LATIN AMERICAN MINERALS INC. (Tier2)
Latin American Minerals Reports Initial Rock Chip Assays, Completes Two Drill Holes Below the Minera Guaira Open Pit and Expands Gold Soil Geochemical Anomaly at its Gold Project in Paraguay
11/19/2007
TORONTO, ONTARIO, Nov 19, 2007 (Marketwire via COMTEX News Network) --
Latin American Minerals Inc. (TSX VENTURE:LAT) announces that it has received very encouraging assay results from the initial batch of rock chip samples collected at various artisan workings along the Paso Yobai Gold Trend, completed two drill holes below the Minera Guaira Open Pit and expanded the A-2 Gold Soil Anomaly at its Paso Yabai Gold Project in Paraguay.
Rock Chip Sample Results - The rock chip samples were taken by qualified technicians under the direct supervision of LAT's Project geologist. Details of the sampling method and analytical procedures are presented at the end of this press release. Several representative pits on the Property were selected for the initial sampling program. The samples were taken to establish a lithogeochemical "finger print" for each pit. Where practical several samples were taken across individual quartz manganese and quartz pryrite veins and stockwork veins worked by artisan miners and others were taken as a matter of geologic interest. The trenches are up to 3m wide and up to 5m deep and the pits are up to 10m wide and 15m deep and were excavated to expose the mineralized zone consisting of calcite, smectite, manganese and kaoline veins and to exploit the individual gold bearing veins up to one metre wide within the zone. Typically the artisans focused on exploiting only the gold bearing veins to maximize their gold recovery. Very little if any wall rock is exposed in the many "rabbit warren" headings. Sampling in these areas is difficult and very dangerous. Safety is our first concern. A total of 124 samples were collected during the initial sampling program. The assay results show that most of the samples are anomalous in gold and several are highly anomalous reporting up to 99 gpt Au. The following summarizes the significant assay results:
Guaira Open Pit is one of the two past producing mines on the Property and northernmost known gold showing in the trend. Rock chip samples across individual stockwork veins returned 99 gpt Au over 0.5 meters, 15 gpt Au over 0.6 meters and 9 gpt Au over 0.5 meters. A total of twenty nine samples were taken in the Guaira Pit.
Cola Artisanal Pit is located 600 meters southeast along strike of the Guaira Open Pit and returned 10 gpt Au over a maximum exposed width of 0.7 meters. Twenty-four samples were taken at various locations in the Cola Pit.
Granadas Artisanal Pit is located 700m southeast along strike of the Guaira Open Pit and returned 32 gpt Au over 0.6 meters, 12 gpt Au over 0.5 meters and 11 gpt Au over 0.4 meters over a maximum exposed width across three individual veins. A total of seventeen samples were taken during the geological sampling of the Granadas Pit.
Delfin Artisanal Pit is located 320 meters southeast along strike of the Cola Pit and returned 28.6 gpt Au over 0.5 meters. The wall rock on either side of this vein returned 0.77 gpt Au and 0.44 gpt Au across 1 meter respectively for a weighted average grade of 6.2 gpt Au over a maximum exposed width of 2.5 meters. Twenty nine samples were taken at various points of geologic interest in the pit.
Tony Pit is located 300 meters southeast along strike of the Delfin pit and returned 1 gpt Au over 4.1m in the mafic dyke and the host sandstone exposed over 0.5 meters returned 0.5 gpt Au. A total of twenty-five samples were taken in the Tony Pit.
New Gold Discovery is located 1.5km east of the Guaira Open Pit and a grab sample of sandstone returned a gold grade of 5.1 gpt.
Diamond Drill Results - Equally significant is the geology and mineralization intersected in the first two holes of the 5,000m diamond drill program announced earlier this month. Assay results are expected in December. The holes were collared to intersect the gold bearing zone (mafic dike) at depth below the Guaira Open Pit containing individual stockwork veins running up to 99 gpt Au across 0.5m as noted above.
DDH-LAT-01 was drilled at a dip of -50 degrees and to a depth of 137 meters. The mafic dyke was intersected between 83 meters and 110 meters. The mineralization, consisting of fine sulfides, calcite, smectite, manganese and kaolin veins is hosted in the mafic dyke and concentrated in one shoot from 86 meters to 98 meters (12 meters).
DDH-LAT-02 was collared from the same drill platform as DDH-LAT-1 and was drilled at a dip of -65 degrees and to a depth of 165.3m. The mafic dyke was intersected between 107 meters and 136 meters. The mineralization, consisting of fine sulfides, rodocrosite, chalcedony, smectite and calcite veining, stockwork and breccia zones is also hosted in the mafic dyke and concentrated in three shoots from 109 meters to 117 meters (6 meters), from 123 meters to 126 meters (3 meters) and from 130 meters to 135 meters (5 meters).
In both holes the mafic dyke hosts disseminated pyrite. Significantly, the deeper hole DDH-LAT-2 indicates the width of the mafic dyke and intensity of the mineralization increases with depth. This mineral assemblage confirms the low sulphidation nature of the epithermal system. Currently, the core is being logged and sampled for delivery to Alex Stewart Laboratories in Mendoza, Argentina. The third hole is currently being drilled under the Granadas Artisanal Pit. Assay results are expected in December.
Dr. Waldo Perez, Sr V.P. Exploration states "... in addition to the very encouraging geochemical soil results, the rock chip channel sample results from the artisan pits confirm the extension of a low sulphidation high grade vein system. Equally encouraging are the high gold grades associated with the host sandstone. The drill logs of holes DDH-LAT-1 and 2 confirm the downward continuation of the geology exposed in the various pits to a depth of at least 100m on the gold bearing trend at Paso Yobai ..."
Rock samples and drill core will be available at Latin American Mineral's booth at the London Mines and Money show from November 21 to 22nd.
Soil Geochemical Results - Of regional significance are the results of the second batch of soil geochemical samples collected at Paso Yobai. In July, LAT announced the start of a large detailed soil geochemical sampling program (10,000 samples) over the central portion of the Property. Results have been received for approximately 5000 soil samples.
The new soil results extend the A-2 Anomaly (Press Release October 15, 2007) a further 1.75km along strike to the southeast. The total length of this anomaly is currently 2.75km and is open to the northwest and southeast along strike. The anomaly is defined by gold in soil values greater then 50ppb and covers an area measuring 1,000m x 3,000m. The core of the anomaly reports gold values ranging from 50ppb to 100ppb and covers an area measuring approximately 330m x 2,750m. Contained within the core area are 5 highly anomalous gold zones ranging from 100ppb to 1000ppb (1gm) over continuous soil sample intervals ranging from 50m to 200m along the soil sampling lines and continuously on adjacent lines for over 500m.
Mr. David Wahl, President and CEO reports that "...the second batch of geochemical results are very encouraging as they confirm the regional significance to the A-2 Anomaly as a definitive marker of the 5.7km long gold bearing corridor at Paso Yobai."
To review the recent geochemical soil and rock sample results please refer to the Paso Yobai maps www.latinamericanminerals.com, which show the gold geochemical results superimposed on the magnetometer and electromagnetic maps.
The Paso Yobai Project is located in southeastern Paraguay, approximately 150 kilometers east of Asuncion, the capital of Paraguay. The Property covers approximately 20,666 hectares. Gold was discovered at Paso Yobai in 1996 by local prospectors. Since that time local artisan miners have extracted gold from numerous pits which have continuously exposed the gold bearing zone (quartz manganese and quartz pyrite veins, parallel veins and stockwork with visible gold) along a northwesterly strike for 3.7km.
Warrant Expiry: LAT would like to thank those warrantholders who have exercised their warrants and reminds warrantholders that the expiry date for the $0.35 warrants is November 20, 2007.
Cerro Amarillo Update: As reported on June 20, 2007, LAT suspended work on its Cerro Amarillo project in the Province of Mendoza, Argentina, due to new mining legislation banning the use of any chemical substance in mineral processing. Given the local political uncertainty, significant access challenges and rising cash option payments, LAT has decided to terminate its option on the Cerro Amarillo project to focus its efforts and resources on its Paso Yobai gold project in Paraguay, Tendal VMS Project in La Rioja Province, Argentina, and its new venture in Colombia.
Waldo Perez, P.Geo is LAT's internal Qualified Person under the requirements of National Instrument 43-101 and is responsible for this press release.
LAT 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.
Notes:
The soil samples were collected on northeasterly trending grid lines established at 250 metre intervals perpendicular to the known mineralized trend. Individual samples were collected at 25 metre intervals on all grid lines. The sample was collected below the level of organic matter, between 0.8 and 1.2 metre deep. A total of 5 kilogram sample was collected and sieved to -150#. Several tests have been done at different depth and grain size in known mineralized zones to maximize reproducibility and minimize nugget effects. All of the samples were collected by qualified technician and/or qualified technicians under the direct supervision of the project geologist. The samples were tagged with a pre-numbered tag and bagged in micropore bags to allow humidity to evaporate. The samples were sent to LAT's preparation facility in Paso Yobai that is supervised by Alex Stewart Assayers Argentina S.A. ("ASAA").
The rock chip samples were collected using a geological hammer to obtain a representative samples across the desired or exposed area of interest. The channel was approximately 10cm wide and variably up to 10 cm deep. The rock chip samples were dried in stainless steal containers at 80 degrees C, crushed and split at LAT's ASAA supervised sample preparation facility to obtain a 200 gram pulp that was shipped by a company truck from Paso Yobai to Asuncion and by an international courier from Paraguay to Mendoza Argentina to the laboratories ASAA in Mendoza (Argentina). ASAA is an ISO 9001-certified laboratory with headquarters in England. The soil samples were dried in stainless steal containers at 80 degrees C and sieved at -140# mesh. In those cases that small pellets were formed during drying due to high clay content of the sample the pellets were crushed by hand using a stainless steal ball. After drying and sieving the sample was split as many times as needed to obtain a 200 gram pulp that is shipped to Mendoza. 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 degrees C and read in ICP-OES. 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. 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.
SOURCE: Latin American Minerals Inc.
Latin American Minerals Inc. David Wahl (416) 363-0841 Website: www.latinamericanminerals.com
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