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Latin Metals Submits Property Applications Surrounding Organullo Project, Argentina
Vancouver, British Columbia, Nov. 14, 2022 (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, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Latin Metals Inc. (“Latin Metals” or the “Company”) - (TSXV: LMS, OTCQB: LMSQF) announces that it has submitted applications for additional exploration properties (“New Applications”) in the area surrounding the Organullo Project (“Organullo”), Salta Province, Argentina (Figure 1). New Applications The New Applications will form part of the properties included in an existing option agreement with AngloGold Argentina Exploraciones S.A. (“AngloGold”), a wholly owned subsidiary of AngloGold Ashanti Ltd. (NYSE: AU, JSE: ANG, ASX: AGG) under the terms of which AngloGold has an option to earn up to an 80% interest in the Company’s Organullo, Ana Maria, and Trigal Gold projects. If the applications are successful, the resulting properties will be included in the package of option properties. The New Applications comprise 11,265 hectares, and if granted they will bring the total land package held by Latin Metals (and subject to the AngloGold option agreement) to 31,648 hectares; a potential 55% increase in project size. AngloGold Exploration Update In Quarter 3, 2022, AngloGold completed Phase 1 soil sampling and geological mapping but, due to slow laboratory turn-around, no results had been received at the end of Quarter 3. Phase II soil sampling and mapping has commenced in new areas. AngloGold has purchased high-quality WorldView3 satellite imagery and 2.5m digital elevation models to guide exploration. Planning is advanced for a helicopter airborne survey to collect magnetic and radiometric data in Q1, 2023. Completion of the survey is dependent on completion of stakeholder engagement and receipt of approvals. AngloGold is working to secure permits in preparation for drilling, which is expected to begin in Q2 2023, subject to availability of drill rigs and receipt of permits. Incentive Stock Options The Company also announces that it has granted 1,700,000 common share stock options (each, an \"Option\") to various employees, directors and consultants of the Company and its affiliates. The Options entitle the holder to purchase shares at a price of $0.13 per share for a period of 36 months from the issue date. About Latin Metals Latin Metals is a mineral exploration company acquiring a diversified portfolio of assets in South America. The Company operates ...