Latin Resources increases Guadalupito exploration target

THE DRILL SERGEANT: Latin Resources (LRS: ASX) has released a revised global Conceptual Exploration Target for the company’s Guadalupito project in Peru.

 

Guadalupito project concessions. Source: Company web page

 

The company said the new target of 4,480 million tonnes at 6.1 per cent heavy minerals [HM] takes into account geological and exploration data collected across the project to date including new results from regional exploration drilling and shafts.

Latin Resources stressed the new Conceptual Exploration Target for the entire Guadalupito project is exclusive of the Heldmaier and Tres Chosas JORC inferred resource estimates totalling 393 million tonnes at 4.5 per cent HM it reported in August.

“With these results, the Guadalupito project has demonstrated it’s truly world class potential”, Latin Resources managing director Chris Gale said in the company’s announcement to the Australian Securities Exchange.

“We are continually impressed by Guadalupito as its potential has grown beyond our early expectations: Latin’s first conceptual exploration target of 1 Billion tonnes was released in March 2011 and was quickly doubled by May 2011 based on evidence from Latin’s first drill holes.

“Then in July 2012, Snowden supported Latin’s conceptual target by extrapolating our first JORC inferred resource as far as the overall system’s geological limits were then understood.

“Now with these results from our recent exploration drilling, our geologists have been able to reinterpret the extents of the system, claim additional mineral rights, and finally increase our conceptual exploration target a further two thirds beyond that estimated by Snowden”.

The company also indicated it has received results from a further 23 drill holes recently completed at the Los Conchales deposit for which a Conceptual Exploration Target was reported in July of 690 million tonnes at 6.8 per cent HM.

Results from the 23 new drill holes all contained significant intersections of HM from surface to between 27 and 62 m depth and ended in mineralisation greater than the company’s nominal cutoff grade of 1 per cent HM.

“As our geologists had expected, all the infill holes at Los Conchales have returned intersections of continuous high grade HM from surface to significant depth,” Gale said.

“Using these results we look forward to publishing our next JORC-compliant inferred resource in Q1 2013 for Los Conchales, which we expect will increase the company’s inferred resource base at Guadalupito considerably.”