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Last update: 3:19 p.m. EST Jan. 8, 2009
TORONTO, ONTARIO, Jan 08, 2009 (MARKET WIRE via COMTEX) -- Latin American Minerals Inc. (CA:LAT: news , chart , profile ) (the "Company" or "Latin American") reports that mechanical trenching across the Discovery Zone on the Paso Yobai Gold Trend in Paraguay has exposed the gold-bearing zone in all trenches, locally containing coarse visible gold.
The Paso Yobai Gold Trend hosting the Discovery Zone has been traced by airborne and ground magnetic surveys along strike for 7 kilometres, and has been outlined by a large regional gold soil anomaly measuring 8.5 kilometres long by 2 kilometres wide (Inset in Figure 1 of this press release). The core of the geochemical anomaly measures 6,000 metres long and 250 metres wide, and returned gold values in the soil ranging from 0.076 gpt to 1.1 gpt gold (Press Release of June 2, 2008). Within this large geochemical anomaly, a 2 kilometre long "Discovery Zone" has been traced by diamond drilling to a depth of 100 metres returning 26.64 gpt Au over 6.5 metres, including 43.08 gpt Au over 4 metres (Press Release of January 16, 2008). A longitudinal section, presenting the diamond drill results and the new trench assays discussed below, is illustrated in Figure 2.
Latin American excavated eleven trenches at 100 metre intervals across the northern portion of the Discovery Zone. The locations of the trenches are shown on Figure 1 of this release. The trenches are approximately 10 metres wide, 15 metres deep and locally up to 40 metres long (Pictures 1 and 2 of this press release). All of the trenches have been mapped and sampled. Each trench is represented by two profiles, depicting the north and south walls as mapped, i.e. the north wall looking north and the south wall looking south. A typical trench profile (T2) including geology, sample location and assay results, is presented in Figure 3. All of the trench profiles are available on the Company's web site at www.latinamericanminerals.com.
Assay results have been received for ten trenches. Results in Trenches 1 to 7 show a high grade zone exposed in T1, reporting 21.47 gpt Au over 0.5 metres. The zone continues in T2, reporting 61.38 gpt Au over 0.5 metres, 10.08 gpt Au over 0.5 metres in T3, 34.79 gpt Au over 0.6 metres in T4, 55.51gpt Au over 1.0 metre in T5, 7.0 gpt Au over 0.7 metres in T6, and 18.48 gpt Au over 1.3 metres in T7. This continuous high grade zone is surrounded by one or possibly two lower grade shoots, producing a weighted average grade of 8 gpt Au over 7.5 metres in T2 and 11.47 gpt Au over 2.8 metres in T7. All significant assay results are summarized on Table 1 of this press release. The trench results are geologically equivalent to the drilling results published in our January 16th 2008 press release of the Discovery Zone, suggesting the gold mineralization is continuous along strike and to depth.
Trenches 8, 9 and 11 show lower results, in part because this area has been already worked by artisan miners, depleting the high grade shoots down to the bottom of the trenches (about 15 metres). Further excavating to a depth of 25 metres will be carried out to confirm gold mineralization below the level of the artisan working. Drilling results under these trenches returned 12.52 gpt Au over 6 metres, indicating that the gold mineralization continues at depth.
"Results show that high grade coarse gold mineralization is continuous in length along the tested trenches," said Dr. Waldo Perez, Senior VP of Exploration. "The upside potential is intriguing since the Discovery Zone represents only 10% of the entire system."
David Wahl, President and CEO, stated, "We are extremely pleased with current results in Paso Yobai, and are exploring various ways to advance the property."
Dr. Waldo Perez, P.Geo., is Latin American Minerals Inc.'s internal Qualified Person under the requirements of National Instrument 43-101 and is responsible for this press release.
Latin American Minerals Inc. is a mineral exploration company focused on the acquisition and development minerals projects in under-explored but highly prospective countries of Latin America.
Notes:
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. The samples from the trenches weighted more than 5 Kg and were collected in continues channels 4cm deep and 4 cm wide and between 0.5m and 2m long. The sample preparation was carried on the Company's sample preparation facility, operated by Company technicians under the direct onsite supervision and QA/QC provided by professionals from Alex Stewart Laboratories. Alex Stewart Assayers Argentina S.A. ("ASAA") laboratory is an ISO 9001-certified laboratory with laboratory facilities in Mendoza, Argentina and headquarters in England. The trench samples were dried, crushed and split. A total of 200 grams of sample have been separated for analysis The prepared samples were shipped by bonded courier to "ASAA" laboratories in Mendoza Argentina for analysis. A total of 50 grams of each fraction in the sample have been separated for analysis. All samples were assayed for gold by Fire Assay with AA finish using 50 gram sample. Accuracy and precision of results is tested through the systematic inclusion of duplicates, blanks and certified reference standards.
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, except as 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.
To view the Figure 1: Trenching and drilling compilation map, please visit the following link: http://media3.marketwire.com/docs/latfig1.pdf.
To view the Figure 2: Longitudinal Section map, please visit the following link: http://media3.marketwire.com/docs/latfig2.pdf
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TRENCH RESULTS 2008
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North Wall South Wall
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8m @ 2.64 gpt Au
including 0.5m @ 21.47 gpt Au
including 1m @ 6.12 gpt Au
TRENCH 1 2m @ 1.82 gpt Au Not sampled
12m @ 1.99 gpt Au
including 6m @ 3.86 gpt Au
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------------------------------------------ --------------------------------
6.3m @ 0.51 gpt Au 8.5m @ 7.00 gpt Au
including 1.3m @ 1.63 gpt Au including 1m @ 16.45 gpt Au
3.6m @ 1.6 gpt Au including 0.5m @ 61.38 gpt Au
including 1.0m @ 3.46 gpt Au including 0.5m @ 14.28 gpt Au
TRENCH 2 0.9m @ 3.08 gpt Au 1.5m @ 0.48 gpt Au
2.5m @ 2.88 gpt Au
------------------------------------------ --------------------------------
------------------------------------------ --------------------------------
10.0m @ 0.57 gpt Au 10.0m @ 0.58 gpt Au
including 3.0 m @ 1.34 gpt Au including 1.0 m @ 2.52 gpt Au
TRENCH 3 7.7m @ 1.06 gpt Au 3.6m @ 1.10 gpt Au
including 1.0 m @ 3.15 gpt Au 1.3m @ 1.81 gpt Au
3.9m @ 0.28 gpt Au 0.5m @ 10.08 gpt Au
0.6m @ 2.11 gpt Au
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4.65m @ 4.61 gpt Au 2.9m @ 2.2 gpt Au
including 0.6m @ 34.79 gpt Au including 0.7m @ 4.25 gpt Au
1.0m @ 2.74 gpt Au
TRENCH 4 2.0m @ 0.55 gpt Au
0.55m @ 2.82 gpt Au
0.57 m @ 0.86 gpt Au
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0.5m @ 20.0 gpt Au 1.0m @ 55.51 gpt Au
2.5m @ 0.30 gpt Au 2.5m @ 0.38 gpt Au
TRENCH 5 1.0m @ 3.06 gpt Au 1.1m @ 1.61 gpt Au
2.8m @ 0.34 gpt Au 1.0m @ 0.72 gpt Au
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2.4m @ 1.77 gpt Au 0.7m @ 7.01 gpt Au
TRENCH 6 including 1.3m @ 2.91 gpt Au 2.6m @ 0.39 gpt Au
0.5m @ 0.75 gpt Au
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6.6m @ 1.68 gpt Au 9.3m @ 1 gpt Au
including 2.8m @ 3.26 gpt Au including 3.0m @ 2.48 gpt Au
TRENCH 7 2.8m @ 11.47 gpt Au 2.5m @ 0.40 gpt Au
including 1.3m @ 18.48 gpt Au 5.20m @ 0.50 gpt Au
2.6m @ 1.90 gpt Au 2.0m @ 0.70 gpt Au
including 0.8m @ 5.38 gpt Au
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Exploited by artisan miners 2.8m @ 0.39 gpt Au
TRENCH 8 including 1.3m @ 0.77 gpt Au
1.0 m @ 0.38 gpt Au
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1.3m @ 0.64 gpt Au
TRENCH 9 Exploited by artisan miners 1.0m @ 0.39 gpt Au
1.1m @ 0.36 gpt Au
2.0m @ 0.10 gpt Au
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TRENCH 10 Pending
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TRENCH 11 Exploited by artisan miners 2.2m @ 1.70 gpt Au
1.2m @ 4.8 gpt Au
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Table 1: Trench Assays (weighted averages gold grades in grams per tonne).
To view the Picture 1 and Picture 2, please visit the following link: http://media3.marketwire.com/docs/latimages.pdf
To view Figure 3: Trench 2: South Wall Section (looking south), please visit the following link: http://media3.marketwire.com/docs/latfig3.pdf
The TSXV has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Contacts:
Latin American Minerals Inc.
David Wahl
(416) 363-0841
Website: www.latinamericanminerals.com |
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