Latin Metals Provides Update on Barrick Gold Exploration Activities, Cerro Bayo Project, Argentina

Drill Permitting In Progress

VANCOUVER, British Columbia, June 19, 2023 (GLOBE NEWSWIRE) -- Latin Metals Inc. (“Latin Metals” or the “Company”) - (TSXV: LMS, OTCQB: LMSQF) provides an update on exploration at the Cerro Bayo project (“Cerro Bayo” or the “Project”), located in the Deseado Massif, Santa Cruz Province, Argentina. Cerro Bayo is subject to an earn-in agreement (the “Earn-In Agreement”) with a wholly owned subsidiary of Barrick Gold Corporation (“Barrick”). Under the terms of the Earn-In Agreement, Barrick has the right to acquire up to an 85% interest in the Project.

Exploration Update & Planned Work

Exploration completed by Barrick in the first year of the Earn-In Agreement has identified a preserved low sulphidation epithermal system and included:

• Geological and alteration mapping
• Structural mapping
• 1,000 line-km ground magnetic survey
• 759 rock chip samples
• 100 rock channel samples
  

Structural mapping is key with identification of west-northwest to northwest trending structures that are believed to control mineralization in the area. These faults define an extensional basin which is approximately 6km wide (Figure 1). Rock sampling identified mineralization up to approximately 2 g/t gold (Figure 2). The exploration program is targeting potential bonanza grade gold and silver at 150m to 200m depth from palaeosurface.

The project holds an environmental permit for prospecting activities, which allows for surface work (excluding trenches). Barrick is evaluating additional exploration work that may include:

• Gradient array induced polarization (IP) for approximately 90 line-kms.
• Deep CSAMT geophysical survey (single 6km line).
• 30 to 40 trenches of 200m to 400m in length for approximately 10,000m of trench in total. The program would generate approximately 2,500 samples crossing all of the vein zones identified to date.
  

An additional environmental permit for advanced exploration needs to be granted before these activities can be completed. An Environmental Impact Assessment to perform the trenching and drilling activities was submitted in April 2023. It is expected that the permitting process could take up to six months.

Figure 1: Northeast-southwest schematic cross section showing hydrothermal and structural features of the Cerro Bayo project.

Figure 2: a. Sasha vein; 1.2 g/t gold & 285 g/t silver, b. Ingrid NW quartz vein; 2.1 g/t gold & 460 g/t silver, c. Eugenia opaline silica replacement, d. outcropping quartz vein, e. Gabriela quartz breccia; 1.68 g/t gold & 27.4 g/t silver, f. Julia quartz vein; 0.7 g/t gold & 16 g/t silver