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Additional Information
Market:ASX
Sector:General Mining
EPIC:LRS
Latest Price: 0.28  (0.00%)
52-week High:0.44
52-week Low:0.16
Market Cap:33.65M
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Latin Resources Full Latin Resources profile here

Latin Resources (ASX: LRS) is focused on Peru where the company has several projects.


At Ilo Norte the focus is iron, copper and gold, while at Guadalupito the target is iron and heavy mineral sands - with the company targeting a JORC Resource in 2011.

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Latin Resources huge magnetic anomaly at Mariela along coast from 1.4Bt Marcona

Tuesday, February 22, 2011
Latin Resources huge magnetic anomaly at Mariela along coast from 1.4Bt Marcona

Latin Resources (ASX: LRS) has identified a huge magnetic anomaly, not far from some billion tonne iron ore giants in Peru.

A ground magnetic survey at Latin's Mariela Iron Ore Project has delineated a high intensity (3000nT) anomaly, with the modelled source under 30 to 100 metres of cover and measuring 3000 metres long, 1000 metres wide and up to 200 metres thick.

Identifying just how potentially spectacular this magnetic anomaly could be, it is positioned within a 700 kilometre band of the Southern Peruvian coast with highly favourable geology for iron, iron deposits and iron occurrences.

Within this band is the 1.4 billion tonne Marcona deposit with production ramping up to 10 million tonnes annually post the US$1 billion upgrade, which is Peru's only operating iron ore mine and owned and operated by Shougang Hierro Peru, which is also the fourth largest steel producer in China.

A second project in the area, Pampa de Pongo with a 750 million tonne at 41% magnetite, was recently purchased by Nanjinzhao Group of China for US$100 million dollars, and is being advanced to production.

Highlighting the potential for Latin, the company has already proven that the Mariela geology is the same as Marcona and Pampa de Pongo.

Mariela is around 400 kilometres south of these two huge deposits, with Latin also holding two other projects in the areas, Ilo Norte and Ilo Este.

Better still for any future production for Latin, the surrounding infrastructure is impressive, with major road transport and just 60 kilometres from a major mining port.

At Mariela, Latin will now commence a gravity survey, with the results improving drill targeting.

A maiden reverse circulation drilling program will then kick-off in April to test the targets.

Mariela is based around 5 contiguous mining concessions covering 3,200 hectares.

 

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