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Latin American Minerals Enters into Letter of Intent to Acquire 100% of the Sail Pond Silver Project in Newfoundland
Toronto, Ontario--(Newsfile Corp. - August 24, 2020) - Latin American Minerals Inc. (TSXV: LAT...
About this update from Sterling Metals Corp.
[{"type":"text","content":"Latin American Minerals Enters into Letter of Intent to Acquire 100% of the Sail Pond Silver Project in NewfoundlandToronto, Ontario--(Newsfile Corp. - August 24, 2020) - Latin American Minerals Inc. (TSXV: LAT) (the \"Company\") is pleased to announce that it has executed a Letter of Intent (\"LOI\") to purchase 100% of the Sail Pond silver-copper-lead-zinc project (the \"Project\" or \"Sail Pond Property\") on the Great Northern Peninsula of Newfoundland from Altius Resources Inc, a wholly-owned subsidiary of Altius Minerals Corp. (TSX: ALS, \"Altius\").In consideration for the purchase of the Project, on signing of a Definitive Agreement (the \"Agreement\"), the Company will issue to Altius 19.9% of the outstanding shares of the company. Other key conditions of the LOI include a minimum expenditure commitment on the project of $500,000 within the first 12 months and $1,000,000 within the first 3 years of signing the Agreement. Additionally, the Company will issue to Altius an additional $200,000 in stock on the earlier of 12 months from the date of signing or on the completion of an equity financing of at least $2,000,000. Altius will retain certain preferential rights as it relates to an underlying 2% royalty. The 540 claim (13,500 Ha) Sail Pond Property comprises occurrences of silver-copper-lead-zinc sulphide mineralization in bedrock. Mineralization is stratabound and orogenic quartz-carbonate vein-hosted within folded and thrust bounded altered dolostones. The recently discovered occurrences have never been drill tested. Some highlights of recent rock grab and channel sample assays include*:Rock grab sample 12591: 2,030 g/t Ag, 7.08% Cu, 9.40% Pb, 0.46 g/t Au (South Zone)Rock grab sample 8329: 944 g/t Ag, 5.24% Cu, 7.6% Pb, 2.32% Zn, 0.30 g/t Au (South Zone)Rock grab sample 12744: 803 g/t Ag, 3.58% Cu, 0.11% Pb, 1.04% Zn, 0.17 g/t Au (North Zone); 1.0 m channel sample: 499 g/t Ag, 2.66% Cu, 6.80% Pb, 0.27% Zn, 0.33 g/t Au (Trench SPTR-10; North Zone)2.9 m combined channel samples: 180 g/t Ag, 0.97% Cu, 0.24% Pb, 0.18% Zn (Trench SPTR-16; North Zone)* Note: the reader is cautioned that rock grab samples are selective by nature and values reported may not represent the true grade or style of mineralization across the Property.Some key Project facts include: Discovered in 2016 by a local prospector; Approximately $1,000,000...