Some very promising mineralization has been identified at the Guadalupito Iron and Heavy Mineral Sands Project, which Peru focused Latin Resources has an option and lease agreement over 6 mining concessions totaling 2,218 hectares.
Two magnetic concentrates identified up to 64% iron and 5% titanium with gold grades of potential economic significance and quantities of the rare earth elements, lanthanum, cerium, neodymium and thorium were identified in monazite.
By way of comparison, these concentrates were comparable to iron concentrates produced from an operating iron sands mine in New Zealand. Interestingly, Monazite accounted for more than 1% of 2 mini bulk samples, providing encouragement for the company to continue evaluating the economic potential of this mineral at Guadalupito. Monazite is a reddish brown phosphate mineral containing rare earth metals and is an important source of thorium, lanthanum and cerium.
Latin signed an option to buy agreement with the owners of the property with a 6 month due diligence period to collect samples for mineral sands analyses with GBRM of Perth. The concessions are located in uninhabited coastal desert with surface land owned by the Peruvian Government. Of major importance, the port town of Chimbote is just 25 kilometers south of the project along the paved Pan American highway which passes within 5 kilometers of the project.
Chimbote is host to Peru's largest iron smelter which is owned by the Brazilian based Gerdau Group, the leading long steel producer in the Americas. These initial results are important as they confirm the presence of a number of minerals of economic interest in free forms where no milling would be required to liberate the economic minerals from the unconsolidated bulk material.
Mr Chris Gale MD of Latin Resources said that significant quantities of the rare earth elements of lanthanum, cerium, neodymium as well as thorium were identified in Monazite. He said that is encouraged that these minerals are also present in a liberated form and will continue to evaluate their economic potential as part of the Guadalupito project.
(Sourced from Proactiveinvestors.com)
