Latin Metals Reports Additional Positive Geochemistry from the Lacsha Copper Project, Peru
VANCOUVER, British Columbia, May 27, 2021 (GLOBE NEWSWIRE) — Latin Metals Inc. (“Latin Metals” or the “Company”) – (TSXV: LMS) (OTCQB: LMSQF) provides an update on exploration at the Company’s 100%-owned Lacsha copper property (“Lacsha” or the “Project“) located in the Peruvian Coastal Copper Belt. Follow-up detailed sampling at the northern of two anomalies (“Lacsha North“) has delineated a 1km x 1km copper-molybdenum anomaly.
Lacsha Sampling Results
Phase I exploration at the 4,000-hectare Lacsha was initiated in January 2021 with initial rock sampling, which identified outcropping copper mineralization ranging from 110 ppm up to 6,410 ppm and molybdenum ranging from 1.5 ppm up to 86.8 ppm.
Phase II work included 34 stream sediment sampling designed to screen the entire property, defining two priority areas of anomalous copper and molybdenum; Lacsha North and Lacsha South (Figure 1).
Recently completed Phase III work includes 28 talus sample in Lacsha North and 70 talus samples in Lacsha South, with results received for Lacsha North defining an anomaly of 1km x 1km (Figure 1), with values ranging from 253 ppm to 1,360 ppm copper and 4 ppm to 87 ppm molybdenum. The area is defined by porphyritic rocks subjected to chlorite, secondary biotite, and sericite alteration, locally associated with disseminated chalcopyrite, all of which is evidence of potential copper porphyry mineralization (Figure 2).
Figure 1: Location of stream sediment anomalies and recent talus samples, and Lacsha North Results for copper and molybdenum is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/65727ee7-e4f6-4c5a-8b2a-d1c12f630c0d.
Results from Lacsha South are pending and expected to be complete by the end of May. Following receipt of all geochemical results, the Company’s exploration team will define the total area for planned geophysical surveys, the results of which will assist with final drill targeting.
Figure 2: Transmitted light and reflected light; ser (sericite), bts (secondary biotite),mt (magnetite),CLOs (chlorite),cp (chalcopyrite) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a5294826-967d-46df-be98-9b5c43616715.
Coastal Copper Belt
The Coastal Copper Belt in Peru is a Cretaceous belt hosting various deposit types, including porphyry, epithermal, VMS, and IOCG. Latin Metals’ 100%-owned Lacsha copper-molybdenum and Auquis copper-gold projects are located in the northern Lima-Ica portion of the coastal belt. The Lacsha Project is located approximately 110 km by road from Lima, 40 km from the coast, and is accessible year-round by paved road.
The work program at Lacsha was designed and supervised by Eduardo Leon, the Company’s Exploration Manager, responsible for all aspects of the work, including the quality control/quality assurance program; standard samples have been included in every shipment.
On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to the ALS laboratory in Lima. Samples used for the results described herein are prepared and analyzed by multi-element analysis using an inductively coupled mass spectrometer in compliance with industry standards.
The technical content of this release has been approved for disclosure by Keith J. Henderson P.Geo, a Qualified Person as defined by NI 43-101 and the Company’s CEO. Mr. Henderson is not independent of the Company, as he is an employee of the Company and holds securities of the Company.
About Latin Metals
Latin Metals is a mineral exploration company acquiring a diversified portfolio of assets in South America. The Company operates with a Prospect Generator model focusing on the acquisition of prospective exploration properties at minimum cost, completing initial evaluation through cost-effective exploration to establish drill targets, and ultimately securing joint venture partners to fund drilling and advanced exploration. As a result, shareholders gain exposure to the upside of a significant discovery without the dilution associated with funding the highest-risk drill-based exploration.
On Behalf of the Board of Directors of
LATIN METALS INC.
President & CEO
For further information, please contact:
1177 West Hastings Street
Vancouver, BC, V6E 2K3
E-mail: [email protected]
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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 U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the negotiation of the Option Agreements and exercise of the Option for the Properties, the anticipated content, commencement, timing and cost of exploration programs in respect of the Properties and otherwise, anticipated exploration program results from exploration activities, and the Company’s expectation that it will be able to enter into agreements to acquire interests in additional mineral properties, the discovery and delineation of mineral deposits/resources/reserves on the Properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Argentine projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company projects, and the Company’s ability to comply with environmental, health and safety laws.
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 Properties, including the geological mapping, prospecting and sampling programs being proposed for the Properties (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 TSX-V acceptance for filing of the Option Agreements, any current or future property acquisitions, financing or other planned activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading “Risk Factors” in the Company’s latest Management Discussion and Analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR website at www.sedar.com.
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.