THE BOURSE WHISPERER: Latin Resources has increased the total JORC compliant Inferred Resources at the company’s Guadalupito iron and Heavy Mineral Sands project in Peru.
The resource has increased 160 per cent from 119 million tonnes at 5.7 per cent Heavy Mineral in situ for 6.8Mt of contained heavy mineral to 393Mt at 4.5 per cent HM in situ for 17.7Mt of contained heavy mineral.
Total JORC Inferred Resource Estimates at Guadalupito as at 7/08/2012. Source: Company announcement
The latest figures were achieved by the addition of a new JORC-compliant Inferred Resource estimate for the “Tres Chosas” area which is geologically contiguous with the previously released JORC compliant Inferred Resource estimate for the “Heldmaier” area.
In addition, the resource estimate for the “Heldmaier” area has been re-estimated to take into account new data, not available at the time of the original resource estimation.
A new JORC inferred resource estimate within the 1070 hectare “Tres Chosas” area is 257Mt at 3.9 per cent total HM in situ and their updated (and geologically contiguous) “Heldmaier” area includes additional data over a total of 850 hectares for 136 Mt at 5.5 per cent total HM in situ.
Both estimates were made using a one per cent HM cut-off grade.
“We are very pleased to post our second JORC resource only six months after the first,” Latin Resources managing director Chris Gale said in the company’s announcement to the Australian Securities Exchange.
“Guadalupito continues to promise further resource potential as we continue to drill at the exciting new Los Conchales area that is delivering consistent high grades of HM to depth of over 40 metres.
“We aim to further increase our resource base before the end of the year as infill drilling at Los Conchales provides sufficient data for our consultants to estimate more JORC compliant resources.”