Ilo Iron Ore Project (100%) – Iron
The Ilo Project comprises both the Ilo Norte Project and the Ilo Sur Project. The Project sites are located in southern Peru, south of the Mariela Project.
The company currently has 22,000ha of granted concessions and 2,600ha of pending concessions.
Ilo Norte Exploration Targets
LRS has 7,300ha of controlled concessions within 7 blocks at Ilo Norte. The Ground magnetic and gravity surveys have been carried out over the concessions. The company has since identified a large iron skarn.
The altered and anomalous outcrops cover an area of 600m x 400m and is party surrounded by colluvial cover. The skarn consists of a stacked sequence, approximately 120m thick of interlayered calc-silicate altered volcanic rocks and iron-rich (magnetite and maghemite) horizons.
This package of altered and mineralised rocks dips east (into the hillside) at 20 to 30 degrees. Iron grades from 41 samples in the core of the skarn vary from 30.5% up to 34.6%. Approximately 800m to the south of the skarn target, there are several magnetite-rich veins of 0.5 to 1.5 meters width, which contain up to 62.3%Fe.
The company has undertaken an initial eight hole drill program at Ilo Norte along 1.25km of strike and 400m in width, Magnetite and copper mineralisation were confirmed from the samples, with the potential for gold mineralisation.
Grades of iron in the most significant intersections range from 10% to 20% and the most significant copper intersections range from 0.1% to 0.2%.
|HOLE:ID||From||To||Interval||Cu (%)||Fe (%)||S(%)|
|HOLE ID||From||To||Interval||Cu (%)||Fe (%)||S (%)|
Table 1: Most Significant intersections from IIo Norte Drilling Results
Figure 1: Ilo Norte drill target area
Figure 2: Ilo Norte drill target area
Ilo Sur Target
The Company has been granted 10,200 hectares in twelve blocks at Ilo Sur, based on numerous occurrences of magnetite - maghemite veins, some exposed alteration and abundant covered areas. Latin Resources has a further two blocks totalling 2,000 hectares in application at Ilo Sur.
Ground magnetic and gravity surveys were also carried out over the Ilo Sur concessions. Mapping in the east block of the Ilo Sur property has identified a 300 x 300 meter area of several iron veins (4-6 meters long) and weak to moderate skarn alteration in volcaniclastic and volcanic intrusive rocks (sample results pending). This area is surrounded by sand or colluvial cover. This alteration zone is adjacent to a magnetic andesite dike.
Magnetic surveying in the area has produced a 'remnantly' magnetized circular anomaly of 200 x 300 meters, coincident with the vein and altered area - the remnant magnetism may be the product of a remnant polar reversal effect or was produced by hydrothermal alteration, which is common in skarn deposits.
Figure 3: View of Ilo Sur surface at geophysical anomaly
Figure 4: Ilo Sur drill target area