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 with a Prospect
Generator model focusing on the acquisition of prospective
exploration properties at minimum cost, completing initial
evaluation through cost-effective exploration to establish drill
targets, and ultimately securing joint venture partners to fund
drilling and advanced exploration. Shareholders gain exposure to
the upside of a significant discovery without the dilution
associated with funding the highest-risk drill-based exploration.
Latin Metals has recently concluded deals to option out
exploration properties to Barrick Gold Corporation, and Libero
Copper and Gold.
Qualified
Person
Keith J. Henderson
P.Geo is the Company’s qualified person as defined by NI 43-101,
and has reviewed and approved for disclosure the scientific and
technical information contained in this news release.
Mr. Henderson is not independent of the Company, as he is an
employee of the Company and holds securities of the Company.
Figure 1: Location of the Organullo, Ana
Maria, and Trigal Projects, together withNew
Applications highlighted in green, Salta Province,
Argentina.
On Behalf of the Board of Directors of
LATIN METALS INC.
“Keith Henderson”
President & CEO
For further details on the Company readers are
referred to the Company's web site (www.latin-metals.com) and its
Canadian regulatory filings on SEDAR at www.sedar.com.
For further information, please contact:
Keith HendersonSuite 890999 West Hastings
StreetVancouver, BC, V6C 2W2Phone: 604-638-3456E-mail:
info@latin-metals.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
This news release
contains forward-looking statements and forward-looking information
(collectively, "forward-looking statements") within the meaning of
applicable Canadian and U.S. securities legislation, including the
United States Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical fact, included
herein including, without limitation, statements regarding the
exercise of the Option and the Top-Up Right by AngloGold, the
entering into of the Joint Venture, future exploration of the
Projects, anticipated exploration program results from exploration
activities, the discovery and delineation of mineral
deposits/resources/reserves, and the anticipated business plans and
timing of future activities of the Company, are forward-looking
statements. Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Often, but not always, forward looking
information can be identified by words such as "pro forma",
"plans", "expects", "may", "will", "should", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", "believes",
"potential" or variations of such words including negative
variations thereof, and phrases that refer to certain actions,
events or results that may, could, would, might or will occur or be
taken or achieved. In making the forward-looking statements in this
news release, the Company has applied several material assumptions,
including without limitation, that it will obtain TSX Venture
Exchange acceptance, if applicable, and the required corporate
approvals for the proposed transaction, that market fundamentals
will result in sustained precious metals demand and prices, the
receipt of any necessary permits, licenses and regulatory approvals
in connection with the future development of the Company’s
Argentine projects in a timely manner, the availability of
financing on suitable terms for the development, construction and
continued operation of the Company’s projects, and the Company’s
ability to comply with environmental, health and safety laws.
Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to differ materially from any future
results, performance or achievements expressed or implied by the
forward-looking information. Such risks and other factors include,
among others, operating and technical difficulties in connection
with mineral exploration and development and mine development
activities at the Projects, estimation or realization of mineral
reserves and mineral resources, requirements for additional
capital, future prices of precious metals and copper, changes in
general economic conditions, changes in the financial markets and
in the demand and market price for commodities, possible variations
in ore grade or recovery rates, possible failures of plants,
equipment or processes to operate as anticipated, accidents, labour
disputes and other risks of the mining industry, delays or the
inability of the Company to obtain any necessary permits, consents
or authorizations required, including of the TSX Venture Exchange,
financing or other planned activities, changes in laws, regulations
and policies affecting mining operations, currency fluctuations,
title disputes or claims limitations on insurance coverage and the
timing and possible outcome of pending litigation, environmental
issues and liabilities, risks relating to epidemics or pandemics
such as COVID-19, including the impact of COVID-19 on the Company's
business, risks related to joint venture operations, and risks
related to the integration of acquisitions, as well as those
factors discussed under the heading "Risk Factors" in the Company's
latest Management Discussion and Analysis and other filings of the
Company with the Canadian Securities Authorities, copies of which
can be found under the Company's profile on the SEDAR website
at www.sedar.com.
Readers are cautioned
not to place undue reliance on forward looking statements. Except
as otherwise required by law, the Company undertakes no obligation
to update any of the forward-looking information in this news
release or incorporated by reference herein.
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/772f50df-29cb-4313-a88a-9b91ef321f71
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