Tuesday, 24 July 2012

Latin American rallies as it intersects gold in all Tacuru drill holes

Latin American Minerals (CVE:LAT)(OTCQX:LATNF) unveiled Tuesday drill results from its Tacuru target, part of the X-Mile gold trend at Paso Yobai in Paraguay.

Twelve holes totalling 1,712 metres have been drilled at the Tacuru target to date, all of which intersected gold mineralization, the company said.

Shares rallied 7.7 per cent to 14 cents Tuesday Morning.

Highlights from the most recent drilling results include 22.0 metres at 4.2 grams per tonne (g/t) gold, including 5.69 metres of 11.24 g/t beginning at surface in hole DDH-BT-08.

Also in this hole, 2.13 metres was interesected at 94.6 g/t gold, including 0.7 metres with 271.2 g/t gold at 34.6 metres vertical depth, and 2.7 metres with 107.7 g/t gold including 0.47 metres at 611.07 g/t gold at 83.3 metres vertical depth.

Results from the first five drill holes were announced in March, with final results announced today following the receipt of new fire screen assay duplicate analyses.

Some of these notable results included 20.88 metres at 4.09 g/t gold beginning at surface, including 3.77 metres at 16.19 g/t gold at 4.9 metres vertical depth in hole DDH-BT-02.

Tacuru is a target area with a prominent surface gold soil anomaly of 700 metres in diameter, initially explored with a reconnaissance trench that showed 3.8 g/t gold over 30.55 metres.

"The Tacuru target is now validated as a major epithermal system with significant gold occurrences identified in several geological rock types," said president and CEO Miles Rideout.

"These results are impressive both for the high grades and that we continue to intersect gold mineralization from surface to 115 metres true depth.

"Expanded and deeper drilling will be required to fully evaluate this target."
The 12 drill holes in Tacuru's drill program to date were penetrated to a vertical depth of approximately 120 metres, and have "tentatively defined" four types of gold mineralization, the company said.

These include disseminated bulk tonnage gold mineralization near surface ranging from around 1 to 4 g/t, higher grade gold mineralization in kaolinized sandstones, high grade gold in a horizontal 25 metre thick basalt, and low grade gold mineralization hosted in a shale unit.

The Tacuru target is currently the most advanced exploration area on the 14.8 kilometre long X-Mile Trend, Latin American said.
The X-Mile Trend runs parallel to the 4.5 kilometre Discovery Trend, where the company has constructed its Independencia Mine pilot operation.

These trends, separated by 3.5 kilometres, and other outlying target areas, suggest an epithermal mineralizing system approaching 100 square kilometre area, the miner noted.
The company is operating the Independencia Mine pilot plant on its 99%-owned mining concession, part of the company's larger Paso Yobai gold project.

The X-Mile Trend at Paso Yobai is located on exploration licences that are 100 per cent owned by Latin America. The results of its 2011 work to define drill targets suggest that bulk tonnage potential could exist at several target zones along the extensive structure, the company said.

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