Highlights of the Results:
- Robust Geochemical Signatures: The soil sampling results have unveiled robust anomalous geochemical signatures associated with both porphyry and skarn-style mineralization. These promising signatures define key targets for further exploration efforts (Figure 1).
- Porphyry Mineralization at
Rose Zone : On the eastern side of the property, theRose Zone has demonstrated substantial copper soil anomalies extending over an area of approximately 2.5km x 1.5km. This anomaly corresponds with a characteristic zinc low; a common feature in porphyry systems. - Skarn Mineralization at
Blanco Zone : The western part of the property, particularly theBlanco Zone , has yielded outcropping skarn mineralization with a prominent multi-element base metal signature. A zinc anomaly spanning 3km in length has been identified, further underscoring the zone's potential.
Porphyry and Skarn Geochemical Signatures
Soil sampling results highlight robust anomalous geochemical signatures associated with mapped porphyry- and skarn-style mineralization (Figure 1). On the east side of the property, porphyry-style mineralization at the
Blanco Skarn Rock Sampling
A total of 50 rock samples were collected (Figure 2) in the area surrounding the Blanco skarn discovery. Grades average 0.9% zinc, 0.44% lead, 0.33% copper, and 13 g/t silver. Grades vary from below detection to 9.31% zinc, 6.04% lead, 2.94% copper, and 176 g/t silver.
Figure 1. Gridded soil / talus sample results from the Auquis project highlighting copper anomalies surrounding the Rose porphyry zone and zinc anomalies surrounding the Blanco skarn zone. The gridded image combines new samples and samples previously collected, all of which have been analyzed using portable XRF to generate a single gridded image.
Figure 2. Rock sampling results in the vicinity of the Blanco skarn zone. Anomalous elements are typical of skarn mineralized zones, including zinc, lead, copper and silver shown. Samples greater than 1% zinc, 1% lead, 0.5% copper, and 50 g/t silver are individually labelled.
Next Step
Building upon the success of the soil sampling campaign,
Closing of Recently Announced Loans
The Company also announces that it has closed the previously announced loans (the “Loans”) made available to the Company in the aggregate amount of
The funds available to the Company under the Loans will be used by the Company to pay outstanding liabilities and for general corporate and working capital purposes. All securities issued pursuant to the Loans are subject to a hold period in
The lenders that provided the Loans included two current directors and an executive officer of the Company (together, the directors and executive officer are the “Related Parties”). The Loans from the Related Parties constituted a related party transaction pursuant to Multilateral Instrument 61 101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, of MI 61-101, as, at the time the Loans were made available to the Company by the Related Parties, neither the fair market value of the subject matter of, nor the fair market value of the consideration for the Loans by the Related Parties exceeded 25% of the Company’s market capitalization.
Coastal Copper Belt
The Coastal Copper Belt in
QA/QC
The work program at Auquis was designed and supervised by
On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped. Soil samples at the project are analyzed by one of two methods (i) analysis at the ALS laboratory in
The gridded image presented in Figure 1 combines new samples and samples previously collected, all of which have been analyzed using portable XRF to generate a single gridded image. Samples from the western portion of the property were collected in the field and analyzed by portable XRF. Samples from the eastern portion of the property were previously sampled and analyzed at ALS. The pulps were analyzed by portable XRF to generate comparable data prior to gridding the combined dataset.
Qualified Person
The technical content of this release has been approved for disclosure by
About
On Behalf of the Board of Directors of
“
President & CEO
For further details on the Company readers are referred to the Company's web site (www.latin-metals.com) and its Canadian regulatory filings on SEDAR+ at www.sedarplus.ca.
For further information, please contact:
Suite 890
Phone: 604-638-3456
E-mail: info@latin-metals.com
Neither
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Company’s projects, including the geological mapping, prospecting and sampling programs being proposed for the Company’s projects (the "Programs"), actual results of exploration activities, including the Programs, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of precious metals and copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays or the inability of the Company to obtain any necessary permits, consents or authorizations required, including of the
Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f3a7a24d-082d-4b18-85e1-0f949478beba
https://www.globenewswire.com/NewsRoom/AttachmentNg/cf91d6f1-e3b5-4526-800a-e6a6b197eaaf
Figure 1
Gridded soil / talus sample results from the Auquis project highlighting copper anomalies surrounding the Rose porphyry zone and zinc anomalies surrounding the Blanco skarn zone. The gridded image combines new samples and samples previously collected, all of which have been analyzed using portable XRF to generate a single gridded image.
Figure 2
Rock sampling results in the vicinity of the Blanco skarn zone. Anomalous elements are typical of skarn mineralized zones, including zinc, lead, copper and silver shown. Samples greater than 1% zinc, 1% lead, 0.5% copper, and 50 g/t silver are individually labelled.
2023 GlobeNewswire, Inc., source