Toronto, Canada, July 5, 2007 - Latin American Minerals Inc. ("LAT") (TSXV: LAT) is pleased to announce that the initial airborne survey, comprising 2,644 line kilometres, identified numerous structural features and several significant geological features. Thirteen (13) structural features have been identified and are characterized by variably magnetic linear conductors reflecting five (5) shallow response conductors and eight (8) deep response conductors, which typically trend northwesterly across the Property.
The shallow response conductors range from 1km to 2km long for an aggregate total strike length of 8km. The deep response conductors range for from 1km to 3km long for an aggregate total strike length of 17km. Management believes the variably magnetic conductors reflect shallow and deep seated structural features and/or mafic alkalic dykes, and may contain sulphide mineralization.
The previously known gold zone hosted at the contact of a NW trending mafic alkalic dyke has been identified by the airborne survey and is characterized by a variably conductive linear magnetic anomaly approximately 4.5km long and 40m wide trending northwesterly across the central portion of the property.
The NW lineament clearly identify identified by the magnetic and the VTEM survey is a regional feature related to the emplacement of alkalic mafic rocks during the opening of the Atlantic Ocean in Cretaceous times. The Paso Yobai NW trend is abruptly cut by a NE linear magnetic trend comprising three (3) circular magnetic anomalies defining a corridor approximately 6km long and 600m wide, which strikes northeasterly, transecting and dismembering the NW structural trend. The circular magnetic anomalies range from 400 to 600m in diameter each.
Dr. Waldo Perez, Sr. VP Exploration reports"... the discovery of circular magnetic features that could be interpreted as feeders partially surrounded by alluvial and soil gold workings is extremely important. Up to now we found gold mineralization related to the contact of mafic alkalic dykes. The circular features could be related to feeders and if this is the case,it will reinforce the possibility of an analogy between the Paso Yobai gold camp and the Cripple Creek gold camp in Colorado..."
As a result of the encouraging airborne survey results, LAT has submitted an application to acquire an additional 4,950 ha to cover the on strike continuation of the northwesterly trending gold bearing structures. If our application is approved, this will bring LAT's land position to 32,250ha. Typically, such approval is not unreasonably withheld.
LAT has also recently completed an additional 971 line kilometer airborne magnetometer and VTEM survey contiguous to the initial survey area.
The soil geochemical survey is ongoing at Paso Yobai Jobai and there are currently over 688 samples waiting for processing in our preparation lab at the project under the direct supervision of Alex Stewart Laboratories (London).
The preliminary results of the airborne survey are extremely significant as they confirm the regional gold potential of the Paso Yobai project area and our confidence in the Cripple Creek deposit model. We look forward to drill testing the strategic targets in the third quarter..." reports Mr. David Wahl, President and CEO.
The airborne survey was carried out under the direct field supervision of Mr. John Kieley, P.Geo, LAT's independent consulting geophysicist "Qualified Person", formerly chief geophysicist for Barrick. Mr. Kieley provided on site QA/QC and interpretation of the survey.
Mr. Kieley reports that "...The VTEM (Versatile Time Domain EM) helicopter-borne system is the most powerful of its kind in the world. It is characterized by output power that doubles all competition technologies, thus providing for strong electromagnetic fields being propagated into the earth. This high output level also determines to a certain degree the depth of exploration. In most places on earth, where surface conductive layers are not prevalent, the VTEM system is capable of exploration depths easily in excess of 500m. Other factors that will influence the depth of exploration relate to the conductivity and size of the sulphide targets.
The VTEM survey was carried out on a series of pre-determined flight lines which, for high resolution results, were spaced 100m apart. The helicopter maintained a nominal elevation of 85m above ground. At this elevation, the EM configuration is 30m above ground surface, and the magnetometer is 45m above ground surface.
Upon completion of the post-survey data processing, surface EM plan maps can be constructed that are used to determine the location, depth, and orientation of conductors. In similar fashion, plan maps of the magnetic field are used to highlight magnetic and non-magnetic sources, and these will also be useful for structural interpretations. Finally, the EM data can go through one additional processing step, referred to as 2D inversions, whereby the EM data is transformed into resistivity values and presented on geophysical cross sections that can readily be compared with known geology and drilling results...". The final report is expected by the end of July.
The Paso Yobai Project covers approximately 27,300 ha which includes two contiguous mining concessions, one owned by Minera Guaira covering 6,700 ha, and the other owned by Minas Paraguay covering 500 ha, plus three (3) exploration concessions owned by Minas Paraguay covering 20,100 ha.
Gold was discovered during the late 1990's by local prospectors. The gold mineralization is associated with late stage intrusion of mafic alkalic dykes that were emplaced during a major structural extensional event tied to the spreading of the South Atlantic Ocean. The zone of gold mineralization as we know it today extends continuously along strike for 4.5km in the contact between the dykes and the sandstones. Mineralization consists of very fine quartz and minor calcite veins (hair like) intensively oxidized with free gold, marcasite and relict pyrite. Open spacing in the veinlets clearly indicates very high level system. The width of the exposed vein zone varies from 1m to over 20m. The gold is present as free gold with low silver content,suggesting supergene enrichment in the saprolite. The close relationship of mineralization with mafic alkali rocks in an extensional tectonic setting, the fluorite and calcite as gangue minerals and the As-Ba-V geochemical signature suggests that Paso Yobai is an alkalic-low sulfidation system. The most famous example of this "type" system/deposit is the Cripple Creek, Colorado.
Dr. Waldo Perez, P.Geo., Sr. Vice-President of LAT, is the designated "Qualified Person" for the Project and is responsible for the contents of this news release.
Latin American Minerals Inc. is a mineral exploration company focused on the acquisition and development of exploration opportunities in South America. For more information please contact David Wahl, P.Eng., P.Geo. "Qualified Person", President and CEO at (416) 593-9356 or visit www.latinamericanminerals.com.
The TSXV has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. This news release contains forward-looking statements, which can be identified by the use of statements that include words such as "could", "potential", "believe", "expect", "anticipate",
"intend", "plan", "likely", "will" or other similar words or phrases. These forward looking statements, including statements regarding the Corporation's beliefs in potential mineralization, are based on current expectations, assumptions and projections about future events and entail various risks and uncertainties that are beyond the Corporation's ability to control or predict. Actual results may materially differ from expectations as more information regarding a property is gathered or if the Corporation's estimates or
assumptions prove inaccurate. Factors that may materially affect actual results include, but are not limited to, political, business and economic conditions in Argentina and in jurisdictions where the Corporation conducts business, and risks associated with mineral exploration and production. The Corporation does not intend, and does not assume any obligations, to update forward-looking statements, whether as a result of new information, future events or otherwise. Readers should not place undue reliance on forward-looking statements.The results described herein are exploratory in nature and there can be no assurance that they are indicative of Mineral Resources as defined in accordance with National Instrument 43-101. |
