Latin Resources (ASX:LRS) - Managing Director, Chris Gale - The Market Herald
Managing Director, Chris Gale
Source: Finance News Network
  • Latin Resources (LRS) has provided an exploration update for its Yarara gold and Noombenberry halloysite projects
  • The company has reviewed data from the Yarara project which has uncovered more than 30 new targets
  • Latin will conduct exploration on four priority areas once it completes access meetings
  • Additionally, Latin is negotiating with landholders of the Noombenberry project to conduct a phase one drilling program
  • Drilling is aimed at confirming halloysite mineralisation that was discovered during the previous sampling
  • Company shares have dropped 4.55 per cent and are trading for 2.1 cents

Latin Resources (LRS) has provided an exploration update for its Yarara gold and Noombenberry halloysite projects.

The Yarara Project

Latin has now compiled and completed a detailed review of the geological, geophysical and historical geochemical data that covers the Yarara Gold Project in New South Wales.

Yarara is located 70 kilometres east of Albury and covers a 47-kilometre strike length of prospective volcanic and meta-sedimentary lithologies and the Yarara Shear zone.

The project contains old gold workings with at least four main historic high-grade gold mines that targeted high-grade quartz vein systems.

Based on the available regional data, the company has highlighted more than 30 target areas including a number of 'priority one' areas. Latin believes these are highly-prospective for various styles of gold mineralisation.

On-site meeting with landholders are now underway and have been positive so far. In addition to the negotiations, access permits to allow reconnaissance drilling in the state forest area are ready to be submitted.

"With access discussion on-going, and targets now broadly defined, the company is well positioned to move quickly to complete and lodge applications to commence drilling once land access agreements have been finalised," Managing Director Chris Gale said.

The Noombenberry Project

Earlier this month, Latin's technical team conducted site reconnaissance and prospecting work at the Noombenberry Project in Western Australia. This was aimed at accelerating site access discussions with landholders and finalising site access track for a proposed drilling program.

The reconnaissance drilling program will confirm the extent and characteristics of the halloysite mineralisation that was discovered during previous sampling.

The initial target area is under crop, however a network of farm access and fence line track will allow the phase one drilling program to be completed with little disruption to landholders' current activities.

"The proposed phase 1 drilling will enable the company to quickly and cost effectively outline the scope of the high-value halloysite mineralisation identified in surface sampling," Chris stated.

Following drilling, Latin will collect samples for analysis and make assessments ahead of a larger drilling program.

As long as it receives final approvals, Latin expected to begin the drilling program in the upcoming quarter.

Company shares have dropped 4.55 per cent and are trading for 2.1 cents at 11:44 am AEST.


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