Latin Resources hits copper and iron in all eight holes at Ilo Norte in Peru

Latin Resources' (LRS: ASX) strategically well positioned Ilo Norte project in Peru is developing into a copper gold play, after all eight exploratory holes drilled along a 1.25 kilometre strike intersected copper and iron (magnetite) - along with some gold.

The drilling targeted parts of a series of magnetic anomalies that underlie some of Latin’s 7000 hectares of mining concessions at the project.

Gold anomalism coincident with copper mineralisation intersections included 14 metres at 0.55% copper and 0.13 grams per tonne (g/t) gold from 52 metres, and 22 metres at 0.22% copper and 0.09g/t gold from 254 metres.

Chris Gale, managing director, said “We are impressed by the apparent thickness of the mineralised unit at Ilo Norte which has come up much greater than originally expected and also encouraged by the added surprise of the possibility of copper-gold mineralisation in the vicinity of the project.

“These drilling results have opened up a number of possibilities for mineralisation at Ilo Norte and being so close to port we will continue the development of a potential resource, but we have a lot of work to do before determining its economic viability.”

The mineralised unit is more than 250 metres thick and open to the north, south and east.
Latin has a substantial landholding of 115,000 hectares in the region, and highlighting the vast potential of the county, BHP Billiton (ASX: BHP) recently staked a 500,000 hectare area 200 kilometres from Ilo Norte.

Other major miners recently moving into the region include Teck Resources (NYSE: TCK), Anglo American (LON: AAL) and Rio Tinto (ASX: RIO), yet Latin established a presence several years earlier.

What is so important about Ilo Norte for Latin, is the project is located just 35 kilometres from the port of Ilo in Southern Peru.

The next step for Latin

Next up for the company is mineralogical studies and preliminary metallurgical test work to determine the proportion of magnetite relative to the total iron content and to provide more information regarding the potential for separating a magnetite product from the mineralisation.

Results from this work, together with further multi-element geochemical analyses and the final determination of relationships between the iron, copper and possible gold mineralisation will determine the extent of future drilling programs at Ilo Norte.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/18647/latin-resources-hits-copper-and-iron-in-all-eight-holes-at-ilo-norte-in-peru-18647.html