Latin Metals Provides Update on Barrick Gold Exploration Activities, Argentina
VANCOUVER, British Columbia, Dec. 08, 2022 (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.
Barrick Exploration Update
To date, Barrick has completed a substantial amount of surface exploration at Cerro Bayo, including a 1,000-line-km ground magnetic survey, geological mapping, rock sampling and spectral analysis.
The ground magnetic survey covers approximately 95% of the property and confirms an important property-wide northwest trending structural fabric, which is potentially favourable to hosting gold and silver mineralization (Figure 1).
Geological mapping of the property has been carried out at a scale of 1:10,000, and more detailed district-scale alteration mapping is in progress, supported by spectrometry data collection. Favorable structures for mineralization, including veinlets, brecciated veins, and fault breccias have been recognized (Figure 2). This mapping has demonstrated that northwest-trending structures are controlling gold and silver mineralization and it has established the presence of intrusive and subvolcanic bodies, which may provide a heat source for hydrothermal fluids at Cerro Bayo.
Rock samples were collected following the orientation of the most prospective structures (northwest to north-northwest). A total of 729 rock chip samples have been taken to date and the sampling has been completed across the entire Cerro Bayo property, with results pending on 159 samples. Top-5% of silver and gold samples received to date have been used to highlight the most anomalous areas at Cerro Bayo (Figure 3).
Deseado Massif
The Deseado Massif in southernmost Argentina is an exposed block of Mesozoic volcanic rocks that host low- to intermediate-sulfidation style gold and silver epithermal systems. Several operating mines are located within the area, including Cerro Vanguardia, Manantial Espejo, Martha, Cerro Negro, San José, Don Nicolas, Cerro Moro, and Cose. Other prospects in the Deseado Massif are at various stages of exploration and development. Mineralization is of late Jurassic age, making the Deseado Massif one of the older epithermal metallogenic provinces globally. Cerro Bayo is located in the west part of the Deseado Massif.
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