Fortbridge Media ReleaseResource Capital Research [RCR] - Company Update: Latin Resources Limited (ASX: LRS), June QuarterResource Capital Research (RCR) has released an updated research report on Latin Resources Limited (ASX: LRS) for the June quarter, 2012.
Recent successful drilling indicates that the size and grade of Latins Guadalupito iron & mineral sands project in Peru (JORC resource 119mt @5.7%HM) could increase substantially. Meanwhile drilling has commenced on the Mariela iron prospect targeting large Fe-Cu IOCG anomalies.
Key points:
Mineral exploration and development company based in Peru, focused on shallow iron sands deposits with significant heavy mineral (HM) content, as well as large scale IOCG Fe-Cu targets.
Guadalupito Project: 2 billion tonne target over 164km2 project area, magnetite-rich mineral sands with potential 1moz contained gold, indicated 0.55g/t Au in undersize.
Guadalupito initial JORC resource (159mt @ 5.7% total HM, 8.9% above water table) over just 5% of total area.
Recent Guadalupito drilling underlines potential for major resource size increases and higher grades. One hole assayed 7.4%HM over its full 39m length, with the shallower zone (0-15m) assaying 9.8% HM.
Scoping Study underway for potential fast track production (10mtpa Stage 1) magnetite and gold.
Chinese group has invested A$8.4m @ A$0.28/share for 16.8% plus farming into exploration tenements with potential A$35m spend to earn 70%.
Mariela, Dylan, large scale mag anomalies (IOCG potential). Mariela drilling has commenced with Chinese farm-in expenditure now being applied.
Solid share price performance should continue into 2013.
Please find more in the full report at:
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