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Latin Metals Provides Exploration Update on Gold and Silver Exploration Projects, Santa Cruz Province, Argentina.
VANCOUVER, British Columbia, May 12, 2020 (GLOBE NEWSWIRE) -- Latin Metals Inc. (“Latin Metals” or the “Company”) - (TSXV: LMS) (OTCQB: LMSQF) announces that it
About this update from Latin Metals Inc
[{"type":"text","content":" VANCOUVER, British Columbia, May 12, 2020 (GLOBE NEWSWIRE) -- Latin Metals Inc. (“Latin Metals” or the “Company”) - (TSXV: LMS) (OTCQB: LMSQF) announces that it has entered into three amending agreements (“Agreements”) with Tres Cerros Exploraciones S.R.L. (“Tres Cerros”), in which the Company obtained reductions in the required cash payments and issuances of Latin Metals’ common shares, an extension to the payment schedules, and the addition to the property package of a new property Cerro Bay Sur (“Cerro Bayo Sur”). The Company has relinquished its interest in the Aguila Mora property. Cerro Bayo Sur The Cerro Bayo Sur property (Figure 1) totals 5,500 hectares and occurs immediately south and contiguous with the Company’s existing Cerro Bayo property. The new property hosts the continuation of the mineralized vein swarms mapped on Cerro Bayo, extending the known strike of the veins. As consideration for the property, Latin Metals agreed to relinquish its right of first refusal in certain properties held by Tres Cerros. No additional cash consideration was paid. Historical exploration on the property includes mapping, sampling and drilling, undertaken by previous operators. The vein swarms in the north of the property require mapping and sampling will need to be mapped and sampled. A second target is classified as a sinter / hot spring with potential for mineralization at depth and will likely require geophysical surveys followed by definition of drill targets. Santa Cruz 2020 Exploration Update Exploration planned for Q1 2020 was partially completed. The Company had planned three phases of surface mapping, prospecting and sampling. Phase I was completed and Phase II had just begun, when Argentina put a complete lock-down in place in response to the emerging COVID-19 crisis. As a result, the Company has temporarily suspended its exploration program. A total of 93 rock samples were taken during Phase I and samples have been moving through the laboratory, which is operating at reduced staff capacity during the lock-down. Work completed during Phase I included: Fiorentina and Fiorentina Norte Project mapping and sampling of the El Tapado and El Risco zone was partially completed, with more follow-up required. in the central zone of the Fiorentina concession, reconnaissance focus...