Latin Resources retrieves control at Ilo Norte
THE DRILL SERGEANT: Latin Resources (ASX: LRS) has reclaimed operational control of the company’s 100 per cent-owned Ilo Norte project in Peru.
Control of the project has been returned to Latin following the termination of an earn-in option agreement by Minera Zahena.
Minera Zahena has now entered into a new earn-in option agreement over Latin’s 100 per cent-owned Ilo Este project.
Latin explained Zahena’s involvement in exploration activities at Ilo Norte brought US$200,000 in cash payments to its Peruvian subsidiary company.
It also completed diamond drilling of 16 holes, which Latin said represented an estimated investment of more than US$3 million, with the drill core and all exploration data remaining in Latin’s keeping.
Latin has since received all exploration data including final assay results from the latest drilling, which shows 14 of the 16 holes drilled encountering several intersections over the length of the holes.
Within each of these 14 holes, totals of between 21 to 189 metres of low-grade copper mineralisation (0.1 per cent to 0.3 per cent copper) were intersected, which Latin considers to have highlighted the extent of the mineralised system.
The drilling so far has been carried out over a broad (400 by 400m) spacing, leading Latin to believe potential exists for defining a high-grade structurally controlled ore body within the overall alteration envelope.
The company supported tis thesis by pointing to the number of high-grade intersections, along with the numerous lower-grade intersections so far, which it considers to be the ‘smoke’ indicative of much potential for more ‘fire’ to come.
“We believe exploration to date suggests there is good potential for a moderate tonnage high-grade copper-gold deposit at Ilo Norte, which given the proximity to infrastructure and favourable topography, would likely be an attractive mine development,” Latin Resources managing director Chris Gale said in the company’s announcement to the Australian Securities Exchange.
“We look forward to attracting a new partner for Ilo Norte willing to join us in the challenge of unravelling the complex structural setting required to deliver the exploration success we are confident awaits at Ilo Norte.”
Email: info@latinresources.com.au
Website: www.latinresources.com.au