An update regarding the exploration at the Cerro Bayo project in Argentina’s Santa Cruz Province’s Deseado Massif is offered by Latin Metals Inc. A wholly-owned subsidiary of Barrick Gold Corporation has an earn-in agreement with Cerro Bayo. The earn-in agreement gives Barrick the option to purchase up to an 85% stake in the Project.
Barrick Exploration Update
A 1,000-line-km ground magnetic survey, geological mapping, rock sampling, and spectral analysis are just a few of the surface exploration projects that Barrick has finished at Cerro Bayo so far.
About 95% of the property is covered by the ground magnetic survey, which confirms a significant northwest-trending structural fabric that could be beneficial for hosting gold and silver mineralization.
A 1:10,000 scale geological map of the property has been completed, and spectrometry data collection is aiding in more thorough district-scale alteration mapping. Veinlets, brecciated veins, and fault breccias are among the favorable structures for mineralization which have been identified.
This mapping has identified the presence of intrusive and subvolcanic bodies, which could act as a heat source for hydrothermal fluids at Cerro Bayo, and has shown that northwest-trending structures are controlling the mineralization of gold and silver.
Following the positioning of the most promising structures (northwest to north-northwest), rock samples were collected. The entire Cerro Bayo property has been sampled, yielding a total of 729 rock chip samples, with 159 samples still awaiting results.
The most anomalous areas at Cerro Bayo have been highlighted using the top 5% of silver and gold samples received to date.
In Argentina’s far south, the exposed Mesozoic Deseado Massif is a block of volcanic rocks that contains low- to intermediate-sulfidation gold and silver epithermal systems. Several active mines, including Cerro Vanguardia, Manantial Espejo, Martha, Cerro Negro, San José, Don Nicolas, Cerro Moro, and Cose, are situated nearby.
Various stages of exploration and development are being carried out on other Deseado Massif prospects. Due to its late Jurassic age of mineralization, the Deseado Massif is one of the world’s oldest epithermal metallogenic provinces. Located in the Deseado Massif’s western region is Cerro Bayo. It is in the west part of the Deseado Massif.
Incentive Stock Options
The company also reports that 3,330,000 common share stock options have been granted to staff members, directors, and consultants of the company and its affiliates. For a period of 36 months following the grant date, the options entitle the holder to buy shares for $0.13 per share.