Latin American Minerals Reports
Three Gold Discoveries at Esmeralda,
Colombia
Toronto,
Canada,
June 4, 2008. Latin American Minerals Inc. (LAT - TSX-V) announces that its
initial sampling and mapping program on its wholly-owned 14,089 ha Esmeralda
property in Colombia
have resulted in three gold discoveries.�
�Esmeralda is part of the
same belt that is becoming one of the most exiting exploration plays in South America: the Colombia Romeral Fault System. Over 20
million ounces were discovered in this emerging belt in less than 3 years by
such companies as Anglo Gold Ashanti, Rio Tinto and B2Gold in similar rocks and
similar mineralization to those we found at Esmeralda,� said Dr. Waldo Perez,
Senior VP of Exploration.
Latin American Minerals�
property is located in the Cauca Department of Southern Colombia, a major gold
camp reporting current and historical alluvial gold production and lode gold
production dating from the 15th Century.� Esmeralda is located on the Romeral fault
system (see Map 1: Regional Setting) which hosts the Marmato Gold Project (7.0
million ounces) discovered by Colombia Goldfields and the B2Gold Gramalote
Project (2.12 million ounces). The discovery of gold-bearing porphyries at
Esmeralda is significant given the many similarities to other major deposits
along the Romeral fault.� La Colosa, a
12.9 million ounce discovery recently announced by Anglo Gold Ashanti, is 300
kilometres northeast of Esmeralda and is indicative of the gold production potential of
region.
Three distinct
gold bearing porphyries have been discovered by Latin American Minerals at Esmeralda:
Tunnel, Amatista and Los Planes (please see Map 2: Lithology).� All are of Tertiary age and have similar
geologic settings as the major deposits mentioned above. A total of 1016
rock-chip samples have been collected covering the Property and 57% of them
have detectable gold. A total of 280 stream sediment samples were collected and
42% of them have detectable gold.
1. Tunnel
Two
exploration tunnels were driven in the 1950�s to explore the contact between
the dacite porphyry and the sandstones.� Historical
records indicate that the tunnels intersected and crossed a brecciated contact
zone, up to 60 metres wide, containing sphalerite (zinc sulphide) veins and
quartz veins systems.� Typically, the
individual veins within the larger vein system are narrow, but report bonanza
grades of 280gpt Au; however, widths of up to 2 metres have also been
reported.� Latin American Minerals is
currently excavating the collapsed entrances and refurbishing the tunnels so
that detailed underground mapping and sampling can be completed.
Latin
American Minerals collected 284 samples from surface outcrops along the contact
between the porphyry and the sandstones.�
Significant sample results include the following:
Sphalerite
Veins: grab sampling returned:
52gpt Au and 38gpt Au from veins 5cm to 50cm wide
Contact
Breccia: rock chip sampling returned:
15.7gpt Au across 2.0 metres
4.50gpt Au across 6.9 metres
3.20gpt Au across 2.0 metres
Porphyry
Breccia: rock chip sampling returned:
����������������������� 6.0gpt Au across 2.0
metres
Disseminated
Pyrite in Sandstone: grab and channel sampling returned:
1.7gpt Au and 1gpt Au
(grab samples)
1.0 gpt Au across 4.0 metres (channel sample)
On
surface the mineralized contact between the dacite porphyry and the sandstone
is difficult to follow because of heavy forest cover and lack of outcrop.� The presence of abundant pyrite in the
sandstones, however, generates a halo covering approximately 16km2,
which provides an excellent marker to focus exploration activity.
2. Amatista
Amatista
is intensively altered dacite porphyry in contact with pyritized sandstones.
Mineralization consists of pyritization, veins and breccias hosted in the
contact of the porphyry and the sandstone.�
Significant sample results include the following:
Intensively altered
porphyry: rock chip sampling returned: ����������������
2.0gpt Au across 8 metres
Altered sandstone with
pyrite and quartz veinlets: rock chip sampling
returned:
0.91gpt Au across 4 metres
Amatista
is the least known of all the targets; only 24 samples were collected and
almost all (22) samples returned anomalous gold values averaging 0.16gpt Au.
The boundaries of the mineralization are unknown.� Current exposures with sulfides, brecciation
and veinlets cover a rectangular area covering 1.8km2 (300m x
600m).� An old tunnel was recently
discovered but the entrance has collapsed.�
3. Los Planes
Los
Planes measures 1300m x 600m and consists of intensively altered and brecciated
andestic porphyry. Alteration and brecciation appear to be controlled by a
north-easterly trending structure which also controls and hosts the Tunnel
target.� A total of 234 samples were
collected at Los Planes and 149 samples have detectable gold.
Significant
sample results include:
����������������������� 0.1gpt Au across 200m
0.5gpt Au across 2.0m
Geology of the
Esmeralda project is composed of gold-bearing porphyries intruding sandstones.
Mineralization was found in porphyries, polymetallic veins near-by the
porphyries, breccias and in the sedimentary units in contact with the porphyries.
The area is densely vegetated.� The
contacts and size of the individual intrusive rocks and sandstones have
frequently to be interpolated from the few creeks and crevasses that expose
hard rocks.
The company plans
to carry on a magnetic survey in the property, detailed PIMA alteration
studies, trench sampling and open up the two known tunnels to expose
mineralization to define a drill program.�
Latin American Minerals has the right to acquire 100% of the property by
making escalating cash payments totalling $452,500 over 4 years and granting a
3% Net Profits Interest.
Please refer to
our website at www.latinamericanminerals.com for all results, sections
and location maps.
Latin American
Minerals Inc. is a mineral exploration company focused on the acquisition and
development of base and precious metals projects in under-explored but highly
prospective countries of Latin America.
For more information please contact: David
Wahl, President and CEO, at (416) 363-0841 or visit www.latinamericanminerals.com
Sampling and Analytical Protocols: The sampling and analytical protocols
were established, implemented and supervised by or under the direction of Dr.
Waldo Perez, the Company�s internal Qualified Person as defined by National
Instrument 43-101. Rock chip samples were collected by geologists at the site,
bagged, tagged and shipped by courier to ALS laboratories in Medellin,
Colombia. The samples were crushed, dried and split by ALS Colombia and sent by
courier to ALS Peru were they were assayed. All samples were assayed for gold
and multi-elements by ICP. Gold was analyzed by Fire Assay with AA finish using
50 gram sample. For the multi-elements the samples were dissolved in Aqua Regia
at 120�C and read in ICP-OES. Accuracy of results is tested through the
systematic inclusion of blanks, duplicates and certified reference standards.
Note: The TSXV has not reviewed and does not accept responsibility for
the adequacy or the accuracy of this release. This news release contains
forward-looking statements, which can be identified by the use of statements
that include words such as �could�, �potential�, �believe�, �expect�,
�anticipate�, �intend�, �plan�, �likely�, �will� or other similar words or phrases.
These forward-looking statements, including statements regarding the
Corporation�s beliefs in potential mineralization, are based on current
expectations, assumptions and projections about future events and entail
various risks and uncertainties that are beyond the Corporation�s ability to
control or predict. Actual results may materially differ from expectations as
more information regarding a property is gathered or if the Corporation�s
estimates or assumptions prove inaccurate. Factors that may materially affect
actual results include, but are not limited to, political, business and
economic conditions in jurisdictions where the Corporation conducts business,
and risks associated with mineral exploration and production. The Corporation
does not intend, and does not assume any obligations, to update forward-looking
statements, whether as a result of new information, future events or otherwise,
unless otherwise required by applicable securities laws. Readers should not
place undue reliance on forward-looking statements. The results described
herein are exploratory in nature and there can be no assurance that they are
indicative of Mineral Resources as defined in accordance with National
Instrument 43-101. Historic estimates
contained herein do not meet the definition of Mineral Resources as contained
in National Instrument 43-101 of the Canadian Securities Administrators.� Furthermore, neither the Corporation nor the Qualified
Person has reviewed any of the reports or exploration results underlying such
estimates and accordingly, such estimates (and any assumptions underlying such
estimates) have not been independently verified.� As a result, there can be no assurance that
such historic estimates are reliable, or that such estimates are indicative of
any mineralization which would meet the criteria of Mineral Resources as
defined in accordance with National Instrument 43-101.� Consequently, no reliance should be placed upon
these historical estimates.� However, the
Corporation believes that these historical estimates may be indicative of the
potential for mineralization on these properties.