THE BOURSE WHISPERER: Latin Resources (LRS: ASX) has boosted the total JORC-compliant Inferred Resources at the company’s Guadalupito iron and heavy mineral sands project in Peru.
The total Inferred Resources for the project have increased 371 per cent from 392 million tonnes with 17.6 million tonnes of contained heavy mineral to 1,465 million tonnes with 82.9 million tonnes of contained heavy mineral.
The updated figures have been achieved by the addition of a new JORC-compliant Inferred Resource Estimate for the Los Conchales area, which is two kilometres to the east of the previously released JORC-compliant inferred resource estimate for the Heldmaier area.
Map of the Los Conchales, Heldmaier and Tres Chosas Resource areas
Armed with a substantial resource base at Guadalupito and a scoping study completed in September 2012, Latin Resources is now evaluating a number of pathways towards production.
These include a dry mining operation to take advantage of high HM content sand fraction resources and gold present above the water table at the Heldmaier area.
The company indicated the relatively low gravel content, shallow saline water table, and consistently-mineralised sediment pile at Los Conchales favours a large scale, low cost dredging operation.
“We are extremely pleased to post our third and most significant JORC resource at Guadalupito that is a real game changer for Latin,” Latin Resources managing director Chris Gale said in the company’s announcement to the Australian Securities Exchange.
“To have achieved almost 1.5 billion tonnes of inferred resources after only two years of exploration is a significant feat and we look forward to further evaluating development alternatives for what has undoubtedly become a World Class Iron and Heavy Mineral Sands deposit, still with significant upside potential.
“With such a massive resource base, and promising product potential for magnetite, andalusite, zircon, monazite, titanium and other minerals, Latin has laid the foundations for evaluating a significant multi-commodity operation and will continue to work towards realising the value of this considerable asset by expediting plans to move into production.”