Latin Metals Inc. outlined its projects in Argentina and Peru, for which it is looking for partners to join into option agreements. Latin Metals owns a diverse array of South American mineral exploration holdings. The Prospect Generator approach is used by the company, in which partners are acquired under option agreements to fund drilling and advanced exploration. The company has many projects that are ready for drilling and are looking for partners.
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Cerro Bayo Gold-Silver Project, Argentina
Since 1990, exploration on the drill-ready Cerro Bayo gold-silver property in the prolific Deseado Massif of Santa Cruz Province, Argentina, has produced discoveries of approximately 20 million ounces of gold and nearly 600 million ounces of silver.
The 28,000-hectare Cerro Bayo property owned by Latin Metals is drill-ready, with eight designated drill target regions spread throughout a transtensional basin that is 6 km wide. Geological mapping of the entire site, mapping of alterations, magnetic surveys, structural modeling, and sampling of mineralized veins and breccia bodies are among the exploration tasks that have been performed thus far.
Permitting for drilling is underway and should be finished soon. All around the site, agreements have been made with the owners of surface rights.
Barrick has given notice to Latin Metals of their intention to give up the option and terminate the Agreement, effective January 25th, 2024, following an earn-in agreement that the Company entered into with a wholly owned subsidiary of Barrick Gold Corporation. Under the terms of the agreement, Latin Metals granted Barrick the option to earn up to an 85% interest in the property.
Barrick has paid Latin Metals $259,000 and the underlying owner of the property $513,000 since entering into the Agreement. Barrick has also expended exploration costs of $1,848,000 on the property, for a total investment of $2,620,000.
Entering into an earn-in arrangement with another party is one of the strategic choices that Latin Metals is contemplating.
Lacsha Copper Project, Peru
Numerous copper-moly and copper-gold-moly porphyry deposits can be found in Peru's coastal porphyry belt, where the 100%-owned Lacsha Copper Project is situated. In the last two years, Latin Metals has carried out a great deal of exploration and has obtained a four-year community agreement to permit drilling and exploration. Drill-permitted and drill-ready, the project is now.
Source: https://latin-metals.com/