July 3, 2018 – Toronto, Ontario – Latin American Minerals Inc. (TSXV: LAT) (the “Company”) is pleased to announce assay results from the 2018 exploration drill program at its Paso Yobai gold project in Paraguay. The program comprised of 24 holes totaling 5,400m at the Tacuru, Tacuru North and Moroti exploration targets.
The Tacuru exploration target was first drilled in 2012 and the Company intersected 107.7 g/t gold over 3 metres at 80m depth in hole LAT-BT-008. The high-grade gold interval was hosted within a silicified zone in the sediments which displayed a texture of bladed quartz-carbonate. The primary goal of the 2018 drilling was to locate and determine an orientation to the silicified zone, which may be the feeder to the gold identified in drilling and in soil samples at the site.
The silicified zone was intersected in hole LAT-18-019 at a depth of approximately 170 metres and subsequently intersected in follow up holes LAT-18-020 through LAT-18-024. Initial assays demonstrate that the zone is mineralized with anomalous gold and appears to be relatively steeply dipping. Textures of the quartz mineralization, such as banded coliform and bladed, along with a non-existent sulphide content suggest the makings of a low sulphidation epithermal system. The Company has interpreted results to date as intersecting the upper portion of the system and the more prospective high-grade gold part of the system may be below.
Holes along the western and northern periphery of the Tacuru target, LAT-18-012/14/16 intersected a gold zone at surface of up to 16 metres thick and grading 0.95 g/t gold (see Table 1 below for all results). Multiple narrow gold horizons were intersected in all holes and these horizons are interpreted to be flat to shallow dipping veins which splay off of the main feeder system.
The Tacuru North target drilling intersected a gold zone at surface in holes LAT-18-007/010/011/017/018 of up to 8.5 metres grading 0.52 g/t gold. The mineralization is interpreted to be part of the same near surface gold at the Tacuru target approximately 200 metres to the south-east. All holes intersected multiple horizons of intrusive mafic volcanics in sills within sandstone. The mafic intrusives are significant hosts to gold mineralization elsewhere on the Paso Yobai property.
At the Moroti Target, approximately 4 kilometres north-west of and along the main geological trend of the Tacuru Target, two holes (LAT-18-008 and LAT-18-009) were drilled. The holes were spaced approximately 1 kilometre apart and along the interpreted eastern margin of the intrusive complex covering the entire Paso Yobai project area. The target was a geophysical conductor with a coincident soil anomaly of copper, zinc and lead. The source of the copper, zinc and lead soil anomaly was identified as a mafic sill with anomalous base metals. The conductor has not yet been identified in the drilling.
Jeremy Niemi, Director of Exploration states: “This is the first time this project has seen a deep drilling program aimed at identifying the source of this large surface anomaly and following up on the high-grade results from 2012. Our drill campaign has proven a strike length of 300m and while the results to date do not hold the grades we would have hoped for, the nature of these types of systems suggest we are very much on the right track”.
Mathew Wilson, President and CEO states: “We have made great technical strides while also working hard with both the people of Paso Yobai and the government to make this a mining friendly jurisdiction. These types of systems are incredibly difficult to drill will need a lot of systematic drilling to advance. The company is currently waiting on 3 assays and is in the process of evaluating options to advance this project and the company in the best interest of shareholders.”
Table 1. Drill hole assay intersections.
All intercepts reported represent core lengths; true width will vary depending on the angle of intersections of the diamond drill and the targeted zone. Holes are planned to intersect mineralized zones as close to perpendicular as possible.
Holes LAT-18-001 through LAT-18-006 were holes that a local landowner and drill operator drilled as a test. Company geologists were not present at the drill to oversee the drilling or to plan the holes. The core has been logged and used in our geological interpretation and is now stored at the Independencia Mine site but was not assayed.
Table 2. Hole locations, direction and depths.
Sampling and Analytical Protocols
The sampling and analytical protocols were established, implemented and supervised by or under the direction of Jeremy Niemi, P. Geo., the Company’s internal Qualified Person as defined by National Instrument 43-101. At the drill site, the core was placed in core boxes and delivered to a secure field core processing centre. The core was split by trained technicians using a diamond saw and logged by professional geologists. The nominal sample interval was approximately 1m, though locally the interval might be increased to 2 m or decreased to 0.3 m, the interval being determined by the logging geologists based on geologic indicators. Half of the core was stored in the core box as a permanent reference of the sampled interval and half of the designated sample set was cataloged and sealed in plastic sample bags for delivery to the Company’s sample preparation facility at the Independencia Mine. The core samples are crushed, pulverized, dried and samples are split. Nominally, 1000g of each sample is ground to minus 200 mesh, split and the assay portion shipped by bonded courier to the Alex Stewart International laboratory in Mendoza, Argentina. In the general case, gold was analyzed by fire assay with atomic absorption finish using a 50 gram sample. Accuracy of results is tested through the systematic inclusion of blanks, duplicates and certified reference standards.
About the Company
Latin American Minerals Inc. is a mineral exploration and gold mining company which holds its core gold projects in Paraguay. Management has identified exploration targets at Independencia Mine, and six new gold zones on the Company’s adjacent exploration claims, for drill testing. The current drill program is testing 10 priority targets with a primary focus on the Tacuru zone. This property package comprises the Company’s 15,020 hectare Paso Yobai gold project.
The scientific and technical information in this news release has been reviewed and approved by Jeremy Niemi, P.Geo., a Qualified Person under National Instrument 43-101. Mr. Niemi is Director, Exploration of the Company.
For more information, please contact:
Mathew Wilson, Mfin, CFA
President and CEO
The Company’s public documents may be accessed at www.sedar.com.
For further information, please visit our website at www.latinamericanminerals.com or email us at
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.