1 20 June 2012 EXPLORATION UPDATE GUADALUPITO IRON AND MINERAL SANDS DEPOSIT, NORTHERN PERU Highlights Snowden update of “Heldmaier” JORC compliant inferred resource estimate expected July 2012. Drilling complete over new 1070 ha area, “Tres Chosas”, along strike to SE of Initial Resource; new JORC compliant inferred resource estimate expected August 2012. Early results from “Tres Chosas” drilling show elevated Heavy Mineral content in samples from shafts and drill holes from surface to over 20 m depth. Of the 33 shafts that represent the part of the deposit above the water table, 16 contained an average Heavy Mineral (HM) content of greater than 15% in the sand (-1mm+53um) fraction with a maximum of 23% HM. Detailed airborne laser (LIDAR) topographic survey completed over majority of Project area: high precision data to benefit resource estimation and future mine development studies. New bulk sample composites of mineralised sands received by CPG-Mineral Technologies for process test work. Scoping Study will now incorporate preliminary mineralogical test work on the bulk samples: expected completion August 2012. Latin Resources Limited (LRS.ASX) is pleased to announce results from the first 41 drill holes and 33 shafts (Appendix 1) completed within an area called “Tres Chosas”. This new area is now the subject of a new JORC compliant resource estimation over a surface area of 1,070 hectares (Appendix 2) along strike to the south east of the Initial (Heldmaier) resource estimate area. The new resource estimate is expected to be completed in August 2012 following receipt of results throughout June 2012 from a further 99 drill holes that were completed at the end of May 2012. Samples from the shafts represent the part of the deposit which is above the water table (average depth 1.9m) with 16 out of the 33 shafts containing an average of greater than 15% Heavy Mineral (HM) in the sand (-1mm+53μm) fraction. The highest average HM content in the sand fraction of the 33 shafts was 23%HM and the average was 13.2%HM. LATIN RESOURCES LIMITED ACN: 131 405 144 Level 1, 173 Mounts Bay Road Perth Western Australia 6000 P 08 9485 0601 F 08 9321 6666 E [email protected]
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EXPLORATION UPDATE GUADALUPITO IRON AND ...2012/06/20 · Highlights Snowden update of “Heldmaier” JORC compliant inferred resource estimate expected July 2012. Drilling complete
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20 June 2012
EXPLORATION UPDATE
GUADALUPITO IRON AND MINERAL SANDS DEPOSIT, NORTHERN PERU
Highlights
Snowden update of “Heldmaier” JORC compliant inferred resource estimate expected July
2012.
Drilling complete over new 1070 ha area, “Tres Chosas”, along strike to SE of Initial
Resource; new JORC compliant inferred resource estimate expected August 2012.
Early results from “Tres Chosas” drilling show elevated Heavy Mineral content in samples
from shafts and drill holes from surface to over 20 m depth.
Of the 33 shafts that represent the part of the deposit above the water table, 16
contained an average Heavy Mineral (HM) content of greater than 15% in the sand
(-1mm+53um) fraction with a maximum of 23% HM.
Detailed airborne laser (LIDAR) topographic survey completed over majority of Project
area: high precision data to benefit resource estimation and future mine development
studies.
New bulk sample composites of mineralised sands received by CPG-Mineral Technologies
for process test work.
Scoping Study will now incorporate preliminary mineralogical test work on the bulk
samples: expected completion August 2012.
Latin Resources Limited (LRS.ASX) is pleased to announce results from the first 41 drill holes and 33 shafts (Appendix 1) completed within an area called “Tres Chosas”. This new area is now the subject of a new JORC compliant resource estimation over a surface area of 1,070 hectares (Appendix 2) along strike to the south east of the Initial (Heldmaier) resource estimate area. The new resource estimate is expected to be completed in August 2012 following receipt of results throughout June 2012 from a further 99 drill holes that were completed at the end of May 2012. Samples from the shafts represent the part of the deposit which is above the water table (average depth 1.9m) with 16 out of the 33 shafts containing an average of greater than 15% Heavy Mineral (HM) in the sand (-1mm+53µm) fraction. The highest average HM content in the sand fraction of the 33 shafts was 23%HM and the average was 13.2%HM.
LATIN RESOURCES LIMITED ACN: 131 405 144 Level 1, 173 Mounts Bay Road Perth Western Australia 6000 P 08 9485 0601 F 08 9321 6666 E [email protected]
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Bulk sample composites of mineralised sands have been prepared from shaft samples above the water table that represent areas of the Initial (“Heldmaier”) resource estimate and the New (“Tres Chosas”) resource area. These bulk composites have been received by CPG-Mineral Technologies in Carrara, Queensland where they are undergoing an exhaustive process test work programme. Preliminary mineralogical results from this program will constitute important data for the Scoping Study currently being undertaken by Ausenco. In order to maximise the value of the scoping study, this work has been extended to incorporate the preliminary mineralogical data from CPG-Mineral Technologies andis expected to be completed in August 2012. A detailed airborne laser topographic survey has been completed over the majority of Latin’s concessions at Guadalupito and is an important advance for determining the upper surface of all future resource estimates and fundamental for mine planning as part of future scoping and potential feasibility studies due to the high level of detail inherent in the survey. The survey provides topographic contour maps and a digital terrain model based on an average of 13,000 individual measurements per hectare with a precision of 0.5 m vertical metres. The data provides accurate definition of important relief variations between sea level and 7 metres characteristic of the accumulated ancient shoreline sediments that comprise the project area. (Appendix 3) In addition, Latin is pleased to provide an update of results available from within the area of the initial JORC compliant inferred resource estimate announced 21 December 2011. Together with an additional 150 pit samples within the area that were reported 15 March 2012, these new results will be used to update the initial estimate of 119Mt @ 5.7% HM. The new heavy mineral content results from drill holes and shafts (Appendix 4) are of similar grade to those that were used in the initial resource estimate and the area covered by sampling will increase from 682 to 850 hectares (Appendix 5). The updated inferred resource estimate is expected from Snowden later in June 2012. Results from 21 shafts excavated within the western most coastal conglomerate formation in the “Puerto Perdido” area to the north of the initial resource area are presented in Appendix 6 and 7. While the sand fraction of the conglomerates contained significant heavy mineral, the sand fraction itself represented a minor weight component of the formation. Latin’s Managing Director, Mr Chris Gale commented “We are pleased with the progress of exploration at Guadalupito with drilling now completed for our second JORC compliant inferred resource estimate which we anticipate will increase Latin’s resource base at the Guadalupito Iron and Mineral sands project.” With respect to the Scoping Study Mr Gale said “The Guadalupito scoping study is now being extended for completion in August, allowing important mineralogical data to be included that will add significant value to the study”. For further information please contact: Australia United Kingdom United States Chris Gale Managing Director Latin Resources Limited +61 8 9485 0601
David Vilensky Chairman Latin Resources Limited +61 8 9485 0601
Competent Person statement The information in this report that relates to Geological and Geochemical Data, Exploration Results and Mineral Resources is based on information compiled by Mr Andrew Bristow, a full time employee of Latin Resources Limited’s Peruvian subsidiary. Mr Bristow is a member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralization and the type of deposit under consideration to qualify as a Competent Person as defined in the December 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Bristow consents to the inclusion in this report of the matters based on his information in the form and context in which they appear. 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, with a specific focus on Peru. The company has a portfolio of projects in Peru and is actively progressing its two main projects: Guadalupito Iron and Heavy Mineral Sands Projects and the Ilo Iron ore, Copper and Gold (IOCG) Projects.
APPENDIX 1: SAMPLE RESULTS – TRES CHOSAS Averaged drill hole results over intervals of like sedimentary unit. Results >2.5% HM are in RED, <2.5%>1.0% GREEN, <1.0% BLACK.
Drill holes were sampled every one metre interval, with the majority of samples representing all material recovered. In some cases where the nature of the material allowed for halving of the sonic drill core, half core samples were taken. All samples were submitted to the CERTIMIN (ex-CIMM Peru) laboratory in Lima, and were subject to size fractionation (+1mm, -1mm+53µm and -53µm), with the -1mm+53µm fraction assayed for gold content by fire assay and subject to dense liquid separation (TBE, SG 2.96) to determine total heavy mineral content, and the -53µm fraction assayed for gold content by fire assay.
Heavy mineral content decreases from surface, although there are significant intersections of Heavy Mineral content and gold to depths in excess of 20 m (Appendix 1 and 4). As previously reported, samples from shafts were preferred over equivalent drill samples in conglomerate and above the water table. Each drill hole that was collared in conglomerate was “twinned” above the water table with 1 m diameter cylindrical shafts advanced ahead of steel casing rings that permitted the extraction of bulk samples without contamination from collapse of the unconsolidated material that comprised the formation.
All the material extracted from the shafts was weighed and sieved in the field through a 6.3 mm sieve. The resulting -6.3 mm material was representatively sub-sampled to approximately 25 kg and submitted to the CERTIMIN (ex-CIMM Peru) laboratory in Lima for the same preparation and analytical procedure as the drill samples.
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APPENDIX 2: MAPPED DATA – TRES CHOSAS
Locations of the Drill Holes and Shafts corresponding to results reported in Appendix 1 have been mapped on the next page within the area of the proposed new “Tres Chosas” JORC compliant resource estimate.
The extent of the map compared to Latin’s concession holding is shown on this page in magenta:
AREA OF MAP
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APPENDIX 3: DIGITAL TERRAIN MODEL FROM AIRBORNE LASER (LIDAR) SURVEY
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APPENDIX 4: SAMPLE RESULTS - HELDMAIER
Averaged drill hole results over intervals of like sedimentary unit. Results >2.5% HM are in RED, <2.5%>1.0% GREEN, <1.0% BLACK.
Locations of the Drill Holes and Shafts corresponding to results reported in Appendix 4 have been mapped on the next page within the boundary of the initial JORC compliant resource estimate (yellow boundary), with the area to be updated outlined in green.
The extent of the map compared to Latin’s concession holding is shown on this page in magenta:
AREA OF MAP
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NEW DATA AVAILABLE WITHIN
INITIAL RESOURCE AREA
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APPENDIX 6: SAMPLE RESULTS – PUERTO PERDIDO
Averaged shaft results over full depth of shaft. Results >2.5% HM are in RED, <2.5%>1.0% GREEN, <1.0% BLACK.