Latin American Minerals Announces Proposed Work Plan on Butt Township Uranium and Rare-Earth Project
Latin American Minerals Announces Proposed Work Plan
on Butt Township Uranium and Rare-Earth Project
Toronto, Ontario--(Newsfile Corp. - October 29, 2018) -
Latin American Minerals Inc. (TSXV: LAT) ("LAT" or the "Company") is
pleased to announce the completion of a preliminary review of historical data on its Butt Township property (the "Property") and
an initial proposed two-phase work program of approximately $200,000, staking of additional claims, and completion of the first
option payment to the Property vendor.
Property Summary
and Highlights
The Property consists of 133 mineral claims covering approximately 1,621 hectares in Butt Township, District of Nipissing,
Ontario. Uranium and rare-earth bearing pitchblende was discovered on the Property in the early 1900's. The Property lies within
the Kiosk geological domain and is underlain by mafic, quartzo-feldspathic, and metapelitic geological units. These various
geological units host radioactive granitic pegmatite dikes which contain minerals such as allanite, uraninite, pyrochlore,
columbite, and other rare earth and uranium-bearing minerals.
Recent target-generation exploration work has been completed on the Property, including magnetometer and induced
polarization geophysical surveys, geological mapping, and prospecting. The Property has never been drilled, but numerous
historical trenching and small-scale mining operations have occurred on the Project. Advanced prospects on the Property
include: the William Elliot & Mica Lake prospects, discovered in 1919 from which highly selective grab samples returned up to
79.5 % U3O8 along with high-grade rare earth elements;
the Ryan, Mann and Sheehan prospect, discovered in 1921 from which
selective grab samples returned up to 0.45 % U3O8 over a 3 foot chip sample; the E.J Rivers prospect, discovered in 1953 from
which selective grab samples returned values of up to 9.75 % U3O8 along with high-grade rare earth elements. In addition, the
Property is contiguous with Ontario Graphite's Kearney Mine property.
Figure 1
To view an enhanced version of this graphic, please visit:
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A summary of the more significant mineral occurrences in the area and property highlights can be seen in figure 1.
Proposed Work Program
A two phase exploration program has been proposed for the Property, which will cost roughly $200,000. The first phase, which
consists of low impact exploration, will involve: 25 line kilometres of line cutting and ground electromagnetics over known
showings and surrounding areas to identify areas prospective for uranium and rare earth element mineralization, and to
determine depth extent of known mineralization; a drone survey of 150 line kilometres which will provide a high resolution
magnetic map to identify structures as well as an ultra high resolution orthophoto to assist with prospecting; and a crew of
prospectors and geologists will conduct a mapping and sampling program. Phase two of the proposed program consists of
extensive surface trenching, mapping, and channel sampling in order to validate historical showings and test newly generated
targets.
Claim Staking
Following the review of historical and regional geological data, an additional 28 claims were staked. These claims cover the
McRae Prospect, from which historical grab samples returned values of up to 0.21%, 0.34%, 0.12%, 0.14%, and 0.005% U3O8,
and the interpreted extension of the uranium and rare-earth mineral bearing lithological units which are located at the margins of
a magnetic high.
Property
Payment
Pursuant to the option agreement announced on August 24 between LAT and Griftco Corporation, LAT has made a cash
payment of CDN $50,000 and issued a total of 5,000,000 common shares to Griftco.
Qualified Person
A qualified person has not completed sufficient work to verify the historic information on the Property. Also note that the historical
grab samples referenced above are selective in nature and may not be representative of mineralization on the Property. The
information provides an indication of the exploration potential of the Property.
The technical information in this press release has been prepared in accordance with the Canadian regulatory requirements set
out in National Instrument 43-101 ("NI 43-101") and reviewed and approved by Kelly Malcolm, P.Geo., an Independent Qualified
Person under NI 43-101.
Mr. Malcolm is a technical advisor to the Company.
References
Geophysical Survey Report on the Butt Township Property, Butt Township, District of Nipissing, Ontario, for Dan Patrie
Exploration Ltd., Prepared by: L.D.S. Winter, P.Geo., 23 January 2012.
Ontario Mineral Deposits Inventory, December 1, 2017.
NI 43-101 Technical Report and August 2013 Mineral Resource Estimate, Kearney Graphite Property, Ontario, Canada,
Authored by Greg Greenough, P.Geo., of Golder Associates, Effective Date August 30, 2013.
About
the Company
Latin American Minerals Inc. is a mineral exploration and gold mining company which holds mineral exploration projects in
Ontario, Canada. The Company's Butt Township Property consists of 1,621 hectares in Butt Township, District of Nipissing,
Ontario.
For more information, please contact:
Mathew Wilson, Mfin, CFA
President and CEO
Tel: 1-416-643-7630
E-mail:
Website:
www.latinamericanminerals.com
The Company's public documents may be accessed at
www.sedar.com
. For further information, please visit our website at
www.latinamericanminerals.com
or email us
.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of
this release.
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward
looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and
estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other
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description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the
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