Latin American Minerals delineates new rare earth elements targets at its Chirigueloniobium/REE project in Paraguay
TORONTO, ONTARIO–(Marketwire – Sept. 27, 2011) – Latin American Minerals Inc. (TSX VENTURE:LAT) (the “Company“) announces selected interim results from 2011 ground exploration program at the Chiriguelo Project, located in northern Paraguay near the border with Brazil. Recentrock and soil samples have detected a second Rare Earth Element (REE) target. Previous exploration at the project had delineated a significant niobium (Nb) target and the original Chiriguelo Rare Earth Element target. Carbonatites similar to Chiriguelo include the world’s largest niobium deposits, the Araxá and Catalão mines in Brazil, and also large rare earth deposits such as Mountain Pass in California and Mount Weld in Australia.
In May 2011, the Company initiated a detailed ground exploration program at Chiriguelo designed to detect and delineate new areas of REE or Nb concentrations. The program involves comprehensive grid coverage of ground magnetics, ground radiometrics, and soil and rock sampling. While this eight month program remains ongoing, partial results have identified a new second REE target with high values over a 2000 metre by 2000 metre area.
Miles Rideout, President and CEO of Latin American Minerals Inc. said: “This remarkable REE target validates our interest in this new exploration region, where we believe the Company has the potential to ultimately define a rare earth element resource. Latin American Minerals has a strong track record where we have previously identified and developed an industrial resource project, which culminated in our Lithium Americas spin-off IPO in 2010. If we can prove a viable resource in the critical REE market or niobium sector, a similar spin-off or a strategic partnership with a major company are possible development alternatives.”
The results are summarized below for Total Rare Earth Oxides (TREO). The actual upper quartile results are shown in Table 1.
|46 rock samples were collected at surface though the target area.|
- The average for all these rock samples was 0.93 % TREO.
- The average for the upper quartile for rock samples was 2.53% TREO.
- The highest concentration recorded in rock samples was 5.89% TREO.
|100 soil samples were collected over a regular grid though the anomalous area.|
- The average for all these soil samples was 0.298 % TREO.
- The average for the upper quartile for soil samples was 0.77% TREO.
- The highest concentration recorded in soil samples was 1.41% TREO.
|SOIL SAMPLE RESULTS||ROCK SAMPLE RESULTS|
|# of total samples: 100||# of total samples: 46|
|# in upper quartile: 25||# in upper quartile: 11|
|Sample label||% content TREO||Sample label||% content TREO|
|Average for quartile: 0.786%||Average for quartile: 2.527%|
|Peak value: 1.41% TREO||Peak value: 5.886% TREO|
|Table 1: Summary of upper quartile TREO values from the sample set over the new REE target area.|
Considering only the upper quartile set of rock samples, the distribution of the major REOs within the TREO value is: 50.94% Cerium (Ce), 36.27% Lanthanum (La), 7.86 Neodymium (Nd), 3.83% Praseodymium (Pr), 0.67% Yttrium (Y) and 0.43% Samarium (Sm).The assays were conducted by ALS Minerals in Peru employing lithium borate fusion followed by acid dissolution and ICP-MS analysis.
Paraguay is a progressive democratic county with legislation favorable for foreign investment, mine operation and exports. Chiriguelo, as with all the Company’s projects in Paraguay, features all-weather road access and proximal population centres for logistical support.
About the Company:
Latin American Minerals Inc. is a well-financed mineral exploration company focused on the acquisition and development of projects in emerging mineral districts within South America. In 2007, the Company identified Paraguay as a significant country for grassroots exploration. The multiple new mineral systems identified in this stable democratic country demonstrate a tremendous breadth of mineral wealth. The Company’s Paso Yobai Gold Project, the Itapoty Diamond Project and the Chiriguelo Rare Earths / Niobium Project are all located in Paraguay.
Dr. Waldo Perez is the Company’s internal “Qualified Person” under the requirements of National Instrument 43-101, and has reviewed and approved the content of this news release.
The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address the Latin America’s expectations, should be considered forward-looking statements. Such statements are based on management’s exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words “may”, “will”, “anticipate”, “believe”, “estimate”, “expect”, “intend” and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as contained in Latin America’s filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. We undertake no obligation, and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events, unless required under applicable securities laws. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.