Categories: Precious Metals
Topics: Gold Stocks

Tiny Miner Attracts Barrick Gold & AngloGold Ashanti

Prospect generator Latin Metals Inc. (TSX-V: LMS)(OTC: LMSQF) — currently trading around C$0.15 per share — has announced an exploration update at its Cerro Bayo gold-silver project, Argentina, which is being advanced via a definitive option agreement with Barrick Gold (NYSE: GOLD).  

Exploration work by Barrick in the first year of the earn-in has defined an extensional basin measuring ~6 km in width with rock sampling assays returning mineralization up to 2 grams per tonne gold. 

Barrick — the world’s second largest gold producer by market cap — is evaluating additional exploration work, including geological surveying and trenching for which permitting is underway. Barrick can earn-in up to 85% of the Cerro Bayo project by completing certain milestones. 

The Latin Metals team also announced positive results from a rock sampling program completed at its 100%-owned Tillo copper project, Peru. The program defined an area of consistent geochemical anomalism measuring 2.5 x 1 km, warranting follow up mapping and study to outline vein density and to vector in towards potential centers of mineralization. 

Latin Metals CEO Keith Henderson commented via press release:

“Latin Metals’ strategy to acquire grassroots properties by staking continues to pay off as we continue to delineate areas of significant copper mineralization at surface. Since first staking projects in Peru, the Company has successfully delineated copper mineralization at Lacsha, which is now fully drill permitted and ready for drill testing. At the Auquis project, porphyry-style and skarn mineralization has been delineated with exploration and drill permitting ongoing. With these two successes in hand, it is great that we now have a third copper project on which to focus. At Tillo we are encouraged by the extent of geochemical anomalies, by copper mineralization in rocks, by the identification of intrusive rocks with multiple generations of veining, and by the potential to generate quality drill targets; all of which features should be attractive to potential future exploration partners.”

Getting back to gold, Latin Metals’ Cerro Bayo property isn’t the only project in the company’s portfolio being advanced by a major. Also in Argentina, AngloGold Ashanti (NYSE: AU) — a top-ten global gold producer — has commenced exploration at the Organullo gold-copper project with the LMS team expecting initial exploration results soon. 

AngloGold’s 2023 exploration agenda for Organullo includes 7,000 meters of Phase-1 drilling to be completed via two drill rigs subject to permitting approval. AngloGold holds an option to earn-in up to 80% of the project. 

Last but not least, Latin Metals has optioned its Esperanza copper-gold project to fellow junior miner Libero Copper & Gold (TSX-V: LBC) wherein Libero can earn-in up to 70% of the project. Libero has submitted an EIA to provincial authorities for planned exploration activities at the drill-ready project.

With activity heating up across the company’s impressive project portfolio, Latin Metals could potentially see drilling at multiple partner-funded projects this calendar year alone — which is a true testament to the team’s ability to find and advance quality projects at a level of geological merit to attract and ultimately secure option agreements with the Barricks and AngloGolds of the world.

Hence, lots of irons in the fire and plenty of news flow ahead for Latin Metals as it advances multiple 100%-owned and partner-funded exploration projects in key mineral districts in Argentina and Peru. 

For more information on Vancouver-based Latin Metals, please contact the company’s IR department at 604-638-3456 or via email at info@latin-metals.com. Sign up to receive updates directly from the company here.

Mike Fagan
Editor, Resource Stock Digest