Latin American Minerals Announces Geophysical Work Program on Butt Township Uranium and Rare-Earth Project
Toronto, Ontario--(Newsfile Corp. - January 15, 2019) - Latin American Minerals Inc. (TSXV: LAT) ("LAT" or the "Company") is pleased to announce its intention to complete a geophysical work program on its Butt Township property (the "Property") in northeastern Ontario, Canada. The Company has signed a contract with a service provider, Generic Geo Inc., who will manage the work program.
Proposed Work Program
A two phase exploration program will be completed on the Property. The first phase will consist of high-resolution drone magnetic airborne geophysics, which will help to identify controlling structures and lithologies that may be prospective for mineralization. The second phase, to be completed following a review of the drone magnetic survey, will consist of induced polarization ground geophysics over the most compelling targets on the project which will help to identify targets at depth which may be prospective for mineralization. Following these programs and a review of results, the Company should be in a position to prepare a trenching and diamond drilling program on the Property.
To view an enhanced version of Figure 1, please visit:
Property Summary and Highlights
The Property consists of 133 mineral claims covering approximately 1,621 hectares in Butt Township, District of Nipissing, Ontario. Uranium and rare-earth bearing pitchblende was discovered on the Property in the early 1900's. The Property lies within the Kiosk geological domain and is underlain by mafic, quartzo-feldspathic, and metapelitic geological units. These various geological units host radioactive granitic pegmatite dikes which contain minerals such as allanite, uraninite, pyrochlore, columbite, and other rare earth and uranium-bearing minerals.
The Property has never been drilled, but several historical trenching and small-scale mining operations have occurred on the Project. Advanced prospects on the Property include: the William Elliot & Mica Lake prospects, discovered in 1919 from which highly selective grab samples returned up to 79.5 % U3O8 along with high-grade rare earth elements; the Ryan, Mann and Sheehan prospect, discovered in 1921 from which selective grab samples returned up to 0.45 % U3O8 over a 3 foot chip sample; the E.J Rivers prospect, discovered in 1953 from which selective grab samples returned values of up to 9.75 % U3O8 along with high-grade rare earth elements. In addition, the Property is contiguous with Ontario Graphite's Kearney Mine property.
A summary of the more significant mineral occurrences in the area and property highlights can be seen in Figure 1.
A qualified person has not completed sufficient work to verify the historic information on the Property. Also note that the historical grab samples referenced above are selective in nature and may not be representative of mineralization on the Property. The information provides an indication of the exploration potential of the Property.
The technical information in this press release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 ("NI 43-101") and reviewed and approved by Kelly Malcolm, P.Geo., a Qualified Person under NI 43-101. Mr. Malcolm is a technical advisor to the Company and the President of Generic Geo Inc.
Geophysical Survey Report on the Butt Township Property, Butt Township, District of Nipissing, Ontario, for Dan Patrie Exploration Ltd., Prepared by: L.D.S. Winter, P.Geo., 23 January 2012.
Ontario Mineral Deposits Inventory, December 1, 2017.
NI 43-101 Technical Report and August 2013 Mineral Resource Estimate, Kearney Graphite Property, Ontario, Canada, Authored by Greg Greenough, P.Geo., of Golder Associates, Effective Date August 30, 2013.
About the Company
Latin American Minerals Inc. is a mineral exploration and gold mining company which holds mineral exploration projects in Ontario, Canada. The Company's Butt Township Property consists of 1,621 hectares in Butt Township, District of Nipissing, Ontario.
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This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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