Jul 18, 2008 08:30 ET
Latin American Minerals: Samples of Artisan Tailings Indicate Continuity at Paraguay Gold Project
TORONTO, ONTARIO--(Marketwire - July 18, 2008) - Latin American Minerals Inc. (TSX VENTURE:LAT) is encouraged by assay results from 43 samples of 17 tailings ponds on its Paso Yobai gold property in Paraguay. The tailing ponds are dry, coarse grained rejects from gravity plants and average 55m in diameter. Assays ranged from 0.1 gpt to 102.7 gpt of gold.
The tailing pond assay results confirm surface continuity of the gold bearing zone along strike of the Discovery Zone, which has been traced by diamond drilling to a depth of 100m returning 26.64 gpt Au over 6.5m, including 43.08 gpt Au over 4m (Press Release January 16, 2008). Additionally, the high gold grades detected in the tailing ponds strongly suggest a significant loss of the fine gold as a result of the primitive milling and gravity techniques used by mill operators in the area.
The table below summarizes the tailing pond assay results including Minas Paraguay (Dump 1) and Minera Guira (Dump 2), the only fully-permitted mining operations on the Paso Yobai property. Also included are assay results from 15 other tailing ponds of local mill operators who processed gold bearing material from a 300 metre long trench excavated on the gold bearing zone immediately south along trend from the Discovery Zone.
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Diameter Sample Depth of Au Diameter Sample Depth of Au
Ponds (m) # Sample gpt Ponds (m) # Sample gpt
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1 148 10328 2.5 1.15 9 88 10350 2.1 2.91
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10329 3 0.3 10501 1.7 0.29
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10330 3.1 0.11 10 36 10502 1.9 4.7
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2 90 10331 3 0.42 10503 1.3 5.4
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10332 2.5 0.55 10504 1.5 8.15
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3 39 10333 1 4.55 11 16 10505 1 2.94
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10334 1.3 3.08 10506 1.1 4.32
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10335 1.3 2.37 12 43 10507 1 0.57
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4 36 10336 1 10.2 10508 1.2 0.67
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10337 1.2 9.64 10509 1.5 3.6
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10338 1.1 9.97 13 28 10510 1 15.12
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5 32 10339 1 0.85 10511 1 12.38
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10340 1.1 6.51 14 22 10512 1.8 0.28
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10341 1.2 7.66 10513 1.5 0.33
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6 48 10342 0.7 6.01 15 24 10514 2.1 0.3
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10343 1 4.59 10515 1.7 1.14
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7 261 10344 0.6 54.32 10516 2 3.82
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10345 1 6.64 16 10 10517 1.2 3.26
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10346 0.6 102.73 10518 1.9 0.69
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8 37 10347 1.2 2.86 10519 2 1.28
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10348 1 8.1 17 19 10520 1.2 1.63
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10349 1 1.61 10521 1.5 8.17
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10522 1 2.39
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In order to estimate head grades of the gold bearing material delivered to the local mills by the artisan miners, Latin American Minerals collected three mini-bulk samples of approximately 60 kilograms each from pits excavated by the company to expose the mineralized system. The samples contain high grade, medium grade and low grade material. Alex Stewart Assay Laboratories carried out a detailed screen assay analysis of these materials to determine the head grades for the various size fractions tested. Results are as follows:
1. Sandstone (host rock of the mafic dyke):
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Screen Weight % Au gpt Distribution %
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+ 30 8.54 0.37 1.61
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+ 50 29.50 0.40 5.93
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+ 70 8.26 0.44 1.81
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+ 100 10.76 0.47 2.56
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+ 140 10.14 0.51 2.61
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+ 200 6.04 2.33 7.09
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- 200 26.76 5.83 78.39
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100.00 1.990 100.00
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2. Mafic Dyke (medium grade):
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Screen Weight % Au gpt Distribution %
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+ 30 6.12 15.33 10.22
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+ 50 18.12 23.14 47.64
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+ 70 8.90 8.67 8.41
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+ 100 9.80 9.50 10.14
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+ 140 8.82 5.18 4.98
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+ 200 6.80 4.66 3.45
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- 200 41.44 3.36 15.16
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100.00 9.181 100.00
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3. Mafic Dyke (high grade):
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Screen Weight % Au gpt Distribution %
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+ 30 5.06 138.75 10.45
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+ 50 22.60 97.20 32.71
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+ 70 10.20 94.49 14.35
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+ 100 10.62 93.09 14.72
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+ 140 8.42 78.69 9.87
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+ 200 5.48 75.43 6.15
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- 200 37.62 20.98 11.75
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100.00 67.165 100.00
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These results show that most of the gold is very fine. In the sandstone, up to 89% of the gold is recovered at -200 mesh, and in the mafic dyke between 11 % and 15% of the gold is recovered at -200 mesh and 36% of the gold is recovered at -100 mesh. Only greater than 100 mesh material can be recovered from the gravity circuits of local mill operators, explaining why their recovery of fine gold has been low.
"The tailings assays show that Paso Yobai not only has great exploration potential, but that the existing tailing dumps host a significant value of gold. This production comes from 8 pits along 3 km of the 7 km gold trend in Paso Yobai," observed Dr. Waldo Perez, Senior VP Exploration.
David Wahl, President and CEO, suggested, "Paso Yobai provides a unique opportunity for Latin American Minerals: the project is fully permitted for production, high grade gold mineralization is exposed on surface, is highly weathered, and can be extracted by mechanical excavators and processed by gravity to recover the coarse gold followed by a cyanide leach finish to recover the fine gold. Results of the ongoing metallurgical testing are expected within the next month."
The Paso Yobai project comprises two nested mining concessions (Minas Paraguay and Minera Guaira) covering 7,200 ha and three exploration concessions covering 7,600 ha. The mining concessions entirely cover a new gold district 230 km east of Paraguay's capital of Asuncion. Latin American Minerals optioned the mining concessions and acquired the exploration concessions in April 2007 and has since collected 12,000 soil samples, completed a 3,800 line kilometres helicopter borne EM and MAG survey, collected 800 rock chip and channel samples and diamond drilled 5,200 metres. Results have identified a 7 km long soil gold anomaly and a 2 km long Discovery Zone with mineralization confirmed by diamond drilling. Mineralization remains open along strike and to depth.
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 ponds weighted more than 5 Kg and were collected digging a hole in the pond between 1m and 3m deep. Two or three samples were collected in different locales of the pond. The screen assay samples were collected from the pits and weighted 60 Kg each. 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 tailing pond 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. The screen assay samples were sent to Alex Stewart Assayers in Peru. The samples were dried, crushed, split in each mesh. 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 of results is tested through the systematic inclusion of 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 Argentina and 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.
The TSXV has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
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