Latin American Minerals Reports Three Gold Discoveries at Esmeralda, Colombia
Wed Jun 4, 8:00 AM
ca.news.finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - June 4, 2008) - Latin American Minerals Inc. (TSX VENTURE: LAT.V) announces that its initial sampling and mapping program on its wholly-owned 14,089 ha Esmeralda property in Colombia have resulted in three gold discoveries.
"Esmeralda is part of the same belt that is becoming one of the most exiting exploration plays in South America: the Colombia Romeral Fault System. Over 20 million ounces were discovered in this emerging belt in less than 3 years by such companies as Anglo Gold Ashanti, Rio Tinto and B2Gold in similar rocks and similar mineralization to those we found at Esmeralda," said Dr. Waldo Perez, Senior VP of Exploration.
Latin American Minerals' property is located in the Cauca Department of Southern Colombia, a major gold camp reporting current and historical alluvial gold production and lode gold production dating from the 15th Century. Esmeralda is located on the Romeral fault system (see Map 1: Regional Setting) which hosts the Marmato Gold Project (7.0 million ounces) discovered by Colombia Goldfields and the B2Gold Gramalote Project (2.12 million ounces). The discovery of gold-bearing porphyries at Esmeralda is significant given the many similarities to other major deposits along the Romeral fault. La Colosa, a 12.9 million ounce discovery recently announced by Anglo Gold Ashanti, is 300 kilometres northeast of Esmeralda and is indicative of the gold production potential of region.
Three distinct gold bearing porphyries have been discovered by Latin American Minerals at Esmeralda: Tunnel, Amatista and Los Planes (please see Map 2: Lithology). All are of Tertiary age and have similar geologic settings as the major deposits mentioned above. A total of 1016 rock-chip samples have been collected covering the Property and 57% of them have detectable gold. A total of 280 stream sediment samples were collected and 42% of them have detectable gold.
1. Tunnel
Two exploration tunnels were driven in the 1950's to explore the contact between the dacite porphyry and the sandstones. Historical records indicate that the tunnels intersected and crossed a brecciated contact zone, up to 60 metres wide, containing sphalerite (zinc sulphide) veins and quartz veins systems. Typically, the individual veins within the larger vein system are narrow, but report bonanza grades of 280gpt Au; however, widths of up to 2 metres have also been reported. Latin American Minerals is currently excavating the collapsed entrances and refurbishing the tunnels so that detailed underground mapping and sampling can be completed.
Latin American Minerals collected 284 samples from surface outcrops along the contact between the porphyry and the sandstones. Significant sample results include the following:
Sphalerite Veins: grab sampling returned:
52gpt Au and 38gpt Au from veins 5cm to 50cm wide
Contact Breccia: rock chip sampling returned:
15.7gpt Au across 2.0 metres
4.50gpt Au across 6.9 metres
3.20gpt Au across 2.0 metres
Porphyry Breccia: rock chip sampling returned:
6.0gpt Au across 2.0 metres
Disseminated Pyrite in Sandstone: grab and channel sampling returned:
1.7gpt Au and 1gpt Au (grab samples)
1.0 gpt Au across 4.0 metres (channel sample)
On surface the mineralized contact between the dacite porphyry and the sandstone is difficult to follow because of heavy forest cover and lack of outcrop. The presence of abundant pyrite in the sandstones, however, generates a halo covering approximately 16km2, which provides an excellent marker to focus exploration activity.
2. Amatista
Amatista is intensively altered dacite porphyry in contact with pyritized sandstones. Mineralization consists of pyritization, veins and breccias hosted in the contact of the porphyry and the sandstone. Significant sample results include the following:
Intensively altered porphyry: rock chip sampling returned:
2.0gpt Au across 8 metres
Altered sandstone with pyrite and quartz veinlets: rock chip sampling
returned:
0.91gpt Au across 4 metres
Amatista is the least known of all the targets; only 24 samples were collected and almost all (22) samples returned anomalous gold values averaging 0.16gpt Au. The boundaries of the mineralization are unknown. Current exposures with sulfides, brecciation and veinlets cover a rectangular area covering 1.8km2 (300m x 600m). An old tunnel was recently discovered but the entrance has collapsed.
3. Los Planes
Los Planes measures 1300m x 600m and consists of intensively altered and brecciated andestic porphyry. Alteration and brecciation appear to be controlled by a north-easterly trending structure which also controls and hosts the Tunnel target. A total of 234 samples were collected at Los Planes and 149 samples have detectable gold.
Significant sample results include:
0.1gpt Au across 200m
0.5gpt Au across 2.0m
Geology of the Esmeralda project is composed of gold-bearing porphyries intruding sandstones. Mineralization was found in porphyries, polymetallic veins near-by the porphyries, breccias and in the sedimentary units in contact with the porphyries. The area is densely vegetated. The contacts and size of the individual intrusive rocks and sandstones have frequently to be interpolated from the few creeks and crevasses that expose hard rocks.
The company plans to carry on a magnetic survey in the property, detailed PIMA alteration studies, trench sampling and open up the two known tunnels to expose mineralization to define a drill program. Latin American Minerals has the right to acquire 100% of the property by making escalating cash payments totalling $452,500 over 4 years and granting a 3% Net Profits Interest.
Please refer to our website at www.latinamericanminerals.com for all results, sections and location maps.
Latin American Minerals Inc. is a mineral exploration company focused on the acquisition and development of base and precious metals projects in under-explored but highly prospective countries of Latin America.
Sampling and Analytical Protocols: The sampling and analytical protocols were established, implemented and supervised by or under the direction of Dr. Waldo Perez, the Company's internal Qualified Person as defined by National Instrument 43-101. Rock chip samples were collected by geologists at the site, bagged, tagged and shipped by courier to ALS laboratories in Medellin, Colombia. The samples were crushed, dried and split by ALS Colombia and sent by courier to ALS Peru were they were assayed. All samples were assayed for gold and multi-elements by ICP. Gold was analyzed by Fire Assay with AA finish using 50 gram sample. For the multi-elements the samples were dissolved in Aqua Regia at 120ºC and read in ICP-OES. Accuracy of results is tested through the systematic inclusion of blanks, duplicates and certified reference standards.
Note: This news release contains forward-looking statements, which can be identified by the use of statements that include words such as "could", "potential", "believe", "expect", "anticipate", "intend", "plan", "likely", "will" or other similar words or phrases. These forward-looking statements, including statements regarding the Corporation's beliefs in potential mineralization, are based on current expectations, assumptions and projections about future events and entail various risks and uncertainties that are beyond the Corporation's ability to control or predict. Actual results may materially differ from expectations as more information regarding a property is gathered or if the Corporation's estimates or assumptions prove inaccurate. Factors that may materially affect actual results include, but are not limited to, political, business and economic conditions in jurisdictions where the Corporation conducts business, and risks associated with mineral exploration and production. The Corporation does not intend, and does not assume any obligations, to update forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by applicable securities laws. Readers should not place undue reliance on forward-looking statements. The results described herein are exploratory in nature and there can be no assurance that they are indicative of Mineral Resources as defined in accordance with National Instrument 43-101. Historic estimates contained herein do not meet the definition of Mineral Resources as contained in National Instrument 43-101 of the Canadian Securities Administrators. Furthermore, neither the Corporation nor the Qualified Person has reviewed any of the reports or exploration results underlying such estimates and accordingly, such estimates (and any assumptions underlying such estimates) have not been independently verified. As a result, there can be no assurance that such historic estimates are reliable, or that such estimates are indicative of any mineralization which would meet the criteria of Mineral Resources as defined in accordance with National Instrument 43-101. Consequently, no reliance should be placed upon these historical estimates. However, the Corporation believes that these historical estimates may be indicative of the potential for mineralization on these properties.
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Contacts
David Wahl
Latin American Minerals Inc.
President and CEO
(416) 363-0841
Website: www.latinamericanminerals.com |
