Results from fieldwork at Mariela will form the basis of a drilling program at the highly prospective iron ore project in Peru, which recently attracted a major Chinese partner to the company. Results from fieldwork at Mariela will form the basis of a drilling program at the highly prospective iron ore project in Peru, which recently attracted a major Chinese partner to the company.
Latin Resources has completed the fieldwork component of an expanded magnetic and gravity survey at the Mariela Iron Ore Project in Peru, which will improve targeting for a forthcoming drill program.
Initial interpretation of the latest geophysical data has further defined a previously identified high intensity anomaly, which is up to 3000 meters long, 1000 meters wide and 200 meters thick. The modelled source of the anomaly is located under 30 meters to 100 meters of cover.
Results from the fieldwork will be used to design a drilling program, which is scheduled to commence in the June quarter of 2012. Latin has already completed the requirements for an initial drill permit, which will be submitted for approval as soon as the drill hole locations are finalised.
Mariela comprises seven mining concessions over 5,200 hectares in the Islay Province of Arequipa in Southern Peru. Significantly, the project is positioned within a 700 kilometer band of the Southern Peruvian coast with highly favourable geology for iron, iron deposits and iron occurrences.
Importantly, the Mariela Project is located in close proximity to key transport infrastructure. The project is located directly on the major Panamerican Highway, and is just 60 kilometers from the mining port of Ilo. Chinese joint venture partner for Mariela
In November 2011, Latin announced that it had secured the Junefield Group as a joint venture partner for the Mariela Project. Junefield is a Chinese group that has been exploring Peru for more than three years. Under the agreement, Junefield will spend up to USD 35 million to fund the project up to a Bankable Feasibility Study, in order to earn a 70% interest in the Mariela and Dylan concessions.
Junefield had been drilling itself at a property around Latin's Ilo project and Mariela. atin Resources has a number of mineral concessions in Peru, including the Guadalupito Iron and Heavy Mineral Sand Project in northern Peru.
In late December 2011, Latin reported a maiden JORC resource of 119 million tonnes at 5.7% total heavy mineral content. The Guadalupito concessions cover a 45 kilometer long mineralised shoreline system that extends up to 4 kilometers inland. The announced resource estimate covers only 6 kilometers of that strike length to a width of only just over 1 kilom
At Ilo Norte the focus is iron, copper and gold, while at Guadalupito the target is iron and heavy mineral sands, with the company targeting a JORC Resource in 2011.
Source – Proactive Investors
(www.steelguru.com)
