VANCOUVER, British Columbia, October 21, 2021 (GLOBE NEWSWIRE) – Latin Metals Inc. (“Latin metals” or the “Society”) – (TSXV: LMS) (OTCQB: LMSQF) announces receipt of the results of a recently completed ground magnetic survey on its 100% Lacsha Copper Project property (“Laccha“), Peru.
Magnetic anomalies at Lacsha North and Lacsha South (Figure 1a) coincide with anomalous surface geochemistry in the scree and rock chip samples (Figure 1b) and confirm the potential of Lacsha to harbor copper-type porphyry mineralization. The magnetic anomalies correspond to areas where surface rock chips were sampled, including 30 m at 0.20% copper and 72 m at 0.20% copper (NR21-13, September 14, 2021).
In addition to confirming the targets at Lacsha North and Lacsha South, the survey succeeded in defining two additional new target areas C and D.
Interpretation of the magnetic survey
The zones of magnetic depression shown in Figure 1a are interpreted as phyllic to argillic weathering generally observed above or adjacent to magnetic highs, which is interpreted as potassium weathering in a porphyry system. A vertical north-east-south-west section is Figure 2 with discrete magnetic peaks located below the surface interpreted as the central zones of potassium alteration characterized by secondary magnetite and biotite.
Magnetic anomalies at Lacsha North and Lacsha South coincide with surface geochemistry in scree and rock samples. The magnetic anomaly defining target C is at a slightly higher altitude and therefore has no surface geochemical signature. Target D shows significant scree anomalies, but no rock sampling has been done to date. Additional sampling will be done at targets C and D.
Induced polarization (“IPâ) Is planned to follow up on these priority targets and is expected to be completed within the next month to finalize the location of the drill targets. The drilling permits are in progress and should be completed before the end of the year.
Coastal Copper Belt
The Coastal Copper Belt in Peru is a Cretaceous belt that hosts a variety of deposit types, including porphyry, epithermal, VMS, and IOCG. The Lacsha copper-molybdenum and Auquis copper-gold projects, 100% owned by Latin Metals, are both located in the northern Lima-Ica part of the coastal belt.
The Company also announces that it has granted 955,000 options to purchase common shares (each, an âOptionâ) to various employees and consultants of the Company and its affiliates. Options allow the holder to purchase shares at a price of $ 0.15 per share for a period of 36 months from the date of issue.
Data collection and QA / QC
The survey was carried out by Zissou SAC and data collection was supervised by Ronal Yupa Paredes.
A total of 28 east-west survey lines were surveyed for a total of 36 linear km, with lines spaced 100 to 200 m apart. Data was collected using a GEM GSM-19 magnetometer system, differential GPS data and magnetic field strength were recorded every 2 seconds with the base station equipment recording every 3 seconds. The data was processed daily and daytime corrections were made with the GEMLINK software. The images were produced with Oasis Montaj and the mesh was completed by a RANGRID algorithm from GEOSOFT (cell size between 25m and 50m, with generation of images by Fourier Transformation). The inversion model was created using MAG3D software (the cell size used was 138 x 184 x 90, the mesh dimensions were 1760 x 3680 x 1800, and the small cell dimensions were 20 x 20 x 20 in x, y, z directions).
The technical content of this press release has been approved for disclosure by Keith J. Henderson P.Geo, a Qualified Person as defined by NI 43-101 and the CEO of the Company. 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 an outlook generator model focusing on acquiring prospective exploration properties at minimum cost, complementing the initial assessment with profitable exploration to establish drilling targets, and ultimately in finding joint venture partners to fund drilling and advanced exploration. Shareholders are exposed to the upside of a significant discovery without the dilution associated with funding exploration based on the highest risk drilling.
On behalf of the Board of Directors of
LATIN METALS INC.
President and CEO
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Caution regarding forward-looking statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities laws, 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 option agreements and the exercise of the option for the properties, intended content, the commencement, timing and cost of exploration programs with respect to the properties and otherwise, the expected results of the exploration program resulting from exploration activities, and the Company’s expectation that it will be able to enter into agreements to acquire interests in additional mineral properties, discovery and delineation of mineral deposits / resources / reserves on the The properties, and the business plans and schedule of future activities of the Company, are in advance of forward-looking statements. While the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as “pro forma”, “plans”, “expect”, “may”, “should”, “budget”, “planned”, “estimates”, “foresees”, “intends to”, “anticipates”, “believes”, “potential” or variations of these words, including negative variations thereof, and phrases which refer to certain actions, events or results that may, could, could, could or will occur or be taken or achieved.In making the forward-looking statements in this press release, the Company has applied several important assumptions, including, but not limited to, market fundamentals will result in sustained demand and prices for precious metals, obtaining all necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Argentinian projects in a timely manner, the availability of conditional financing s appropriate for the development, construction and continued operation of the Company’s 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 that may cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the companies. forward-looking information. These risks and other factors include, among others, operational and technical difficulties associated with mineral exploration and development and mine development activities on the properties, including geological mapping, prospecting and sampling programs. proposed for the properties (the âProgramsâ), the actual results of exploration activities, including programs, the estimate or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, production costs, capital expenditures, costs and timing of development of new deposits, availability of sufficient supply of water and other materials, additional capital requirements, future prices of precious metals and copper, changes in economic conditions general, changes in financial markets and in commodity market demand and price es, possible variations in the grade or recovery of ore rates, possible failures of plants, equipment or processes to operate as an unforeseen event, accidents, labor disputes and other risks of the mining industry, delays or inability of the Company to obtain the necessary permits, consents or authorizations, including acceptance on the TSX Venture Exchange for the filing of option agreements, any acquisition of current or future ownership, financing or other activities planned, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or limitations on insurance coverage claims and the timing and possible outcome of pending litigation, environmental issues and responsibilities, risks associated with joint venture operations and risks associated with the integration of acquisitions, as well as the factors discussed under the heading âRisk Factorsâ in the Company’s latest MD&A and other documents filed by the Company with the Canadian securities regulators, copies of which may be under the profile of the Company. Company on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. Unless otherwise provided by law, the Company assumes no obligation to update any forward-looking information contained in this press release or incorporated by reference herein.