Latin Metals provides details of projects in Argentina and Peru for which it is seeking partners to enter into option agreements. Latin Metals holds a diversified portfolio of mineral exploration assets in South America. The Company operates with a Prospect Generator model whereby partners are secured under option agreements to fund drilling and advanced exploration. The Company has several projects which are drill-ready and for which partners are being sought.
The Cerro Bayo gold-silver property (“Cerro Bayo” or the “Property”) is a drill-ready exploration property located in the prolific Deseado Massif, Santa Cruz Province, Argentina, where exploration since 1990 has resulted in the discovery of nearly 600 million ounces of silver and around 20 million ounces of gold.
Latin Metals’ Cerro Bayo property is a 28,000-hectare, drill-ready project where 8 drill target areas have been defined within a 6km wide trans-tensional basin. Exploration completed to date includes property wide geological mapping, alteration mapping, magnetic survey, structural modelling, and sampling of mineralized veins and breccia bodies. Drill permitting is in progress and expected to be completed in due course. Agreements with holders of surface rights are in place across the entire property.
A presentation summarizing the project and exploration to date can be downloaded here and the Company welcomes expressions of interest.
Pursuant to an earn-in agreement (the “Agreement”) entered into by the Company with a wholly owned subsidiary of Barrick Gold Corporation (“Barrick”) (see news release dated February 7, 2022), whereby Latin Metals granted to Barrick the option to earn-up to an 85% interest in the Property (the “Option”), Barrick has provided notice to Latin Metals of their intention to relinquish the Option and terminate the Agreement, effective January 25, 2024. Since entering into the Agreement, Barrick has paid $513,000 to the underlying owner of the Property, $259,000 to Latin Metals, and incurred exploration expenditures of $1,848,000 on the Property, for a total investment of $2,620,000.
Latin Metals is considering several strategic options including entering into an earn-in agreement with another party.
