Latin Resources announces that the third drill hole at its 100% owned Ilo Este project, IE - JDD - 003, has been completed to 629.2m depth and all assay results have been received.
Hole IE – JDD – 003 was consistently mineralised from surface to 472 m down hole depth, with uncut average grades of 472 m @ 0.11% Cu, 0.09g/t Au, 11ppm Mo and 1.6 g/t Ag , including the following intersections applying a 0.1% Cu cut – off grade for the average (Avg), with the maximum (Max) grade of each metal in each intersection included for comparison.
- Third hole , IE – JDD – 00 3 , completed to a depth of 629.2 m, with continuous copper mineralisation from surface to 472 m down hole in potassic altered and stockworked porphyry intrusives.
- 0 – 472 m @ 0.11% Cu, 0.09g/t Au , 11ppm Mo, 1.6 g/t Ag (uncut) . Highest grades intersected: 0.33% Cu, 1.5g/t Au, 68ppm Mo, 41g/t Ag.
- This is the longest intersection of continuous copper mineralisation at Ilo Este to date, and reinforces potential magnitude of the deposit.
- Three holes now completed over 1.1 km of strike, each consistently mineralised from surface to 200 m, 318 m and now 472 m down hole respectively.
- Geology, alteration and mineralisation seen to date clearly indicate that Ilo Este is a very large copper porphyry system now intersected over 1.1km of strike in the northern belt alone.
- Latin in discussions with a number of potential partners to further evaluate such a large system – considered the most cost effective and timely strategy to realize value for shareholders . The overall Ilo Este mineralised porphyry system covers at least 3km 2 , located 6 km from the Pan – American Highway, a Railway and an Electrical Substation, and from there 32 km to the Port of Ilo.
- Over 560,000 tonnes per annum copper production and 125 billion pounds of copper in published resources and reserves within 130 km of Ilo Este .
Copper mineralisation is present i n moderate to intensely potassic altered and stockworked porphyry intrusives ranging from quartz diorite, diorite and micro – diorite. The copper mineralisation is predominantly chalcopyrite (copper sulphide) and is commonly associated with potassic alteration observed occasionally as k – feldspar and more commonly as secondary biotite. Chalcopyrite is seen in veinlets and also disseminated through the rock mass.
The mineralisation in IE – JDD – 003, clearly verifies the importance of the porphyry system as mapped over more than 3km 2 as a large and significantly mineralised system with substantial scope for improved grades within the overall envelope of alteration and mineralisation mapped to date. The three holes drilled so far , each hosting porphyry copper mineralisation , cover 1.1 km of strike in the northern intrusive belt.
The likely extension of the northern intrusive belt under cover to the East South East increases the size potential of the already very large system , as does the possible fault offset upper portion of the porphyry which may host the typically higher grade phyllic zone . The phyllic zone is only observed in restricted areas of the outcropping system as mapped , suggesting that it has either been eroded, or possibly cut by the low angle Chololo Fault adjacent to the South East.
Such a variety of potential over such a large area will require significant time and investment to realise , and for this reason Latin has begu n discussions with a number of parties with the aim of attracting the required investment at the project level through a joint venture or earn in arrangement in order to more rapidly unlock value for Latin shareholders.
Latin’s Managing D irector Chris Gale said : " Our third hole at Ilo Este reinforces the size and continuity of the mineralised porphyry system and also highlights the opportunity for securing a strong joint venture partner to help properly evaluate its full potential in a timely manner . We look forward to bringing such a partner to the project soon and thus ena ble value to be unlocked more rapidly for Latin shareholders.