Latin Resources Ltd (ASX:LRS) will discuss the progress of its Pachamanca/MT-03 copper project in Peru and the prospectivity of the Noombenberry Halloysite Project in WA at a virtual conference tomorrow.
Executive director Chris Gale will discuss Latin’s project portfolio and key activities planned for 2020 from 3.30pm at the NWR Virtual Resources Conference on Wednesday, May 6.
The company will release an updated presentation prior to the free event organised by NWR Communications.
Investors can register online to view the presentation here: https://us02web.zoom.us/webinar/register/WN_JI-1b8NlQi6YpuvwHDHLRA
Binding terms extended at Pachamanca
During the March quarter, Latin’s subsidiary Peruvian Latin Resources SAC (PLR) signed an extension to the binding terms executed with Minera Antares Peru SAC, a subsidiary of Canadian copper producer First Quantum Minerals Limited (TSE:FM) for the Pachamanca/MT-03 Copper Project in Peru.
The current term sheet was extended to December 31, 2020.
Under the agreement, Antares has an option to earn an initial 51% of the project by completing 4,000 metres of drilling within six months of obtaining drill approvals.
Antares can earn up to a total of 80% of the project when technical documentation of work completed is provided to support a decision to mine and will then have an option to buy PLR’s remaining 20% share, with PLR to retain a 2% NSR royalty.
Drill permits pending
Latin Resources has received government approval to commence official drill permitting by Antares, with the drilling program to commence once drill permits have been approved.
Latin believes the JV with a global copper producer of the calibre of First Quantum Minerals is a rare opportunity and is testament to the work carried out by Latin in Peru.
Noombenberry project location and sample area
Noombenberry Halloysite Project
In January, Latin announced positive results from a first pass sampling program at its Noombenberry Project, 300 kilometres east of Perth, Western Australia.
A total of 13 samples were taken from the project site which exhibits outcropping across an area of around 50 square kilometres and tested to determine the kaolin/halloysite clay content, quality, and sales potential.
Results confirmed the prospectivity of the project, with samples from location four delivering high-grade kaolin results from the 45 to 180-micrometre category, up to 15% halloysite by weight and up to 38.9% kaolinite by weight.
Location three showed over 68% kaolinite and location one showed 44% kaolinite.
The company considers these grades are very encouraging and will further explore the project via a deeper and expanded drill program with assistance from First Test Minerals.