Latin Resources Limited (LRS) is a Perth based, ASX-listed Mineral Sands and Iron Ore focused exploration and development company with a number of attractive mineral concessions in Peru. The Company was formed as a vehicle to explore and develop mineral concessions through Latin America with a specific focus on Peru.
The Company's wholly owned subsidiary, Peruvian Latin Resources S.A.C, has opened an office in Lima and currently employs a General Manager, geologists, business development, a GIS mapping person and Administration Staff.
The company is currently progressing three of seven projects it has an interest in. The most advanced of the projects is the Guadalupito Iron & Mineral Sands Project located on the northern coast of Peru.
Key points about Latin Resources are as follows;
Upgrade to Inferred JORC Resource: On 7 August 2012, LRS announced an upgrade to the initial 119Mt Inferred JORC Resource Estimate at 5.7% heavy mineral content, released in December 2011. LRS announced an upgrade of the 119Mt estimate to 136Mt at 5.5% heavy mineral content and a further 275Mt at 3.9% heavy mineral content for a total inferred JORC Resource Estimate of 393Mt. This result came from drilling an area of 1,920 ha, 11% of the total concession area. These results prove promising for the remainder of the exploration program.
Proof of concept: A Proof of Concept study has been completed for the Guadalupito Project by Snowden. The report concluded that if the exploration target is proven up as JORC compliant resources, the materials could potentially be extracted economically at low cost using proven mining methods.
Discovery of New Heavy Mineral Deposit at Guadalupito: The company has discovered a new heavy mineral deposit at Los Conchales at the Guadalupito Project. The drill results have led to an estimated 690Mt with a 6.8% heavy mineral content. One of the most promising aspects of the results was that the target extends up to 40m below surface, which is significantly deeper than the 13.3m average depth used by Snowden in the Proof of Concept report.
Free-Carry at Mariela: The company’s wholly owned subsidiary Peruvian Latin Resources (PLR) has entered into a Earn-in Option Agreement with Total Genius Iron Mining SAC (Iron Mining), a wholly owned subsidiary of the Junefield Group. Iron Mining can earn up to 70% in the Mariela and Dylan concessions for a total spend of A$35M or completion of a Bankable Feasibility Study. This essentially gives LRS a free-carry through to the commencement of construction of the mine at Mariela.
Junefield Group Becomes Largest Shareholder: The Hong Kong based Junefield Group became the largest shareholder of LRS with the completion of the issue of 30M shares for a cost of $8.4M. Junefield Group now owns 18.7% of the company.
LRS Commencing Trading on both London & US Stock Exchanges: During the March quarter 2012, the company commenced trading on the London Stock Exchange and the US OTC Marketplace. Listing on the additional exchanges provides more options for the company with respect to raising funds.