Latin Resources has received preliminary drill assays from the Mariela Project showing the intersection of continuous iron mineralisation producing strong widths and grades of up to 55.7% iron from the first drill hole.
The assays were received from joint venture partner Junefield’s Peruvian subsidiary, Total Genius Iron Mining SAC, following analysis by SGS laboratories in Lima, Peru.
The agreement allows Junefield to earn up to 70% of the Mariela Project by funding all activities to the completion of a Bankable Feasibility Study, or to a total cost of US$35 million.
An intercept of 227.15 metres at 37.2% iron from 542.6 metres including 27.4 metres at 55.7% iron, that contained very low levels of sulphur and phosphorus, was returned from the first drill hole.
A second hole intersected multiple iron mineralised zones between 187 metres and 820 metres depth that range in thickness from 0.4 metres to at least 21.9 metres with grades ranging from 20% to 52% iron.
Eighteen individual samples of between 0.6 metres and 2.1 metres in thickness were selected for copper analyses from the first hole and ranged in grade from 0.01% to 0.46% copper, with a raw average of 0.19% copper.