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Ilo Iron Ore Project (100%) – Iron

 

Location

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(%)
IN-01 0 74 74m 0.13% 14.28% 2.57%
  76 96 20m 0.11% 13.78% 4.15%
  150 262 112m 0.06% 14.74% 3.31%
Including: 6 38 32m 0.14% 15.60% 1.44%
  24 62 38m 0.17% 13.98% 3.50%
  78 92 14m 0.13% 13.83% 4.31%
IN-02 24 144 120m 0.13% 20.38% 3.06%
  156 224 68m 0.03% 19.59% 3.70%
Including: 52 66 14m 0.55% 20.36% 4.05%
  78 88 10m 0.23% 20.05% 3.91%
  98 138 40m 0.05% 22.79% 2.88%
  162 194 32m 0.04% 22.47% 4.44%
IN-03 96 112 16m 0.27% 10.73% 1.18%
  250 276 26m 0.23% 10.43% 0.97%
Including: 88 102 14m 0.17% 12.76% 1.56%
IN-05 122 146 24m 0.01% 15.08% 3.25%
  274 322 48m 0.02% 14.12% 2.66%
Including: 132 142 10m 0.01% 16.89% 4.24%
  284 312 28m 0.01% 14.81% 2.64%

 

 

 

HOLE ID From To Interval Cu (%) Fe (%) S (%)
IN-06 0 22 22m 0.11% 17.36% 0.53%
  98 210 68m 0.07% 15.13% 3.40%
Including: 0 8 8m 0.19% 14.40% 0.88%
  110 128 18m 0.14% 15.63% 4.60%
             
             
IN-07 0 42 42m 0.14% 14.35% 0.13%
  98 132 34m 0.03% 16.54% 4.07%
Including: 16 28 12m 0.19% 16.67% 0.05%
             
             
             
IN-08 14 24 10m 0.23% 5.58% 0.10%
  154 164 10m 0.09% 16.70% 1.68%
  184 196 12m 0.11% 13.45% 2.18%
  208 218 10m 0.15% 12.21% 2.82%
  226 350 124m 0.04% 18.39% 3.26%
Including: 246 306 60m 0.07% 21.47% 3.64%
             

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