Positive Results Reinforce Potential Porphyry and Skarn Mineralization at Blanco and Tinto Zones, Auquis Project
1385-0010-4710, v. 1
Positive Results Reinforce Potential
Porphyry and Skarn Mineralization
at Blanco and Tinto Zones, Auquis Project
NR23-16 September 27, 2023
Vancouver, B.C. – Latin Metals Inc. (“Latin Metals” or the “Company”) – (TSXV: LMS)
OTCQB: LMSQF) announces positive results from surface sampling at the Blanco and Tinto zones,
Auquis project, Peru (the “Project”). Soil and rock sampling expand and further define significant
porphyry and skarn zones. Regionally, this important area appears to host a cluster of potential
deposits within the Auquis property and in contiguous properties held by other companies.
Highlights of the Results:
• Robust Geochemical Signatures: The soil sampling results have unveiled robust
anomalous geochemical signatures associated with both porphyry and skarn-style
mineralization. These promising signatures define key targets for further exploration
efforts (Figure 1).
• Porphyry Mineralization at Rose Zone: On the eastern side of the property, the Rose
Zone has demonstrated substantial copper soil anomalies extending over an area of
approximately 2.5km x 1.5km. This anomaly corresponds with a characteristic zinc low; a
common feature in porphyry systems.
• Skarn Mineralization at Blanco Zone: The western part of the property, particularly the
Blanco Zone, has yielded outcropping skarn mineralization with a prominent multi-
element base metal signature. A zinc anomaly spanning 3km in length has been
identified, further underscoring the zone's potential.
Porphyry and Skarn Geochemical Signatures
Soil sampling results highlight robust anomalous geochemical signatures associated with mapped
porphyry- and skarn-style mineralization (Figure 1). On the east side of the property, porphyry-
style mineralization at the Rose Zone returns a copper soil anomaly with dimensions of
approximately 2.5km x 1.5km, which coincides with a zinc low, as is typically seen in porphyry
systems. On the west side of the property, the Blanco Zone, outcropping skarn mineralization
provides a strong, multi-element base metal signature, represented by a 3km-long zinc anomaly
shown on Figure 1.
Blanco Skarn Rock Sampling
A total of 50 rock samples were collected (Figure 2) in the area surrounding the Blanco skarn
discovery. Grades average 0.9% zinc, 0.44% lead, 0.33% copper, and 13 g/t silver. Grades vary
from below detection to 9.31% zinc, 6.04% lead, 2.94% copper, and 176 g/t silver.
NR23-16 Continued 2 September 27, 2023
1385-0010-4710, v. 1
Figure 1. Gridded soil / talus sample results from the Auquis project highlighting copper anomalies surrounding
the Rose porphyry zone and zinc anomalies surrounding the Blanco skarn zone. The gridded image combines new
samples and samples previously collected, all of which have been analyzed using portable XRF to generate a single
gridded image.
Figure 2. Rock sampling results in the vicinity of the Blanco skarn zone. Anomalous elements are typical of skarn
mineralized zones, including zinc, lead, copper and silver shown. Samples greater than 1% zinc, 1% lead, 0.5%
copper, and 50 g/t silver are individually labelled.
NR23-16 Continued 3 September 27, 2023
1385-0010-4710, v. 1
Next Step
Building upon the success of the soil sampling campaign, Latin Metals plans to undertake
additional soil grids to expand the coverage and define the extent of these anomalies. This
strategic step aims to enhance the understanding of the mineralized zones and expedite focused
exploration efforts.
Closing of Recently Announced Loans
The Company also announces that it has closed the previously announced loans (the “Loans”)
made available to the Company in the aggregate amount of $600,000 (see news release dated
August 24, 2023). The Loans have a one-year term and bear interest at the rate of 10% per annum
compounded annually, payable on the maturity date. In connection with the closing of the Loans,
the Company issued an aggregate of 6,000,000 non-transferable bonus common share purchase
warrants to the lenders, each of which warrants will entitle the holder to purchase one common
share of the Company for a period of one year at an exercise price of $0.10 per share.
The funds available to the Company under the Loans will be used by the Company to pay
outstanding liabilities and for general corporate and working capital purposes. All securities
issued pursuant to the Loans are subject to a hold period in Canada ending on January 28, 2024,
and the Loans are subject to the final approval of the TSX Venture Exchange.
The lenders that provided the Loans included two current directors and an executive officer of
the Company (together, the directors and executive officer are the “Related Parties”). The Loans
from the Related Parties constitute d a related party transaction pursuant to Multilateral
Instrument 61 101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”).
The Company relied on Sections 5.5(a) and 5.7(1)(a) of MI 61 -101 for an exemption from the
formal valuation and minority shareholder approval requirements, respectively, of MI 61-101, as,
at the time the Loans were made available to the Company by the Related Parties, neither the
fair market value of the subject matter of, nor the fair market value of the consideration for the
Loans by the Related Parties exceeded 25% of the Company’s market capitalization.
Coastal Copper Belt
The Coastal Copper Belt in Peru is a Cretaceous bel t hosting a variety of deposit types including
Porphyry, Epithermal, VMS and IOCG. Latin Metals has a total of six 100% -owned copper
exploration properties in the Coastal Belt. The Company’s Lacsha copper -molybdenum project
is drill ready and fully permi tted for drilling. The Auquis copper -molybdenum-gold project is
advanced and expected to be drill ready in 2023. Exploration at Tillo and Para properties is
ongoing in Q3.
QA/QC
The work program at Auquis was designed and supervised by Eduardo Leon, the Company's
Exploration Manager, who is responsible for all aspects of the work, including the quality
control/quality assurance program.
On-site personnel at the project rigorously collect and track samples which are then security
sealed and shipped. Soil samples at the project are analyzed by one of two methods (i) analysis
at the ALS laboratory in Lima where they are prepared and analyzed by multi-element analysis
using an inductively coupled mass spectrometer in compliance with industry standards, or (ii)
NR23-16 Continued 4 September 27, 2023
1385-0010-4710, v. 1
analysis at Latin Metals’ office, where readings are taken with a portable XRF Vanta C, following
standard operational procedures to assure the quality of the results including use of standard
and blank material. Rock samples are shipped to Bureau Veritas offices in Lima for multi-element
analysis using an inductively coupled mass spectrometer in compliance with industry standards.
The gridded image presented in Figure 1 combines new samples and samples previously
collected, all of which have been analyzed using portable XRF to generate a single gridded image.
Samples from the western portion of the property were collected in the field and analyzed by
portable XRF. Samples from the eastern portion of the property were previously sampled and
analyzed at ALS. The pulps were analyzed by portable XRF to generate comparable data prior to
gridding the combined dataset.
Qualified Person
The technical content of this release has been approved for disclosure by Keith J. Henderson
P.Geo, a Qualified Person as defined by NI 43-101 and the Company’s CEO. Mr. Henderson is not
independent of the Company, as he is an employee of the Company and holds securities of the
Company.
About Latin Metals
Latin Metals is a mineral exploration company acquiring a diversified portfolio of assets in South
America. The Company operates with a Prospect Generator model focusing on the acquisition
of prospective exploration properties at minimum cost, completing initial evaluation through
cost-effective exploration to establish drill targets, and ultimately securing joint venture partners
to fund drilling and advanced exploration. Shareholders gain exposure to the upside of a
significant discovery without the dilution associated with funding the highest-risk drill-based
exploration.
On Behalf of the Board of Directors of
LATIN METALS INC.
“Keith Henderson”
President & CEO
For further details on the Company readers are referred to the Company's web site (www.latin-
metals.com) and its Canadian regulatory filings on SEDAR+ at www.sedarplus.ca.
For further information, please contact:
Keith Henderson
Suite 890
999 West Hastings Street
Vancouver, BC, V6C 2W2
Phone: 604-638-3456
E-mail: [email protected]
NR23-16 Continued 5 September 27, 2023
1385-0010-4710, v. 1
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Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking
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including the geological mapping, prospecting and sampling programs being proposed for the Company’s projects
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