Latin Metals reports that results from a recently completed ground magnetic survey at its 100% owned property Lacsha copper project, Peru have been received.
1a. Total magnetic field outlining magnetic highs, highlighted with black dashed lines. 1b. Contoured copper in talus samples and rock ship channel sample locations, highlighting copper composites. (Image Credit: Latin Metals Inc.)
Magnetic anomalies at Lacsha South and Lacsha North correspond with anomalous surface geochemistry in talus and rock chip samples and corroborate the potential of Lacsha to hold porphyry copper-style mineralization. The magnetic anomalies match areas of surface rock chip sampling, including 30 m of 0.20% copper and 72 m at 0.20% copper.
Besides corroborating the targets at Lacsha South and Lacsha North, the survey was fruitful in the determination of two more new target areas C and D.
Magnetic Survey Interpretation
The areas of magnetic low interpreted to be phyllic to argillic alteration usually seen above or near to magnetics highs, which are inferred to be the potassic alteration in a porphyry system.
A vertical northeast-southwest section with discreet magnetic highs situated below surface is inferred to be the core areas of potassic alteration characterized by secondary magnetite and biotite.
Magnetic anomalies at Lacsha South and Lacsha North are corresponding with surface geochemistry in talus and rock samples. The magnetic anomaly determining Target C is at a marginally higher elevation and thus does not have a surface geochemical signature. Target D has substantial talus anomalies, but no rock sampling has been finished thus far. Further sampling will be performed at Targets C and D.
Next Steps
Induced Polarization (“IP”) is scheduled to follow up on these targets of significance and is projected to be finished in the coming month to confirm drill target locations. Drill permitting is ongoing and anticipated to be finished before the end of the year.
Coastal Copper Belt
The Coastal Copper Belt in Peru is a Cretaceous belt hosting a range of deposit types including Porphyry, VMS, Epithermal and IOCG. The 100%-owned Lacsha copper-molybdenum and Auquis copper-gold projects of Latin Metals are both situated in the northern Lima-Ica region of the coastal belt.
Incentive Stock Options
The Company also reports that it has approved 955,000 common share stock options (each, an "Option") to several employees and the Company’s consultants and affiliates. The Options warrant the holder to buy shares at a price of $0.15 per share within 36 months from the date of issue.
Data Collection and QA/QC
The survey was finished by Zissou SAC and data collection was overseen by Ronal Yupa Paredes.
The survey covered a total of 28 east-west survey lines spanning a total of 36 line km, with lines spaced 100-200 m. Data was gathered using a Magnetometer GEM system GSM-19, differential GPS data, and magnetic field intensity were recorded for 2 seconds with base station gear recording every 3 seconds.
The data was analyzed every day, and diurnal corrections were carried out with GEMLINK software. Images were developed with Oasis Montaj, and the gridding was finished with an algorithm RANGRID from GEOSOFT (cell size between 25m to 50 m, with images being created using a Fourier Transformation).
The Inversion model was developed using MAG3D software (cell size used was 138 x 184 x 90, the mesh measurements were 1760 x 3680 x 1800, and the measurements of the small cells were 20 x 20 x 20 at the x, y, z directions).
Qualified Person
The technical content of this article has been permitted for disclosure by Keith J. Henderson P.Geo, a Qualified Person as stipulated by NI 43-101, and the Latin Metals’ CEO. Mr. Henderson is not independent of the Company, as he is an employee of the Company and holds securities of the Company.