The revitalised company, which in the past 12 months has taken steps to monetise its South American assets through partnership agreements, is primarily focusing on the Yarara Gold Project in NSW and Noombenberry Halloysite-Kaolin Project in WA with drilling planned at both.
Gold in Lachlan Fold Belt
Yarara is in the Lachlan Fold Belt of NSW which has been attracting strong attention in the past year despite already hosting major gold and copper-gold operations, including Newcrest Mining Ltd’s (ASX:NCM) Cadia operations, CMOC’s Northparkes mine and Evolution Mining Ltd’s (ASX:EVN) Cowal mine.
The renewed interest has primarily resulted from the Boda discovery of Alkane Resources Limited (ASX:ALK) not far from that company’s existing Tomingley Gold Operations.
Other significant mineral projects within the proven belt and which LRS aims to emulate at Yarara include McPhillamys, Junee, Woodlawn, Hill End, Copper Hill and Commonwealth.
“High-quality walk-up targets”
The company has completed the compilation and detailed review of geological, geophysical and historical geochemical data covering Yarara, which is in the belt’s south and to the east of Albury.
The project area contains numerous old gold workings with at least four main historical high-grade gold mines that targeted high-grade quartz vein systems, including the Billabong Mine, Rangatira Mine, Perseverance Mine and the Just-in-time Mine.
Latin managing director Chris Gale said: “With high-quality walk-up drill targets like the historical Rangatira, Perseverance and Billabong gold mines, our geological team is eager to get on the ground to execute the planned exploration programs.”
An initial structural interpretation has highlighted more than 30 target areas, including numerous ‘priority 1’ areas, which Latin believes are highly prospective for a range of gold mineralisation styles.
Yarara Gold Project showing regional geology and structures, with priority targets and historical gold occurrences and mines.
Latin has focused land access efforts on four priority target areas with the company’s NSW-based team conducting on-site meetings with a number of key landholders.
Initial meetings with most landholders have been positive and Latin will continue to progress these discussions to facilitate the start of on-ground activities.
In parallel with landholder negotiations, access permits to allow reconnaissance drilling in the State Forest area covering the highly prospective Rangatira and Just-in-Time mines have been drafted and are ready for submission to the relevant state authorities.
Gale said: “We are very pleased to make progress with local stakeholders at Yarara Gold Project in NSW.
“With access discussion ongoing, and targets now broadly defined, the company is well-positioned to move quickly to complete and lodge applications to commence drilling once land access agreements have been finalised.”
The company’s other main focus is the Noombenberry Halloysite-Kaolin Project at the eastern edge of a new exploration province within a few hours of Perth in WA.
Attention has been drawn to this region through the nickel-copper-PGE discovery of Chalice Gold Mines (ASX:CHN) at the Julimar project, which has prompted exploration by a number of companies.
Halloysite and kaolin are industrial metals in increasing demand to serve a number of rapidly developing new technologies.
New research into the use of these metals for a number of high-tech industries is leading to the development of new markets.
At Noombenberry, a site reconnaissance and prospecting exercise was conducted by Latin’s technical team in early September, with the aim of advancing site access discussions with key landholders and finalising a site access track for a proposed drilling campaign.
The company intends to carry out reconnaissance exploration drilling to ascertain the extent and material characteristics of the halloysite mineralisation discovered during previous surface sampling.
Additional reconnaissance prospecting while on site has led Latin to secure additional tenure in the area through the submission of a new exploration licence.
While the initial target area is under crop, an extensive network of farm access and fence line tracks will enable the completion of the initial phase 1 drilling with minimal disruption to the current activities of landholders.
Shares on the move
Latin’s new focus in Australia has brought about a positive response from investors with shares increasing from 0.2 cents in early May to 2.7 cents on September 23 along with higher volumes.
Noombenberry project location map.
Pending receipt of final Program of Work (POW) approvals from the WA Department of Mines, Industry Regulation and Safety (DMIRS), Latin anticipates undertaking the phase 1 exploration drilling in the upcoming quarter.
Working with landholders
Gale added: “We are also working closely with our local stakeholders at the Noombenberry Halloysite-Kaolin Project to facilitate initial reconnaissance drilling.
“We are intent on working with landholders to limit our impact at this early stage of exploration.
“The proposed phase 1 drilling will enable the company to quickly and cost-effectively outline the scope of the high-value halloysite mineralisation identified in surface sampling.”