(MENAFN- GlobeNewsWire - Nasdaq) VANCOUVER, British Columbia, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Latin Metals Inc. ( “Latin Metals” or the “Company” ) – (TSXV: LMS) OTCQB: LMSQF) provides details of projects in Argentina and Peru for which it is seeking partners to enter into option agreements. Latin Metals holds a diversified portfolio of mineral exploration assets in South America. The Company operates with a Prospect Generator model whereby partners are secured under option agreements to fund drilling and advanced exploration. The Company has several projects which are drill-ready and for which partners are being sought.
Cerro Bayo Gold-Silver Project, Argentina
The Cerro Bayo gold-silver property (“ Cerro Bayo ” or the“ Property ”) is a drill-ready exploration property located in the prolific Deseado Massif, Santa Cruz Province, Argentina, where exploration since 1990 has resulted in the discovery of nearly 600 million ounces of silver and around 20 million ounces of gold.
Latin Metals' Cerro Bayo property is a 28,000-hectare, drill-ready project where 8 drill target areas have been defined within a 6km wide trans-tensional basin. Exploration completed to date includes property wide geological mapping, alteration mapping, magnetic survey, structural modelling, and sampling of mineralized veins and breccia bodies. Drill permitting is in progress and expected to be completed in due course. Agreements with holders of surface rights are in place across the entire property.
A presentation summarizing the project and exploration to date can be downloaded here and the Company welcomes expressions of interest.
Pursuant to an earn-in agreement (the“ Agreement ”) entered into by the Company with a wholly owned subsidiary of Barrick Gold Corporation (“ Barrick ”) (see news release dated February 7, 2022), whereby Latin Metals granted to Barrick the option to earn-up to an 85% interest in the Property (the“ Option ”), Barrick has provided notice to Latin Metals of their intention to relinquish the Option and terminate the Agreement, effective January 25, 2024. Since entering into the Agreement, Barrick has paid $513,000 to the underlying owner of the Property, $259,000 to Latin Metals, and incurred exploration expenditures of $1,848,000 on the Property, for a total investment of $2,620,000.
Latin Metals is considering several strategic options including entering into an earn-in agreement with another party.
Lacsha Copper Project, Peru
The 100%-owned Lacsha Copper Project is located in the coastal porphyry belt in Peru, which hosts multiple copper-moly and copper-gold-moly porphyry deposits. Latin Metals has completed extensive exploration over the past two years and secured a 4-year community agreement to allow exploration and drilling. The project is now drill-ready and drill-permitted.
A presentation summarizing the project and exploration to date can be downloaded here and the Company welcomes expressions of interest.
Qualified Person
The technical content of this release has been approved for disclosure by Keith J. Henderson P.Geo, a Qualified Person as defined by NI 43-101 and the Company's CEO. 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 a Prospect Generator model focusing on the acquisition of prospective exploration properties at minimum cost, completing initial evaluation through cost-effective exploration to establish drill targets, and ultimately securing joint venture partners to fund drilling and advanced exploration. Shareholders gain exposure to the upside of a significant discovery without the dilution associated with funding the highest-risk drill-based exploration.
On Behalf of the Board of Directors of
LATIN METALS INC.
“Keith Henderson”
President & CEO
For further details on the Company readers are referred to the Company's web site ( ) and its Canadian regulatory filings on SEDAR at .
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