Latin Resources Announces Market Update on Projects in Argentina and Peru
(firmenpresse) - Latin Resources Announces Market Update on Projects in Argentina and Peru
HIGHLIGHTS
- Progress on Lithium carbonate plant by UnCuyo University
- Drilling at Maria De Huerto to commence after final permit issued
- La Rioja - field work commenced, with a total of 39 samples taken and submitted to ALS for analysis.
- Westminster Resources commences initial review of Ilo Copper Project
- Preliminary drill target identification progressing at Pachamanca/MTO3 in Peru
- Aeromagnetic and radiometric survey planned for Catamarca in 2nd Quarter.
- Negotiations with JV Partners continue
5th April 2018 - Latin Resources Limited (ASX: LRS) (Latin or the Company) is pleased to provide the following update on its various projects located in Argentina and Peru, South America
UnCuyo University, Mendoza, Argentina
The University has commenced construction of the test bench process pilot plant with major items including main reactor, reagents and spodumene concentrate acquired for the initial project with the monetary contribution provided by Latin Resources.
The trials are to test the patented process to convert spodumene concentrate to lithium carbonate product required by the battery market.
The completion of the pilot plant build is expected in April with trials to commence shortly after.
ARGENTINA
La Rioja Cobalt project
The Groups Argentina based exploration team conducted initial field work, predominately mapping and surface sampling, on the Groups La Rioja concession applications which surround the historical King Tut cobalt mine.
The aim of the initial field programme was broad reconnaissance of accessible zones of the concessions and surrounding areas.
A total of 39 rock chip samples have been taken from this campaign, and submitted for ALS analysis for base and precious metals including cobalt. These results are expected mid to late April. Ongoing field work will continue during the second quarter.
The approval process of the concession applications to being granted is nearing completion.
Maria De Huerto
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Figure 1. Maria del Huerto Drill Plan
The expected commencement of exploration and resource drilling has not occurred due to permitting delays. Recent local elections have impacted the mines department approval process. With the elections now being concluded, it is expected that the drill permitting approvals should now take place shortly.
The delays have allowed time to assess first pass drill contract options from two drilling companies experienced in drilling in the local conditions. Negotiations are continuing with the preferred contractor to finalise drill contracts subject to permitting. The drilling at Maria del Huerto is designed to test the mineralization within the four parallel pegmatites along strike and at depth. The diamond drilling will also supply the material required for preliminary metallurgical testwork.
Salta
An initial site visit and surface sampling programme was completed on the Tres Tetas project with nine rock chip samples extracted and submitted for analysis.
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Figure 2: Tres Tetas Location
Analysis test results as detailed in Table 1 below, returned high tantalum (Ta) levels indicating potential for a stand-alone economic operation independent of by-product contributions. Further results returned potassium/rubidium (K/Rb) ratios and being indicators for a highly fractionated pegmatite system and which is prospective for lithium and other rare metals.
SampleEastiNorthElevatNb Ta Li Li2O Li2OK/Rb R
# ng ing ion ppm ppm pp ppm % atio
m
TT000277063724503957 m 38 38. 1532.3 0.0027.1
01 1 17 .0 6 32
TT000277034724484005 m 62 147 1838.8 0.0031.5
02 2 76 .3 .5 39
TT000277059724454022 m 56 82. 1328.0 0.0041.9
03 2 93 .6 5 28
TT000277048724464027 m 71 52. 1123.7 0.0042.8
04 5 24 .2 1 24
TT000277048724474007 m 64 86. 1225.8 0.0036.9
05 5 33 .5 2 26
TT000277033724474033 m 61 424 1736.6 0.0015.7
06 7 52 .3 37
TT000277041724454051 m 97 209 1328.0 0.0028.2
07 1 79 .1 28
TT000277061724514006 m 66 31. 9 19.4 0.0030.5
08 0 95 .7 9 19
TT000277131724443974 m 79 519 1328.0 0.0043.5
09 7 14 4 28
Table 1: Tres Tetas Sample Results
Las Cuevas
Discussion with the landowners is continuing to finalise an acquisition agreement.
Catamarca
An aeromagnetic and radiometric survey will be completed in the 2nd Quarter with a total of 9,700km of flight lines covering the companies complete Catamarca land package to be flown. The survey is designed to obtain cost effective and valuable structural information and identify unmapped pegmatite outcrops for follow up mapping and sampling.
PERU
Pachamanca/MTO3 Joint Venture - with First Quantum Minerals (FQM)
Approvals and permits were obtained allowing FQM to perform a induced polarisation geophysical survey of the area. Initial results were impacted by salt layers within the overlying sediments however, sufficient data was obtained to identify preliminary drill targets. Completion of drill design continues for a drill programme to be conducted once drill permits have been approved.
Westminster Resources Limited (TSXV: WMR)
The Sale Agreement with Westminster Resources of the Ilo Copper Project and receipt of the initial cash payment of USD$150,000 was completed during February 2018. WMR has since relisted on the TSXV.
The Westminster team are excited and have commenced evaluation of the Project data to develop initial exploration plans.
JV Negotiations
The Company advised the ASX on the 13 November 2017 that it is in preliminary discussions with a number of different parties in relation to potential joint venture agreements or offtake arrangements in respect of its lithium assets in Argentina. Latin refers to the Company Update Presentation lodged with ASX on 21 August 2017 which highlights part of the Companys strategy of identifying and developing projects with suitable JV partners.
The Company advises that negotiations are continuing with progress being made to reach suitable terms on a JV and /or an offtake agreement.
Managing Director Chris Gale commented, Latin Resources is progressing its projects in Peru and Argentina. We have had some unexpected delays with permitting, however, there has been some progress over the last few weeks. The company is set to start drilling its Argentina lithium projects and its Copper projects in Peru which will hopefully produce some positive results. The exploration team in Argentina has spent considerable time in the field to define next targets once permits are approved.
For further information please contact:
Chris Gale
Managing Director
Latin Resources Limited
+61 8 6181 9798
Brooke Picken
Pac Partners
Melbourne
+61 3 8633 9866
About Latin Resources
Latin Resources Limited is a mineral exploration company focused on creating shareholder wealth through the identification and definition of mineral resources in Latin America. The Company has secured over 266,000 hectares of exploration concessions in the lithium pegmatite districts of Catamarca, San Luis and Salta Provinces, Argentina as well as 28,000 hectares prospective for Cobalt in La Rioja.
The company also has a portfolio of projects in Peru and is actively progressing its Iron Oxide-Copper-Gold and Copper Porphyry projects in the Ilo region with its joint venture partner First Quantum Minerals Ltd.
info(at)latinresources.com.au
www.latinresources.com.au
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Datum: 05.04.2018 - 15:13 Uhr
Sprache: Deutsch
News-ID 574132
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