NYSE: GOLD)
(“Barrick”), have undergone extensive surface
exploration and drill targeting (Figure 1).
Located within the prolific Deseado Massif, a region known for
high-grade gold-silver deposits, the properties exhibit evidence
for the existence of low-sulfidation epithermal systems. The
geological model indicates potential for gold-silver bonanza vein
mineralization at accessible depths of 150 to 200 meters.
The district’s closest high-grade analog is
Newmont’s Cerro Negro mine, located 70 kilometers north, where
similar ore shoots are found below the palaeosurface, suggesting
substantial potential for high-grade discoveries at Cerro Bayo.
A major west-northwest trending dextral
structure is interpreted as a transtensional fault defining a
favourable structural zone 6km wide, traversing the entire Cerro
Bayo property.
Gold and silver grades are related to As, Sb,
Hg, and Mo pathfinder elements (Figure 1), indicating a shallow
epithermal system. Silver-gold ratios vary from 10:1 to 200:1.
Higher grade gold concentrates about 100m to 150m below
palaeosurface. Although outcrop is sparse, various veins have been
mapped and samples (Figure 2).
Drill Permit
and Partnership Strategy
Latin Metals has been working towards a drill
permit at Cerro Bayo and expects to conclude that process in Q4
2024. The Company is actively seeking an option partner to complete
comprehensive exploration activities, including trenching, gradient
array induced polarization (IP), CSAMT, and initial drill testing
in 2025.
Cautionary Statement Regarding Adjacent
Property
Readers are cautioned
that the Cerro Negro mine discussed above is adjacent properties
and that the Company has no interest in or right to acquire any
interest in the deposit, and that mineral deposits on adjacent or
similar properties, and any production therefore or economics with
respect thereto, are not in any way indicative of mineral deposits
on Latin Metals’ properties or the potential production from, or
cost or economics of, any future mining of any of Latin Metals’
mineral properties.
Figure 1: Summary of key exploration
completed by Barrick showing detailed alteration mapping, magnetic
data, drill taregt areas, scematic cross sections and
interpretation of transtensional basin and estimated depth to
target mineralization.
Figure 2: a) channel sample of
hydrothermal breccia on Sasha vein where rock ship samples return
1.2 g/t gold and 285 g/t silver. b) Ingrid northwest striking quart
vein outcrop grading 2.1 g/t gold and 460 g/t silver. c) Euginia
opaline silica replacement. d) northwest trending quartz vein. e)
Gabriela crystalline quartz breccia with silicifies
volcanosedimentary clasts grading 1.68 g/t gold and 27.4 g/t
silver. f) Julia quartz vein with fine saccharoidal texture grading
0.7 g/t gold.
Value Proposition in Santa Cruz
Province
Santa Cruz Province, known as Argentina’s
premier mining region, represents a key area for gold and silver
production, contributing approximately 42% of the country's total
mineral exports. Supported by robust infrastructure and a skilled
workforce, the province boasts six operating mines, including
AngloGold Ashanti’s (NYSE: AU) Cerro Vanguardia, which has been in
operation for over 25 years. This proven mining district offers
both stability and significant potential for resource growth,
making it an attractive destination for exploration and
investment.
The province’s precious metals production in
2023 reached notable levels, with over 680,000 ounces of gold and
15.2 million ounces of silver extracted, emphasizing its geological
wealth. Since 1990, nearly 600 million ounces of silver and 20
million ounces of gold have been discovered within the region,
reflecting a rich exploration history with demonstrable discovery
record.
Santa Cruz’s mining sector supports
approximately 9,000 jobs, accounting for 22.5% of Argentina’s
national mining workforce, with one in four of the country’s miners
employed within the Province. This workforce is bolstered by a
mining-friendly regulatory environment and established
infrastructure that includes well-developed transportation and
energy resources. Such factors reinforce the investment value of
Santa Cruz, where Latin Metals’ Cerro Bayo project is strategically
positioned to benefit from this well-supported mining ecosystem and
proven discovery potential.
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.
Stay up-to-date on Latin Metals developments by
joining our online communities on X, Facebook, LinkedIn and
Instagram.
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.sedar.com.
For further information, please contact:
Keith HendersonSuite 890 - 999 West Hastings Street,Vancouver,
BC, 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, the anticipated content,
commencement, timing and cost of exploration programs in respect of
the Property 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 and base 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"), 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, 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 as well as those factors
discussed under the heading “Risk Factors” in the Company’s annual
management’s 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.
Photos accompanying this announcement are available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/f56a3f78-687b-48aa-b61f-e799da0815ff
https://www.globenewswire.com/NewsRoom/AttachmentNg/ce7af91a-53d3-4937-ac63-78750c059f27
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