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Monday, 10 September 2012
Latin American says it "significantly" extends the Discovery trend at Paso Yobai northward
Latin American Minerals (CVE:LAT) (OTCQX:LATNF) released Monday what it called "positive" gold results from trenching and drilling along the northern extension of the Discovery trend of its Paso Yobai gold project in Paraguay.
The company’s Independencia Mine pilot operation, located in the central zone of the Discovery trend, shipped its first gold bar last week.
"These new results from the Discovery Trend program significantly expand the near-surface gold mineralization northward from the Independencia Mine open pit," said Latin American president and CEO, Miles Rideout.
"These data will be used to plan northward pit extensions for bulk testing and to schedule further exploration northward to cover the entire Discovery Trend. We are also working in two other exploration areas of the project.
"The Paso Yobai epithermal gold system has an impressive footprint and it continues to grow as we explore."
The company said the initial Discovery trend is one of several large gold-mineralized structures on the 60 square-kilometre Paso Yobai property. It is delineated by a soil anomaly 6 kilometres long and 200 metres wide, with gold values ranging from 76 to 1065 parts per billion (ppb).
To continue development of the formation, the company collected 660 soil samples over the northern arm of the Discovery trend target, of which 265 of these showed "elevated gold values" ranging from 20 to 957 ppb, and averaging 65 ppb gold.
The company then excavated six trenches, which were distributed over 1000 metres of the Northern Arm target, with the most important results including 1.0 metre of 2.22 grams per tonne (g/t) gold and 1.7 metres of 49.43 g/t gold.
Latin American said these results imply "a continuous gold bearing structure occurring near surface over 1000 m extent of the trend, extending northwest from the more intensively explored Discovery Zone."
The most distant trench is located 2,100 metres northwest of the Mina Independencia open pit, from where the company recently started commercial scale bulk sampling operations.
The work program on the Northern Arm of the trend continued with six diamond drill holes below the trenches, with significant gold intersections of 0.7 metres of 18.83 g/t gold and 0.65 metres of 3.51 g/t gold.
The northernmost of these drill holes is located 1,600 metres north of the Independencia Mine pit. The drill intersections confirm that the mineralized structure continues to the northwest from the mine, through this sector, the company said, adding that the mineral trend remains open to the northwest and to depth.
The Paso Yobai project is a 15,551 hectare property with multiple gold showings evident at surface. The company is exploring gold mineralization on the Discovery trend, as well as the 14.8 kilometre X-Mile trend, and on outlying targets.