Join our daily newsletter At The Bell to receive exclusive market insights
- Latin Resources (LRS) has seen results of up to 9.79g/t gold from its Peep O’Day Prospect at the Yarara joint venture Project in NSW
- The company received results from first pass reconnaissance rock chip sampling from the prospect, confirming the presence of gold mineralisation in the area
- Close space surface soil sampling is now underway to better define the mineralised system and assist in the planning of additional on-ground exploration
- Latin Resources last traded at 5 cents on June 23
Latin Resources (LRS) has seen results of up to 9.79g/t gold from its Peep O’Day Prospect at the Yarara joint venture Project in NSW.
The company received results from first pass reconnaissance rock chip sampling from the prospect, confirming the presence of gold mineralisation in the area.
A total of 57 samples were collected in the field as part of the first pass reconnaissance mapping exercise, which showed the area was dominated by altered granitic rocks, cut through by a stockwork of sheeted quartz veins.
Samples were taken from both the veins themselves and the altered wall rock both of which returned anomalous gold mineralisation.
Assay results from samples along the strike extent of the workings have shown distinct clusters of gold mineralisation, which Latin says indicates the system may be open and extend to the north and south under cover.
In total, around 30 per cent of the samples collected returned gold grades greater than 1 gram per tonne with some of the better results from the individually sampled veins including up to 9.78g/t gold.
“While it is still early days, these initial rock chip results from the Peep O’Day prospect are encouraging given this area has little to no previous systematic regional exploration, and certainly no previous drilling,” Latin Resources Exploration Manager Tony Greenaway said.
Close space surface soil sampling is now underway to better define the mineralised system and assist in the planning of additional on-ground exploration.
Latin says it will also fly a detailed drone-magnetic survey to highlight what appears to be an inflection in the north-south trend, which may indicate a favorable target area for mineralisation.
Latin Resources last traded at 5 cents on June 23.
