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Latin Resources has secured mineral rights over two key districts, Catamarca and San Luis. Latin Resources also holds an option of the Ansotana Lithium - Tantalum project in Salta. With these three key projects Latin Resources controls over 100,000 hectares of prime, high grade lithium concessions in Argentina - The largest hard rock pegmatite holding of any company in South America.
Latin Resources has a large land holding of over 77,000 hectares in the areas of Vilisman and Ancasti Lithium Pegmatite groups, with old mines marked.
The initial five targets drilled were La Culpable, Ipizca II, Reflecto De Mar, Campo el Abra and Santa Gertrudis.
San Luis Project
Claim applications for over 24,769 hectares in six exploration sessions and one vacant Lithium mining concession within in the Conlara and Estanzuela pegmatite fields have been lodged at the mining authority in the San Luis Province, Central Argentina.
Each claim surrounds documented lithium bearing pegmatite deposits that have been mined in the past for lithium bearing minerals (spodumene or lepidolite) and/or other related minerals including quartz, feldspar, albite, beryl, tantalite (tantalum ore) and colombite (niobium ore).
Latin Resources has also claimed the "Maria Del Huerto" mining concesson, comprising three parallel dykes where spodumene was mined between 1936 and 1940. Spodumene crystals of up to 1m in length have been recorded.
Salta Lithium Project
Latin Resources has an earn-in agreement to acquire the Ansotana group of concessions in Salta, Argentina. The 24 concessions, subject to the Binding Term Sheet, cover approx. 44,290 hectares in the El Quemado pegmatite district.
The project is located approximately 75 kilometres west from the city of Salta. The 60km long El Quemado pegmatite district is the most northerly of the various pegmatite districts in the 800km long Argentine Pampean Pegmatite province. These pegmatites are known to range in strike length up to 800m with widths up to 40m. The Ansotana mine produced commercial quantities of tantalum and bismuth. They are also known to contain the commercially important lithium minerals spodumene, amblygonite and lepidolite.
Initial Due Diligence has been completed and further exploration work is planned for 4th Quarter of 2017
La Rioja Cobalt Project - Argentina
Latin Resources has continued to take advantage of free exploration ground still available in Argentina applications granted for exploration concessions in the known cobalt province of La Rioja. The three tenements acquired in March 2017 adjoin and fully encompass an area that contains the historic King Tut Cobalt - Gold Mine that operated between 1901 – 1902.
Major Joint Venture - First Quantum Minerals (FQM)
JV is in place to drill sufficient coincident support.
Antares Peru (FQM 100% owned subsidiary) to complete geophysical survey following which may elect to proceed with a rights assignment and an option to earn an initial 51% of the project by completing 4,000m of drilling within six months from obtaining drilling approvals.
Antares may exercise the first option within a maximum of 48 months after obtaining advanced stage drill permits, and will earn 51% on completion of drilling and technical studies to support a JORC resource estimate of >1Mt contained copper equivalent.
Latin Resources are to receive staged payments totalling US$500,000 over the option period, as an additional condition precedent to exercise the option.
Antares can earn up to a total of 80% of the project when technical work is provided to support a decision to mine. Antares will have an option to buy the remaining 20% upon independent valuation. Latin Resources will retain a 2% NSR royalty, and will have the right to reduce to 1% by paying Latin Resources US$40 million outright.
Ilo Sur Copper Project, Peru
FQM have funded geophysics survey and partial extraction geochemistry on the Pachamancha – MT03 Copper project in Peru. This target has now developed into a joint venture with FQM to drill if further sufficient coincident support for the target is identified.
- Combined concessions of over 100,000 hectares will give LRS largest lithium pegmatite landholding in Argentina.
- LRS has six concessions in the San Luis district Concessions located in San Luis Province up to 160 Km from San Luis Capital city.
- Close to main roads, power lines, rail roads, small cities and towns.
- Mining friendly communities and active quarries provide advantages for exploration and mining companies. No cities or lakes inside project areas.
- Strategically located in underexplored and unexplored ground throughout Argentina’s prime hard rock lithium districts.
- Pegmatite outcrops have been identified by remote sensing and followed up with field work inside the asset areas in preparation for campaign drilling and rapid resource estimation and project development.
- There are also a number of historical spodumene mines throughout the Districts that LRS can potentially acquire or JV.
- The San Luis district has opportunity for short term production with a number of quartz and feldspar plants in the district and close to LRS concessions.
2nd November 2017 - Argentina Update
23rd October 2017 - LRS Update Presentation October 2017
11th October 2017 - RCR Research Report on Latin Resources
5th October 2017 - Latin Resources signs agreement for lithium carbonate technology
19th September 2017 - Positive Rock Chip Analysis - Geminis Mine, Argentina
21st August 2017 - LRS Company Update Presentation August 2017
9th August 2017 - Latin to acquire Geminis Mine and Don Gregorio Concession
17th May 2017 - Argentina’s next Battery Mineral Company- LADU Presentation
26th April 2017 - Final Assay Results Received for Ancasti Lithium Project
13th April 2017 - Further Assay Results Received For Ancasti Lithium Project
4th April 2017 - LRS Mines and Money HK Presentation
8th March 2017 - Positive Assays Received for Lithium Project - Catamarca
7th March 2017 - Latin Claims Cobalt Concessions - Argentina
1st March 2017 - Drilling Assay Update - Catamarca
23rd February 2017 - Drilling Confirms Continuity & Extension of Lithium Pegmatites
21st February 2017 - RIU Explorer Conference Presentation February
16th February 2017 - Rock chip analysis at San Luis and Catamarca drilling update
8th February 2017 - Drilling Update Presentation- February 2017
8th February 2017 - Drilling Commences at Ancasti Lithium Project
25th January 2017 - EIA approved for drilling at Catamarca project
30th November 2016 - Presentation - Investor Roadshow London and New York
9th September 2016 - Presentation for Salta, Argentina Mining Conference 2016
1st August 2016 - Investor Presentation August 2016
1st June 2016 - AGM Presentation
17th May 2016 - Company Presentation LADU Conference in Perth
22nd December 2015 - Latest Corporate Presentation
10th July 2015 - Latest Investor Presentation
13th May 2015 - London Presentation May 2015
24th March 2015 - Investor Presentation - Mines and Money Hong Kong
18th September 2014 - London Investor update - September 2014
24th July 2014 - Investor Update July
1st May 2014 - Update Presentation
10th April 2014 - Presentation for Spring Conference London
LATIN RESOURCES SELLS ILO COPPER PROJECTS TO CANADIAN TSX LISTED COMPANY HIGHLIGHTS
- Latin Resources has entered into a binding agreement to sell its Ilo Norte and Ilo Este copper projects in Peru to Toronto SX listed Westminster Resources Limited.
- Total sale proceeds exceed $6.8m in cash and shares
- The sale will enable Latin Resources to focus its resources on the development of its Lithium projects in Argentina
Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to announce it has entered into a binding sale agreement with Westminster Resources Limited (“TSX-V: WMR” “Westminster”) a publicly listed company on the Toronto Venture Exchange, Canada to sell its Ilo Copper assets in Peru, South America.
The binding agreement, which is subject to regulatory approvals and due diligence, will entitle Westminster to 100% ownership of a total of 44 concessions, including the Ilo Norte and Ilo Este projects, spread over 36,000 hectares ("Projects") held by Latin’s 100% owned subsidiary, Peruvian Latin Resources SAC.
Westminster will have a period of 30 days to complete its due diligence and execute a formal sale agreement with Latin to more properly record the terms of the transaction ("Sale Agreement") Purchase Price.
Upon completion of the due diligence and receipt of all necessary regulatory approvals, the following terms and conditions will apply to the Sale Agreement; Upon transfer of ownership of the concessions comprising the Projects to WMR or its subsidiary WMR shall issue to Latin as part of the consideration for the Projects a total of 19,000,000 fully paid ordinary shares in the capital of WMR (“Purchase Shares”).
The Purchase Shares will be placed into voluntary escrow and held until the concessions comprising the Projects have been effectively transferred by Latin to WMR or its subsidiary. The Purchase Shares shall be released from escrow on the following milestones:
a) 1,000,000 shares on the 6 month anniversary of the signing of the Sale Agreement;
b) 3,000,000 shares on the 12 month anniversary of the signing of the Sale Agreement;
c) 15,000,000 shares on the 18 month anniversary of the signing of the Sale Agreement.
d) A lump sum of USD $150,000 is payable by WMR to Latin on the signing of the Sale Agreement; and
e) The payment of a further USD$100,000 is payable by WMR to Latin on the first anniversary of the signing of the Sale Agreement
Based on the closing share price of WMR of CAD$0.345 as at 5 September 2017 the sale transaction has a total value of more than AUD$6.8 million comprising AUD$6.5 million in shares and USD$250k in cash. The current market capitalisation of Latin Resources is AUD$12,000,000, so the divestment of the copper assets for over $6.8m adds significant tangible value to Latins portfolio.
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